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, 2023, are as follows:
| Investment Type | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Common Stocks | $ 5,548,336 | $ - | $ - | $ 5,548,336 |
| Mutual Funds | 2,311,451 | - | - | 2,311,451 |
| Equity Exchange Traded Funds | 1,235,415 | - | - | 1,235,415 |
| Municipal Bonds | - | 275,352 | - | 275,352 |
| Corporate Bonds | - | 2,587,409 | - | 2,587,409 |
| Total Assets at Fair Value | $ 9,095,202 | $ 2,862,761 | $ - | $ 11,957,963 |
| Net assets with donor restrictions as of June 30, 2023, are restricted purpose: | |
| Subject to Expenditure for Specified Purpose: | |
|---|---|
| Instruction and Institutional Support | $ 2,124,793 |
| Scholarships | 1,432,408 |
| Total Subject to Expenditure for Specified Purpose | 3,557,201 |
| Subject to the Passage of Time | 82,000 |
| Subject to Endowment Spending Policy and Appropriation: | |
| Investments in Perpetuity (Including Amounts Above the Original Gift Amount of $5,214,862) | |
| Which, Once Appropriated, are Expendable to Support the Following Programs: | |
| Instruction and Institutional Support | 1,546,580 |
| Scholarships | 6,205,720 |
| Total Subject to Endowment Spending Policy and Appropriation | 7,752,300 |
| Total Net Assets With Donor Restrictions | $ 11,391,501 |
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