The California State University GAAP Reporting Manual Effective June 2012 CHAPTER 6 STATEMENT OF CASH FLOWS

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1 CHAPTER 6 STATEMENT OF CASH FLOWS OVERVIEW GASB Statement No. 34 requires the presentation of a statement of cash flows based on the provisions of GASB Statement No. 9. It further requires the use of the direct method of presenting cash flows. GASB Statement No. 35, paragraph 57 further confirmed the requirement for public colleges and universities to use the direct method for the statement of cash flows. The statement of cash flows is comprised of six sections under GASB Statement No. 9: Operating activities Noncapital financing activities Capital and related financing activities Investing activities Reconciliation of operating income (loss) to net cash provided by (used in) operating activities Supplemental schedule of noncash transactions OPERATING ACTIVITIES Operating activities generally result from providing services, producing and delivering goods, and include all transactions and other events that are not defined as noncapital financing, capital and related financing, or investing activities. Cash flows from operating activities generally are the cash effects of transactions and other events that enter into the determination of operating income (GASB Statement No. 9, paragraph 16). Common operating activities for the CSU include: student tuition and fees, nonfinancial aid grants and contracts (federal, state, local and nongovernmental), payments to suppliers, payments to employees, payments to students, collections of student loans, sales and services of educational activities, sales and services of auxiliary enterprises, and any other activities that do not meet the definition of noncapital financing, capital and related financing, or investing activities. NONCAPITAL FINANCING ACTIVITIES Noncapital financing activities include borrowing money for purposes other than to acquire, construct, or improve capital assets and repaying those amounts borrowed, including interest. This category includes proceeds from all borrowings not clearly attributable to acquisition, construction or improvement of capital assets, regardless of the form of borrowing. Also included are certain other interfund and intergovernmental receipts and payments (GASB Statement No. 9, paragraph 20). Common noncapital financing activities for the CSU include noncapital state appropriations, financial aid grants (federal, state, local and nongovernmental), other federal nonoperating grants, gifts and grants received for other than Last revised April 9,

2 capital purposes, receipts and disbursements of direct loan, Perkins Loan and Nursing Loan program funds, agency transactions, and any other noncapital financing activities. CAPITAL AND RELATED FINANCING ACTIVITIES Capital and related financing activities normally include (a) the acquiring and disposing of capital assets used in providing services or producing goods, (b) borrowing money for acquiring, constructing, or improving capital assets and repaying the amounts borrowed, including interest, and (c) paying for capital assets purchased from vendors on credit (GASB Statement No. 9, paragraph 23). Common capital and related financing activities for the CSU include proceeds from capital debt and capital leases, capital state appropriations, capital grants and gifts (excluding the portion that relates to noncash transactions, i.e. contributed assets), proceeds from sale of capital assets, acquisition of capital assets (excluding the portion that relates to noncash transactions, i.e. acquisition of capital asset through capital lease), issuance of notes receivable, transfers to escrow agent (related to debt refundings), principal and interest paid on capital debt and leases, principal and interest payments received on capital leases receivable, and principal and interest payments received on notes receivable. INVESTING ACTIVITIES Investing activities include making and collecting loans (except program loans) and acquiring and disposing of debt and equity instruments (GASB Statement No. 9, paragraph 26). Common investing activities for the CSU include proceeds from sales and maturities of investments, purchases of investments, and investment income received. RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES This section begins with operating income (loss) and adds back in all noncash expenses included in the determination of operating income (loss) (such as depreciation and amortization). It then adds in or subtracts out the changes in assets and liabilities on the statement of net assets pertaining to operating activities from the current year to the prior year. The total of this section must equal the total of the operating activities section. Last revised April 9,

3 SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS GASB Statement No. 9 states that a disclosure is required for all investing, capital, and financing activities during the year that affect recognized assets or liabilities but do not result in cash receipts or cash payments in the period. Examples of noncash transactions include: Contributed/donated capital assets (including transfers of assets between the University and auxiliary organizations) Assets acquired directly through capital leasing Acquisition of capital asset paid through direct issuance of long-term debt obligation (other than capital lease) Construction work in progress passed down from the Chancellor s Office Capital assets transferred from the Chancellor s Office Change in accrued capital asset costs (purchased but unpaid at year-end) Gifts in-kind Operating expenses paid directly through issuance of long-term debt obligation Prepaid expenses paid directly through issuance of long-term debt obligation Amortization of bond premium and discount Amortization of loss on refundings CASH FLOW STATEMENTS FOR AUXILIARY ORGANIZATIONS With the CSU s implementation of GASB Statement No. 39 effective July 1, 2003, the auxiliary organizations statement of cash flows is no longer required to be included in the campus financial statements. In accordance with GASB Statement No. 34, paragraph 125, the CSU s financial reporting requirements for auxiliary organizations (discretely presented component units) are met by discrete presentation of the component units financial data in the statement of net assets and the statement of revenues, expenses, and changes in net assets. Last revised April 9,

