Fair value measurements as of June 30, 2013 are as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Common stocks | 3,720,273 | - | - | 3,720,273 |
| Mutual funds: | ||||
| Bond funds | 279,862 | - | - | 279,862 |
| Daily accrual funds | 259,993 | - | - | 259,993 |
| Small cap equity funds | 117,643 | - | - | 117,643 |
| Mid cap equity funds | 126,293 | - | - | 126,293 |
| International equity funds | 803,320 | - | - | 803,320 |
| Balanced equity funds | 144,846 | - | - | 144,846 |
| Debt securities: | ||||
| Municipal bonds | - | 232,207 | - | 232,207 |
| Corporate bonds | - | 970,522 | - | 970,522 |
| U.S government securities | 861,443 | - | - | 861,443 |
| Real estate investment trust | - | 140,400 | - | 140,400 |
| Equity exchange traded funds | 137,742 | - | - | 137,742 |
| Marketable limited partnerships | 130,173 | - | - | 130,173 |
| Total | 6,581,588 | 1,343,129 | - | 7,924,717 |
For the years ended June 30, 2014 and 2013, net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions specified by donors as follows:
| 2014 | 2013 | |
| Scholarships | 521,629 | 45,378 |
| Endowment spending allocation | 191,899 | 215,070 |
| University support | 188,717 | 224,330 |
| Student support | 66,027 | 86,493 |
| Operating and other expenses | 61,899 | 55,465 |
| Travel and other expenses | 55,820 | 57,788 |
| Personal services | 11,287 | 70,721 |
| Total release from restrictions | 1,097,278 | 755,245 |