FACULTY-STUDENT ASSOCIATION OF STATE UNIVERSITY COLLEGE AT BUFFALO, INC. Notes to Financial Statements, Continued
Financial Investments The cost and fair value of investments at June 30, 2017 and 2016 is summarized as follows: 2017 2016 Fair Fair Cost value Cost value U.S. Treasury $ 13,853 13,853 13,781 13,781 TIAA-CREF Managed Allocation Fund 979,563 1,080,674 979,462 1,007,150 TIAA-CREF Money Market Fund 3,224 3,224 4,000 4,000 Total investments $ 296,640 1,Q97,7_5. l 997,243 1,024,931 Investments are stated at fair value. The fair value of investments is based on quotations obtained from national securities exchanges. In accordance with the policy of carrying investments at fair value, the change in net unrealized appreciation or depreciation is included in the statements of activities. Investments at June 30, 2017 and 2016 consist of the following: Fair value measurements provide a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 assets and liabilities are those whose inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Corporation has the ability to access. The Corporation holds investments with a quoted prices in active markets for identical assets (Level 1) of $1,097,751 and $1,024,931 at June 30, 2017 and 2016, respectively. Board designated for Founders Fund Fair Value Measurements 2017 $ L097,751 2016 1,024,931
(3) Retirement Benefit Plan
The Corporation provides retirement benefits for employees through the Teachers Insurance and Annuity Association and College Retirement Equities Fund. No material unfunded liability for past service costs exists.
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