2006 NBAA Annual Report

CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Years Ended June 30, 2006 and 2005Increase (Decrease) in Cash and Cash EquivalentsCASH FLOWS FROM OPERATING ACTIVITIES 2006 2005Change in Net Assets $ 574,713 $ (241,862)Adjustments to reconcile change in net assets to net cash provided by operating activitiesDepreciation and amortization 294,870 318,210Unrealized gains on investments (5,046) (607,673)Realized gains on investments (698,728) (167,697)Loss (gain) on disposal of equipment (7,831) 17,779Changes in assets and liabilities:Accounts receivable 296 (279,520)Prepaid expenses and other assets (706,326) (805,009)Accounts payable and accrued expenses 1,320,612 1,349,860Amounts held for Scholarship Fund 13,829 24,415Deferred revenue – membership dues 32,319 (41,066)Deferred revenue – annual meeting and conventions 882,931 1,539,361Deferred revenue – seminars and business forums (152,808) 75,378Accrued post-retirement benefits cost 306,901 660,161NET CASH PROVIDED BY OPERATING ACTIVITIES 1,855,732 1,842,337CASH FLOWS FROM INVESTING ACTIVITIESPurchases of furniture, equipment and improvements (224,652) (100,326)Proceeds from sales of fixed assets 13,300 -Purchases of investments (11,059,866) (15,079,146)Proceeds from sales of investments 10,597,341 7,669,795NET CASH USED IN INVESTING ACTIVITIES (673,877) (7,509,677)NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,181,855 (5,667,340)CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 10,186,518 15,853,858CASH AND CASH EQUIVALENTS, END OF YEAR $ 11,368,373 $ 10,186,518SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATIONIncome Taxes Paid $ 59,800 $ 30,907The accompanying notes are an integral part of these consolidated financial statements.2006 NBAA ANNUAL REPORT 15