Pulmonary Hypertension Association, Inc.
Statements of Cash Flows
Years Ended December 31, 2002 and 2001
				2002		2001
Cash flows from operating activities
	Changes in net assets			$      71,935		$    278,435
	Adjustments to reconcile change in net assets
	to net cash provided by operating activities
		Depreciation		28,332		19,324
		Donation of stock		(5,004)		-
		Realized and unrealized (gain) loss on investments		193		6,793
	(Increase) decrease in operating assets
		Contributions receivable		(34,746)		(5,000)
		Interest receivable		(4,175)		-
		Prepaid expenses		2,860		(3,737)
		Other assets		(10,381)		-
	Increase (decrease) in operating liabilities
		Accounts payable		54,267		2,929
		Accrued expenses		7,532		(299)
		Grant payable		189,051		(37,786)
		Net cash provided by operating activities		299,864		260,659
Cash flows from investing activities
	Purchase of equipment and leasehold improvements			(42,784)		(70,730)
	Proceeds from sale of investments			325,698		1,326,059
	Purchase of investments			(637,718)		(1,588,647)
		Net cash used for investing activities		(354,804)		(333,318)
Net decrease in cash and cash equivalents				(54,940)		(72,659)
Cash and cash equivalents
	Beginning of year			286,317		358,976
	End of year			$    231,377		$    286,317