THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2017 and 2016 __________
2017
2016
Cash flows from operating activities: Excess (deficit) of revenue over expenses
$
24,571,607
$
(9,752,409)
Adjustments to reconcile excess (deficit) of revenue over expenses to cash (used in) provided by operating activities: Depreciation and amortization
12,487,774
10,819,886
Bad debt expense
711,050 896,215
566,722 846,999
Amortization of debt issuance costs
Unrealized loss on swap
(248,448)
(878,170)
(Gain) Loss on sale of properties Other (income) losses in housing funds Increase (decrease) in operating assets: Accrued interest on notes receivable Prepaid expenses and other assets
(40,264,074)
(348)
(323)
71,659
38,169
(38,384) (962,158) (79,474) (263,445)
(5,178,306)
Tenants’ security deposits
(8,655)
Due from affiliates Grant receivable
(7,178,132)
41,096
188,349
(Increase) decrease in operating liabilities: Accounts payable and accrued expenses
2,359,924 (933,192) (107,999)
(317,966) 1,996,395
Other liabilities
Tenants’ security deposits
178,011 391,127 10,041
Accrued interest on mortgage, notes and construction loan payable
319,441
Accounts payable - affiliates
-
Net cash (used in) provided by operating activities
(12,493,853)
2,776,835
Cash flows from investing activities: Proceeds from repayment of notes receivable
854,220
587,628
Issuance of notes receivable
(102,978)
(2,000,000) (72,545,173)
Purchase of land, buildings, improvements and equipment
(65,495,318)
Purchase of other assets
(460,878)
(25,256) (37,695)
Net payment (advances) of working capital
21,314
Net deferred development costs (additions)/ reimbursements
(3,699,459) 2,587,576 43,081,429
1,704,258
Cash acquired from equity transfer Proceeds from sale of rental property
460,931
Net proceeds from (purchase of) investment in housing funds
789,922
(390,936)
Net deposits to mortgage escrow and utility deposits
(3,296,738)
(3,929,468) (855,749)
Net (deposits to) withdrawals from replacement reserves
(89,069) (6,312)
Net sales (purchases) of investments
550
Net cash used in investing activities
(25,816,291)
(77,030,910)
Cash flows from financing activities: Capital contributions received from noncontrolling interests
28,340,587
6,391,478
Net payment of advances from affiliates
715,926
-
Proceeds from mortgages, notes and construction loans payable Principal payments on mortgages, notes and construction loans payable
79,452,489 (33,536,079) (4,279,647)
107,488,360 (39,177,500) (2,670,204)
Payments for debt issuance costs
Net cash provided by financing activities
70,693,276
72,032,134
Net increase (decrease) in cash and cash equivalents
32,383,132
(2,221,941)
Cash and cash equivalents, beginning
13,241,078
15,463,019
Cash and cash equivalents, ending
$
45,624,210
$
13,241,078
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