4 STEPS TO PREPARING A DIRECT STATEMENT OF CASH FLOWS GENERAL RULE The general rule is if an asset balance increased from the prior year to the current year, it is cash used (cash has decreased) and therefore should be subtracted from (added to) revenues (expenses). Vice versa, if the asset balance decreased, then it is cash provided (cash has increased) and therefore should be added to (subtracted from) revenues (expenses). For liabilities, if the balance increased from the prior year to the current year, it is cash provided (cash has increased) and therefore should be added to (subtracted from) revenues (expenses). If the liability balance decreased from the prior year, it is cash used (cash has decreased) and therefore should be subtracted from (added to) revenues (expenses). Additionally, you must consider the impact of noncash transactions to each line item as these should be excluded from the changes in the asset and liabilities. CONVERTING REVENUES AND EXPENSES FROM ACCRUAL BASIS TO CASH BASIS A cash flow workbook has been included in this chapter in order to perform the following steps and to facilitate capturing the necessary data to prepare the statement of cash flows. STEP 1 COMPLETE YOUR STATEMENT OF NET ASSETS (SNA) AND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (SRECNA). COMPARATIVE BALANCES WITH VARIANCE ANALYSIS WILL BE NEEDED FOR YOUR SNA. STEP 2 COMPLETE THE FOOTNOTES TO YOUR FINANCIAL STATEMENTS Several footnotes will be needed as you prepare your statement of cash flows. Such footnotes include the rollforward of capital assets, rollforward of long-term debt obligations, and the breakout of operating expenses by natural classification. Additionally, a rollforward of investments schedule will be required to be prepared by campuses. Certain information from the investments rollforward schedule will assist in the preparation of the cash flow statement. STEP 3 DETERMINE CASH COLLECTED FROM TUITION AND FEES This amount is determined by taking i) student tuition and fees, net of scholarship allowances, reported on the SRECNA and adjusted for ii) the change in accounts receivable for tuition and fees from the prior year to the current year, and iii) the change in deferred revenue related to tuition and fees from the prior year to the current year. STEP 4 DETERMINE CASH COLLECTED FROM FEDERAL, STATE, LOCAL, AND NONGOVERNMENTAL NONFINANCIAL AID GRANTS AND CONTRACTS FROM OPERATING ACTIVITIES These amounts are determined by taking i) the revenue amounts reported on the SRECNA and adjusting for ii) the corresponding changes in accounts receivable for federal, state, local, and nongovernmental nonfinancial aid grants and contracts from the prior year to the current year, iii) the change in deferred revenue related to nonfinancial aid grants and contracts from the prior Last revised April 9,

5 year to the current year, if any, and iv) the change in other liabilities related to nonfinancial aid grants and contracts from the prior year to the current year, if any. STEP 5 DETERMINE CASH PAID TO SUPPLIERS This amount is comprised of the following: Payments to vendors and suppliers on an accrual basis (obtain services and supplies expense amount from the natural classification footnote in the financial statements) Change in accounts receivable (current and noncurrent) from the prior year to current year (amounts related to operations only) Change in prepaid expenses and other assets (current and noncurrent) from the prior year to current year (amounts related to operations only) Change in accounts payable from the prior year to the current year (amounts related to operations only). Change in self-insurance claims liability current and noncurrent from the prior year to current year Change in other liabilities (current and noncurrent) from the prior year to current year (amounts related to operations only) (include pollution remediation obligation) STEP 6 DETERMINE CASH PAID TO EMPLOYEES This amount is comprised of the following: Payments to employees on an accrual basis (obtain salaries and benefits expense amounts from the natural classification footnote in the financial statements) Change in accrued salaries and benefits from the prior year to the current year Change in compensated absences (current and noncurrent) from the prior year to current year Change in other postemployment benefits (OPEB) from the prior year to current year Change in other assets or liabilities attributable to employees (for example, components of accounts receivable other and other liabilities) from the prior year to current year STEP 7 DETERMINE CASH PAID TO STUDENTS This amount is determined by taking new institutional loans to students and the grants and scholarship payments to students (obtain student grants and scholarship expense amount from the natural classification footnote in the financial statements) and adjusting for the change in liabilities and receivables attributable to students. STEP 8 DETERMINE CASH COLLECTED ON STUDENT LOANS This amount is the collections made from institutional student loan funds. STEP 9 DETERMINE CASH COLLECTED RELATED TO THE SALES AND SERVICES OF EDUCATIONAL ACTIVITIES This amount is determined by taking i) sales and services of educational activities reported on the SRECNA and adjusting for ii) the change in accounts receivable for sales and services of Last revised April 9,

