Basic HTML Version
At June 30, 2011 and 2010, the items not yet recognized as a
component of net periodic benefit cost are as follows:
2011
2010
Transition obligation
$ 5,150,398
5,907,811
Prior service credit
(2,590,602)
(3,369,643)
Net loss
12,174,702
32,225,588
Total unamortized items
$14,734,498
34,763,756
The transition obligation, prior service credit, and actuarial loss
that are expected to be amortized into net periodic cost in fiscal
year 2012 are as follows:
Transition obligation
$757,413
Prior service credit
799,041
Actuarial loss
836,410
Investment allocation and strategy decisions are generally made by management and the Foundation’s board of directors. The post
retirement plan’s weighted average asset allocations at June 30, 2011 and 2010 by asset category are as follows:
Target Allocation
2011
2010
2011
2010
Domestic equity securities
12%–68%
14%–68%
52.0%
74.0%
Debt securities
25%–60%
30%–60%
34.0
21.0
Commodities
0%–10%
0%–10%
—
—
International equity securities
10%–30%
10%–20%
13.0
1.0
Cash equivalents
1.0
4.0
100.0%
100.0%
The Foundation’s plan assets are measured at fair value.
Investments in equity securities and mutual funds with readily
determinable fair values and all investments in debt securities are
reported at fair value based upon quoted market prices.
Investments in nonpublic equity funds are reflected at fair value
based upon the net asset value, as a practical expedient, of the
funds provided by the investment managers.
The following tables present the Foundation’s fair value hierarchy for postretirement assets, which are measured at fair value on a
recurring basis, as of June 30, 2011 and 2010, respectively:
2011
Fair Value
Level 1
Level 2
Level 3
Debt securities:
Fixed income mutual fund
$ 996,810
996,810
— —
Corporate bonds
5,524,025
— 5,524,025
—
U.S. government obligations
13,019,915
— 13,019,915
—
Foreign bonds
1,568,972
— 1,568,972
—
Other
51,059
— — 51,059
Total debt securities
21,160,781
996,810 20,112,912
51,059
Equity securities:
Equity mutual funds
2,793,779 2,793,779
— —
U.S. common stock
22,115,903 22,115,903
— —
Nonpublic equity funds
3,750,607
— — 3,750,607
American Depositary Receipts
1,969,542 1,969,542
— —
Other
9,905,894 9,905,894
— —
Total equity securities
40,535,725 36,785,118
— 3,750,607
Short-term investments
3,202,886
— 3,202,886
—
$64,899,392 37,781,928 23,315,798 3,801,666
The Research Foundation of the City University of New York
The Research Foundation of The City University of New York