Autumn leaves

2011

2010

Cash flows from operating activities: Change in net assets

STATEMENT OF CASH FLOW FOR THE YEARS ENDED JUNE 30, 2010 AND 2011

30,415,731 $

17,512,717 $

Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization

2,263,888

2,403,964

Bad debts and debt issuance costs

415,343

210,859 997,653

Tests administered

1,071,628

Net realized (gains) losses on sales of investments Net unrealized (gains) losses on investments Net unrealized (gains) losses on futures Loss on disposal of property and equipment Recognition of accumulated postretirement benefits

(20,158,488) (13,687,786)

(8,342,905) (9,262,533)

(621,449)

578,693

38,743

-

328,585

1,726,247

Changes in assets and liabilities which provided (used) cash Decrease (increase) in accounts receivable

(1,063,017)

1,608,297

Decrease (increase) in interest receivable

55,952 (81,041) 122,280

(22,670) (34,828) 71,676 50,000

Decrease (increase) in inventories

Decrease (increase) in prepaid expenses and other current assets

Decrease (increase) in other non-current assets

-

( Decrease) increase in accounts payable and accrued expenses

(107,641)

1,359,941

( Decrease) increase in deferred rental income ( Decrease) increase in deferred applicant fees

(5,032)

(10,254)

(250,899)

(1,854,530)

Net cash provided by operating activities

(1,263,203)

6,992,327

Cash flows from investing activities: Life insurance policy

-

564,816 (987,769)

Purchase of property and equipment

(2,250,173)

Proceeds from sales of property and equipment

1,905

-

Purchase of long-term investments

(120,613,956) 139,245,784

(75,979,099) 71,641,348

Proceeds from sales of long-term investments

Net cash (used in) investing activities

16,383,560

(4,760,704)

Cash flow from financing activities: Payment of long-term debt

(15,100,000)

(700,000) (44,914) (744,914)

Payments on capital lease obligations Net cash (used in) financing activities

(25,600)

(15,125,600)

Net (decrease) increase in cash and cash equivalents

(5,243)

1,486,709

Cash and cash equivalents, beginning of year

4,943,262

3,456,553

Cash and cash equivalents, end of year

$

4,938,019

$

4,943,262

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