CHI PHI EDUCATIONAL TRUST ATLANTA, GEORGIA REPORT ON REVIEW OF FINANCIAL STATEMENTS
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1 ATLANTA, GEORGIA REPORT ON REVIEW OF FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2012 WITH SUMMARIZED FINANCIAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2011
2 INDEX TO FINANCIAL STATEMENTS JUNE 30, 2012 WITH SUMMARIZED FINANCIAL INFORMATION JUNE 30, 2011 PAGE INDEPENDENT ACCOUNTANT'S REVIEW REPORT STATEMENT OF ASSETS, LIABILITIES AND NET ASSETS MODIFIED CASH BASIS 1 STATEMENT OF SUPPORT, REVENUES AND EXPENSES MODIFIED CASH BASIS 2-3 STATEMENTS OF CASH FLOWS MODIFIED CASH BASIS
3 Jones and Kolb Certified Public Accountants Atlanta, Georgia INDEPENDENT ACCOUNTANT'S REVIEW REPORT To the Board of Trustees Chi Phi Educational Trust Atlanta, Georgia We have reviewed the accompanying statement of assets, liabilities and net assets modified cash basis of Chi Phi Educational Trust (the "Trust") as of June 30, 2012, and the related statements of support, revenue and expenses modified cash basis and cash flows modified cash basis for the year then ended. A review includes primarily applying analytical procedures to management's financial data and making inquiries of Trust management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management is responsible for the preparation and fair presentation of the financial statements in accordance with the modified cash basis of accounting and for designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the review in accordance with Statements of Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require us to perform the procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our procedures provide a reasonable basis for our report. Based on our review, we are not aware of any material modifications that should be made to the accompanying 2012 financial statements in order for them to be in conformity with the modified cash basis of accounting, as described in Note 1. The prior year summarized information has been derived from the Trust's financial statements for the year ended June 30, 2011, which were reviewed by us. January 29, 2013
4 STATEMENT OF ASSETS, LIABILITIES AND NET ASSETS MODIFIED CASH BASIS JUNE 30, 2012 WITH SUMMARIZED FINANCIAL INFORMATION JUNE 30, 2011 ASSETS 2011 General Ramsaur 2012 Total Fund Fund Eliminations Total (Memo Only) ASSETS Cash $ 111,896 $ - $ - $ 111,896 $ - Prepaid expenses and other assets 20,001 - (6,000) 14,001 15,372 Notes receivable, net 347, , ,706 Investments 3,122, ,447-3,323,614 4,017,702 Property and equipment, net 944, , ,426 Cash surrender value of life insurance 78, ,945 74,504 Total assets $ 4,624,712 $ 201,447 $ (6,000) $ 4,820,159 $ 5,586,710 LIABILITIES AND NET ASSETS LIABILITIES Accounts payable and accrued expenses $ 41,654 $ 6,000 $ (6,000) $ 41,654 $ 33,180 Excess of outstanding checks over bank balance ,042 Deferred lease income 6, ,758 16,893 Due to Chi Phi National Fraternity 28, ,282 62,139 Total liabilities 76,694 6,000 (6,000) 76, ,254 NET ASSETS Unrestricted 1,746, ,746,064 2,385,754 Temporarily restricted 2,587, ,587,731 2,651,544 Permanently restricted 214, , , ,158 Total net assets 4,548, ,447-4,743,465 5,460,456 Total liabilities and net assets $ 4,624,712 $ 201,447 $ (6,000) $ 4,820,159 $ 5,586,710 See Independent Accountant's Review Report and accompanying Notes to Financial Statements. 1
5 STATEMENT OF SUPPORT, REVENUES AND EXPENSES - MODIFIED CASH BASIS FOR THE YEAR ENDED JUNE 30, 2012 WITH SUMMARIZED FINANCIAL INFORMATION FOR THE YEAR ENDED JUNE 30, General Ramsaur 2012 Total Fund Fund Total (Memo Only) UNRESTRICTED SUPPORT AND REVENUES Support Annual fund contributions $ 97,761 $ - $ 97,761 $ 129,168 Memorials, gifts and other 67,651-67,651 29,076 Total support 165, , ,244 Investment income 38,396-38, ,985 Total unrestricted support and revenues 203, , ,229 NET ASSETS TRANSFERRED TO RESTRICTIONS (150,000) - (150,000) (407,391) NET ASSETS RELEASED FROM RESTRICTIONS 1,161,920 7,032 1,168, ,625 EXPENSES Awards and grants 1,315,457 6,000 1,321, ,511 Leadership and educational programs 49,967-49, ,885 Total program 1,365,424 6,000 1,371, ,396 Management and general 265,643 1, , ,405 Fundraising 224, , ,238 Total expenses 1,855,418 7,032 1,862, ,039 Change in unrestricted net assets (639,690) - (639,690) (440,576) See Independent Accountant's Review Report and accompanying Notes to Financial Statements. 2
