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Morehouse School of Medicine, Inc. and Affiliate
Consolidated Statements of Cash Flows

Year ended June 30, 2016 2015
The Consolidated Statement of Cash
Flows present detailed information Operating Activities $ $
about the cash activity of the Change in net assets 31,963,543 4,145,029
institution during the fiscal year. Adjustments to reconcile change in net assets to net cash
(used in) provided by operating activities:
The cash activity reflects MSM’s Depreciation 5,134,081 5,018,650
commitment to making strategic Net realized and unrealized loss (gain) on investments 2,970,769 403,600
investments to sustain and enhance Loss on disposition of property and equipment 88,209 872,101
excellence related to our core Write-off of portion of notes receivable - 217,367
mission. Gifts and grants restricted for long-term investment (5,131,501) (7,799,222)
Change in operating assets and liabilities:
The financial statements presented in Accounts receivable, net 5,981,432 (3,964,839)
this report are modified statements Pledges receivable, net (9,341,926) (2,074,773)
issued under reporting guidelines Patient accounts receivable, net (569,000) (7,878)
established by the Governmental Other receivables 49,688 (103,383)
Accounting Standards Board Other assets (588,359) 310,851
(GASB). Accounts payable (1,345,335) 4 ,360,244
Accrued expenses and other liabilities 4,610,071 (4,126,867)
Deferred Revenue 417,914 97,994
Net cash (used in) provided by operating activities $34,239,586 $(2,651,126)

Investing Activities
Loans receivable, net 507,881 337,832
Proceeds from note receivable - 2,537,927
Purchases of investments (44,716,795) (51,084,260)
Proceeds from sale of investments 41,328,529 46,475,021
Purchases of property and equipment (4,465,041) (3,032,403)

Net cash used in investing activities $(7,345,426) $(4,765,883)

Cash Flows from Financing Activities
Repayment of borrowings (Line of Credit) (2,083,334) (1,948,333)
Proceeds from borrowings (Line of Credit) 3,504,558 -
Repayment of capital leases (73,715) (73,482)
Gifts and grants restricted for long-term investment 5,131,501 7,799,222
Net cash provided by financing activities $6,479,010 $5,777,407
Net (Decrease) Increase in Cash and Cash Equivalents $33,373,170 $(1,639,602)
Cash and Cash Equivalents, beginning of year $5,873,554 $7,513,156
Cash and Cash Equivalents, end of year $39,246,724 $5,873,554