The following presents a summarized Statement of Cash Flows for the fiscal years ended June 30, 2023, and 2022:
Condensed Statement of Cash Flows
| 2023 | 2022 | |
| Cash (Used) Provided By: | ||
| Operating Activities | $ (34,838,981) | $ (35,632,162) |
| Noncapital Financing Activities | 35,540,471 | 51,337,898 |
| Capital and Related Financing Activities | (24,068,465) | 14,557,215 |
| Investing Activities | (233,991) | (227,001) |
| Cash and Cash Equivalents - Beginning of Year (Restated) | 31,791,460 | 1,755,510 |
| CASH AND CASH EQUIVALENTS - END OF YEAR | $ 8,190,494 | $ 31,791,460 |
Major sources of cash received from operating activities include student tuition and fees of $6.3 million and grants and contracts of $21.4 million. Major uses of cash for operating activities include payments for salaries and benefits of $44.9 million and for equipment, supplies, and services of $23.3 million.
Noncapital financing activities include state appropriations of $27.9 million.
Capital and related financing activities include purchases and payments of $24.1 million for construction and acquisition of capital assets and for principal and interest payments on bonds and other capital related debt.
Commonwealth appropriations constitute approximately 36.3% of the University's total operating and nonoperating revenues and serve as a critical factor in maintaining its overall financial stability. Classified as unrestricted revenue, state appropriations are reported as nonoperating income and are primarily utilized to support payroll and benefit obligations for University employees.
The following details state appropriations received for fiscal years ending June 30, 2023, and 2022:
2023 2022
Commonwealth Appropriations $ 27,880,600 $ 27,885,600
(14)