SAE Foundation Notes to the Financial Statements (Continued) 3. Investments (Continued) December 31, 2013 Unrestricted Interest and dividend income Net appreciation $ Subtotal investment return Less: Investment expenses Total Investment return 8 800 Temporarily Unrestricted (in thousands) $ 808 (2) $ 806 224 434 Total $ 658 (59) $ 599 232 1,234 1,466 (61) $ 1,405 4. Pledges Receivable Pledges receivable consist of the following at: 2014 2013 (in thousands) December 31, $ Unrestricted pledges Temporarily restricted pledges Permanently restricted 237 344 12 $ 593 (6) (75) Gross pledges receivable Less: Unamortized discount Less: Allowance for doubtful accounts 311 733 15 1,059 (2) (159) Pledges Receivable $ 512 $ 898 Amounts due in Less than one year One to five years $ 370 142 $ 880 18 $ 512 $ 898 Unconditional promises to give due in more than one year are reflected at the present value of estimated future cash flows using discount rates ranging from 1.7% to 4%. At December 31, 2014, 58% of pledges receivable were due from three donors. Pledges receivable from two of these donors represent 66% of total pledge income in 2014. Pledges receivable from these three donors comprised 16% of total pledges receivable at December 31, 2013. There were no concentrations of pledge income in 2013. See accompanying independent auditor's report. 15