University Cash Flows (In thousands $)
June 30, 2021 and 2020
2021 | 2020 | |||||
---|---|---|---|---|---|---|
Cash flows from operating activities: |
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Increase in net assets | $ | 254,551 | 67,342 | |||
Adjustments to reconcile increase in net assets to net cash provided by operating activities: |
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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: |
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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: |
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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 |
