NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOG Y Statement of Cash Flows Years ended March 31, 2013 and March 31, 2012 2013 2012 Cash provided by (used in): Operating activities: Excess (deficiency) of revenue over expenses $ (2,298,939) $ 955,971 Adjustments for: Amortization of deferred capital contributions (note 10) (2,120,198) (2,006,293) Amortization of capital assets 2,611,543 2,422,888 Decrease in employee future benefit (97,000) (184,000) (1,904,594) 1,188,566 Changes in non-cash working capital (note 15) (832,442) (473,023) (2,737,036) 715,543 Financing activities: Endowment contributions 13,700 321,106 Deferred contributions (1,556,338) (1,989,096) (1,542,638) (1,667,990) Capital activities: Purchase of capital assets (1,416,510) (2,532,440) Deferred capital contributions 453,224 696,664 (963,286) (1,835,776) 4 (963 , 286) (1 , 835 , 776) Investing activities: Change in value of portfolio investments (476,153) (57,948) Increase in value of sinking fund (113,675) (368,512) (589,828) (426,460) Net decrease in cash (5,832,788) (3,214,683) Cash position, beginning of year 8,863,238 12,077,921 Cash position, end of year $ 3,030,450 $ 8,863,238 See accompanying notes to financial statements. 4