| 1998 |
1997 |
| Cash flows from operating activities |
| Increase in net assets |
$230,546 |
227,024 |
| Adjustments to reconcile increase in net assets to
net cash provided by operating activities: |
Depreciation and disposals of property and
equipment |
78,232 |
77,391 |
Loss on early extinguishments of debt |
8,864 |
-- |
Decrease in accounts receivable, net |
2,020 |
53,508 |
Decrease (increase) in prepaid expenses,
deferred charges and other assets |
(7,089) |
5,214 |
Decrease in contributions receivable, net |
32,140 |
8,383 |
Increase in accounts payable and accrued
expenses |
27,517 |
9,829 |
Increase (decrease) in payables and deferred
revenues under split interest agreements |
6,362 |
(672) |
Contributions restricted for long-term
investment |
(66,733) |
(77,383) |
Investment income--permanently restricted
funds |
(12,888) |
(12,668) |
Net realized and unrealized gains from
investments |
(184,322) |
(138,520) |
|
289 |
(1,096) |
Net cash provided by operating
acitivities |
114,938 |
151,010 |
| Cash flows from investing activities: |
|
(1,237,457) |
(1,646,836) |
Proceeds from sales and maturities of
investments |
1,168,262 |
1,516,935 |
Purchases of property and equipment |
(83,851) |
(85,070) |
Disbursements for student loans |
(4,875) |
(4,149) |
Repayment of student loans |
3,674 |
3,521 |
Change in deposits with bond trustees,
net |
16,767 |
(4,989) |
Net cash used by investing
activities |
(137,480) |
(220,588) |
| Cash flows from financing activities: |
Proceeds from contributions restricted for
long-term investment |
66,733 |
77,383 |
Investment income--permanently restricted
funds |
12,888 |
12,668 |
Payments of bonds and notes payable |
(217,805) |
(13,687) |
Repayments of borrowings under
line of credit, net |
-- |
(24,473) |
Proceeds from borrowings of bonds and notes
payable |
193,191 |
21,220 |
Increase in other long-term liabilities |
8,774 |
22,757 |
Net cash provided by financing
activities |
63,781 |
95,868 |
Net increase in cash and cash
equivalents |
41,239 |
26,290 |
| Cash and cash equivalents at beginning of
year |
63,682 |
37,392 |
| Cash and cash equivalents at end of
year |
$104,921 |
63,682 |
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