Report of the Treasurer for the Year Ended December 31, 2011 (2012)
Chapter: Statements of Cash Flows
NATIONAL ACADEMY OF SCIENCES
Statements of Cash Flows
Years ended December 31, 2011 and 2010
(In thousands)
| 2011 | 2010 | |||
|
Cash flows from operating activities: |
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|
Change in net assets |
$ (32,861) | $ 43,158 | ||
|
Adjustments to reconcile change in net assets to net cash used in operating activities: |
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|
Depreciation and amortization |
6,759 | 7,595 | ||
|
Loss on disposal of property and equipment |
- | 140 | ||
|
Bad debt expense |
104 | 439 | ||
|
Net loss/(gain) on investments |
36,264 | (49,231) | ||
|
Net loss/(gain) on investments held on behalf of others |
951 | (1,174) | ||
|
Amounts collected on behalf of others |
(3,828) | (4,293) | ||
|
Amounts remitted on behalf of others |
3,791 | 4,352 | ||
|
Change in value of interest rate swap |
3,752 | 1,510 | ||
|
Change in value of split-interest agreements |
(65) | 56 | ||
|
Contributions restricted for construction or endowment |
(5,665) | (3,031) | ||
|
(Increase) decrease in assets: |
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|
Other receivables |
4,572 | 7,161 | ||
|
Contracts receivable |
(33,984) | (11,399) | ||
|
Other current assets |
(1,756) | (1,201) | ||
|
Other assets |
587 | 586 | ||
|
Increase (decrease) in liabilities: |
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|
Accounts payable and accrued expenses |
12,076 | 5,052 | ||
|
Deferred revenue |
5,090 | (4,073) | ||
|
Other current liabilities |
(225) | 216 | ||
|
Funds held on behalf of others |
(733) | 1,124 | ||
|
Other long-term liabilities |
(1,438) | (2,019) | ||
|
Accrued employee benefits |
3,047 | 15 | ||
|
Net cash used in operating activities |
(3,562) | (5,017) | ||
|
Cash flows from investing activities: |
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|
Additions to property and equipment |
(31,594) | (13,968) | ||
|
Sales or maturities of investments |
288,233 | 167,159 | ||
|
Purchases of investments |
(291,726) | (171,368) | ||
|
Net cash used in investing activities |
(35,087) | (18,177) | ||
|
Cash flows from financing activities: |
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|
Contributions restricted for construction or endowment |
5,665 | 3,031 | ||
|
Proceeds from line of credit |
147,518 | 173,182 | ||
|
Payments on line of credit |
(136,633) | (163,182) | ||
|
Payments on bank note |
(694) | (756) | ||
|
Proceeds from bond issue |
- | 59,550 | ||
|
Payments on bond principal |
(2,000) | (1,280) | ||
|
Increase in bond proceeds held by trustee |
- | (47,216) | ||
|
Decrease in bond proceeds held by trustee |
24,704 | - | ||
|
Net cash provided by financing activities |
38,560 | 23,329 | ||
|
Net (decrease) increase in cash and cash equivalents |
(89) | 135 | ||
|
Cash and cash equivalents, beginning of year |
1,522 | 1,387 | ||
|
Cash and cash equivalents, end of year |
$ 1,433 | $ 1,522 | ||
|
Supplemental disclosure of cash flow information: Interest paid |
$ 5,429 | $ 3,751 | ||
