Statements of Cash Flows
At December 31, 2007 and 2006 (in thousands)
| 2007 | 2006 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Change in net assets | $512,100 | $760,186 |
| Adjustments to reconcile change in net assets to net cash used in operating activities | ||
| Depreciation | 5,047 | 5,492 |
| Net realized and unrealized (gains) on investments | (863,798) | (1,004,741) |
| Change in assets and liabilities | ||
| Decrease (Increase) in interest and dividends receivable | 7,018 | (8,358) |
| Increase in contributions receivable | (43) | (1,421) |
| (Increase) decrease in program related investments | (572) | 420 |
| Increase (decrease) in accounts payable and accrued expenses | 4,238 | (2,377) |
| Increase in unpaid grants | 80,855 | 4,616 |
| Increase in accrued postretirement benefit obligation | 8,024 | 2,629 |
| Increase in other assets | (137) | (67) |
| Net cash used in operating activities | (247,268) | (243,621) |
| Cash flows from investing activities: | ||
| Proceeds from sales of investments | 3,474,347 | 3,770,262 |
| Cost of investments purchased | (3,244,699) | (3,607,117) |
| Acquisition of property and equipment | (5,619) | (3,489) |
| Net cash provided by investing activities | 224,029 | 159,656 |
| Cash flows from financing activities: | ||
| Decrease in book overdrafts | (14,559) | (10,941) |
| Net cash used in financing activities | (14,559) | (10,941) |
| Net decrease in cash and cash equivalents | (37,798) | (94,906) |
| Cash and cash equivalents: | ||
| Beginning of year | 202,299 | 297,205 |
| End of year | $164,501 | $202,299 |
| Supplemental data: | ||
| Federal and state taxes paid | $38,115 | $25,801 |
See notes to financial statements.