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THE JAMES IRVINE FOUNDATIONSTATEMENTS OF CASH FLOWSYears ended December 31, 2004 and 20032004 2003Cash Flows from Operating Activities:Change in net assets — unrestricted $ 179,311,774 $ 232,915,591Adjustments to reconcile change in net assets—unrestricted to netcash and cash equivalents used in operating activities:Depreciation and amortization 497,990 554,673Property and equipment write-offs 4,481 96,328Net realized and unrealized gains on investments (216,404,531) (273,091,409)Operating loss from alternative investments 2,430,569 4,392,321Changes in operating assets and liabilities:Interest and dividends receivable 333,739 669,080Prepaid excise taxes and other 27,833 (312,006)Accounts payable and other accrued liabilities 505,775 (2,308,920)Grants payable 2,534,129 (4,376,271)Net cash and cash equivalents used in operating activities (30,758,241) (41,460,613)Cash Flows from Investing Activities:Purchases of investments (987,143,809) (833,345,305)Proceeds from sales, maturities, and distributions from investments 1,016,175,394 886,980,467Purchases of property and equipment (415,480) (45,869)Principal repayments from Program RelatedInvestment Fund loan recipients – 718,615Net cash and cash equivalents provided by investing activities 28,616,105 54,307,908(Decrease) Increase in Cash and Cash Equivalents (2,142,136) 12,847,295Cash and Cash Equivalents — Beginning of year 37,544,017 24,696,722Cash and Cash Equivalents — End of year $ 35,401,881 $ 37,544,017Supplemental Disclosure of Cash FlowInformation — Federal excise taxes paid $ 2,520,000 $ 700,519See notes to financial statements.43