Statements of Cash Flows
For the years ended December 31, 2006 and 2005 (in thousands)
| 2006 | 2005 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Change in net assets | $760,186 | $211,299 |
| Adjustments to reconcile change in net assets to net cash used in operating activities | ||
| Depreciation | 5,492 | 6,237 |
| Net realized and unrealized (gains) on investments | (1,004,741) | (412,579) |
| Change in assets and liabilities | ||
| Increase in interest and dividends receivable | (8,358) | (495) |
| (Increase) Decrease in contributions receivable | (1,421) | 361 |
| Decrease in program related investments | 420 | 412 |
| Increase (Decrease) in accounts payable and accrued expenses | (2,377) | (9,454) |
| Increase (Decrease) in unpaid grants | 4,616 | (43,858) |
| Increase in accrued postretirement benefit obligation | 2,629 | 2,402 |
| (Increase) Decrease in other assets | (67) | (131) |
| Net cash used in operating activities | (243,621) | (245,806) |
| Cash flows from investing activities: | ||
| Proceeds from sales of investments | 3,770,262 | 4,103,817 |
| Cost of investments purchased | (3,607,117) | (3,803,043) |
| Acquisition of property and equipment | (3,489) | (4,099) |
| Net cash provided by investing activities | 159,656 | 296,675 |
| Cash flows from financing activities: | ||
| (Decrease) Increase in book overdrafts | (10,941) | 25,500 |
| Net cash provided by financing activities | (10,941) | 25,500 |
| Net (decrease) increase in cash and cash equivalents | (94,906) | 76,369 |
| Cash and cash equivalents: | ||
| Beginning of year | 297,205 | 220,836 |
| End of year | $202,299 | $297,205 |
| Supplemental data: | ||
| Federal and state taxes paid | $25,801 | $23,222 |
| Assets acquired through capital leases | $— | $574 |
See notes to financial statements.