Financial Report 1996

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STATEMENT OF CASH FLOWS

(in thousands)

June 30
OPERATING ACTIVITIES 1996 1995
Change in net assets $ 5,229 $ 6,008
Adjustments to reconcile change in net assets to
Net cash provided (used) by operating activities:
Depreciation 2,693 1,974
Provision for doubtful accounts 22 3
Unrealized (gain) loss on investments (1,060) (611)
Cash provided (used) by changes in operating assets and liabilities:
Student accounts receivable (104) 211
Government grants and other receivables (324) 585
Inventories and prepaid expenses (70) (8)
Student loans (69) 45
Accounts payable (430) 88
Accrued expenses and other liabilities 1 301
Student deposits and prepaid fees (206) 41
Deferred revenue 243 (111)
Governmental student loan programs 209 12
Net cash provided by operating activities 6,134 8,538
 
INVESTING ACTIVITIES
Purchase of property (474) (230)
Investment in capital projects and equipment (2,863) (3,870)
Proceeds from note collections 806 154
Notes issued (492) (2,032)
Proceeds from sale in long-term investments 2,869 2,356
Purchase of long-term investments (4,823) (4,386)
Net cash used by investing activities (4,977) (8,008)
 
FINANCING ACTIVITIES
Liquidation of short term debt (1,600) -
Payments on long term debt (882) (814)
Proceeds from issuance of new debt 1,477 1,774
Income distributed to trust funds held for others (422) 13
Net increase in present value of annuities 95 1,892
Annuity payments (10) (10)
Net cash provided (used) by financing activities (1,342) 2,855
 
Net increase (decrease) in cash and cash equivalents (185) 3,385
 
CASH AND CASH EQUIVALENTS
Beginning of year 8,807 5,422
End of year $ 8,622 $ 8,807
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See notes to combined financial statements

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