Page 30 - RFCUNY Annual Report 2016

Research Foundation of The City University of New York and Related Entities

Consolidated Statements of Cash Flows
Years ended June 30, 2016 and 2015

2016 2015
Cash flows from operating activities:
Increase in net assets $ 1,602,145 869,567
Adjustments to reconcile increase in net assets to net cash provided by
operating activities:
Depreciation and amortization 3,173,193 3,105,280
(Recovery) provision for bad debts (800,000) 200,000
Postretirement benefits changes other than net periodic
benefit cost 10,927,846 11,704,285
Net (appreciation) depreciation in fair value of investments (85,248) 38,061
Changes in assets and liabilities:
Restricted cash (762,046) 719,521
Grants, contracts, accounts, and rents receivable (7,211,682) (2,037,525)
Prepaid expenses and other assets 295,191 (604,375)
Deferred rent receivable (3,285,881) (3,474,899)
Accounts payable and accrued expenses, and security deposit
payable 5,062,701 5,840,644
Deferred revenue 9,289,879 5,069,645
Grants payable to CUNY (402,179) 181,222
Postretirement benefits payable (10,830,433) (10,660,492)
Deposits held in custody for CUNY colleges 5,857,113 (1,786,345)
Net cash provided by operating activities 12,830,599 9,164,589
Cash flows from investing activities:
Purchases of fixed assets (98,992) (1,661)
Expenditures for rental property improvements (1,626,915) (1,344,591)
Restricted cash 26,104 7,458
Deposits held in custody for tenant 45,552 (37,298)
Payment of deferred leasing costs (50,839) (69,875)
Purchases of investments (63,971,553) (69,091,118)
Sales and maturity of investments 63,725,539 78,741,784
Net cash (used in) provided by investing activities (1,951,104) 8,204,699
Cash flows from financing activities:
Principal payments on mortgage loan (1,132,592) (1,080,152)
Net cash used in financing activities (1,132,592) (1,080,152)
Net increase in cash and cash equivalents 9,746,903 16,289,136
Cash and cash equivalents at beginning of year 137,510,298 121,221,162
Cash and cash equivalents at end of year $147,257,201 137,510,298
Supplemental cash flow disclosure:
Cash paid for interest $3,249,246 3,024,602
See accompanying notes to consolidated financial statements.

28