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Table 6-4
University Cash Flows (In thousands $)
June 30, 2021 and 2020

 
  2021 2020

Cash flows from operating activities:
Increase in net assets $ 254,551 67,342

Adjustments to reconcile increase in net assets to net cash provided by operating activities:
     Depreciation and amortization expense $ 40,427 39,945
     Amortization of lease deposit (755) (755)
     Amortization of bond issuance costs and net premium on bonds payable (1,958) (1,967)
     Reduction in the carrying amount of the ROU assets 9,555 9,143
     Net (gain) loss on disposal or sale of long-lived assets 1,044 200
     Contributions restricted for long-term investment and capital (4,005) (2,426)
     Net (gain) loss on investments (203,877) (30,864)
     Net loss on bond defeasance (79) —   
Changes in assets and liabilities:
     Accounts receivables 847 (4,715)
     Prepaid and other assets 3,658 (1,785)
     Contributions receivable, net 8,804 (15,924)
     Beneficial interest in charitable term trust (26,199) (185)
     Deferred revenue and deposits (4,382) (463)
     Payables and other liabilities 9,405 (20,736)
     Lease obligations - operating (8,873) (8,237)
     Accrued postretirement benefit obligation (7,073) 5,425
     Net cash provided by operating activities $ 69,002 33,998

Cash flows from investing activities:
     Proceeds from sale of investments 137,369 534,443
     Purchase of investments (149,800) (544,151)
     Student loan repayments 1,956 1,628
     Student loans issued (889) (18)
     Proceeds from sale of long-lived assets 2,970 —   
     Acquisition of land, buildings, and equipment (19,725) (31,860)
          Change in payables related to the acquisition of land, buildings, and equipment   692 (377)
     Net cash provided by (used in) investing activities $ (27,427) (40,335)

Cash flows from financing activities:
     Net proceeds from lines of credit —    29,995
     Payments on short-term borrowings (29,995) —   
     Net proceeds from issuance of bonds and notes payable 24,735 —   
     Payments for the issuance of notes and bonds payable (120) —   
     Defeasance of bonds payable (24,831) —   
     Payments on bonds and notes payable (16,471) (18,770)
     Payments on lease obligations - finance (148) (159)
     Proceeds from restricted for long-term investment and capital 4,005 2,426
     Net cash (used in) provided by financing activities $ (42,825) 13,492
     Net change in cash and cash equivalents $ (1,250) 7,155
Cash and cash equivalents at beginning of year $ 72,020 64,865
Cash and cash equivalents at end of year $ 70,770 72,020
     Less: Cash, cash equivalents, and restricted cash included in investments 36,359 15,932
     Cash and cash equivalents per balance sheet 34,411 56,088
Supplemental disclosures of cash flow information:
     Cash paid during the year for interest $ 11,376 12,417
 

Source:  University Financial Statements.

IRMA 2021
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