SAE Foundation Statements of Cash Flows For the Years Ended December 31, 2017 2016 (in thousands) Cash Provided by (Used for) Operating Activities Increase in net assets Adjustments to reconcile change in net assets to net cash provided by (used for) operating activities Net appreciation in fair value of investments Changes in Accounts receivable Pledges receivable Prepaid expenses Accounts payable and accrued expenses Other assets and liabilities $ 920 $ 1,413 (1,698) (623) (215) 414 103 (417) (22) (50) 425 (322) 216 9 Net Cash Provided by (Used for) Operating Activities (915) Cash Provided by (Used for) Investing Activities Purchase of investments Proceeds from sale of investments (331) 81 (263) 72 Net Cash Used for Investing Activities (250) (191) Increase (Decrease) in Cash 1,068 (1,165) Cash - beginning of year 877 2,265 Cash - end of year $ 1,100 1,388 $ 2,265 See accompanying independent auditor's report and notes to the financial statements. 9