SAE Foundation Annual Report 2013 - 63

SAE FOUNDATION
Notes to the Financial Statements (Continued)
Note 1 - Summary of Significant Accounting Policies (Continued)
K.

Fair Value Measurements (Continued)

The Foundation applies the following fair value hierarchy, which prioritizes the inputs
used to measure fair value into three levels and bases the categorization within the hierarchy
upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Observable inputs other than quoted prices in active markets for identical
assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive
markets, or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities.
Level 3 - Inputs that are generally unobservable and typically reflect management's
estimates of assumptions that market participants would use in pricing the asset or
liability.
L.

Consideration of Subsequent Events

The Financial Audit Committee of the Board of Directors evaluated subsequent events
and transactions for potential recognition or disclosure in the financial statements through
March 20, 2014, the day the financial statements were approved and authorized for issue.
M.

Reclassifications

Certain reclassifications have been made to the 2012 financial statements to conform
with the 2013 presentation.

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SAE Foundation Annual Report 2013

Table of Contents for the Digital Edition of SAE Foundation Annual Report 2013

SAE Foundation Annual Report 2013 - Cover1
SAE Foundation Annual Report 2013 - Cover2
SAE Foundation Annual Report 2013 - 1
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