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NATIONAL ACADEMY OF SCIENCES Statements of Cash Flows For the years ended December 31, 2020 and 2019 (in thousands) 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ 126,941 $ 98,722 Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities Depreciation and amortization 6,550 6,623 Loss on disposal of property and equipment 0 102 Bad debt expense 227 2,348 Net gain on investments (136,335) (130,736) Net gain on investments held on behalf of others (1,383) (1,646) Change in value of interest rate swap 193 163 Change in value of split-interest agreements (833) (857) Contributions restricted for endowment (2,835) (4,962) Decrease (increase) in assets: Other receivables 1,289 (1,524) Contracts receivable 14,551 (5,261) Other current assets 5,568 (873) Other assets (5,812) (3,965) Increase in liabilities: Accounts payable and accrued expenses 2,840 2,683 Deferred revenue and advances 4,124 5,398 Other current liabilities 159 1,002 Funds held on behalf of others 630 919 Accrued employee benefits 450 354 Other long-term liabilities 1,214 3,054 Net cash provided by (used in) operating activities 17,538 (28,456) CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (244) (1,959) Sales or maturities of investments 506,673 347,193 Purchases of investments (473,698) (326,488) Net cash provided by financing activities 32,731 18,746 CASH FLOWS FROM FINANCING ACTIVITIES Contributions restricted for endowment 2,835 4,962 Payments on bond principal (4,465) (4,345) Net cash (used in) provided by financing activities (1,630) 617 Net increase (decrease) in cash and cash equivalents 48,639 (9,093) Cash and cash equivalents, beginning of year 10,378 19,471 Cash and cash equivalents, end of year $ 59,017 $ 10,378 Supplemental disclosure of cash flow information: Interest paid $ 3,664 $ 5,139 The accompanying notes are an integral part of these financial statements. 49