The following table summarizes the fair value measurements of investment funds that calculate net assets per share( or its equivalent) as of December 31, 2015:
Investment Fair Value
Unfunded Commitments
Redemption Frequency
Redemption Notice Period Real estate fund( a) $ 1,376,620 $- Quarterly 60 days prior to the end of the quarter
The following table summarizes the fair value measurements of investment funds that calculate net assets per share( or its equivalent) as of December 31, 2014:
Investment Fair Value
Unfunded Commitments
Redemption Frequency
Redemption Notice Period Real estate fund( a) $ 808,307 $- Quarterly 60 days prior to the end of the quarter Common trust fund( b) $ 724,623 $- Monthly 45 days prior to the end of the month
( a) The real estate fund’ s objective is to actively manage a core portfolio of primarily equity real estate investments located in the United States.
( b) The common trust fund’ s objective is an unconstrained, non‐benchmark oriented approach, which seeks long‐term capital appreciation.
The fair values of the bonds are based on quoted prices of similar securities and observable market data. The fair value of mutual funds is based on the quoted market price of shares held at year end. The fair value of equity securities is based on the closing price reported in the active market in which the individual security is traded. The fair value of the real estate fund is based on the net asset value determined by the investment manager.
NOTE 4. CONCENTRATION OF CREDIT RISK
The Foundation maintains bank accounts at a financial institution. These balances may, at times, exceed the Federal Deposit Insurance Corporation’ s insurance limit.
The Foundation invests in a professionally managed portfolio that contains common shares and bonds of publicly traded companies, U. S. obligations, mutual funds, and a real estate fund. Such investments are exposed to various risks, such as interest rate, market and credit risks.
Due to the level of risk associated with such investments and the uncertainty related to changes in the value of such investments, it is at least reasonably possible that changes in risks in the near term would materially affect investment balances and the amounts reported in the financial statements.
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