Statements of Cash Flows
Years ended December 31, 2008 and 2007 (in thousands)
| 2008 | 2007 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Change in net assets | $(3,007,324) | $512,100 |
| Adjustments to reconcile change in net assets to net cash used in operating activities | ||
| Depreciation | 5,662 | 5,047 |
| Net realized and unrealized (gains) on investments | 2,541,862 | (863,798) |
| Change in assets and liabilities | ||
| Decrease in interest and dividends receivable | 5,389 | 7,018 |
| Decrease (increase) in contributions receivable | 3,579 | (43) |
| Increase in program related investments | (2,591) | (572) |
| (Decrease) increase in accounts payable and accrued expenses | (2,607) | 4,238 |
| Increase in unpaid grants | 59,182 | 80,855 |
| Increase in accrued postretirement benefit obligation | 2,979 | 8,024 |
| Increase in other assets | (18,310) | (137) |
| Net cash used in operating activities | (412,179) | (247,268) |
| Cash flows from investing activities: | ||
| Proceeds from sales of investments | 3,706,009 | 3,474,347 |
| Cost of investments purchased | (3,217,852) | (3,244,699) |
| Acquisition of property and equipment | (6,674) | (5,619) |
| Net cash provided by investing activities | 481,483 | 224,029 |
| Cash flows from financing activities | ||
| Decrease in book overdrafts | – | (14,559) |
| Net cash used in financing activities | – | (14,559) |
| Net decrease in cash and cash equivalents | 69,304 | (37,798) |
| Cash and cash equivalents | ||
| Beginning of year | 164,501 | 202,299 |
| End of year | $233,805 | $164,501 |
| Supplemental data | ||
| Federal and state taxes paid | $38,247 | $38,115 |
The accompanying notes are an integral part of these financial statements.