SAE Foundation Notes to the Financial Statements (continued) should not be categorized in the fair value hierarchy. A reporting entity should continue to disclose information on investments for which fair value is measured at NAV (or its equivalent) as a practical expedient to help users understand the nature and risks of the investments and whether the investments, if sold, are probable of being sold at amounts different from NAV. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and should be applied retrospectively. The retrospective approach requires that an investment for which fair value is measured using the NAV per share practical expedient be removed from the fair value hierarchy in all periods presented 30 | 2016 Annual Report in an entity's financial statements. Earlier application is permitted. Management is currently evaluating the impact of this ASU on its financial statements. Reclassifications Certain reclassifications have been made to the 2015 financial statements to conform with the 2016 presentation. Expenses within the statement of activities and changes in net assets are presented based on their natural classification beginning in 2016. There was no effect on the 2015 total expenses as a result of the reclassification. 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 April 11, 2017, the day the financial statements were approved and authorized for issue.