6 educational activities from the prior year to the current year and iii) the change in deferred revenue related to sales and services of educational activities from the prior year to the current year. STEP 10 DETERMINE CASH COLLECTED RELATED TO THE SALES AND SERVICES OF AUXILIARY ENTERPRISES This amount is determined by taking i) sales and services of auxiliary enterprises, net of scholarship allowances, reported on the SRECNA and adjusting for ii) the change in accounts receivable related to auxiliary enterprises operations from the prior year to the current year (note: this is not the change in accounts receivable due from auxiliary organizations) and iii) the change in deferred revenue for auxiliary enterprises operations from the prior year to the current year. STEP 11 - DETERMINE OTHER RECEIPTS (PAYMENTS) This amount is determined by taking other operating revenues reported on the SRECNA and adjusting for changes in operating assets and liabilities from the prior year to the current year that do not relate to the items in Steps 3 through 10 above. Additionally, any other activities that do not meet the definition of noncapital financing, capital and related financing, or investing activities should be included here. STEP 12 SUM ACTIVITIES FROM STEPS 3 THROUGH 11 TO GET TOTAL NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES STEP 13 SKIP DOWN TO THE RECONCILATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES SECTION Complete this section by doing the following: Take operating income (loss) reported on the SRECNA. Add back depreciation and amortization expense reported on the SRECNA. Compute the change from the prior year to the current year for the SNA account balances listed in the next bullet related to operating activities only (see below). Record each amount computed as an adjustment to operating income (loss) in the reconciliation. Refer to the General Rule section above. The following changes in assets and liabilities (related to operating activities only) should be analyzed for this section: accounts receivable, net; student loans receivable, net (for institutional loans only); pledges receivable, net; prepaid expenses and other assets; accounts payable; accrued salaries and benefits payable; accrued compensated absences; deferred revenue; self-insurance claims liability; depository accounts; other postemployment benefit obligation; and other liabilities. The increase or decrease in the assets and liabilities must be gross of noncash transactions. The total of the above items in Step 13 must equal net cash provided by (used in) operating activities as determined in Step 12. If these amounts do not equal, go back through Steps 3-11 to determine if amounts have been missed or if signs are going the wrong direction in the reconciliation on Step 13. Last revised April 9,

7 STEP 14 DETERMINE CASH RECEIVED FROM STATE APPROPRIATIONS - NONCAPITAL This amount is calculated by taking i) state appropriations, noncapital reported on the SRECNA and adjusting for ii) the change in accounts receivable for state appropriations (general fund only, which is classified as current) from the prior year to the current year. Any accounts receivable for state appropriations related to capital projects (which is classified as noncurrent) should NOT be included in this line item. STEP 15 DETERMINE CASH COLLECTED FROM FEDERAL, STATE, LOCAL, NONGOVERNMENTAL AND OTHER FINANCIAL AID GRANTS, AND OTHER FEDERAL NONOPERATING GRANTS FROM NONCAPITAL FINANCING ACTIVITIES These amounts are determined by taking i) the revenue amounts reported on the SRECNA and adjusting for ii) the corresponding changes in accounts receivable for federal, state, local, nongovernmental and other financial aid grants, and other federal nonoperating grants from the prior year to the current year, iii) the change in deferred revenue related to financial aid grants and other federal nonoperating grants from the prior year to the current year, if any, and iv) the change in other liabilities related to financial aid grants and other federal nonoperating grants from the prior year to the current year, if any. STEP 16 DETERMINE CASH RECEIVED FROM GIFTS AND GRANTS FOR OTHER THAN CAPITAL PURPOSES This amount is calculated by taking i) the amount recorded as gifts, noncapital reported on the SRECNA, adjusting for ii) the change in pledges receivable from the prior year to the current year for contributions given for noncapital purposes, iii) the change in other liabilities from prior year to the current year for noncapital gifts, and iv) adjustment to remove any in-kind gifts that have been included in revenue as these are noncash transactions. Typically, these in-kind gifts would represent those gifts not capitalized (i.e. under the $5,000 capitalization threshold). STEP 17 DETERMINE AMOUNTS RECEIVED AND DISBURSED FOR FEDERAL LOAN PROGRAM TRANSACTIONS For the majority of campuses, the most significant Federal Loan Program transactions are related to receipts and disbursements of the William Ford Direct Loan, Perkins Loan and Nursing Loan program funds. In the case of these programs, the campus is merely acting as an agent by receiving the funds from the federal government and then disbursing them to students as determined through the eligibility requirements. Since these moneys are not recorded as revenues of the campus, the CSU classifies these transactions as either grants refundable or depository accounts liability. The receipt and disbursement of these funds should be shown separately in the noncapital financing section of the statement of cash flows. Information for disbursements should be available from the student financial aid system and should agree to what is being reported on the schedule of expenditures of federal awards (SEFA) for the Single Audit. The net amount of the receipts and disbursements of these transactions should represent the change in the grants refundable liability and/or depository accounts liability from the prior year to the current year. Last revised April 9,

