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.



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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. 44