NOTE 3. FAIR VALUE MEASUREMENTS
Assets and liabilities measured at fair value are based on one or more of three valuation techniques identified in the table below.
The valuation techniques are as follows:
(a) Market approach: Prices and other relevant information generated by market transactions involving identical or comparable
assets or liabilities;
(b) Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost); and
(c) Income approach: Techniques to convert future amounts to a single present amount based on market expectations
(including present value techniques, option‑pricing and excess earnings models.)
The following tables set forth by level, within the fair value hierarchy, the Foundation’s assets at fair value, as of December 31, 2015
and 2014 respectively:
Level I
Level II
Level III
2015
Total
Bonds:
Government and agency securities
$ - $ 553,420 $ - $
553,420
Corporate bonds
- 869,839 - 869,839
Foreign bonds
-
123,471
-
123,471
Total bonds
-
1,546,730
-
1,546,730
Mutual funds:
International index fund
728,671 - - 728,671
Foreign large growth
478,753 - - 478,753
Large cap blend
Small cap
Total mutual funds
1,845,696 - - 1,845,696
724,001
-
-
724,001
3,777,121
-
-
3,777,121
Equity securities:
Financials
433,672 - - 433,672
Healthcare
286,168 - - 286,168
Information technology
257,288 - - 257,288
Industrials
210,928 - - 210,928
Energy
167,802 - - 167,802
Consumer discretionary
128,696 - - 128,696
Consumer staples
56,972 - - 56,972
Utilities
73,138 - - 73,138
Telecommunication services
32,005 - - 32,005
Materials
14,659
-
-
14,659
1,661,328
-
-
1,661,328
-
1,376,620
-
1,376,620
Total equity securities
Real estate fund
Total investments
30
$ 5,438,449 $ 2,923,350 $ - $ 8,361,799