SAE Foundation Annual Report 2014 - BDO17

SAE Foundation
Notes to the Financial Statements (Continued)

7. Fair Values Measured on a Recurring Basis
Fair value of assets and liabilities measured on a recurring basis within the fair value hierarchy is
as follows at:
December 31, 2014

Level 1

Cash
Equity investments
Fixed income investments
Domestic
Alternative investments
Real estate income fund
Managed futures

$

Total

$

66
8,041

Level 2
Level 3
(in thousands)
$

-

$

-

Total
$

66
8,041

1,205

2,411

88

3,704

-

1,057

659
-

659
1,057

9,312

$

3,468

$

747

$

13,527

Fair value of assets and liabilities measured on a recurring basis within the fair value hierarchy is
as follows at:
December 31, 2013

Level 1

Cash
Equity investments
Fixed income investments
Domestic
Alternative investments
Managed futures

$

Total

$

57
6,616

Level 2
(in thousands)
$

-

$

Total
57
6,616

3,777

604

4,381

-

818

818

10,450

$

1,422

$

11,872

Equities are traded in active markets and valued based on their quoted fair value by independent
pricing vendors.
Fixed income investments for which a quoted price in an active market is available are valued
based on their quoted fair value by independent pricing vendors (Level 1 inputs). Other fixed
income investments that are not actively traded are valued using quotes from independent pricing
vendors based on recent trading activity and other relevant information, including market interest
rate curves, referenced credit spreads, and estimated prepayment rates for similar instruments
(Level 2 inputs). Certain fixed income investments are not actively traded and are valued using
the present value of future cash flows model (Level 3 inputs).

See accompanying independent auditor's report.
17
SAE Foundation Annual Report 2014

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