8 For the Perkins Loan and Nursing Loan programs, the campus also records student loans receivable. The net amount of the disbursement of these funds (loans issued) and receipt of funds (collections on student loans) represents the net change in the portion of the student loans receivable related to those programs. STEP 18 DETERMINE AMOUNTS RECEIVED AND DISBURSED FOR OTHER AGENCY TRANSACTIONS Per GASB Statement No. 9 paragraph 20, noncapital financing activities include certain other interfund and intergovernmental receipts and payments. Per the GASB No. 35 Implementation Guide published by NACUBO, examples of these include agency transactions such as funds received/disbursed from direct lending programs, return of funds held for others, and resources held as an agent. Agency transactions should be analyzed using the same approach as the Federal Loan Program transactions in Step 17. These moneys are not recorded as revenue of the campus nor are expenses recorded. The nature of agency transactions may differ between campuses, depending on business practices. An example of an agency transaction would be student board fees collected by the campus on behalf of an auxiliary organization responsible for providing food service to residence halls. Agency transactions are recorded by the campus as a liability and the receipts and disbursements must be analyzed and reported separately on the statement of cash flows. These transactions should be reported on the statement of cash flows as moneys received on behalf of others or as moneys disbursed on behalf of others. As a check figure, the net amount of these transactions should represent the change in the liability (current and noncurrent depository accounts liability) recorded on the SNA, excluding William Ford Direct Loans. STEP 19 DETERMINE OTHER RECEIPTS (PAYMENTS) FROM NONCAPITAL FINANCING ACTIVITIES This line item on the statement of cash flows may include other nonoperating revenues (expenses) reported on the SRECNA. An analysis of other nonoperating revenues (expenses) must be performed in order to determine if placing that revenue or expense item in this category is appropriate. For example, the CSU has elected to include gain (loss) from disposal of assets within the other nonoperating revenues (expenses) line on the SRECNA. However, gain (loss) from disposal of assets represents a noncash transaction and must be removed to arrive at other receipts (payments) from noncapital financing activities on the statement of cash flows. Additional adjustments may be necessary if changes in balance sheet accounts pertain to other nonoperating revenues (expenses). STEP 20 SUM ITEMS IN STEPS 14 THROUGH 19 TO GET THE TOTAL OF NET CASH PROVIDED BY (USED IN) NONCAPITAL FINANCING ACTIVITIES STEP 21 DETERMINE PROCEEDS FROM CAPITAL DEBT AND CAPITAL LEASES This amount is determined by initially taking the net increases to the long-term debt obligations and capitalized lease obligations liability on the SNA. In addition, the gross increase is reported Last revised April 9,

