Yusef Ramelize Portfolio Jun. 2016 | Page 32

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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