REV-1. cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities.

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1 CHAPTER 5 STATEMENT OF CASH FLOWS IN DETAIL 5-1 Cash is the lifebld f any nging cncern. Cash is INTRODUCTION the fuel that keeps the business aflat. As was stated in Chapter 2, the Balance Sheet and the Statement f Incme are prepared using the accrual methd f accunting, where revenues are recrded when earned and expenses are recrded when incurred. The Statement f Cash Flws departs frm the accrual treatment and gives a simple picture f the cash flwing int the prject (actual receipts) and the cash flwing ut f the prject (actual disbursements). An example f a Statement f Cash Flws can be fund in Chapter 2, Exhibit 2-7. The Statement f Cash Flws dcuments transactins that the prject made during the reprting perid that may nt be shwn clearly n the Statement f Incme r the ther primary financial statements. A HUD prject experiences changes in cash flws thrughut the accunting perid. Examples f varius activities that create cash flws include: cash received fr rents, cash received by the prject fr services rendered, cash disbursed t meet the prject's bligatins, cash disbursed t purchase plant assets, cash received frm the sale f plant assets, and cash disbursed t pay dividends. The cash psitin f a prject is an imprtant factr in evaluating its financial health and stability. The cash psitin f a prject changes cnstantly. The Statement f Cash Flws categrizes these changes as fllws: cash flws frm perating activities, cash flws frm investing activities, and cash flws frm financing activities. There are tw methds f presenting the Statement f Cash Flws. The preferred methd is the direct methd, which details the flw f cash in the Operating Activities sectin, The less ppular methd is the indirect methd which uses the net cash prvided by 5-1 6/92 perating activities apprach. The direct methd is

2 recmmended by the AICPA (Statement f Accunting Standards (SAS) N. 95) and is required fr HUD prjects. This chapter will discuss the Statement f Cash Flws using the direct methd. Objective At the end f this chapter, the reader shuld be able t: 1. Define the varius types f cash flw activities and discuss their use in mnitring the prject. 2. Understand the varius transactins that affect cash flws and discuss their use in mnitring the prject. 3. Cmpare net cash frm perating activities with net incme and understand their relatinship. 5-2 OPERATING ACTIVITIES SECTION What it is Why it is imprtant What it relates t The Operating Activities sectin f a HUD prject usually has the greatest impact n cash flws. The Operating Activities sectin details the flw f cash resulting frm the day t day peratins f the prject. The cash flws frm Operating Activities sectin relates t the Statement f Incme. Cash Received Frm Operatins What it is Cmpnents Cash received frm peratins cnsists f rental revenue and ther miscellaneus revenue received. There are tw main cmpnents f cash receipts: cash received frm perating the prject, and cash disbursed t meet bligatins resulting frm perating the prject. 6/ What it des Why it is imprtant Cash received frm peratins measures the amunt f revenue that is received frm tenants and ther surces. Cash received frm peratins gives the Asset Management/Lan Management staff an idea f a prject's

3 ability t pay ut disbursements and its status as an nging cncern. Hw it is used The Asset Management staff can cmpare these figures t the ptential amunt f mney that culd have been received (frm the Statement f Incme) t measure the effectiveness f cllectins. Cash Disbursements Fr Prject Operatins What they are Cash disbursements t meet prject bligatins cnsist f disbursements made in cnjunctin with rental peratins. Why they are These disbursements are imprtant because they can imprtant indicate cmpliance with HUD requirements regarding allwable csts and price levels. They can als shw if the prject is able t meet the bligatins that are generated in cnjunctin with rental revenue. If nt, a rent increase may be necessary. Examples Examples f cash disbursements t meet prject peratins include: cash payments fr merchandise r supplies, cash payments t prject emplyees fr salaries and wages, and ther cash payments that are neither financing r investing activities. Hw they are used The Asset Management staff cmpares these csts with the amunts disbursed n similar prjects t see if they are in line / FINANCING ACTIVITIES SECTION What it is Examples The Financing Activities sectin details the flws f cash resulting frm a prject's financing activities. The fllwing are examples f items that might appear in the Financing Activities Sectin: mrtgage principal and interest payments, capital cntributins by wners, cash received frm the issue f stcks r bnds,

