Consolidating statements of cash flows

California CPA, Sept, 2004

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
        Deferred Lease Costs                       23         35
        Accrued Pension Liability                (278)       (13)
  Net Cash Provided by
    Operating Activities                          156        853

INVESTING ACTIVITIES:
  Purchases of Investments                    (10,491)      (780)
  Proceeds From Sale of Investments            10,202      1,103
  Purchases of Property and Equipment             (42)       (51)
  Net Cash Provided (Used) by
    Investing Activities                         (331)       272

NET INCREASE (DECREASE) IN CASH
  AND EQUIVALENTS                                (175)     1,125

CASH AND EQUIVALENTS:
  Beginning of Year                             1,349        224
  End of Year                              $    1,174   $  1,349

                                              Consolidated
                                              2004         2003

OPERATING ACTIVITIES:
  Increase in Net Assets                      $    2,741   $     802
  Reconciliation to Net Cash Provided
    by Operating Activities:
      Net Losses (Gains)
        on Investments                            (1,355)         (6)
      Depreciation and Amortization                  384         506
      Loss (Gain) on Disposal of Property
        and Equipment                                112          (1)
      Phase-Out of Intangible Assets                  25          31
      Changes In:
        Trade and Other Receivables                   43         122
        Due From (To) Affiliate
        Other Current Assets                         (73)        179
        Accounts Payable                             (34)          6
        Accured Expenses                              19         (23)
        Deferred Revenues                            965          40
        Deferred Lease Costs                          30          45
        Accrued Pension Liability                   (881)        (22)
  Net Cash Provided by
    Operating Activities                           1,976       1,679

INVESTING ACTIVITIES:
  Purchases of Investments                       (12,809)     (9,441)
  Proceeds From Sale of Investments               11,780       6,463
  Purchases of Property and Equipment               (342)       (115)
  Net Cash Provided (Used) by
    Investing Activities                          (1,371)     (3,093)

NET INCREASE (DECREASE) IN CASH
AND EQUIVALENTS                                      605      (1,414)

CASH AND EQUIVALENTS:
  Beginning of Year                                5,397       6,811
  End of Year                                 $    6,002   $   5,397