Year-ended 5/31/12
Statement of Cash Flows
x
PRIOR YEAR BALANCE
CASH FLOW FROM OPERATING ACTIVITIES:
Increase/(Decrease) in net assets before change in accounting principle
Adjust to reconcile increase in net assets to net cash used in operating
activities
Depreciation
Accretion of asset retirement obligation
Amortization of prepaid bond costs
Amortization of lease intangibles
Provision for bad debt
Discount on contribution receivable
Forgiveness of employee notes
Net realized and unrealized (gains)/losses on investments
Change in value of split interest agreements
Change in (benefit) liability under interest rate swap
Gain on extiguishment of debt
(Gain)/Loss on disposal of assets
Contributions restricted for investment in endowment and plant
Distributions of interest in trust
Gifts in kind/equipment donations
Gifts of real estate and investments
Changes in:
Student accounts receivable
Contributions receivable
Other receivables
Prepaid expenses and other assets
Accounts Payable and Accrued Liabilities
Asset Retirement Obligation
Liability under split interest agreements
Deferred revenues
Net cash (used in) provided by Operating Activities
Cash
Restricted
Cash
Student
Account
Receivable
Contribution
Receivable
Student
Loan
Receivable
Other
Receivable
110,000
0
7,000
25,000
10,000
5,826
14,992
16,000
(500)
(2,000)
400
570
(100)
150
10,050
1,100
9,419
0
(220)
(5,100)
200
0
(1,200)
(301)
(3,100)
(2,195)
194
(1,510)
0
(52)
787
37,584
CASH FLOW FROM INVESTING ACTIVITIES:
Acquisition of property, plant, and equipment
Proceeds from disposal of assets
Proceeds from sales of investments
Purchases of investments
Restricted cash deposits
Proceeds from (issuance of) student loans
Student loan repayments
Issuance of employee notes
Employee notes repayments
Net cash (used in) provided by Investing Activities
(82,600)
220
61,200
(52,950)
0
(1,200)
1,700
(155)
200
(73,585)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from LOC
Payments on LOC
Proceeds from issuance of bonds payable
Proceeds from issuance of notes payable
Payments on bonds payable
Payments on notes payable
Premium on Bonds Payable
Debt issuance costs
Contributions restricted for investment in endowment and plant
Net change in federal student loan funds
Net cash (used in) provided by Financing Activities
0
0
0
30,000
(3,000)
0
0
(63)
5,100
199
32,236
Net (decrease)Increase in Cash and Cash Equivalents
Cash and Cash Equivalents--Beginning of year
Cash and Cash Equivalents--End of year
(3,765)
110,000
106,235
Supplemental disclosure of cash flow info--interest paid
Supplemental disclosure of noncash investing activities:
Accrued acquisition of property, plant, and equipment
Cumulative effects on prior years due to change in accounting principles:
Valuation of real estate held for investment
Valuation of asset retirement obligation
Addition to property related to asset retirement obligation
5/31/2012 EXPECTED YEAR-END BALANCE
5/31/2012 YEAR END BALANCE
Difference
(600)
301
{m}
30
100
(150)
{n}
2,195
{k}
155
(200)
{n}
{n}
{k}
3,100
0
{h}
{h}
{h}
{k}
1,200
(1,700)
{a}
{a}
0
0
0
0
0
106,235
106,235
0
0
0
0
Supplemental Disclosure of Cashflow Information - Interest Paid
8,716
{l}
Supplemental Disclosure of Cashflow Information - Accrued additions to PPE
