Annual Report 2004 - Charles Stewart Mott Foundation

STATEMENTS OF CASH FLOWS
Charles Stewart Mott Foundation
Years Ended December 31,
2004 2003
Cash flows from operating activities:
Grants and expenses in excess of income $ (60,533,490) $ (72,507,290)
Adjustments to reconcile grants and expenses in excess
of income to net cash used by operating activities:
Loss on limited partnerships 2,615,152 9,423,564
Loss on asset retirement 1,316 0
Depreciation expense 389,341 416,566
Decrease in accrued interest and dividends 1,194,480 1,568,460
Decrease (increase) in other assets 2,090,284 (13,661,428)
Decrease in grants payable, net (17,233,081) (3,484,603)
(Decrease) increase in accounts payable and other liabilities (2,059,748) 2,620,476
Total adjustments (13,002,256) (3,116,965)
Net cash used by operating activities (73,535,746) (75,624,255)
Cash flows from investing activities:
Proceeds from sales or redemptions of investments:
Equities 689,637,439 501,950,528
U.S. Government obligations 48,171,755 52,747,469
Corporate bonds 21,202,084 22,397,034
Cash equivalents 756,410,157 233,338,243
Limited partnerships 11,627,679 6,234,430
Purchases of investments:
Equities (551,587,847) (453,405,313)
U.S. Government obligations (5,259,977) (5,078,605)
Corporate bonds (899,600) (1,422,877)
Cash equivalents (871,003,363) (265,358,824)
Limited partnerships (23,689,783) (17,162,456)
Acquisition of building improvements (109,565) (39,557)
Excise tax on realized gains (2,680,045) (1,864,972)
Net cash provided by investing activities 71,818,934 72,335,100
Net decrease in cash (1,716,812) (3,289,155)
Cash, beginning of year 3,269,484 6,558,639
Cash, end of year $ 1,552,672 $ 3,269,484
The accompanying notes are an integral part of the financial statements.
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2004 ANNUAL REPORT
79