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Table 6-4
University Cash Flows (In thousands $)
June 30, 2020 and 2019

 
  2020 2019

Cash flows from operating activities:
Increase in net assets $ 67,342 45,914

Adjustments to reconcile increase in net assets to net cash provided by operating activities:
     Depreciation and amortization expense $ 39,945 38,969
     Amortization of lease deposit (755) (755)
     Amortization of bond issuance costs and net premium on bonds payable (1,967) (2,104)
     Reduction in the carrying amount of the ROU assets 9,143 10,051
     Net (gain) loss on disposal or sale of long-lived assets 200 306
     Contributions restricted for long-term investment and capital (2,426) (2,267)
     Net (gain) loss on investments (30,864) (39,173)
     Net loss on bond defeasance —    138
Changes in assets and liabilities:
     Accounts receivables 54,871 (1,144)
     Prepaid and other assets (1,785) 166
     Contributions receivable, net (15,924) 751
     Beneficial interest in charitable term trust (185) 222
     Deferred revenue and deposits (463) (4,162)
     Payables and other liabilities (20,736) 10,618
     Lease obligations - operating (8,237) (8,437)
     Accrued postretirement benefit obligation 5,425 (254)
     Net cash provided by operating activities $ 93,584 48,839

Cash flows from investing activities:
     Proceeds from sale of investments 474,857 378,274
     Purchase of investments (544,151) (402,735)
     Student loan repayments 1,628 1,500
     Student loans issued (18) 231
     Acquisition of land, buildings, and equipment (31,860) (30,531)
          Change in payables related to the acquisition of land, buildings, and equipment   (377) 748
     Net cash provided by (used in) investing activities $ (99,921) (52,513)

Cash flows from financing activities:
     Net proceeds from issuance of bonds and notes payable —    29,088
     Net proceeds from lines of credit 29,995 —   
     Defeasance of bonds payable —    (29,278)
     Bond proceeds removed from escrow for capital acquisitions —    —   
     Payments on bonds and notes payable (18,770) (18,518)
     Payments on lease obligations - finance (159) (187)
     Proceeds from restricted for long-term investment and capital 2,426 2,267
     Net cash (used in) provided by financing activities $ 13,492 (16,628)
     Net change in cash and cash equivalents $ 7,155 (20,302)
Cash and cash equivalents at beginning of year $ 64,865 85,167
Cash and cash equivalents at end of year $ 72,020 64,865
     Less: Cash, cash equivalents, and restricted cash included in investments 15,932 23,843
     Cash and cash equivalents per balance sheet 56,088 41,022
Supplemental disclosures of cash flow information:
     Cash paid during the year for interest $ 12,417 13,178
 

Source:  University Financial Statements.

IRMA 2020
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