4 cash paid t retire bnds, cash paid fr dividends declared, cash disbursed t repay amunts brrwed, cash payments fr MIP, taxes and insurance, and cash payments fr repayment f debt (i.e., mrtgage payable). Hw it is used The Asset Management staff reviews the Financing Activities Sectin and determines if the transactins are in accrdance with HUD requirements. The Asset Management staff will als check t see if the amunts are in line with similar prjects. 5-4 INVESTING ACTIVITIES SECTION What it is Examples The Investing Activities sectin details the flws f cash frm a prject's investing activities. The fllwing are examples f items that might appear in the Investing Activities sectin: cash paid fr the purchase f plant assets, cash received frm the sale f plant assets, cash receipts frm mnies brrwed, cash disbursed fr mnies lent, cash received frm return n mnies invested, 6/ cash disbursed t acquire investments, cash received frm repayments n mnies lent, and cash disbursed fr repayments n mnies brrwed. Hw they are used The Asset Management staff reviews the amunts in this sectin and determines if the expenditures are HUD apprved. The Asset Management staff will als check t see if the transactins are in line with the requirements f the regulatry agreement. 5-5 RECONCILING NET INCOME TO NET CASH FLOW FROM OPERATIONS What it is The AICPA Statement f Accunting Standards (SAS) N. 95 requires a recnciliatin f net incme t net cash

5 prvided (r used) by perating activities. This recnciliatin is a way f analyzing net incme as it relates t peratins and excluding any amunts included in net incme that did nt prvide cash inflws r utflws frm perating activities. Why it is imprtant Types f Adjustments The recnciliatin f net incme t net cash prvided by peratins is imprtant because it recnciles the net incme (HUD 92410) t the net cash flw frm perating activities. There are three types f adjustments necessary t recncile net incme t net cash prvided by peratins: changes in nncash current assets and current liabilities, changes in items that relate t perating activities but d nt create cash inflws r utflws, and gains r lsses resulting frm transactins that d nt relate t perating activities. Changes in Nncash Current Assets and Current Liabilities What they are Changes in nncash current assets and current liabilities have an impact n net incme but d nt affect cash flws frm perating 5-5 6/92 activities. These changes include decreases and increases in: accunts receivable, prepaid items (i.e., MIP, Insurance, Taxes), accunts payable, accrued expenses, tenant security depsits payable, and deferred incme (rent received in advance). Why they are The changes listed abve are imprtant t the Asset imprtant Management/Lan Management staff because they are an indicatin f items that affect net incme but are nt the result f activities invlving the day t day peratins f the prject. Example An example f hw the net incme can be mre clearly analyzed by eliminating the items listed abve is increases in accunts receivable. The increase in the adjustment fr accunts receivable balance in HUD prjects is usually due t rental revenue that will be

6 cllected at a later pint in time. While this revenue has an impact n net incme, it is nt reflected n the Statement f Cash Flws. Therefre the increase in accunts receivable must be deducted frm net incme t reflect its absence frm the net cash flws frm Operating Activities sectin. On the ther hand, a decrease t accunts payable is reflected in the Statement f Cash Flws but is nt the result f a transactin which ccurred in the current perid. Therefre this amunt must be added back t net incme t accunt fr its inclusin in the Operating Activities sectin f the Statement f Cash Flws. Hw they are used Changes in nncash current assets and current liabilities can be analyzed t prvide a clearer picture f hw net cash flws frm perating activities has affected the net incme f a prject. If there is an insufficient net cash flw frm perating activities, the Asset Management staff shuld review the changes in nncash current assets and current liabilities t see if the deficit is the result f increases r decreases in nncash current assets and current liabilities. Fr "ample, an increase in accrued year-end revenues wuld increase net incme, hwever, there is n crrespnding increase t net cash flw. Cnversely, accrued expenses decrease net incme, but have n impact n net cash flw. 6/ Changes in Operating Items that d nt Create Cash Flws What they are Example Changes in perating items that d nt create cash flws are generally expenses that are directly related t peratins but d nt require the use f cash. Depreciatin is an example f an expense item that affects perating activities but des nt require the use f cash. Why they are Adjustments t net incme fr changes in perating items imprtant that d nt require cash are imprtant because they prvide a clearer picture f net incme as it relates t cash flws frm peratins. Hw they are used The Asset Management staff can review adjustments made t net incme fr changes in perating items that d nt require the use f cash t determine the amunt f incme that is generated r ffset by nncash items during the

