Independent Auditors' Report Statements of Financial Position Statements of Activities Statements of Cash Flows Notes to Financial Statements Printable version of this article (10 pages)

2003   2002 Cash flows from operating activities:         Changes in net assets: $ (3,604,167)   $(44,776,332)     Net investment (gains) losses (10,294,018)   34,339,933     Depreciation expense 406,680   768,188     Adjustments to reconcile change in net assets to net cash used in operating activities:             Decrease in interest and dividends receivable 537,158   629,424       Decrease (increase) in prepaid taxes — net 146,700   (202,316)       Decrease (increase) in deferred tax asset 285,942   (261,977)       Decrease in prepaid insurance and other assets 56,856   133,843       (Decrease) increase in accounts payable and accrued expenses (847,194)   601,004       Increase in program authorizations payable 480,123   1,099,253       (Decrease) increase in accrued postretirement benefits (286,493)   493,550       (Decrease) increase in securities transactions payable — net (5,280,815)   5,512,590       Increase (decrease) in deferred tax liability 475,528   (319,334)               Net cash used in operating activities (17,923,700)   (1,982,174) Cash flows from investing activities:         Purchase of furniture, equipment, and building improvements — net (1,089,107)   (647,332)   Purchase of investments (484,934,895)   (749,241,050)   Proceeds from the sale of investments 503,959,169   751,855,628               Net cash provided by investing activities 17,935,167   1,967,246 Net increase (decrease) in cash 11,467   (14,928) Cash, beginning of year 17,671   32,599 Cash, end of year $         29,138   $         17,671         Supplemental information         Taxes paid $         49,500   $        344,680         See notes to financial statements.     Previous | 1 2 3 4 5 | Next   Previous Article | Next Article