9 as additions in the long-term liabilities activity note to the financial statements. This line item should include the gross increases in the current and non-current portions of long-term debt. Capital debt acquired where cash proceeds are not received directly by the University, other than from the issuance of Systemwide Revenue Bonds, should be excluded from this line and disclosed separately in the supplementary schedule of noncash transactions on the statement of cash flows. Note that any capital assets acquired from the aforementioned excluded debt are also considered noncash acquisitions and accordingly should also be excluded in Step 25. A reconciliation schedule is included in YES. STEP 22 DETERMINE CASH RECEIVED FROM STATE APPROPRIATIONS FOR CAPITAL PURPOSES Similar to Step 14 above, this amount is calculated by taking i) state appropriations, capital reported on the SRECNA and adjusting for ii) the change in accounts receivable from the prior year to the current year for state approprations related to capital projects. STEP 23 DETERMINE THE AMOUNT RECEIVED FROM CAPITAL GRANTS AND GIFTS This amount is calculated by taking grants and gifts, capital reported on the SRECNA and adjusting for any noncash capital grants and gifts received during the year (for instance, a building received from an auxiliary organization). STEP 24 DETERMINE THE PROCEEDS FROM THE SALE OF CAPITAL ASSETS Proceeds from the sale of capital assets can be determined by analyzing capital assets disposals for the year. This does not represent the actual gain/loss from disposal of assets, which is a noncash item adjusted in Step 19. STEP 25 - DETERMINE THE CASH USED IN THE ACQUISITION OF CAPITAL ASSETS This amount is calculated by taking the gross additions shown in the capital assets activity note to the financial statements and making any necessary adjustments for items such as the following: change in accounts payable (related to capital) from the prior year to the current year, interest capitalized during the year, noncash acquisitions, including those obtained via capital debt where the proceeds are not directly received by the University, and in-kind gifts. The resulting line item amount presented on the statement of cash flows should reconcile to the amount shown in the capital assets activity (rollforward schedule) note to the financial statements. This reconciliation schedule is included in YES. STEP 26 - DETERMINE THE CASH TRANSFERRED TO ESCROW AGENT This amount should be the portion of the proceeds from a new bond issuance in the current year plus any other specified funds on-hand that were used to defease an existing bond by transferring such amount to an escrow account in order to set-aside the funds necessary to pay off the defeased bond when it matures. This amount will be provided to the campus and prepopulated in YES by the Chancellor s Office. Last revised April 9,

10 Note: In a bond refunding, certain portion of the amount transferred to escrow may represent payment of interest and, as such, an adjustment to interest paid on capital debt is required (see Step 27). This amount will be provided to the campus by the Chancellor s Office. STEP 27 - DETERMINE PRINCIPAL AND INTEREST PAID ON CAPITAL DEBT AND LEASES These two line items on the statement of cash flows are shown separately and can be calculated by summing the following: For cash paid for principal, the amount should be the amount reported as reductions in the long-term liabilities activity note to the financial statements for long-term debt and capital lease obligations, excluding reductions related to bond refundings and reductions of unamortized bond premium (discount) and unamortized loss on refunding. A reconciliation schedule is included in YES. For cash paid for interest on capital debt and capital leases, the amount should be the interest expenses reported on the SRECNA adjusted for changes in interest payable from the prior year to the current year. However, any current year amortization of bond premium, discount and loss on refundings should be removed from interest expenses as these are noncash transactions. STEP 28 - DETERMINE PRINCIPAL AND INTEREST RECEIVED ON CAPITAL LEASES RECEIVABLE These two line items on the statement of cash flows are shown separately and can be calculated as follows: For cash received for principal, the amount should be the reduction in capital leases receivable from payments received. For cash received for interest on capital leases, the amount should be the interest income related to capital leases reported on the SRECNA adjusted for the change in accounts receivable - interest from the prior year to the current year related to capital leases. STEP 29 - DETERMINE ISSUANCE OF NOTES RECEIVABLE AND PAYMENTS RECEIVED ON NOTES RECEIVABLE Cash outflows from the issuance of notes receivable represent the proceeds from the Systemwide Revenue Bond issuance being disbursed to the auxiliary organization. Payments received on notes receivable represent the funds transferred periodically from the auxiliary organization to the campus in order for the campus to make the Systemwide Revenue Bond principal and interest payments. STEP 30 - SUM ITEMS IN STEPS 21 THROUGH 29 TO GET THE TOTAL OF NET CASH PROVIDED BY (USED IN) CAPITAL AND RELATED FINANCING ACTIVITIES. STEP 31 - DETERMINE THE PROCEEDS FROM SALES AND MATURITIES OF INVESTMENTS. This information will not be available from the SNA or SRECNA. This information must be derived and accumulated from monthly or year-end bank statements and other sources. Proceeds from the sales/maturities of investments may consist of multiple sources for the campus such as Systemwide Investment Fund Trust (SWIFT) Pool, Local Agency Investment Fund (LAIF), Last revised April 9,

