Guaranteed
Student Loan Programs - Financial Statements, March 31, 2002 and 2001 (index)
Statements of Cash Flows
Years ended March 31, 2002 and 2001
| |
|
2002 |
|
2001 |
| Cash flows from operating activities: |
|
|
|
|
| Reconciliation of income from operations
to net cash provided by operating activities: |
|
|
|
|
|
Income from operations |
$ |
9,242,891 |
|
19,055,909 |
|
Adjustments to reconcile income from
operations to net cash provided by operating activities: |
|
|
|
|
| |
|
Depreciation |
|
174,101 |
|
282,999 |
|
Loss (gain) on sale of fixed assets |
|
104,477 |
|
(15,936) |
|
Other noncash items |
|
10,817 |
|
— |
|
Income on long term investments |
|
(2,663,227) |
|
(3,462,594) |
|
Unrealized (gain) loss on investments |
|
418,750 |
|
(1,018,750) |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
(Increase) decrease in receivable from
U.S. Department of Education |
|
(15,617,169) |
|
26,584,779 |
|
|
(Increase) decrease in collections receivable |
|
1,761,796 |
|
(1,761,796) |
|
|
Decrease in insurance premium receivable |
|
711 |
|
333,609 |
|
|
(Increase) decrease in other receivables |
|
(44,018) |
|
122,753 |
|
|
Decrease in due from New York state |
|
1,317,924 |
|
421,578 |
|
|
Decrease in accrued investment income |
|
581,217 |
|
72,310 |
|
|
Decrease in prepaid expenses and other assets |
|
(314,478) |
|
(169,185) |
|
|
Increase (decrease) in Federal Fund liability |
|
(5,529,136) |
|
1,551,215 |
|
|
Increase (decrease) in accounts payable and accrued expenses |
|
(150,785) |
|
4,619,511 |
|
|
Increase in estimated default aversion fee refunds |
|
6,378,167 |
|
— |
|
|
Increase (decrease) in reinsurance collections |
|
632,914 |
|
(32,501,256) |
|
|
|
Net cash (used) provided
by operating activites |
|
(3,695,048) |
|
14,115,146 |
| Cash flows used
by capital and related financing activities: |
|
|
|
|
| Purchase of fixed
assets |
|
(113,930) |
|
(145,519) |
|
|
|
Net cash used by capital
and related financing activities |
|
(113,930) |
|
(145,519) |
| Cash flows from investment activities: |
|
|
|
|
| Sale of long term
investments |
|
20,000,000 |
|
20,000,000 |
| Purchases of long
term investments |
|
— |
|
(20,000,000) |
| Income from long term
investment |
|
2,663,227 |
|
3,462,594 |
|
|
|
Net cash provided by investment
activites |
|
22,663,227 |
|
3,462,594 |
|
Net increase
in cash and cash equivalents |
|
18,854,249 |
|
17,432,221 |
| Cash and cash equivalents, beginning
of year |
|
200,198,950 |
|
182,766,729 |
| Cash and cash equivalents, end
of year |
$ |
219,053,199 |
|
200,198,950 |
See accompanying notes
to financial statements.
Last modified on December 9, 2002 |
