Statements of Cash Flows Years ended December 31, 2009 and 2008 (Dollars in thousands)

 

2009

2008

Cash flows from operating activities:

 

 

Change in net assets

$ 62,695

$ (173,017)

Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities:

 

 

Depreciation and amortization

7,632

7,162

Loss on disposal of property and equipment

140

84

Bad debt expense

192

533

Net loss (gain) on investments

(70,998)

165,904

Net loss (gain) on investments held on behalf of others

(1,600)

3,765

Amounts collected on behalf of others

(5,490)

(2,723)

Amounts remitted on behalf of others

5,320

3,664

Change in value of interest rate swap

(4,301)

9,057

Change in value of split-interest agreements

137

343

Contributions restricted for construction or endowment

(2,791)

(6,645)

(Increase) decrease in assets:

 

 

Other receivables

3,744

6,465

Contracts receivable - U.S. government

8,759

(10,220)

Other current assets

(471)

(343)

Other assets

(590)

2,612

Increase (decrease) in liabilities:

 

 

Accounts payable and accrued expenses

3,466

7,828

Deferred revenue

(3,391)

4,057

Other current liabilities

(916)

(885)

Funds held on behalf of others

1,608

(4,618)

Other long-term liabilities

(103)

35

Accrued employee benefits

(3,994)

2,718

Net cash provided by (used in) operating activities

(952)

15,776

Cash flows from investing activities:

 

 

Additions to property and equipment

(5,911)

(5,910)

Sales or maturities of investments

215,761

231,756

Purchases of investments

(215,234)

(243,624)

Net cash used in investing activities

(5,384)

(17,778)

Cash flows from financing activities:

 

 

Contributions restricted for construction or endowment

2,791

6,645

Proceeds from line of credit

139,954

123,426

Payments on line of credit

(140,640)

(126,085)

Payments on bank note

(756)

(757)

Proceeds from interest rate swaption

1,834

-

Proceeds from bond issue

57,500

66,325

Payments on bond principal

(57,070)

(66,645)

Net cash provided by financing activities

3,613

2,909

Net increase (decrease) in cash and cash equivalents

(2,723)

907

Cash and cash equivalents, beginning of year

4,110

3,203

Cash and cash equivalents, end of year

$ 1,387

$ 4,110

Supplemental disclosure of cash flow information:

 

 

Interest paid

$ 4,803

$ 5,189

See accompanying notes to financial statements.



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