3,900
{e}
6,701
6,701
0
28,230
28,230
0
9,500
9,500
0
7,826
7,826
0
x
x
Beneficial
Interest in
Trusts
Investments
and Restricted
Investments
Benefit Under
Interest Rate
Swaps
Prepaids &
Other Assets
PP&E
A/P &
Accrued
Expenses
14,000
240,000
0
7,635
325,376
(39,775)
(16,000)
Other
Liabilities
(Assets
Retirement
Obligation)
Liability
Under Split
Interest
Agreement
Liability
Under
Interest Rate
Swaps
Deferred
Revenue
(2,106)
(2,040)
(11,350)
(28,726)
{f}
500
0
0
(50)
(400)
{c}
{c}
(10,000)
(700)
(100)
{c}
700
{c}
500
(400)
{j}
{q}
{b}
{b}
0
2,600
(100)
{l}
{q}
{g}
{b}
{b}
{k}
(9,419)
(194)
220
2,500
{e}
{g}
0
{e}
{k}
{k}
1,510
{k}
52
{k}
(787)
14,150
14,150
0
(61,200)
52,950
{b}
{b}
(2,600)
{g}
221,450
221,450
0
0
0
0
1,300
{q}
63
{l}
8,804
8,804
0
82,800
(220)
{e}
{e}
(2,500)
{g}
1,200
{e}
393,376
393,376
0
0
(1,500)
{q}
(1,200)
{e}
(41,365)
(41,365)
0
(1,606)
(1,606)
0
(1,988)
(1,988)
0
(20,769)
(20,769)
0
(29,513)
(29,513)
0
Federal
Student
Loans
Line of
Credit
Bonds
Payable
Notes
Payable
Net Assets
Check
(10,007)
0
(160,000)
0
(490,833)
0
(14,992)
2,000
{p}
0
{k}
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
{d}
{k}
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
{o}
{o}
(199)
0
{p}
3,000
{p}
(30,000)
{d}
0
{d}
{k}
0
(10,206)
(10,206)
0
0
0
0
(155,000)
(155,000)
0
(30,000)
(30,000)
0
(505,825)
(505,825)
0
0
0
0
0
0
0
0
0
0
0
0
0
Tickmarks
{a}
The student loan payments consist of the following:
Rollforward of Loans Receivable
Balance - 5/31/2011
Add: New loans awarded
Less: Loan repayments
Less: Change in allowance
Less: Cancellations
Balance - 5/31/2012
Balance - 5/31/2012 RPT
{b}
{c}
Total investment activity consists of the following:
Rollforward of Investments
Balance - 5/31/2011
Add: Purchases
240,000
50,000
Add: Gifts of stock/real estate Trustee
Add: Interest/Dividends & Distribution
Add: Distribution of Int/Div/Real Gain
Less: Xfr from Invests to Cash/CashEqu
Less: Distributions of Trusts
Add: Increase in appreciation/gains
Add: Change in value of trusts
Less: Sales
500
2,950
(5,800)
(2,400)
(100)
(10,000)
(700)
(53,000)
Balance - 5/31/2012
Balance - 5/31/2012 RPT
221,450
221,450
-
Gain/(Loss) on Disposal of Asset
Acct # 590050
(30,000)
(30,000)
(30,000)
-
466,023
84,000
(20,023)
530,000
530,000
-
220
See below for the current year depreciation:
Change in Depreciation:
Accum. Dep. Balance - 5/31/2011
Add: Depreciation Exp
Less: Disposals
Balance - 5/31/2011
Balance - 5/31/2011 RPT
{g}
14,000
700
(100)
(400)
(50)
14,150
14,150
-
See below for a rollforward of fixed assets:
Rollforward of fixed assets
Balance - 5/31/2011
Add: Plant additions
Add: Gifts in Kind capitalized
Add: Post Close JV Plant Additions
Less: FY12 Adjustment to PPE
Less: Disposals
Balance - 5/31/2012
Balance - 5/31/2012 RPT
{f}
(140,647)
(16,000)
1,647
(155,000)
(155,000)
(0)
See below for the current year contributions used for long-term purposes:
Contributions to be used for long-term purposes:
Plant fund gifts
2,500
Endowment Gifts
2,600
Balance - 5/31/2012
5,100
{h}
Contribution Receivable Rollforward from General Ledger:
Rollforward of Contributions Receivable
Balance - 5/31/2011
Change in Pledge Balance
Change in Bquest Receivable Bal
Less: Change in Discount
Less: Change in Allowance