11 Surplus Money Investment Fund (SMIF) investments, or other investments held directly by the campus not in the SWIFT Pool. Proceeds from the sales of investments should represent only the funds withdrawn from the investment accounts, which reduce the investment portfolio. Each campus will need to prepare an investments rollforward schedule. This schedule will present a rollforward of investment activity for the year by type of investment (i.e. SWIFT Pool, LAIF, SMIF, and any other investments held directly by the campus not in the SWIFT Pool). When completed properly, the investments rollforward will assist the campus in determining the proceeds from the sale and maturities of investments. As the SWIFT Pool is managed centrally by the Chancellor s Office, the necessary data for the rollforward schedule will be provided to the campuses by the Chancellor s Office. The rollforward schedule will include both SWIFT and SMIF investments allocated to campuses in state fund 0948 (trust fund). For SMIF investments outside state fund 0948 (trust fund), a different approach is required in order to obtain the necessary data. For certain CSU funds, a GAAP adjustment to the fund balance clearing account is required (see Chapter 4, Section 4-5) to reclassify the balance as an investment. In these funds, the activity in the fund balance clearing account should be analyzed. Typically, reductions (credits) to fund balance clearing represent claim schedules and payroll paid by the State Controller. These transactions are treated as proceeds from the sales of investments since the investment balance is reduced as disbursements are made. Note that the credits to fund balance clearing in CSU Fund 001 (General Fund) should not be treated as proceeds from the sale of investments. Also, care should be taken to exclude transfers between SMIF invested funds. For example, the Dorm Revenue fund may transfer monies to the Dorm Maintenance and Repair fund, a transaction that does not reduce the overall SMIF investment balance. STEP 32 - DETERMINE CASH USED TO PURCHASE INVESTMENTS This amount is determined from the investments rollforward schedule as discussed above. Purchases of investments cannot be netted with sales and maturities of investments for the statement of cash flows. As discussed in Step 31 above, care should be taken to exclude transfers between SMIF invested funds. Only new monies to the pooled investment portfolio would be reported as purchases of investments on the statement of cash flows. In the CSU Funds, whereby investments are recorded by a GAAP adjustment which reclassifies amounts from fund balance clearing, the activity in fund balance clearing should be analyzed to determine the source of the increases to fund balance clearing. Typically, these increases (debits) represent funds remitted to the State Controller and should be treated as purchases of investments because the investment balance is increased. Note that re-invested interest earnings are shown as an increase to fund balance clearing and should be reflected as a purchase of investments on the statement of cash flows. Again, fund balance clearing activity in CSU Fund 001 should be ignored for purposes of determining the cash flows used to purchase investments. STEP 33 - DETERMINE CASH RECEIVED OR USED TO GENERATE INVESTMENT INCOME Last revised April 9,

12 This amount should consist of all investment income received, both re-invested and not reinvested. Typically, SWIFT Pool and SMIF investment earnings are re-invested. An analysis of investment earnings should be reconciled to net investment income reported on the SRECNA. If any of the re-invested investment earnings are agency transactions, an adjustment may be required in Step 18 (above). Additionally, the change in unrealized gain (loss) on investments that is recorded as a component of net investment income on the SRECNA should be excluded from the statement of cash flows. The investments rollforward schedule prepared by the campus, as discussed above, will assist the campus in determining investment income received. STEP 34 - SUM ITEMS IN STEPS 31 THROUGH 33 TO GET THE TOTAL FOR NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES STEP 35 - TOTAL ITEMS IN STEPS 12, 20, 30 AND 34 IN ORDER TO GET THE NET INCREASE OR DECREASE IN CASH AND CASH EQUIVALENTS STEP 36 - ADD THE NET INCREASE OR DECREASE IN CASH AND CASH EQUIVALENTS AS CALCULATED BY STEP 35 WITH BEGINNING CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AS RECORDED ON YOUR PRIOR YEAR FINANCIAL STATEMENTS. THE TOTALS WILL EQUAL TO ENDING CASH AND CASH EQUIVALENTS. STEP 37 - ENDING CASH AND CASH EQUIVALENTS ON THE STATEMENT OF CASH FLOWS MUST EQUAL THE SUM OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS FOR THE CURRENT YEAR AS REPORTED ON YOUR SNA. STEP 38 - IF AMOUNTS DO NOT BALANCE TO THE SUM OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS, REVIEW YOUR WORKSHEET FOR ANY ERRORS. ALSO, DOUBLE CHECK LINE ITEMS RELATED TO CAPITAL ASSETS AND INVESTMENTS WHICH ARE USUALLY PROBLEM AREAS. STEP 39 - SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS Refer to the discussion and examples on page 6-3. Last revised April 9,

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