Fair value measurements as of June 30, 2014 are as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Common stocks | 3,984,702 | - | - | 3,984,702 |
| Mutual funds: | ||||
| Bond funds | 344,807 | - | - | 344,807 |
| Daily accrual funds | 271,160 | - | - | 271,160 |
| Small cap equity funds | 135,624 | - | - | 135,624 |
| Mid cap equity funds | 6,331 | - | - | 6,331 |
| Large cap equity funds | 14,568 | - | - | 14,568 |
| International equity funds | 1,246,540 | - | - | 1,246,540 |
| Balanced equity funds | 180,105 | - | - | 180,105 |
| Debt securities: | ||||
| Municipal bonds | - | 264,543 | - | 264,543 |
| Corporate bonds | - | 1,555,522 | - | 1,555,522 |
| U.S government securities | 679,682 | - | - | 679,682 |
| Real estate investment trust | - | 140,400 | - | 140,400 |
| Equity exchange traded funds | 213,334 | - | - | 213,334 |
| Marketable limited partnerships | 137,684 | - | - | 137,684 |
| Total | 7,214,537 | 1,960,465 | - | 9,175,002 |
For the years ended June 30, 2015 and 2014, net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions specified by donors as follows:
| 2015 | 2014 | |
| Scholarships | $ 235,616 | $ 521,629 |
| Endowment spending allocation | $ 163,257 | $ 191,899 |
| University support | $ 137,869 | $ 188,717 |
| Student support | $ 134,784 | $ 66,027 |
| Operating and other expenses | $ 66,971 | $ 61,899 |
| Travel and other expenses | $ 66,637 | $ 55,820 |
| Personal services | $ 5,698 | $ 11,287 |
| Total release from restrictions | $ 810,832 | $ 1,097,278 |