6 STATEMENT OF SUPPORT, REVENUES AND EXPENSES - MODIFIED CASH BASIS FOR THE YEAR ENDED JUNE 30, 2012 WITH SUMMARIZED FINANCIAL INFORMATION FOR THE YEAR ENDED JUNE 30, General Ramsaur 2012 Total Fund Fund Total (Memo Only) TEMPORARILY RESTRICTED NET ASSETS Contributions 975, , ,044 Investment income (21,585) - (21,585) 274,399 Net assets transferred from (to) unrestricted net assets 150, , ,391 Net assets transferred from (to) permanently restricted net assets (6,000) 7,032 1,032 20,410 Net assets released from restrictions (1,161,920) (7,032) (1,168,952) (365,625) Change in temporarily restricted net assets (63,813) - (63,813) 626,619 PERMANENTLY RESTRICTED NET ASSETS Contributions ,854 Investment income - (12,460) (12,460) 24,314 Net assets transferred 6,000 (7,032) (1,032) (20,410) Change in permanently restricted net assets 6,004 (19,492) (13,488) 19,758 CHANGE IN NET ASSETS (697,499) (19,492) (716,991) 205,801 NET ASSETS Beginning of year 5,245, ,939 5,460,456 5,254,655 NET ASSETS End of year $ 4,548,018 $ 195,447 $ 4,743,465 $ 5,460,456 See Independent Accountant's Review Report and accompanying Notes to Financial Statements. 3
7 STATEMENTS OF CASH FLOWS - MODIFIED CASH BASIS CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ (716,991) $ 205,801 ADJUSTMENTS TO RECONCILE CHANGE IN NET ASSETS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: Depreciation 40,145 40,157 (Gain) loss on investments 266,558 (596,331) (Increase) decrease in prepaid expenses and other assets 1,371 15,361 Increase in cash surrender value of life insurance (4,441) (4,452) Increase (decrease) in accounts payable and accrued expenses 8,474 31,295 Increase (decrease) in excess of outstanding checks over bank balance (14,042) 14,042 Increase (decrease) in deferred lease income (10,135) 1,509 Increase (decrease) in due to Chi Phi National Fraternity (33,857) 41,994 Total adjustments 254,073 (456,425) Net cash provided by (used in) operating activities (462,918) (250,624) CASH FLOWS FROM INVESTING ACTIVITIES Payments collected on notes receivable 163,134 15,808 Accrued interest on notes receivable (13,950) (13,950) Issuance of notes receivable (1,900) (150,000) Payments for the purchase of property - (4,510) Proceeds from sales of investments 1,624,648 2,230,560 Purchases of investments (1,197,118) (1,838,251) Net cash provided by (used in) investing activities 574, ,657 NET INCREASE (DECREASE) IN CASH 111,896 (10,967) CASH, Beginning of year - 10,967 CASH, End of year $ 111,896 $ - See Independent Accountant's Review Report and accompanying Notes to Financial Statements. 4
8 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. The Chi Phi Educational Trust (the "Trust") is a publicly supported 501(c)(3) taxexempt organization established in 1930 and its purpose is (1) to assist and supplement the work of universities, colleges and schools in the promotion of scholarship and the development of character and morale of students, (2) to provide improved educational facilities, opportunities and conveniences for students in universities, colleges and schools, (3) to make donations and/or loan money to universities, colleges and schools, (4) to assist needy and deserving students to complete their education, (5) to aide and assist aged or disabled former students who are in need and who are worthy of assistance and (6) charitable purposes which are not inconsistent with the foregoing specific purposes. The Trust is located in Atlanta, Georgia, and it supports educational activities throughout the United States. B. During the year ended June 30, 2010, the Trust changed from the accrual basis of accounting to the modified cash basis of accounting; consequently, capital campaign contributions are recognized when received, rather than when pledged. At June 30, 2012 and 2011, approximately $1,121,000 and $325,000 of pledges receivable have not been recorded in accordance with the modified cash basis of accounting. At June 30, 2012 and 2011, the Trust has received total pledges to the capital campaign of approximately $5.5 million and $4.3 million, respectively, which consist of planned estate gifts, insurance policy proceeds and cash pledges. C. The financial statements have been prepared in accordance with the AICPA Audit and Accounting Guide "Not-for-Profit Organizations" and the modified cash basis of accounting. Under these provisions, net assets and revenues, expenses, gains and losses are classified based on the existence or absence of donor-imposed restrictions. The Trust records all revenues and gains that are spent in the same fiscal year as unrestricted revenue. Any amounts not spent are recorded as temporarily restricted revenue if donor restrictions exist. Accordingly, net assets of the Trust and changes therein are classified and reported as follows: Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that may or will be met either by actions of the Trust and/or the passage of time. Permanently restricted net assets - Net assets subject to donor-imposed stipulations that are required to be maintained permanently by the Trust. Generally, the donors of these assets permit the Trust to use all or part of the income earned on related investments for general or specific purposes. D. The financial statements include certain prior year summarized comparative information in total, but not by net asset class. Such information does not include sufficient information to constitute a presentation in accordance with modified cash basis of accounting. Accordingly, 5
9 such information should be read in conjunction with the Trust's financial statements for the year ended June 30, 2011, from which the summarized information was derived. E. Contributions are recorded as collected. All contributions are available for unrestricted use unless specifically restricted by the donor. Contributions are recorded at estimated fair value as of the date of the gift. F. Notes receivable, net of allowance for doubtful accounts, are recorded at the amount of cash estimated as realizable. The Trust provides an allowance for doubtful accounts when specific accounts are deemed uncollectible based on the past due payments of the notes receivable. Notes receivable balances are considered delinquent after thirty days from the due date of the payment. Interest income is recognized monthly for all current notes receivable. G. Investments in mutual funds are valued at quoted market prices and pooled investment funds are valued at per unit market value basis of the underlying assets as determined by Sanford C. Bernstein & Co., LLC, which reflects the fair value of the investments. The cost assigned to investments received by gift is the market value at the date the gift is received. The net realized and unrealized gains (losses) on investments are reflected in the Statement of Support, Revenues and Expenses Modified Cash Basis. H. Property and equipment are stated at cost. The policy of the Trust is to capitalize, at cost, all expenditures for property and equipment in excess of $500. Depreciation, including amortization of a capital lease, is calculated using the straight-line method over the estimated useful life of the asset, which is estimated to be 30 years for real property and between three and seven years for equipment. I. The Trust considers all unrestricted highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. J. The preparation of financial statements in conformity with the modified cash basis of accounting principles requires management to make certain estimates and assumptions relating to the reporting and the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. K. The Trust is exempt from income taxes under Section 501(a) as an organization described in Section 501(c)(3) of the Internal Revenue Code of The Trust is subject to examinations of its tax returns by the U.S. Federal, state and local authorities for three years after the returns are filed. Tax years prior to 2008 are no longer open to examination. L. Certain prior year balances have been reclassified to conform to the current year presentation. 6
