As of June 30, 2019, the following financial assets held by the Foundation could readily be made available within one year of the balance sheet date to meet general expenditures:
| Cash and cash equivalents | $ 27,147 |
|---|---|
| Operating investments | 152,904 |
| Endowment appropriations | 233,000 |
| Total investments | $ 413,051 |
The Foundation regularly monitors liquidity required to meet its operating needs and other contractual commitments, while also striving to maximize the investment of its available funds. The Foundation has various sources of liquidity at its disposal, including cash and cash equivalents, as well as marketable debt and equity securities. The Foundation strives to maintain financial assets available to meet general expenditures at a level that represents 100% of annual expenses. The Finance Committee meetings semiannually to review cash needs and funds availability for the following six-month period.
For purposes of analyzing resources available to meet general expenditures over a 12-month period, the Foundation considers all expenditures related to its ongoing activities of providing scholarships and other reimbursements to the University, restricted expenditures on behalf of the University, as well as its own operating needs to be general expenditures. The Foundation operates with a balanced budget and anticipates collecting sufficient revenue to cover general expenditures not covered by donor restriction.
Investments as of June 30, 2019 are summarized as follows:
| Equity securities | $ 6,522,981 |
|---|---|
| Debt securities | 2,776,771 |
| U.S. government securities | 422,359 |
| Total investments | $ 9,722,111 |
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