Inventories Inventories are comprised principally of goods and supplies held by the University Press and Hospitals and are valued at the lower of cost or net realizable value. Investments Investments are recorded in the consolidated financial statements at fair value. Fair values for certain private equity, real estate, and natural resource investments held through limited partnerships or commingled funds are estimated by the respective investment managers if market values are not readily ascertainable. These valuations necessarily involve estimates, assumptions, and methods which are reviewed by the University s Investment Office. Land, Building, Equipment, and Books Land, Building, Equipment, and books are generally stated at cost, less accumulated depreciation.
Depreciation is computed on the straight-line method over the estimated useful lives of the assets.