Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulation or by law. Expirations of donor-imposed stipulations that simultaneously increase one class of net assets and decrease another are reported as a reclassification between applicable classes of net assets. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Cash and Cash Equivalents Cash and cash equivalents are reported at cost which approximates fair value.
Cash equivalents represent short-term investments with original maturities of three months or less.
Funds Held in Trust by Others Funds held in trust by others represent funds which are held and administered by an outside trustee. The College is the beneficiary of a remainder trust which is held and controlled by an independent trustee. The College is the beneficiary of a lead trust that is held and controlled by an independent trustee. The contribution receivable is measured at fair value, and upon termination of the trust the remaining assets will be paid to the beneficiaries of the donor's estate. Investments Investments are reported at fair value.