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OCR for page 44
Report of the Treasurer of the National Academy of Sciences
Statements of Cash Flows Years ended December 31, 2010 and 2009 (Dollars in thousands)
2010
2009
Cash flows from operating activities:
Change in net assets
$ 43,158
$ 62,695
Adjustments to reconcile change in net assets to net cash used in operating activities:
Depreciation and amortization
7,595
7,632
Loss on disposal of property and equipment
140
140
Bad debt expense
439
192
Net gain on investments
(49,231)
(70,998)
Net gain on investments held on behalf of others
(1,174)
(1,600)
Amounts collected on behalf of others
(4,293)
(5,490)
Amounts remitted on behalf of others
4,352
5,320
Change in value of interest rate swap
1,510
(4,301)
Change in value of split-interest agreements
56
137
Contributions restricted for construction or endowment
(3,031)
(2,791)
(Increase) decrease in assets:
Other receivables
7,161
3,744
Contracts receivable - U.S. government
(11,399)
8,759
Other current assets
(1,201)
(471)
Other assets
586
(590)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses
5,052
3,466
Deferred revenue
(4,073)
(3,391)
Other current liabilities
216
(916)
Funds held on behalf of others
1,124
1,608
Other long-term liabilities
(2,019)
(103)
Accrued employee benefits
15
(3,994)
Net cash used in operating activities
(5,017)
(952)
Cash flows from investing activities:
Additions to property and equipment
(13,968)
(5,911)
Sales or maturities of investments
167,159
215,761
Purchases of investments
(171,368)
(215,234)
Net cash used in investing activities
(18,177)
(5,384)
Cash flows from financing activities:
Contributions restricted for construction or endowment
3,031
2,791
Proceeds from line of credit
173,182
139,954
Payments on line of credit
(163,182)
(140,640)
Payments on bank note
(756)
(756)
Proceeds from interest rate swaption
-
1,834
Proceeds from bond issue
59,550
57,500
Payments on bond principal
(1,280)
(57,070)
Increase in bond proceeds held by trustee
(47,216)
-
Net cash provided by financing activities
23,329
3,613
Net increase (decrease) in cash and cash equivalents
135
(2,723)
Cash and cash equivalents, beginning of year
1,387
4,110
Cash and cash equivalents, end of year
$ 1,522
$ 1,387
Supplemental disclosure of cash flow information:
Interest paid
$ 3,751
$ 4,803
See accompanying notes to financial statements.
