NATIONAL ACADEMY OF SCIENCES
Statements of Cash Flows
Years ended December 31, 2011 and 2010
(In thousands)

  2011 2010

Cash flows from operating activities:

Change in net assets

$ (32,861) $ 43,158

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

Depreciation and amortization

  6,759   7,595

Loss on disposal of property and equipment

  -   140

Bad debt expense

  104   439

Net loss/(gain) on investments

  36,264   (49,231)

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

  951   (1,174)

Amounts collected on behalf of others

  (3,828)   (4,293)

Amounts remitted on behalf of others

  3,791   4,352

Change in value of interest rate swap

  3,752   1,510

Change in value of split-interest agreements

  (65)   56

Contributions restricted for construction or endowment

  (5,665)   (3,031)

(Increase) decrease in assets:

Other receivables

  4,572   7,161

Contracts receivable

  (33,984)   (11,399)

Other current assets

  (1,756)   (1,201)

Other assets

  587   586

Increase (decrease) in liabilities:

Accounts payable and accrued expenses

  12,076   5,052

Deferred revenue

  5,090   (4,073)

Other current liabilities

  (225)   216

Funds held on behalf of others

  (733)   1,124

Other long-term liabilities

  (1,438)   (2,019)

Accrued employee benefits

  3,047   15

Net cash used in operating activities

  (3,562)   (5,017)

Cash flows from investing activities:

Additions to property and equipment

  (31,594)   (13,968)

Sales or maturities of investments

  288,233   167,159

Purchases of investments

  (291,726)   (171,368)

Net cash used in investing activities

  (35,087)   (18,177)

Cash flows from financing activities:

Contributions restricted for construction or endowment

  5,665   3,031

Proceeds from line of credit

  147,518   173,182

Payments on line of credit

  (136,633)   (163,182)

Payments on bank note

  (694)   (756)

Proceeds from bond issue

  -   59,550

Payments on bond principal

  (2,000)   (1,280)

Increase in bond proceeds held by trustee

  - (47,216)

Decrease in bond proceeds held by trustee

  24,704   -

Net cash provided by financing activities

  38,560   23,329

Net (decrease) increase in cash and cash equivalents

  (89)   135

Cash and cash equivalents, beginning of year

  1,522   1,387

Cash and cash equivalents, end of year

$               1,433 $               1,522

Supplemental disclosure of cash flow information: Interest paid

$               5,429 $               3,751


The National Academies | 500 Fifth St. N.W. | Washington, D.C. 20001
Copyright © National Academy of Sciences. All rights reserved.
Terms of Use and Privacy Statement



Below are the first 10 and last 10 pages of uncorrected machine-read text (when available) of this chapter, followed by the top 30 algorithmically extracted key phrases from the chapter as a whole.
Intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text on the opening pages of each chapter. Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.

Do not use for reproduction, copying, pasting, or reading; exclusively for search engines.

OCR for page 44
NATIONAL ACADEMY OF SCIENCES Statements of Cash Flows Years ended December 31, 2011 and 2010 (In thousands) 2011 2010 Cash flows from operating activities: Change in net assets $ (32,861) $ 43,158 Adjustments to reconcile change in net assets to net cash used in operating activities: Depreciation and amortization 6,759 7,595 Loss on disposal of property and equipment - 140 Bad debt expense 104 439 Net loss/(gain) on investments 36,264 (49,231) Net loss/(gain) on investments held on behalf of others 951 (1,174) Amounts collected on behalf of others (3,828) (4,293) Amounts remitted on behalf of others 3,791 4,352 Change in value of interest rate swap 3,752 1,510 Change in value of split-interest agreements (65) 56 Contributions restricted for construction or endowment (5,665) (3,031) (Increase) decrease in assets: Other receivables 4,572 7,161 Contracts receivable (33,984) (11,399) Other current assets (1,756) (1,201) Other assets 587 586 Increase (decrease) in liabilities: Accounts payable and accrued expenses 12,076 5,052 Deferred revenue 5,090 (4,073) Other current liabilities (225) 216 Funds held on behalf of others (733) 1,124 Other long-term liabilities (1,438) (2,019) Accrued employee benefits 3,047 15 Net cash used in operating activities (3,562) (5,017) Cash flows from investing activities: Additions to property and equipment (31,594) (13,968) Sales or maturities of investments 288,233 167,159 Purchases of investments (291,726) (171,368) Net cash used in investing activities (35,087) (18,177) Cash flows from financing activities: Contributions restricted for construction or endowment 5,665 3,031 Proceeds from line of credit 147,518 173,182 Payments on line of credit (136,633) (163,182) Payments on bank note (694) (756) Proceeds from bond issue - 59,550 Payments on bond principal (2,000) (1,280) Increase in bond proceeds held by trustee - (47,216) Decrease in bond proceeds held by trustee 24,704 - Net cash provided by financing activities 38,560 23,329 Net (decrease) increase in cash and cash equivalents (89) 135 Cash and cash equivalents, beginning of year 1,522 1,387 Cash and cash equivalents, end of year $ 1,433 $ 1,522 Supplemental disclosure of cash flow information: Interest paid $ 5,429 $ 3,751 See accompanying notes to financial statements. 44