STATEMENT OF CASH FLOW FOR THE YEARS ENDED
JUNE 30, 2010 AND 2011
2011
2010
Cash flows from operating activities:
Change in net assets
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
Tests administered
1,071,628
997,653
Net realized (gains) losses on sales of investments
(20,158,488)
(8,342,905)
Net unrealized (gains) losses on investments
(13,687,786)
(9,262,533)
Net unrealized (gains) losses on futures
(621,449)
578,693
Loss on disposal of property and equipment
38,743
-
Recognition of accumulated postretirement benefits
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
(22,670)
Decrease (increase) in inventories
(81,041)
(34,828)
Decrease (increase) in prepaid expenses and other current assets
122,280
71,676
Decrease (increase) in other non-current assets
-
50,000
(
Decrease) increase in accounts payable and accrued expenses
(107,641)
1,359,941
(
Decrease) increase in deferred rental income
(5,032)
(10,254)
(
Decrease) increase in deferred applicant fees
(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
Purchase of property and equipment
(2,250,173)
(987,769)
Proceeds from sales of property and equipment
1,905
-
Purchase of long-term investments
(120,613,956)
(75,979,099)
Proceeds from sales of long-term investments
139,245,784
71,641,348
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)
Payments on capital lease obligations
(25,600)
(44,914)
Net cash (used in) financing activities
(15,125,600)
(744,914)
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
$
35