No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 The following tables present the fair value measurement for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2022, grouped by fair value hierarchy (in thousands): 2022 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 10,971 $ 10,971 $ - $ - Mutual funds 5,046 5,046 - - Subtotal 16,017 16,017 - - Current investments: Corporate obligations 270,546 - 270,546 - Government-related obligations 72,617 - 72,617 - Subtotal 343,163 - 343,163 - Designated and restricted investments: Mutual funds 112,408 112,408 - - Equity securities 52 52 - - Commingled funds1 33,560 - - - Private capital1 7,637 - - - Subtotal2 153,657 112,460 - - Other investments: Mutual funds 116,174 116,174 - - Commingled funds¹ 18,628 - - - Corporate obligations 122,976 - 122,976 - Government-related obligations 23,428 - 23,428 - Subtotal 281,206 116,174 146,404 - Scholarship funds held in trust: Money market funds 7 7 - - Equity securities 2,439 910 1,529 - Corporate obligations 956 - 956 - Government-related obligations 46 - 46 - Subtotal 3,448 917 2,531 - Contributions receivable from remainder trusts 234 - - 234 Total $ 797,725 $ 245,568 $ 492,098 $ 234 1 In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Position. 2 Includes investments of the Foundation of $6.9 million, as defined and described in Note 13. During the years ended June 30, 2023 and 2022, there were no transfers between Level 2 and Level 3 investments. 29
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