The difference in the cash carrying amount per the statement of net position and the above bank balances represented items in transit. At June 30, 2014 and 2013, the University had no cash and cash equivalents that are restricted for capital expenditures.
As of June 30, 2014, the University had the following investments and maturities:
Investment Maturities (in years)
| Investment Type | Fair Value | <1 | 1-5 | 6-10 | 11-20 |
|---|---|---|---|---|---|
| Bonds | $ 1,558,440 | $125,000 | $ 722,900 | $ 548,200 | $ 162,340 |
| Bond Mutual Funds | 4,696,098 | - | 4,696,098 | ||
| Money Market Funds | 833,793 | 833,793 | - | - | - |
| Real Estate Funds | 707,441 | - | 707,441 | - | - |
| 7,795,772 | $ 958,793 | $ 6,126,439 | $ 548,200 | $ 162,340 | |
| Equities and Equity | |||||
| Mutual Funds | 7,507,326 | ||||
| $ 15,303,098 |
As of June 30, 2013, the University had the following investments and maturities:
Investment Maturities (in years)
| Investment Type | Fair Value | <1 | 1-5 | 6-10 | 11-20 |
|---|---|---|---|---|---|
| Bonds | $ 2,471,417 | $ 160,000 | $1,122,984 | $ 533,278 | $ 655,155 |
| Bond Mutual Funds | 2,868,982 | - | 2,868,982 | - | - |
| Money Market Funds | 801,131 | 801,131 | - | - | - |
| Real Estate Funds | 611,011 | - | 611,011 | - | - |
| $ 6,752,541 | $ 961,131 | $4,602,977 | $ 533,278 | $ 655,155 | |
| Equities and Equity | 6,748,856 | ||||
| Mutual Funds | $ 13,501,397 |
The University has an investment management agreement with Fifth Third Bank (Fifth Third). Fifth Third serves individual and institutional clients.
The University's average credit quality rating according to Moody's is Aa3.