Consolidating statements of cash flows.

• Position: 2004 Annual Report - Illustration

CONSOLIDATING STATEMENTS OF CASH FLOWS The California Society of Certified Public Accountants California Certified Public Accountants Education Foundation Years Ended April 30, 2004 and 2003 (dollars in thousands) CalCPA 2004 2003 OPERATING ACTIVITIES: Increase in Net Assets $ 2,260 $ 713 Reconciliation to Net Cash Provided by Operating Activities: Net Losses (Gains) on Investments (1,158) (56) Depreciation and Amortization 213 307 Loss (Gain) on Disposal of Property and Equipment Phase-Out of Intangible Assets Changes In: Trade and Other Receivables (89) 125 Due From (To) Affiliate 28 141 Other Current Assets (14) 89 Accounts Payable 4 (126) Accured Expenses 85 (70) Deferred Revenues 1,087 (298) Deferred Lease Costs 7 10 Accrued Pension Liability (603) (9) Net Cash Provided by Operating Activities 1,820 826 INVESTING ACTIVITIES: Purchases of Investments (2,318) (8,661) Proceeds From Sale of Investments 1,578 5,360 Purchases of Property and Equipment (300) (64) Net Cash Provided (Used) by Investing Activities (1,040) (3,365) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 780 (2,539) CASH AND EQUIVALENTS: Beginning of Year 4,048 6,587 End of Year $ 4,828 $ 4,048 Foundation 2004 2003 OPERATING ACTIVITIES: Increase in Net Assets $ 481 $ 89 Reconciliation to Net Cash Provided by Operating Activities: Net Losses (Gains) on Investments (197) 50 Depreciation and Amortization 171 199 Loss (Gain) on Disposal of Property and Equipment 112 (1) Phase-Out of Intangible Assets 25 31 Changes In: Trade and Other Receivables 132 (3) Due From (To) Affiliate (28) (141) Other Current Assets (59) 90 Accounts Payable (38) 132 Accured Expenses (66) 47 Deferred Revenues (122) 338...