The following schedule reports the fair values and maturities (using the segmented time distribution method) for the University's investments at June 30, 2009:

Investment Type Fair Value Investment Maturities (in years)

Bonds $ 2,133,131 $- $ 397,529 $ 1,374,377 $ 361,225

Bond Mutual Funds 791,719 - - 791,719 -

Money Market Funds 752,833 752,833 - - -

3,677,683 $ 752,833 $ 397,529 $ 2,166,096 $ 361,225

Equities and Equity

Mutual Funds 5,667,083

< 1 1-5 6-10 Over 11

$ 9,344,766

The University has an investment management agreement with Fifth Third Bank ("Fifth Third"). Fifth Third serves individual and institutional clients.

Credit Risk: The University's average credit quality rating according to Moody's is AA2.

Interest Rate Risk: Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The University does not have a formal policy to specifically limit investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.

Concentration of Credit Risk: Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. The University does not have a formal policy for concentration of credit risk.

Custodial Credit Risk: For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the University will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The University does not have a formal policy for custodial credit risk.

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