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BRAINERD LAKES AREA DEVELOPMENT CORPORATION
<br /> STATEMENTS OF CASH FLOWS
<br /> YEARS ENDED SEPTEMBER.30,2003 AND 2002
<br /> 2003 2002
<br /> CASH FLOWS FROM OPERATING ACTIVITIES
<br /> Cash received from support contracts $ 116,251 $ 111,137
<br /> Cash received from contributions 3,725 4,212
<br /> Cash received from memberships 25,700 30,150
<br /> Cash received for services 14,663 17,569
<br /> Cash disbursed for management and general expenses (26,839) (21,021)
<br /> Cash disbursed for program expenses (152,088) (145,868)
<br /> Cash received from interest income 5,994 10,895
<br /> Net cash provided by(used in)operating activities (12,594) 7,074
<br /> CASH FLOWS FROM INVESTING ACTIVITIES
<br /> Capital expenditures (2,697) (13,251)
<br /> Redemption of certificates of deposit k 119,771 234,077
<br /> Investment in certificates of deposit (125,375) (244,228)
<br /> Investment in MCCF _ (50,000)
<br /> Net cash used in investing activities' (58,301) (23,402)
<br /> CASH FLOWS FROM FINANCING ACTIVITIES
<br /> Proceeds from Crow Wing County-MCCF loan 78,630
<br /> Net cash provided by financing activities 78,630 _
<br /> Net increase(decrease)in cash and cash equivalents 7,735 (16,328)
<br /> Cash and cash equivalents, beginning of year 40,413 56,741
<br /> Cash and cash equivalents, end of year $ 48,148 $ 40,413
<br /> RECONCILIATION OF CHANGE IN NET ASSETS TO NET
<br /> CASH PROVIDED BY OPERATING ACTIVITIES
<br /> Increase(decrease)in net assets $ (7,330) $ 1,901
<br /> Adjustments for changes in assets and liabilities, and
<br /> non-cash expenses and revenues included in
<br /> decrease in net assets:
<br /> Depreciation 3,867 3,014
<br /> (Increase)in: `
<br /> Receivable from local governments (2,875) (1,838)
<br /> Other receivables (6,985) _
<br /> Prepaid expenses (3,655) (400)
<br /> Increase in:
<br /> Accrued expenses and taxes 2,771 3,678
<br /> Deferred revenue 1,613 719
<br /> Net cash provided by(used in)operating activities $ (12,594) $ 7,074 R
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<br /> The accompanying notes are an integral part of these financial statements.
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