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Table 6-4
University Cash Flows (In thousands $)
June 30, 2018 and 2017

 
  2018 2017

Cash flows from operating activities:
Increase in net assets $ 89,786 66,998

Adjustments to reconcile increase in net assets to net cash provided by operating activities:
     Depreciation expense $ 38,400 37,410
     Amortization of lease deposit (755) (755)
     Amortization of bond issuance costs and net premium on bonds payable (2,304) 732
     Net (gain) loss on disposal or sale of long-lived assets (745) 784
     Contributions restricted for long-term investment and capital (2,991) (2,086)
     Net (gain) loss on investments (26,911) (50,220)
     Loss on bond defeasance —    28,357
Changes in assets and liabilities:
     Student and other receivables, net 16,190 (8,186)
     Contributions receivable, net 2,479 1,867
     Beneficial interest in charitable term trust 1,285 2,112
     Prepaid and other assets 906 559
     Deferred revenue and deposits (545) (1,296)
     Payables and other liabilities (1,826) 2,021
     Accrued postretirement benefit obligation (753) (22,070)
     Net cash provided by operating activities $ 112,216 56,227

Cash flows from investing activities:
     Proceeds from sale of investments 331,205 62,219
     Purchase of investments (395,550) (81,308)
     Student loan repayments 1,394 1,534
     Student loans issued (1,410) (1,216)
     Acquisition of land, buildings, and equipment (67,527) (66,357)
          Payables related to the acquisition of land, building, and equipment   2,525 6,411
     Net cash used in investing activities $ (129,363) (78,717)

Cash flows from financing activities:
     Net proceeds from issuance of bonds and notes payable (1) 138,728
     Defeasance of bonds payable —    (143,357)
     Bond proceeds removed from escrow for capital acquisitions 34,915 35,814
     Payments on bonds and notes payable (20,362) (15,706)
     Payments on capital lease obligations —    (40)
     Payments on financing obligations (243) —   
     Proceeds from contributions restricted for long-term investment and capital 2,991 2,086
     Net cash provided by financing activities $ 17,300 17,525
     Net change in cash and cash equivalents $ 153 (4,965)
Cash and cash equivalents at beginning of year $ 59,445 64,410
Cash and cash equivalents at end of year $ 59,598 59,445
Supplemental disclosures of cash flow information:
     Cash paid during the year for interest $ 14,453 12,880
     Construction costs incurred for the Wintrust Arena by MPEA $ 22,426 85,196
See accompanying notes to consolidated financial statements.

Source:  University Financial Statements.

IRMA 2018
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