STATEMENT OF
CASH FLOWS |
| |
CASH FLOWS PROVIDED (USED)
|
2007
|
|
2006
|
| |
CASH FLOWS PROVIDED (USED)
FROM OPERATING ACTIVITIES |
|
|
|
|
| |
|
Change in net assets |
|
$(14,891,701) |
|
$(11,726,414) |
| |
|
|
|
|
|
|
| |
|
Adjustments to reconcile change in net assets to
net cash provided by operating activities: |
|
|
|
| |
|
Depreciation |
|
71,398 |
|
81,457 |
| |
|
Realized (gain) loss on sale of investments |
|
(4,306,020) |
|
(5,796,838) |
| |
|
Change in unrealized appreciation |
|
2,819,075 |
|
3,482,415 |
| |
|
Decrease in other assets |
|
|
|
2,189 |
| |
|
Icrease (Decrease) in accounts payable |
|
(42,721) |
|
41,252 |
| |
|
Increase (Decrease) in grants payable |
|
1,889,000 |
|
(702,000) |
| |
|
Increase excise and un-related business income taxes payable |
- |
|
33,500 |
| |
|
|
|
(14,447,674) |
|
(14,584,439) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
FROM INVESTING ACTIVITIES |
|
|
|
|
| |
|
Purchase of investments |
|
(316,516) |
|
(15,595,968) |
| |
|
Proceeds from sales or maturities of investments |
14,800,320 |
|
30,383,247 |
| |
|
|
|
14,483,804 |
|
14,787,279 |
| |
|
|
|
|
|
|
| |
|
Net Increase in Cash |
|
36,130 |
|
202,840 |
| |
|
|
|
|
|
|
| |
|
Cash, beginning of year |
|
469,064 |
|
266,224 |
| |
|
|
|
|
|
|
| |
|
Cash, end of year |
|
505,194 |
|
469,064 |
| |
|
|
|
|
|
|
| |
|
Supplemental Information: |
|
|
|
|
| |
|
Cash paid for excise taxes and unrelated business income taxes |
|
$ 50,000 |
|
$ 32,800 |
| The accompanying notes to the financial
statements are an integral part of these statements. |
| |
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