Statements of Cash Flows
for the years ended June 30, 1997 and 1996 ($ in thousands)
Operating activities: 1997 1996
Change in net assets $ 937,261 $ 919,969
Adjustments to reconcile change in net assets to net cash provided by operating activities:
Depreciation and amortization 63,420 58,887
Net realized and unrealized gains on investments (906,436) (861,105)
Other adjustments (5,727) 2,091
Contributions restricted for financial and physical capital (77,598) (74,068)
Changes in assets and liabilities that provide (use) cash:
Decrease (increase) in accounts and investment income receivables 8,795 (23,359)
(Increase) in contributions receivable (11,912) (18,922)
(Increase) in other assets (3,960) (4,426)
Increase in accounts payable, accrued liabilities and deposits and advances 7,621 22,148
Net cash provided by operating activities 11,464 21,215
Investing activities:
Student loans repaid 7,422 5,680
Proceeds from sale of student loans 13,300 10,162
Student loans granted (21,605) (22,810)
Purchases related to capitalized software costs and other assets (16,684) (2,722)
Proceeds from sale of investments 1,883,223 1,697,713
Purchases of investments (1,931,067) (1,692,684)
Purchases of land, buildings and equipment, net (166,505) (141,967)
Net cash used in investing activities (231,916) (146,628)
Financing activities:
Contributions restricted for physical capital and financial capital 77,598 74,068
Contributions received for trusts and annuities payable 19,143 4,077
Proceeds from long-term debt 186,491 147,578
Repayments of long-term debt (111,198) (76,385)
Interest earned and advances from Federal government for student loans 1,868 1,016
Net cash provided by financing activities 173,902 150,354
Net (decrease) increase in cash and cash equivalents (46,550) 24,941
Cash and cash equivalents at beginning of year 126,308 101,367
Cash and cash equivalents at end of year $79,758 $126,308
The accompanying notes are an integral part of the financial statements.


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