Page 78 - Vancouver Art Gallery 2014
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Interior_Annual Report 14-10-24 4:52 PM Page 76








VANCOUVER ART GALLERY ASSOCIATION
STATEMENT OF CASH FLOWS

Year ended June 30, 2014, with comparative information for 2013

2014 2013

Cash provided by (used in):
OPERATING
Excess of revenue over expenses $ 1,389,586 $ 1,615,858
Amortization of capital assets, an item not involving cash 263,043 275,467
Net change in non-cash operating working capital:
• Grants, pledges, interest and accounts receivable (482,437) (206,441)
• Prepaid expenses and exhibition costs 224,256 (166,561)
• Inventories 56,513 64,412
• Accounts payable and accrued liabilities (252,871) (52,169)
• Deferred memberships revenue 37,771 (4,793)
• Deferred contributions (399,929) (212,711)
835,932 1,313,062
INVESTMENTS
Purchase of capital assets (10,035) (54,141)
Purchase of short-term investments (204,625) (402,649)
Redemption of short-term investments
for the purchase of cash equivalents 21,048,442 —
20,833,782 (456,790)
FINANCING
Decrease in bank indebtedness (105,000) (35,000)
Repayment of obligations under capital lease (62,749) (43,093)
(167,749) (78,093)
Increase in cash and cash equivalents 21,501,965 778,179
Cash and cash equivalents, beginning of year 34,133,955 33,355,776
Cash and cash equivalents, end of year $ 55,635,920 $ 34,133,955

Non-cash investing and financing activity:
• Acquisition of capital asset under capital lease $ 75,726 $ 93,825


See accompanying notes to financial statements.
























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