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Investments
9 Months Ended
Sep. 30, 2013
Investments Debt And Equity Securities [Abstract]  
Investments

3. Investments

The University had no investments as of December 31, 2012. The following is a summary of amounts included in investments as of September 30, 2013. The University considered all investments as available for sale.

 

     As of September 30, 2013  
     Adjusted
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
(Losses)
    Estimated
Fair
Value
 

Municipal securities

   $ 63,477       $ 20       $ (5   $ 63,492   
  

 

 

    

 

 

    

 

 

   

 

 

 

The cash flows of municipal securities are backed by the issuing municipality’s credit worthiness. All municipal securities are due in one year or less as of September 30, 2013. For the nine months ended September 30, 2013, the net unrealized gain on available-for-sale securities was $15.