Report to the Legislature : Financial Audit for the Fiscal Year Ended June 30, ..., Montana State University 2003
Report to the Legislature : Financial Audit for the Fiscal Year Ended June 30, ..., Montana State University 2003
Montana. Legislature. Legislative Audit Division
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The operating loss was offset by non-cash expenses of $20.5 million, (primarily depreciation and amortization) as well increased funds of $4.7 million. > Cash on hand as of June ao"* required to fund payroll and related liabilities, payable during the first two weeks of July, increased $3.0 million as compared with the prior June 30^ due to increased compensation-related expenses. Cash provided/(used) by: Operating activities, net Noncapital financing activities, net Capital and related financi...ng activities, net Investing activities, net Net increase in cash Cash, beginning of year Cash, end of year 2003 2002 $ (56.2) 92.1 (24.6) (3.4) $ (60.3) 87.3 (20.7) 3.0 7,9 74.9 9.3 65.6 S 82.8 S 74,9 Page A-8 Montana State University (a component unit of the State of Montana) Management's Discussion and Anaiysis As of and For Each of the Two Years Ended June 30, 2003 (continued) > Research-related funds, including indirect cost recoveries, increased $1.1 million, corresponding to the increase in grant activity experienced during 2003.
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