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.