10 M. Subsequent events have been evaluated by management through January 29, 2013, the date these financial statements were available to be issued. 2. NOTES RECEIVABLE As of June 30, 2012 and 2011, the Trust had the following notes receivable: 3. INVESTMENTS Notes and mortgages $ 359,104 $ 506,650 Student loans 7,043 6,781 Allowance for doubtful accounts (18,725) (18,725) $ 347,422 $ 494,706 U.S. generally accepted accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 1 within the hierarchy states that valuations are based on unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 within the valuation hierarchy states that valuations are based on quoted prices for similar assets or liabilities in active markets or observable inputs other than quoted market prices. Level 3 within the hierarchy states that valuations are based on significant unobservable inputs. As of June 30, 2012 and 2011, the only assets or liabilities that are measured at fair value on a recurring basis in periods subsequent to initial recognition are investments, which consist of cash equivalents, common stocks and equity funds. Cash equivalents, common stocks and a portion of the equity funds, which are classified as Level 1, are valued based on unadjusted quoted market prices in an active market. The other equity funds, which are classified as Level 2, are valued based on the net asset value of the underlying assets as determined by the equity fund issuer. The Trust has the ability to redeem these Level 2 investments at the reported per unit net asset value. 7
11 The following tables set forth by level, within the fair value hierarchy, the Trust's investments at fair value as of June 30, 2012 and 2011: 2012 Level 1 Level 2 Total Cash equivalents $ 21,584 $ - $ 21,584 Common stocks 1,102,792 15,400 1,118,192 Equity funds 850,127 1,333,711 2,183,838 $ 1,974,503 $ 1,349,111 $ 3,323, Level 1 Level 2 Total Cash equivalents $ 10,715 $ - $ 10,715 Common stocks 1,365,395-1,365,395 Equity funds 958,718 1,682,874 2,641,592 $ 2,334,828 $ 1,682,874 $ 4,017,702 Investment income during the years ended June 30, 2012 and 2011 consisted of the following: Temporarily Permanently Total Unrestricted Restricted Restricted Total (Memo Only) Interest and dividends $ 109,593 $ 44,909 $ 9,753 $ 164,255 $ 35,331 Note interest 17, ,264 17,695 Realized/unrealized gains (losses) from investments (177,851) (66,494) (22,213) (266,558) 596,331 Rental income 89, ,390 80,341 $ 38,396 $ (21,585) $ (12,460) $ 4,351 $ 729,698 8
12 4. PROPERTY AND EQUIPMENT The Trust constructed a new facility that was placed in service during Property and equipment are shown net of accumulated depreciation of $228,324 and $188,179 at June 30, 2012 and 2011, respectively. 5. SPLIT-INTEREST AGREEMENT During 1995, the Trust received a contribution in the form of an agreement whereby it received $95,000 in securities in exchange for a quarterly payment of $1,566 to the donor and his spouse over their remaining lives. The term of this agreement was estimated to be 18 years, and the payments were discounted at 8.8%. The payment made under this agreement is charged to expense. 6. COMMITMENTS AND CONTINGENCIES The Trust leases office space to Chi Phi National Fraternity, Inc. (the "Fraternity") for a term of 10 years with an annual rent of $55,000, which escalates to $67,080 and $76,148 upon the 37 th and 73 rd month, respectively. Both parties agreed to review the rental rate at the 37 th and 73 rd month to determine if it needs to be changed to reflect prevailing market rental rates and use of the building by the parties. During the year ended June 30, 2010, the lease was amended so that the annual rent remains $55,000 for the 37 th through 72 nd months. The Trust also leases office space to an unrelated party for a term of 4 years with an annual rent of $23,870, increasing 4% each year. The unrelated party agreed to extend the lease for a term of 1 year with an annual rent of $24,255. Rental income derived from these leases totaled $89,390 and $80,341 for the years ended June 30, 2012 and 2011, respectively. Future minimum payments under these lease agreements are as follows: Year ending June 30, Amount 2013 $ 55, , , , ,000 Thereafter 9,166 Total $ 284,166 9