7 5-6 Gains r Lsses frm Nn Operating Activities current perid. What they are Example The gains r lsses frm nn-perating activities are transactins that affect net incme but are nt the result f peratins. Interest earned n investments is an example f a nn-perating activity that affects net incme. Why they are The adjustments fr gains r lsses frm activities ther imprtant than perating are imprtant in that they have an effect n net incme that is achieved frm a surce ther than peratins. Hw they are used The gains and lsses frm activities ther than peratins can be reviewed t evaluate the financial efficiency f activities utside the day t day peratins f the prject. If majr lsses are identified here the Asset Management staff shuld investigate the events surrunding these transactins / Chapter 5 presents a descriptin f the inflw and CHAPTER utflw f cash frm the HUD prject. The infrmatin SUMMARY prvided here will enable the Asset Management/Lan Management staff t understand the cash psitin f the prject and evaluate its financial health and stability. In additin, the Asset Management staff shuld be able t recncile net incme t net cash prvided (r used) by peratins and understand hw they interrelate. Certain cash receipts and payments may have characteristics that fall int mre than ne categry. The preparer f the Statement f Cash Flws shuld recrd the activity in the sectin that pertains mst t its functin with regard t the verall gals f the prject. 6/ CHAPTER 5

8 ACCOUNTING KNOWLEDGE QUIZ QUESTIONS 1. List the varius Sectins f the Statement f Cash Flws. 2. The Operating Activities sectin f the Statement f Cash Flws relates t the. 3. What des cash prvided frm peratins cnsist f? 4. What is the Asset Management/Lan Management staff's primary bjective when reviewing the Statement f Cash Flws frm Operating Activities sectin? 5. What is the Asset Management staffs primary bjective when reviewing the Financing Activities and Investing Activities sectins f the Statement f Cash Flws? 5-9 6/92 6. Place a check mark next t the activities that are shwn n the Statement f Cash Flws. (a) Withdrawals by wners (b) Additinal capital cntributins (c) Fixed asset purchases (d) Payments f mrtgage principal

9 (e) Prceeds frm brrwing 7. The cash psitin f a prject is an imprtant factr in determining its. 8. A way f analyzing net incme as it relates t net cash flw frm peratins is knwn as net incme t net cash flws frm peratins. 9. The three types f adjustments necessary when recnciling net incme t net cash flw frm peratins are: a. b. c. 10. Fur examples f nncash current assets and liabilities are: a. b. c. d. 11. is an example f an expense item that effects perating activities but des nt require the use f cash. 12. n investments is an example f nn-perating activities that affect net incme. 6/ ANSWERS 1. a. Operating Activities sectin (p.5-1) b. Investing Activities sectin (p.5-1) c. Financing Activities sectin (p.5-1) 2. Statement f Incme (p. 5-2) 3. Cash prvided frm peratins cnsists f rental revenue and ther revenue recemiscellaneus ived. (p. 5-2) 4. The Asset Management staff cmpares these figures (actual amunt f received) t mney the ptential amunt f mney that culd have been Statement f received (frm the Incme) t measure the effectiveness f cllectins. (p. 5-3) 5. The Asset Management staff reviews transactins in these statements if the expenand determines ditures are in accrdance with HUD requirements. (p. 5-4)

10 6. All f them are shwn n the Statement f Cash Flws. (p. 5-4, 5-5, and 5-6) 7. Financial health and stability as an nging cncern. (p. 5-1) 8. Recnciling. (p. 5-5) 9. a. Changes in nncash current assets and liabilities. (p. 5-5) b. Changes in items that relate t perating activities. (p. 5-5) c. Gains r lsses frm transactins that d nt relate t perating activities (p. 5-5) 10. a. Accunts receivable (p. 5-6) b. Prepaid expenses (p. 5-6) c. Accunts payable (p. 5-6) d. Deferred incme (p. 5-6) 11. Depreciatin r cnsumptin f prepaid expenses. (p. 5-6) 12. Interest, gains r lsses n sales f plant assets. (p. 5-7) /92

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