The accompanying notes are an integral part of these statements.
September 30,20122011
Cash Flows From Operating Activities
Change in net assets $ 26,635,742 $(36,636,003)
Adjustments to reconcile change in net assets to    
net cash from operating activities:    
Depreciation and amortization 402,182 491,867
Provision for doubtful accounts  — 52,523
Realized (gain) loss on investments (13,036) 326
Unrealized (gain) losses on investments (227,765) 349,009
Interest earned but not received on discount notes (6,413) (32,449)
(Increase) decrease in assets:    
Receivables, net (1,586,411) (1,118,833)
Prepaid expenses (203,814) 6,805,813
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 748,103 1,315,157
Appropriated grants and contracts payable (50,027,211) (18,956,333)
 
Net Cash Used in Operating Activities (24,278,623) (47,728,923)
 
Cash Flows from Investing Activities    
Equipment purchased (24,287) (8,717)
Short-term investments purchased (598,870,000) (609,708,230)
Maturities of short-term investments 601,717,725 685,901,201
 
Net Cash Provided by Investing Activities 2,823,438 76,184,254
 
Net (Decrease) Increase in Cash and Cash Equivalents (21,455,185) 28,455,331
 
Cash and Cash Equivalents, beginning of year 91,541,887 63,086,556
 
Cash and Cash Equivalents, end of year $ 70,086,702 $ 91,541,887