13 The Trust is a guarantor for up to one third of a mortgage loan to an affiliated housing association. The Trust is not aware of a delinquency on the loan. The approximate balance on the mortgage at June 30, 2012 is $250,000. The Trust has authorized future grants to designated recipients contingent upon certain performance by recipients and associated entities. Certain individuals have donated life insurance policies that the Trust now owns and has been designated as the beneficiary. Generally, the premiums on these policies are paid from policy dividends. The Trust recognizes as an asset only the guaranteed cash surrender values of the policies. The face value of the policies is approximately $325, RELATED PARTY TRANSACTIONS The Trust makes a number of grants to the Fraternity to assist it in carrying out its exempt functions. Grants totaling approximately $249,000 and $265,000 were made during the years ended June 30, 2012 and 2011, respectively, for leadership, educational and administrative purposes. In addition, the Trust shared certain operating costs for facilities and has allocated other costs for meetings, travel, insurance and other direct administrative expenses. The Trust owes certain amounts to the Fraternity totaling $28,282 and $62,139 as of June 30, 2012 and 2011, respectively. The Trust also has a lease agreement with the Fraternity (see Note 6). 8. FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing the Trust's programs and supporting services has been summarized on a functional basis; accordingly, certain costs have been allocated among the programs and services benefited. 10
14 9. RESTRICTED NET ASSETS Restricted net assets at June 30, 2012 and 2011 are available for the following purposes: Restricted for use by the Fraternity Temporarily Permanently Temporarily Permanently Restricted Restricted Restricted Restricted Spaur $ 493,272 $ - $ 512,755 $ - Restricted for use by chapters and affiliates of the Fraternity Alpha 261, ,484 - Alpha Academy 4,123-4,148 - Alpha Alpha Alpha Chi 2,528 25,000 4,007 25,000 Alpha Delta 1,362-1,314 - Alpha Tau 14,804-11,145 - Alpha Theta Chi 18,497-10,309 - Alpha Zeta 7,482-8,015 - Beta 75,574-82,327 - Bisz 253 5, ,000 Brown Scholarship 4,979 15,082 3,550 15,082 Byers Scholarship 3,847-2,006 - Chakett College of Excellence Craft 1,908 6,000 8,176 - Delta Pi 4,320-4,261 - Delta Xi 4,273-2,972 - Delta Zeta 5,979-6,209 - Education 89,415-54,141 - Eta 46, ,385 - Epsilon Delta 7,154-7,623 - Epsilon Theta Epsilon Zeta Gamma 98, ,349 - Gamma Zeta Greek Museum 23,809-16,227 - Hageman 16,999 38,338 20,581 38,338 Heinlein 59,196 20,000 61,876 20,000 Hutchinson ,000 4,364 50,000 Iota 3,594-1,441 - Iota Delta 7,939-5,459 - Iota Theta Jefferson 26,195-27,082 - Kappa 2, Kappa Delta 15,812-14,513-11
15 Temporarily Permanently Temporarily Permanently Restricted Restricted Restricted Restricted Kappa Theta 3,208-3,321 - Kappa Zeta 6,437-6,655 - Krannert ,000 1,309 15,000 Lamda 6,255-6,467 - Lamda Theta Mu Mu Delta 5,020-1,204 - Mu Zeta 1,639-1,696 - Neel 366, ,459 - Nu 564, ,399 - Nu Delta 9,676-10,329 - Nu Theta Nu Zeta 1,464-1,515 - Omega 7,206-6,372 - Omega Zeta 7,445-8,124 - Omicron Delta Parry 22, Phi Delta Phi Lamda Delta Pi 4,089 2,635 4,219 2,635 Psi Psi Delta Psi Zeta Rho 3,742-2,368 - Rho Delta 8,586-8,877 - Rho Iota Kappa 1, Scholarship Fund 23, , Sigma Sigma Delta Tau 15,144-4,333 - Tau Zeta Theta 25,256-15,787 - Theta Delta 151, ,304 - Theta Zeta 4,579-4,537 - Tinsley 6,660-5,822 - Tolleson ,027 1,328 35,027 Upsilon 1,169-1,087 - Xi Xi Delta 27,615-13,664 - Xi Theta Zeta 224 1, ,865 Zeta Delta 1,751-1,434 - Subtotal 2,587, ,223 2,651, ,219 12
