NATIONAL ACADEMY OF SCIENCES

Statements of Cash Flows Years ended December 31, 2003 and 2002 ($ in thousands)

 

2003

2002

Cash flows from operating activities:

 

 

Change in net assets

$ 76,820

(28,746)

Adjustments to reconcile change in net assets to net cash used in operating activities:

 

 

Depreciation and amortization

4,670

3,186

Loss on disposal of property and equipment

352

144

Bad debt expense

200

82

Net (gain) loss on investments

(49,022)

28,677

(Increase) decrease in investments held for others

(2,992)

2,677

Amortization of deferred gain on building sale

(721)

(1,391)

Contributions restricted for construction or endowment

(5,960)

(3,288)

Increase in other receivables

(21,294)

(7,217)

Increase in contracts receivable – U.S. government

(2,483)

(7,308)

Decrease (increase) in publications and supplies inventories

606

(80)

Decrease in prepaid expenses and other current assets

337

86

(Increase) decrease in other assets

(1,056)

21

Increase (decrease) in accounts payable and accrued expenses

2,637

(44)

Decrease in deferred revenue

(8,013)

(3,495)

(Decrease) increase in line of credit and other current liabilities

(209)

2,066

Increase (decrease) in funds held on behalf of others

2,992

(2,677)

Decrease in accrued lease liability

(66)

(38)

Increase (decrease) in accrued employee benefits

1,954

(16)

Decrease in deferred gain and other liabilities

(18)

(1,284)

Net cash used in operating activities

(1,266)

(18,645)

Cash flows from investing activities:

 

 

Additions to property and equipment

(6,763)

(36,076)

Withdrawal of bond proceeds held with trustee

44

34,580

Sale or maturity of investments

231,457

192,259

Purchase of investments

(219,248)

(184,813)

Net cash provided by investing activities

5,490

5,950

Cash flows from financing activities:

 

 

Contributions restricted for construction or endowment

5,960

3,288

Proceeds from line of credit

132,294

127,282

Payments on line of credit

(138,488)

(113,553)

Payments on capital lease liability

(4,013)

(3,865)

Net cash provided by (used in) financing activities

(4,247)

13,152

Net (decrease) increase in cash and cash equivalents

(23)

456

Cash and cash equivalents, beginning of year

793

337

Cash and cash equivalents, end of year

$ 770

793

Supplemental disclosure of cash flow information:

 

 

Interest paid

$ 5,115

5,762

See accompanying notes to financial statements.



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Report of the Treasurer to the Council of the National Academy of Sciences NATIONAL ACADEMY OF SCIENCES Statements of Cash Flows Years ended December 31, 2003 and 2002 ($ in thousands)   2003 2002 Cash flows from operating activities:     Change in net assets $ 76,820 (28,746) Adjustments to reconcile change in net assets to net cash used in operating activities:     Depreciation and amortization 4,670 3,186 Loss on disposal of property and equipment 352 144 Bad debt expense 200 82 Net (gain) loss on investments (49,022) 28,677 (Increase) decrease in investments held for others (2,992) 2,677 Amortization of deferred gain on building sale (721) (1,391) Contributions restricted for construction or endowment (5,960) (3,288) Increase in other receivables (21,294) (7,217) Increase in contracts receivable – U.S. government (2,483) (7,308) Decrease (increase) in publications and supplies inventories 606 (80) Decrease in prepaid expenses and other current assets 337 86 (Increase) decrease in other assets (1,056) 21 Increase (decrease) in accounts payable and accrued expenses 2,637 (44) Decrease in deferred revenue (8,013) (3,495) (Decrease) increase in line of credit and other current liabilities (209) 2,066 Increase (decrease) in funds held on behalf of others 2,992 (2,677) Decrease in accrued lease liability (66) (38) Increase (decrease) in accrued employee benefits 1,954 (16) Decrease in deferred gain and other liabilities (18) (1,284) Net cash used in operating activities (1,266) (18,645) Cash flows from investing activities:     Additions to property and equipment (6,763) (36,076) Withdrawal of bond proceeds held with trustee 44 34,580 Sale or maturity of investments 231,457 192,259 Purchase of investments (219,248) (184,813) Net cash provided by investing activities 5,490 5,950 Cash flows from financing activities:     Contributions restricted for construction or endowment 5,960 3,288 Proceeds from line of credit 132,294 127,282 Payments on line of credit (138,488) (113,553) Payments on capital lease liability (4,013) (3,865) Net cash provided by (used in) financing activities (4,247) 13,152 Net (decrease) increase in cash and cash equivalents (23) 456 Cash and cash equivalents, beginning of year 793 337 Cash and cash equivalents, end of year $ 770 793 Supplemental disclosure of cash flow information:     Interest paid $ 5,115 5,762 See accompanying notes to financial statements.