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Statement of Cash Flows

CASH FLOWS FROM OPERATING ACTIVITIES
  For the year ended June 30, 2016 For the year ended June 30, 2015
Payments to or on behalf of the University departments ($4,366,403) ($4,327,389)
Payments to employees ($1,326,952) ($1,273,341)
Payments to students ($3,775,487) ($3,347,308)
Other receipts ($130,913) $245,433
        Net Cash Used In Operating Activities ($9,599,755) ($8,702,605)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
  For the year ended June 30, 2016 For the year ended June 30, 2015
Gifts received for other than capital purposes $8,903,545 $8,609,864
        Net Cash Provided By Noncapital Financing Activities $8,903,545 $8,609,864
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
       Net Cash used in Capital and Related Financing Activities - -
CASH FLOWS FROM INVESTING ACTIVITIES
  For the year ended June 30, 2016 For the year ended June 30, 2015
Proceeds from sales and maturities of investments $2,389,966 $2,731,579
Investment income, net ($92,624) $32,629
Endowment income (loss), net ($397,406) $236,940
Additions to permanent endowments $2,346,862 $2,702,439
Purchase of investments ($2,658,911) ($16,317,702)
        Net Cash Provided By (Used In) Investing Activities $1,587,887 ($10,614,115)
NET CHANGE IN CASH AND CASH EQUIVALENTS
  For the year ended June 30, 2016 For the year ended June 30, 2015
Net Change In Cash And Cash Equivalents $891,677 ($10,706,856)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
  For the year ended June 30, 2016 For the year ended June 30, 2015
Cash And Cash Equivalents at Beginning Of Year $1,113,286 $11,820,142
CASH AND CASH EQUIVALENTS AT END OF YEAR
  For the year ended June 30, 2016 For the year ended June 30, 2015
Cash And Cash Equivalents At End Of Year $2,004,963 $1,113,286
RECONCILIATION OF OPERATING LOSS TO NET CASH FROM OPERATING ACTIVITIES
  For the year ended June 30, 2016 For the year ended June 30, 2015
Operating loss ($9,021,569) ($8,296,759)
Adjustments to reconcile operating loss to net cash from operating activities: Gift premium - ($1,375)
Change in assets and liabilities: Restricted cash ($181,237) -
                                                       Accounts receivable, net ($1,736) $118,336
                                                       Prepaid expenses and other assets $14,043 $34,405
                                                       Accounts payable $68,801 ($273,498)
                                                       Other liabilities ($478,057) ($283,714)
                                                               Net Cash Used In Operating Activities ($9,599,755) ($8,702,605)

The above financial statements were audited by Windes, Inc. The full set of audited financial statements is available upon request. The accompanying notes are an integral part of these financial statements.