Page 34 - RFCUNY-2010AnnualReport

32

Consolidated Statements of Cash Flows Years ended June 30, 2010 and 2009

2010 2009 Cash flows from operating activities:

 Decrease in net assets $ (1,812,278) (8,327,997)  Adjustments to reconcile decrease in net assets to net cash provided by  operating activities:

   Depreciation and amortization 3,254,764 3,610,349    Allowance for bad debts 1,900,000 200,000    Loss not yet recognized as component of net periodic postretirement

 benefit cost 1,552,809 10,488,617    Net depreciation (appreciation) in fair value of investments 42,157 (863,450)    Changes in assets and liabilities:

    Restricted cash 65,382 (767,146)     Grants, contracts, accounts, and rents receivable (20,445,993) (1,448,668)     Prepaid expenses and other assets 74,955 (210,406)     Deferred rent receivable 24,511 (216,018)     Accounts payable and accrued expenses, and security deposit payable (432,621) 8,752,900     Deferred revenue 9,950,136 (2,381,954)     Grants payable to CUNY 511,761 298,095     Postretirement benefits payable 1,380,521 105,838     Deposits held in custody for CUNY colleges 9,626,787 3,296,086      Net cash provided by operating activities 5,692,891 12,536,246 Cash flows from investing activities:

 Decrease in loan receivable 2,014,066 28,491  Purchases of fixed assets (83,049) (78,452)  Expenditures for rental property improvements (324,770) (710,443)  Restricted cash (40,509) 1,533,730  Deposits held in custody for tenant (141,873) (185,754)  Payment of deferred leasing costs (40,208) (143,205)  Purchases of investments (372,671,835) (175,569,070)  Sales and maturity of investments 373,407,582 166,175,575      Net cash provided by (used in) investing activities 2,119,404 (8,949,128) Cash flows from financing activities:

 Payments under revolving credit loan (1,698,218) (176,730)  Payments under mortgage loan (811,306) (759,322)      Net cash used in financing activities (2,509,524) (936,052)      Net increase in cash and cash equivalents 5,302,771 2,651,066 Cash and cash equivalents at beginning of year 75,011,038 72,359,972 Cash and cash equivalents at end of year $ 80,313,809 75,011,038 Supplemental cash flow disclosure:

 Cash paid for interest $ 3,740,637 3,792,620

See accompanying notes to consolidated financial statements.