Consolidated Statements of Cash Flows
(In Thousands)
| YEARS ENDED JUNE 30 | ||
|---|---|---|
| 2013 | 2012 | |
| Cash Flows from Operating Activities | ||
| Increase/(decrease) in net assets | $764,714 | $(51,482) |
| Adjustments to reconcile change in net assets to net cash used by operating activities: | ||
| Net gain on investments | (735,666) | (127,699) |
| Contributions for long-term investment | (71,672) | (69,702) |
| Contributed securities | (76,709) | (39,676) |
| Proceeds from sales of securities contributed for operations | 3,044 | 3,208 |
| Depreciation | 57,623 | 52,706 |
| Loss on disposal of land, buildings and equipment | 3,911 | 5,150 |
| Change in value of split-interest agreements | (3,759) | 1,009 |
| Change in conditional asset retirement obligations | 962 | 363 |
| Change in pension and other postretirement benefit obligations | (22,187) | 41,244 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, deferred charges and other assets | (10,426) | 19,515 |
| Contributions receivable | (5,978) | 23,035 |
| Accounts payable, deferred revenue and refundable advances, and deposits and other liabilities | 4,685 | 8,649 |
| Other, net | (7,351) | (2,193) |
| Net cash used by operating activities | (98,809) | (135,873) |
| Cash Flows from Investing Activities | ||
| Proceeds from sales and maturities of investments | 1,695,528 | 1,725,064 |
| Purchases of investments | (1,761,757) | (1,750,479) |
| Purchases of land, buildings and equipment | (111,775) | (140,847) |
| Student and other loans granted | (4,290) | (18,235) |
| Student and other loans repaid | 18,987 | 43,975 |
| Net cash used by investing activities | (163,307) | (140,522) |
| Cash Flows from Financing Activities | ||
| Investment income restricted for non-operational purposes | 3,166 | 2,888 |
| Contributions for long-term investment | 99,430 | 77,425 |
| Proceeds from sales of securities contributed for long-term investment | 72,104 | 34,698 |
| Proceeds from short-term borrowing | 462,289 | 714,490 |
| Repayment of short-term borrowing | (469,340) | (699,499) |
| Payments to beneficiaries of split-interest agreements | (8,634) | (6,934) |
| Proceeds from bonds and notes issued | - | 100,000 |
| Repayment of bonds and notes | (3,089) | (3,135) |
| Government advances for student loans | 267 | 44 |
| Cash accepted for investment on behalf of religious affiliates | 178,809 | 63,077 |
| Cash returned to religious affiliates | (12,879) | (8,108) |
| Net cash provided by financing activities | 322,123 | 274,946 |
| Net change in cash and cash equivalents | 60,007 | (1,449) |
| Cash and cash equivalents at beginning of year | 88,557 | 90,006 |
| Cash and cash equivalents at end of year | $148,564 | $88,557 |
| Supplemental Data | ||
| Interest paid | $27,276 | $27,470 |
See accompanying notes to consolidated financial statements.