Short-Term Investments and Marketable Securities
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Feb. 28, 2014
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SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES |
SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES
Short-term investments and marketable securities, which consist of limited partnerships and common stock , are stated at market value. The Company has classified its investments as Available-for-Sale securities and considers as current assets those investments which will mature or are likely to be sold within the ensuing twelve months. The cost and market values of the investments at February 28, 2014 and November 30, 2013 were as follows:
As of February 28, 2014, the Company had total unrealized gains on its investments of $146,552. This amount was reduced by a deferred tax expense of $54,083 of which a deferred tax benefit of $52,586 was recorded in the current fiscal year and expense of $106,669 was recorded in prior fiscal years. None of the unrealized losses have been deemed to be other-than-temporary impairments.
The Company adopted ASC Topic 820, “Fair Value Measurements and Disclosures” as of December 1, 2007, which expands disclosures about investments that are measured and reported at fair market value. ASC Topic 820 established a fair value hierarchy that prioritizes the inputs to valuation techniques utilized to measure fair value into three broad levels as follows:
Level 1 – Quoted market prices in active markets for the identical asset or liability that the reporting entity has ability to access at measurement date.
Level 2 – Quoted market prices for identical or similar assets or liabilities in markets that are not active, and where fair value is determined through the use of models or other valuation methodologies.
Level 3 – Unobserved inputs for the asset or liability. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available, and includes situations where there is little market activity for the investment.
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