Consolidated Statements of Cash Flows
| Years Ended June 30 | ||
|---|---|---|
| 2014 | 2013 | |
| (in thousands) | ||
| Cash Flows from Operating Activities | ||
| Increase in net assets | $1,565,171 | $764,714 |
| Adjustments to reconcile change in net assets to net cash used by operating activities: | ||
| Net gain on investments | (1,367,894) | (735,666) |
| Contributions for long-term investment | (134,601) | (71,672) |
| Contributed securities | (91,291) | (76,709) |
| Proceeds from sales of securities contributed for operations | 4,553 | 3,044 |
| Depreciation | 60,667 | 57,623 |
| Loss on disposal of land, buildings and equipment | 2,174 | 3,911 |
| Change in contributions receivable | (109,472) | (5,978) |
| Change in value of split-interest agreements | (19,561) | (3,759) |
| Change in conditional asset retirement obligations | 1,370 | 962 |
| Change in pension and other postretirement benefit obligations | 6,745 | (22,187) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, deferred charges and other assets | 1,160 | (10,426) |
| Accounts payable, deferred revenue and refundable advances, and deposits and other liabilities | (1,712) | 4,685 |
| Other, net | 7,666 | (7,351) |
| Net cash used by operating activities | (75,025) | (98,809) |
| Cash Flows from Investing Activities | ||
| Proceeds from sales and maturities of investments | 2,345,649 | 1,695,528 |
| Purchases of investments | (2,340,981) | (1,761,757) |
| Purchases of land, buildings and equipment | (98,748) | (111,775) |
| Student and other loans granted | (4,771) | (4,290) |
| Student and other loans repaid | 5,129 | 18,987 |
| Net cash used by investing activities | (93,722) | (163,307) |
| Cash Flows from Financing Activities | ||
| Investment income restricted for non-operational purposes | 5,187 | 3,166 |
| Contributions for long-term investment | 143,444 | 99,430 |
| Proceeds from sales of securities contributed for long-term investment | 83,749 | 72,104 |
| Proceeds from short-term borrowing | 913,381 | 462,289 |
| Repayment of short-term borrowing | (878,343) | (469,340) |
| Payments to beneficiaries of split-interest agreements | (11,031) | (8,634) |
| Repayment of bonds and notes | (153,217) | (3,089) |
| Government advances for student loans | 258 | 267 |
| Cash accepted for investment on behalf of religious affiliates | 21,216 | 178,809 |
| Cash returned to religious affiliates | (10,202) | (12,879) |
| Net cash provided by financing activities | 114,442 | 322,123 |
| Net change in cash and cash equivalents | (54,305) | 60,007 |
| Cash and cash equivalents at beginning of year | 148,564 | 88,557 |
| Cash and cash equivalents at end of year | $94,259 | $148,564 |
| Supplemental Data | ||
| Interest paid | $25,158 | $27,276 |
See accompanying notes to consolidated financial statements.