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Table 6-4
University Cash Flows (In thousands $)
June 30, 2019 and 2018

 
  2019 2018

Cash flows from operating activities:
Increase in net assets $ 45,914 89,786

Adjustments to reconcile increase in net assets to net cash provided by operating activities:
     Depreciation and amortization expense $ 38,969 38,400
     Amortization of lease deposit (755) (755)
     Amortization of bond issuance costs and net premium on bonds payable (2,104) (2,304)
     Net (gain) loss on disposal or sale of long-lived assets 306 (745)
     Contributions restricted for long-term investment and capital (2,267) (2,991)
     Net (gain) loss on investments (39,173) (26,911)
     Net loss on bond defeasance 138 —   
Changes in assets and liabilities:
     Accounts receivables (60,730) 16,190
     Prepaid and other assets 166 906
     Contributions receivable, net 751 2,479
     Beneficial interest in charitable term trust 222 1,285
     Deferred revenue and deposits (4,162) (545)
     Payables and other liabilities 10,618 (1,826)
     Accrued postretirement benefit obligation (254) (753)
     Net cash provided by operating activities $ (12,361) 112,216

Cash flows from investing activities:
     Proceeds from sale of investments 439,586 331,205
     Purchase of investments (402,735) (395,550)
     Student loan repayments 1,500 1,394
     Student loans issued 231 (1,410)
     Acquisition of land, buildings, and equipment (28,917) (67,527)
          Change in payables related to the acquisition of land, buildings, and equipment   748 2,525
     Net cash used in investing activities $ 10,413 (129,363)

Cash flows from financing activities:
     Net proceeds from issuance of bonds and notes payable 29,088 (1)
     Defeasance of bonds payable (29,278) —   
     Bond proceeds removed from escrow for capital acquisitions —    34,915
     Payments on bonds and notes payable (18,518) (20,362)
     Payments on lease obligations (187) —   
     Payments on financing obligations —    (243)
     Proceeds from contributions restricted for long-term investment and capital 2,267 2,991
     Net cash (used in) provided by financing activities $ (16,628) 17,300
     Net change in cash and cash equivalents $ (18,576) 153
Cash and cash equivalents at beginning of year $ 59,598 59,445
Cash and cash equivalents at end of year $ 41,022 59,598
Supplemental disclosures of cash flow information:
     Cash paid during the year for interest $ 13,178 14,453
     Construction costs incurred for the Wintrust Arena by MPEA $ —    22,426

Source:  University Financial Statements.

IRMA 2019
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