16 Temporarily Permanently Temporarily Permanently Restricted Restricted Restricted Restricted Ramsaur - 195, ,939 Total $ 2,587,731 $ 409,670 $ 2,651,544 $ 423, ENDOWMENT The Trust's endowment consists of fourteen and thirteen donor-restricted individual funds established for a variety of purposes at June 30, 2012 and 2011, respectively. Endowment assets of these donor-restricted funds are to be held in perpetuity for a donor-specified purpose. As required by U.S. generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence of donor-imposed restrictions. The Board of Trustees of the Trust has interpreted the Georgia Uniform Prudent Management of Institutional Funds Act of 2006 ("UPMIFA") as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Trust classifies the original value of gifts donated to the permanent endowment, the original value of subsequent gifts to the permanent endowment and accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund as permanently restricted net assets. The remaining portion of the donor-restricted endowment fund that is not classified as permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Trust in a manner consistent with the standard of prudence prescribed by UPMIFA. The Board of Trustees will appropriate funds from the endowment funds based on the terms of the restricted fund agreements, specific needs and budgeting requirements from year to year. In accordance with UPMIFA, the Trust considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: (1) The duration and preservation of the fund; (2) The purposes of the Trust and the donor-restricted endowment fund; (3) General economic conditions; (4) The possible effect of inflation and deflation; (5) The expected total return from income and the appreciation of investments; (6) Other resources of the Trust; and, (7) The investment policies of the Trust. 13
17 The composition of and changes in endowment net assets for the year ended June 30, 2012 are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ - $ 104,272 $ 423,158 $ 527,430 Contributions - 25, ,936 Investment return: Investment income - 4,032 9,753 13,785 Net realized and unrealized gain - (6,543) (22,213) (28,756) Amounts appropriated for expenditure - (14,812) (7,032) (21,844) Other - 2,176 6,000 8,176 Endowment net assets, end of year $ - $ 115,057 $ 409,670 $ 524,727 The composition of and changes in endowment net assets for the year ended June 30, 2011 are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ (4,866) $ 76,465 $ 403,400 $ 474,999 Contributions ,832 10,832 Investment return: Investment income 292 1,970 1,692 3,954 Net realized and unrealized loss 4,574 34,753 22,622 61,949 Amounts appropriated for expenditure - (8,916) (15,388) (24,304) Endowment net assets, end of year $ - $ 104,272 $ 423,158 $ 527,430 14
18 From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or UPMIFA requires the Trust to retain as a fund of perpetual duration. In accordance with U.S. generally accepted accounting principles, deficiencies of this nature are reported as reductions in unrestricted net assets. At June 30, 2012 and 2011, no such deficiencies existed. The Trust has adopted investment and spending policies that attempt to preserve endowment assets by using funding only when operating cash is insufficient. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed common benchmarks for a balanced portfolio, while assuming a moderate level of risk. To satisfy its long-term rate-of-return objectives, the Trust relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The Trust targets a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints. 11. RISKS AND UNCERTAINTIES The capital markets continue to experience a high degree of volatility that is causing significant fluctuations in the market value of investments. These conditions could impact the classification, liquidity and valuation of cash, cash equivalents and investments. Investments and cash equivalents are subject to interest rate risk, credit risk and market risk. Due to the level of risk associated with certain investments and cash equivalents, it is likely that the market volatility in the near term will affect the amounts reported in the accompanying financial statements. It is possible such trends will continue. 15
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