Condensed Statement of Cash Flows
| 2014 | 2013 |
|---|
| Cash (used) provided by: | | |
|---|
| Operating activities | $(27,961,664) | $(27,644,376) |
|---|
| Non-capital financing activities | 29,557,829 | 30,090,766 |
|---|
| Capital and related financing activities | (3,026,755) | (4,000,212) |
|---|
| Investment activities | (101,431) | (1,180,915) |
|---|
| Net increase (decrease) in cash | (1,532,021) | (2,734,737) |
|---|
| Cash and cash equivalents, beginning year | 21,107,984 | 23,842,721 |
|---|
| Cash and cash equivalents, end of year | $19,575,963 | $21,107,984 |
|---|
Major sources of cash received from operating activities are student tuition and fees of $18.4 million and grants and contracts of $15.5 million. Major uses of cash for operating activities were payments to employees for salaries and benefits of $37.4 million and to vendors and contractors of $23.5 million.
Noncapital financing activities included state appropriations from the Commonwealth of Kentucky of $23.5 million.
Capital and related financing activities include purchases and payments of $3.0 million expended for construction and acquisition of capital assets and for principal and interest payments on the retirement of the University's bonds and other capital related debt.
Net cash of $101 thousand was spent for conducting investing activities, including purchase and sales of investments, and interest and dividends earned on investments. Investment activity was primarily related to management of the University's endowments.