FairPoint Communications 2003 Annual Report Download - page 117

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Other 112,078 95,298 (47,291)
Net cash provided by operating activities 1,819,147 2,110,615 2,242,009
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (2,214,901) (995,505) (889,583)
Proceeds from the sale of investments, net 76,503 87,431 88,012
Net cash used in investing activities (2,138,398) (908,074) (801,571)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings 1,000,000 — —
Repayment of long-term borrowings (659,340) (801,751) (933,040)
Payments of capital lease obligations (5,877) — —
Partnership distribution — (349,796) (549,994)
Net cash provided by/(used in) financing activities 334,783 (1,151,547) (1,483,034)
Net Increase (Decrease) in Cash and Cash Equivalents 15,532 50,994 (42,596)
Cash and Cash Equivalents at Beginning of Year 102,338 51,344 93,940
Cash and Cash Equivalents at End of Year $117,870 $102,338 $51,344
The accompanying notes are an integral part of these financial statements.
6
ILLINOIS VALLEY CELLULAR RSA 2-I PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
NOTE 1. ORGANIZATION
The Illinois Valley Cellular RSA 2-I Partnership (Partnership) is organized pursuant to the provisions of the Illinois Uniform Partnership
Act. The Partnership was formed on November 8, 1989, to fund, establish, and provide cellular service within a portion of the Illinois RSA 2
Cellular Geographic Service Area. At December 31, 2002, 2001, and 2000, the general partners and their respective ownership percentages
in the Partnership were as follows:
Partner
Percentage
Verizon Wireless 40.00%
CENCOMM, Inc. 6-2/3
C-R Cellular, Inc. 6-2/3
DePue Communications, Inc. 6-2/3
Gemcell, Inc. 6-2/3
Gridley Cellular, Inc. 6-2/3
Leonore Cellular, Inc. 6-2/3
Marseilles Cellular, Inc. 6-2/3
McNabb Cellular, Inc. 6-2/3
Tonica Cellular, Inc. 6-2/3
100.00%
Marseilles Cellular, Inc. (MC) was elected by the Partnership to serve as the operating and network partner of the Partnership.
The partners make capital contributions, share in the operating results, and receive distributions from the Partnership in accordance
with their respective ownership percentages.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accounting policies of the Partnership conform to accounting principles generally accepted in the United States of America.