For the year ended June 30, 2002 |
For the year ended June 30, 2001 |
|
| Cash flows from operating activities: | ||
| Change in net assets | $ 186,354 | $ (234,904) |
| Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: | ||
| Depreciation | 10,040 | 9,032 |
| Loss on disposition of furniture and equipment | - | 1,405 |
| Net realized and unrealized loss on investments | 21,033 | 37,336 |
| (Increase) decrease in pledges receivable | (54,976) | 16,507 |
| Decrease (increase) in prepaids and other assets | 505 | (6,375) |
| Increase (decrease) in accounts payable | 31,092 | (41,155) |
| Increase in deferred revenue | 2,250 |
51,000 |
Net cash provided by (used in) operating activities |
196,298 |
(167,154) |
| Cash flows from investing activities: | ||
| Purchase of furniture and equipment | (5,041) | (15,520) |
| Purchase of investments | (227,893) | (172,079) |
| Proceeds from sales of investments | 216,075 |
142,930 |
| Net cash used in investing activities | (16,859) |
(44,669) |
Net increase (decrease) in cash and cash equivalents: |
179,439 |
(211,823) |
Cash and cash equivalents at beginning of year |
244,339 |
456,162 |
Cash and cash equivalents at end of year |
$ 423,778 |
$ 244,339 |
The accompanying notes are an integral part of these financial statements.