The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of June 30, 2021.
Common stocks, municipal bonds, corporate bonds, U.S. government securities, and equity exchange traded funds: Valued at the closing price reported on the active market on which the individual securities are traded. Some level 2 inputs are used for pricing of municipal and corporate bonds; therefore, they are all classified as level 2.
Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Foundation are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Foundation are deemed to be actively traded.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Foundation believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Fair value measurements as of June 30, 2021 are as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Common stocks | $ 5,400,976 | $ - | $ - | $ 5,400,976 |
| Mutual funds | 4,195,149 | - | - | 4,195,149 |
| Equity exchange traded funds | 33,889 | - | - | 33,889 |
| Municipal bonds | - | 409,892 | - | 409,892 |
| Corporate bonds | - | 2,777,796 | - | 2,777,796 |
| Total assets at fair value | $ 9,630,014 | $ 3,187,688 | $ - | $ 12,817,702 |
Net assets with donor restrictions as of June 30, 2021 are restricted for the following purpose:
65.