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| STATEMENT 3 |
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| CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION |
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| FOR THE YEAR ENDED DECEMBER 31, 2003 |
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2003 |
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2002 |
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| Cash provided by (used for) |
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| Operating Activities |
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| Excess of Revenues Over Expenditures |
$ 7,291,133 |
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$ 24,779,603 |
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| Net Changes in Non-Cash Working Capital |
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Receivables |
654,731 |
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(2,293,001) |
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Loans Receivable (excluding Debt Related) |
114,387 |
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(102,098) |
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Inventories |
256,528 |
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(548,289) |
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Deferred Expense |
(112,140) |
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296,529 |
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Payables |
3,985,291 |
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1,644,282 |
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Other Liabilities |
925,513 |
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(1,237,067) |
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13,115,443 |
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22,539,959 |
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| Investing Activities |
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Investments Purchased |
(77,187,666) |
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(50,745,452) |
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Proceeds on Disposals |
55,944,703 |
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41,639,499 |
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(21,242,963) |
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(9,105,953) |
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0.00 |
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| Financing Activities |
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Long-term Debt Repayment |
(2,839,547) |
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(3,545,268) |
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0.00 |
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Deferred Developer Reimbursement |
- |
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- |
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(2,839,547) |
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(3,545,268) |
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| Change in Cash Position |
(10,967,067) |
|
9,888,738 |
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| Cash Position, Beginning of Year |
18,211,523 |
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8,322,785 |
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| Cash Position, End of Year |
7,244,456 |
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18,211,523 |
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| Cash Comprised of: |
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Cash and Temporary Investments |
13,337,723 |
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18,211,523 |
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Short Term Borrowing |
(6,093,267) |
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- |
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$ 7,244,456 |
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$ 18,211,523 |
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