THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2018 and 2017 _________
2018
2017
Cash flows from operating activities: Excess (deficit) of revenue over expenses
$
(12,636,092)
$
24,571,607
Adjustments to reconcile excess (deficit) of revenue over expenses to cash provided by (used in) operating activities: Depreciation and amortization
13,035,576 1,160,606 1,359,779
12,487,774
Bad debt expense
711,050 896,215
Amortization of debt issuance costs
Unrealized loss on swap
(366,243) (486,205) (388,834)
(248,448)
(Gain) Loss on sale of properties
(40,264,074)
Other (income) losses in housing funds Increase (decrease) in operating assets: Accrued interest on notes receivable
(323)
(60,037)
38,169
Prepaid expenses and other assets
2,027,127
(5,178,306)
Tenants’ security deposits
(137,870)
(8,655)
Due from affiliates
(2,304,795)
(7,178,132)
Grant receivable
(4,094)
41,096
(Increase) decrease in operating liabilities: Accounts payable and accrued expenses
7,018,212 1,857,698
2,359,924 (933,192) (107,999)
Other liabilities
Tenants’ security deposits
194,227 228,520
Accrued interest on mortgage, notes and construction loan payable
319,441
Net cash provided by (used in) operating activities
10,497,575
(12,493,853)
Cash flows from investing activities: Proceeds from repayment of notes receivable
-
854,220
Issuance of notes receivable
(1,250,678)
(102,978)
Purchase of land, buildings, improvements and equipment
(104,511,948)
(65,495,318)
Purchase of other assets
(343,175) (627,395)
(460,878)
Net payment (advances) of working capital
21,314
Net deferred development costs (additions)/ reimbursements
34,338
(3,699,459)
Cash acquired from equity transfer Proceeds from sale of rental property
-
2,587,576
23,000,000
43,081,429
Net proceeds from (purchase of) investment in housing funds Net deposits to mortgage escrow and utility deposits Net (deposits to) withdrawals from replacement reserves
(411,636)
789,922
(19,676,314)
(3,296,738)
1,118,469
(89,069)
Net sales (purchases) of investments
615,055
(6,312)
Net cash used in investing activities
(102,053,284)
(25,816,291)
Cash flows from financing activities: Capital contributions received from noncontrolling interests
26,951,609
28,340,587
Net payment of advances from affiliates
3,197,004
715,926
Proceeds from mortgages, notes and construction loans payable
121,914,263 (63,540,961)
79,452,489
Principal payments on mortgages, notes and construction loans payable
(33,536,079)
Payments for debt issuance costs
(3,634,039)
(4,279,647)
Net cash provided by financing activities
84,887,876
70,693,276
Net increase (decrease) in cash and cash equivalents
(6,667,833)
32,383,132
Cash and cash equivalents, beginning
45,624,210
13,241,078
Cash and cash equivalents, ending
$
38,956,377
$
45,624,210
See notes to consolidated financial statements
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