Balance - 5/31/2012
Balance - 5/31/2012 RPT
{i}
200
250
(50)
Total notes payable activity consists of the following:
Rollforward of long-term debt
Balance - 5/31/2011
Add: New borrowings
Less: Principal payments
Add: Premium on New Loan
Less: Amort of Premium on New Loan
Balance - 5/31/2012
Balance - 5/31/2012 RPT
{e}
Trust PY Cash Balance
Trust CY Cash Balance
Trust Net xfr to Cash
Total Beneficial Interest in Trust Activity consists of the following:
Rollforward of Beneficial Interest in Trusts
Balance - 5/31/2011
Gifts of Real Estate/Investments
Distributions
Add/(Less): Change in value of trusts
Gains/(Losses) on Outside Trusts
Balance - 5/31/2012
Balance - 5/31/2011 RPT
{d}
10,000
1,200
(1,400)
(100)
(200)
9,500
9,500
- check
25,000
(2,900)
6,000
100
30
28,230
28,230
-
Total Cap Interest
Total Additions
500
83,500
84,000
Total Cash Plant Additions
84,000
(3,900)
2,700
82,800
Less: CY Accrued CIP
Add: PY Accrued CIP
Total Cash Plant Additions
Change Accr CIP
(1,200)
{j}
See below for the current year ARO activity:
400
(900)
(500)
ARO Accretion in CY
ARO Retirement in CY
{k}
Amount is mathematically derived as the change in account balance at 5/31/2012.
{l}
Actual cash paid for interest is displayed on the statement of cashflows as follows:
Interest Expense
Letter of Credit Fees
Prepaid Bond Expense Amortization
SWAP Fixed Interest Expense
SWAP LIBOR Interest Expense
Miscellaneous Bond Expenses
Total Interest Expense
4,400,000
500,000
2,900,000
(130,000)
146,000
7,816,000
Rounded Total Interest Expense
Less: CY Accrued Interest
Add: PY Accrued Interest
Add: Capitalized Interest
Total Cash Paid for Interest
7,816
(1,100)
1,500
500 {e}
8,716
Total FY12 Prepaid Cost of Issuance
63
{m}
Bad Debt Expense for the Year
Bad Debt Expense
{n}
FY12
600
FY11
800
Employee notes are typically issued every year. As these are loans provided to employees, and per review of FAS 95, loans issued must be
shown as an investing activity. Further, note that many of the loans are not repayed but, rather, the loan agreement states that a portion will
be forgiven over a certain set period of the loans life. See below for break-out of employee note amounts.
Employee Notes (166010 & 166210) Beg Bal
CY Notes & Interest Added
CY Notes & Interest Repaid
CY Forgiveness
Employee notes Ending Balance
{o}
2,145
155
(200)
(150)
1,950
Total Line-of-Credit activity consists of the following:
Rollforward of short-term debt
Balance - 5/31/2011
Add: drawdowns
Less: Principal payments
Balance - 5/31/2012
Balance - 5/31/2012 RPT
{p}
-
Total bonds payable activity consists of the following:
Rollforward of long-term debt
Balance - 5/31/2011
Add: New borrowings
Less: Principal payments
Add: Premium on New Loan
Less: Amort of Premium on New Loan
Balance - 5/31/2012
Balance - 5/31/2012 RPT
{q}
[6]
(160,000)
3,000
2,000
(155,000)
(155,000)
-
Amortization of lease intangible assets and liabilities (below-market leases, leases in place, etc).
Rollforward of Leashold Assets
Balance - 5/31/2011
Leasehold Assets Additions
Leasehold Assets Depreciation
Balance - 5/31/2012
Rollforward of Leashold Liabilities
Balance - 5/31/2011
Leasehold Liabilities Additions
Leasehold Liabilities Amortization
Balance - 5/31/2012
1,300
1,300
(1,500)
400
(1,100)