REPORTS

The Institute of Internal Auditors, Inc. and Affiliates

Consolidating Statement of Cash Flows

For the Year Ended December 31, 2015 (With Summarized Comparative Consolidated Totals for the Year Ended December 31, 2014)

2015 2014
The Institute of Internal Auditors, Inc. Institute of Internal Auditors - Research Foundation, Inc. Internal Auditing Academic Advancement Fund, Inc. IIA Quality Services, LLC Eliminations Consolidated Total Consolidated Total
Operating Cash Flows
Cash received from members and customers $51,684,496 $2,579,279 $776,708 $1,390,724 $56,431,207 $50,126,161
Cash paid for operating activities and costs (45,562,443) (2,498,583) (218,401) (1,642,019) (49,291,446) (44,452,875)
Investment income received 1,556,237 140,851 1,697,088 1,418,212
Net operating cash flows $7,678,290 $221,547 $558,307 $(251,295) $8,206,849 $7,091,498
Investing Cash Flows
Proceeds from sales of investments $3,945,537 $187,470 $4,133,007 $14,094,274
Purchases of investments (10,381,432) (328,321) (10,709,753) (17,396,501)
Purchases of and improvements to property and equipment (148,336) (35,425) (183,761) (63,497)
Proceeds from sale of Lake Mary property 1,200,000 1,200,000
Expenditures for deferred projects (905,994) (139,789) (1,045,783) (1,291,834)
Net investing cash flows $(6,290,225) $(316,065) $(6,606,290) $(4,657,558)
CHANGE IN CASH AND CASH EQUIVALENTS $1,388,065 $(94,518) $558,307 $(251,295) $1,600,559 $2,433,940
CASH AND CASH EQUIVALENTS – Beginning of year $10,240,260 $978,396 $317,218 $803,793 $12,339,667 $9,905,727
CASH AND CASH EQUIVALENTS – End of year $11,628,325 $883,878 $875,525 $552,498 $13,940,226 $12,339,667
Reconciliation of change in net assets to net operating cash flows
Change in net assets $3,055,767 $(59,130) $(99,215) $(17,300) $2,880,122 $4,987,850
Adjustments to reconcile change in net assets to net operating cash flows:
Depreciation 786,667 21,580 808,247 700,544
Amortization of deferred project costs 452,433 114,177 566,610 406,971
Net (gain) loss on disposals of property and equipment (52,635) (52,635) 130,049
Net loss (gain) on investments 1,318,733 120,036 1,438,769 (319,059)
Change in due from/to affiliates, net (479,026) (39,862) 652,836 (133,948)
Change in accounts receivable, net 1,422,127 (18,578) 1,000 (107,166) 1,297,383 (470,010)
Change in prepaid expenses and other assets 50,802 24,925 75,727 (303,867)
Change in accounts payable and accrued expenses 949,073 64,718 3,686 7,119 1,024,596 (387,777)
Change in deferred revenue (131,167) (6,319) (137,486) 2,346,797
Change in other liabilities 305,516 305,516
Total adjustments 4,622,523 280,677 657,522 (233,995) 5,326,727 2,103,648
Net operating cash flows $7,678,290 $221,547 $558,307 $(251,295) $8,206,849 $7,091,498