|
|
|
|
|
June 30 |
|
|
OPERATING ACTIVITIES |
|
1996 |
|
1995 |
|
|
Change in net assets |
|
$ 5,229 |
|
$ 6,008 |
|
|
Adjustments to reconcile change in net assets to |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
2,693 |
|
1,974 |
|
|
Provision for doubtful accounts |
|
22 |
|
3 |
|
|
Unrealized (gain) loss on investments |
|
(1,060) |
|
(611) |
|
|
Cash provided (used) by changes in operating assets and
liabilities: |
|
|
Student accounts receivable |
|
(104) |
|
211 |
|
|
Government grants and other receivables |
|
(324) |
|
585 |
|
|
Inventories and prepaid expenses |
|
(70) |
|
(8) |
|
|
Student loans |
|
(69) |
|
45 |
|
|
Accounts payable |
|
(430) |
|
88 |
|
|
Accrued expenses and other liabilities |
|
1 |
|
301 |
|
|
Student deposits and prepaid fees |
|
(206) |
|
41 |
|
|
Deferred revenue |
|
243 |
|
(111) |
|
|
Governmental student loan programs |
|
209 |
|
12 |
|
|
Net cash provided by operating activities |
|
6,134 |
|
8,538 |
|
|
|
|
INVESTING ACTIVITIES |
|
Purchase of property |
|
(474) |
|
(230) |
|
|
Investment in capital projects and equipment |
|
(2,863) |
|
(3,870) |
|
|
Proceeds from note collections |
|
806 |
|
154 |
|
|
Notes issued |
|
(492) |
|
(2,032) |
|
|
Proceeds from sale in long-term investments |
|
2,869 |
|
2,356 |
|
|
Purchase of long-term investments |
|
(4,823) |
|
(4,386) |
|
|
Net cash used by investing activities |
|
(4,977) |
|
(8,008) |
|
|
|
|
FINANCING ACTIVITIES |
|
|
Liquidation of short term debt |
|
(1,600) |
|
- |
|
|
Payments on long term debt |
|
(882) |
|
(814) |
|
|
Proceeds from issuance of new debt |
|
1,477 |
|
1,774 |
|
|
Income distributed to trust funds held for others |
|
(422) |
|
13 |
|
|
Net increase in present value of annuities |
|
95 |
|
1,892 |
|
|
Annuity payments |
|
(10) |
|
(10) |
|
|
Net cash provided (used) by financing activities |
|
(1,342) |
|
2,855 |
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
(185) |
|
3,385 |
|
|
|
|
CASH AND CASH EQUIVALENTS |
|
|
Beginning of year |
|
8,807 |
|
5,422 |
|
|
End of year |
|
$ 8,622 |
|
$ 8,807 |
|
|
|
|
======= |
|
======= |
|
|
See notes to combined financial statements |
|