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Consolidated Statements of Cash Flows
Years ended June 30, 2011 and 2010
2011
2010
Cash flows from operating activities:
Increase (decrease) in net assets
$ 25,463,256
(1,812,278)
Adjustments to reconcile increase (decrease) in net assets to net cash provided by
operating activities:
Depreciation and amortization
3,192,374
3,254,764
Allowance for bad debts
(3,100,000)
1,900,000
(Gain) loss not yet recognized as component of net periodic postretirement benefit cost
(20,029,258)
1,552,809
Net depreciation in fair value of investments
44,648
42,157
Changes in assets and liabilities:
Restricted cash
(21,117)
65,382
Grants, contracts, accounts, and rents receivable
16,247,782
(20,445,993)
Prepaid expenses and other assets
(709,579)
74,955
Deferred rent receivable
32,903
24,511
Accounts payable and accrued expenses, and security deposit payable
3,272,588
(432,621)
Deferred revenue
(1,625,714)
9,950,136
Grants payable to CUNY
109,778
511,761
Postretirement benefits payable
(3,336,537)
1,380,521
Deposits held in custody for CUNY colleges
(6,934,636)
9,626,787
Net cash provided by operating activities
12,606,488
5,692,891
Cash flows from investing activities:
Decrease in loan receivable
—
2,014,066
Purchases of fixed assets
(37,997)
(83,049)
Expenditures for rental property improvements
(646,596)
(324,770)
Restricted cash
—
(40,509)
Deposits held in custody for tenant
(82,416)
(141,873)
Payment of deferred leasing costs
(111,313)
(40,208)
Purchases of investments
(386,102,657)
(372,671,835)
Sales and maturity of investments
373,804,033
373,407,582
Net cash (used in) provided by investing activities
(13,176,946)
2,119,404
Cash flows from financing activities:
Payments under revolving credit loan
—
(1,698,218)
Payments under mortgage loan
(863,713)
(811,306)
Net cash used in financing activities
(863,713)
(2,509,524)
Net (decrease) increase in cash and cash equivalents
(1,434,171)
5,302,771
Cash and cash equivalents at beginning of year
80,313,809
75,011,038
Cash and cash equivalents at end of year
$ 78,879,638
80,313,809
Supplemental cash flow disclosure:
Cash paid for interest
$ 3,688,229
3,740,637
See accompanying notes to consolidated financial statements.
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