Year ended June 30, 2000 and 1999 (in thousands)

 

 

 

		2000	1999
Cash flows from operating activities:
Increase in net assets		$  369,220	257,334
Adjustments to reconcile increase in net assets to net cash provided by operating activities:
	Depreciation and loss on disposals of property and equipment	78,546	77,545
	Decrease in accounts receivable, net	29,716	7,725
	Decrease (increase) in prepaid expenses, deferred charges and other assets	(7,270)	8,947
	Decrease (increase) in contributions receivable, net	36,967	(53,489)
	Increase (decrease) in accounts payable and accrued expenses	8,075	(9,515)
	Increase in payables and deferred revenues under split interest agreements	7,697	1,297
	Contributions restricted for long-term investment	(142,996)	(79,460)
	Investment income–permanently restricted funds	(7,031)	(5,439)
	Net realized and unrealized gains from investments	(202,913)	(73,065)
	Other, net	1,265	(2,655)
	Net cash provided by operating activities	171,276	129,225
Cash flows from investing activities:
	Purchases of investments	(2,603,490)	(3,526,577)
	Proceeds from sales and maturities of investments	2,494,970	3,412,444
	Purchases of property and equipment	(126,557)	(100,104)
	Disbursements for student loans	(5,282)	(4,741)
	Repayments of student loans	4,278	3,842
	Change in deposits with bond trustees, net	(83,002)	37
	Net cash used by investing activities	(319,083)	(215,099)
Cash flows from financing activities:
	Contributions restricted for long-term investment	142,996	79,460
	Investment income–permanently restricted funds	7,031	5,439
	Proceeds from borrowings	127,560	–
	Repayments of borrowings	(15,450)	(14,229)
	Increase in other long-term liabilities	13,193	9,481
	Net cash provided by financing activities	275,330	80,151
	Net increase (decrease) in cash and cash equivalents	127,523	(5,723)
Cash and cash equivalents at beginning of year		99,198	104,921
Cash and cash equivalents at end of year		$  226,721	99,198
See accompanying notes to financial statements.

 

 

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