If a group of investments meet the criteria in GASB 72 ¶74, but the individual investments to be sold have not been identified (for example, if the College decides to sell 20 percent of its investments in private equity funds but the individual investments to be sold have not been identified), such that the investments continue to qualify for the method of determining fair value in GASB 72 ¶71: the College’s plans to sell and any remaining actions required to complete the sale(s). Some of the required disclosures above may not apply to the College’s investments that are measured at the NAV (or its equivalent). The College should tailor the disclosure for each individual investment. For tick marked item B in the table above, example language is provided below. Modify as necessary.] A. Real Estate Investment Trusts - [Modify as necessary.] B. Hedge Funds - [Example language for an equity long/short hedge fund: This type includes investments in 12 hedge funds that invest in both long and short primarily in U.S. common stocks. Management of each hedge fund has the ability to shift investments from value to grow strategies, from small to large capitalization stocks, and from a net long position to a net short position. The fair values of the investments in this type have been determined using the NAV per share of the investments. Investments representing approximately 22 percent of the value of the investment in this type cannot be redeemed because the investments include restrictions that do not allow for redemption in the first 12 to 18 months after acquisition. The remaining restriction period for these investments ranged from three to seven months at June 30, 2017. Modify as necessary.] C. Private Equity Limited Partnerships - [Modify as necessary.] D. Real Assets Limited Partnerships - [Modify as necessary.] E. Other Limited Partnerships - [Modify as necessary.] F. Pooled Investments - [Modify as necessary.] Component Unit(s) [If the College has discretely presented component units with fair value disclosures, provide disclosures as necessary based on audit report for those component units.] Note 4 - Endowment Investments Investments of the College’s endowment funds are pooled, unless required to be separately invested by the donor. If a donor has not provided specific instructions, state law permits the Board of Trustees to authorize for expenditure the net appreciation, realized and unrealized, of the investments of the endowment funds.
If a group of investments meet the criteria in GASB 72 ¶74, but the individual investments to be sold have not been identified (for example, if the College decides to sell 20 percent of its investments in private equity funds but the individual investments to be sold have not been identified), such that the investments continue to qualify for the method of determining fair value in GASB 72 ¶71: the College’s plans to sell and any remaining actions required to complete the sale(s). Some of the required disclosures above may not apply to the College’s investments that are measured at the NAV (or its equivalent). The College should tailor the disclosure for each individual investment. For tick marked item B in the table above, example language is provided below. Modify as necessary.] A. Real Estate Investment Trusts - [Modify as necessary.] B. Hedge Funds - [Example language for an equity long/short hedge fund: This type includes investments in 12 hedge funds that invest in both long and short primarily in U.S. common stocks. Management of each hedge fund has the ability to shift investments from value to grow strategies, from small to large capitalization stocks, and from a net long position to a net short position. The fair values of the investments in this type have been determined using the NAV per share of the investments. Investments representing approximately 22 percent of the value of the investment in this type cannot be redeemed because the investments include restrictions that do not allow for redemption in the first 12 to 18 months after acquisition. The remaining restriction period for these investments ranged from three to seven months at June 30, 2017. Modify as necessary.] C. Private Equity Limited Partnerships - [Modify as necessary.] D. Real Assets Limited Partnerships - [Modify as necessary.] E. Other Limited Partnerships - [Modify as necessary.] F. Pooled Investments - [Modify as necessary.] Component Unit(s) [If the College has discretely presented component units with fair value disclosures, provide disclosures as necessary based on audit report for those component units.] Note 4 - Endowment Investments Investments of the College’s endowment funds are pooled, unless required to be separately invested by the donor. If a donor has not provided specific instructions, state law permits the Board of Trustees to authorize for expenditure the net appreciation, realized and unrealized, of the investments of the endowment funds.