3. Investments

The following is a summary of investments as of December 31, 2017 and 2016. The University considers all investments as available for sale.


	As of December 31, 2017
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	84,768	$	—	$	(409	)	$	84,359
Certificates of Deposit	$	4,915	$	—	$	(3	)	$	4,912

Total investments	$	89,683	$	—	$	(412	)	$	89,271


	As of December 31, 2016
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	62,769	$	12	$	(185	)	$	62,596

The cash flows of municipal securities are backed by the issuing municipality’s credit worthiness. All municipal securities and certificates of deposit are due in one year or less as of December 31, 2017. For the years ended December 31, 2017 and 2016, the net unrealized losses on available-for-sale securities were $255 and $430, net of taxes, respectively.