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 2 a n d 2 0 2 1 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, 2021, grouped by fair value hierarchy (in thousands): 2021 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 1,592 $ 1,592 $ - $ - Mutual funds 6,170 6,170 - - Subtotal 7,762 7,762 - - Current investments: Corporate obligations 380,963 - 380,963 - Government-related obligations 20,100 - 20,100 - Mutual funds 18,105 18,105 - - Subtotal 419,168 18,105 401,063 - Designated and restricted investments: Money market funds 252 252 - - Mutual funds 128,610 128,610 - - Equity securities 51 51 - - Commingled funds1 45,361 - - - Private capital1 5,823 - - - Corporate obligations 4,124 - 4,124 - Subtotal2 184,221 128,913 4,124 - Scholarship funds held in trust: Money market funds 4 4 - - Equity securities 3,092 1,101 1,991 - Corporate obligations 1,035 - 1,035 - Government-related obligations 45 - 45 - Subtotal 4,176 1,105 3,071 - Contributions receivable from remainder trusts 293 - - 293 Total $ 615,620 $ 155,885 $ 408,258 $ 293 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 $8.6 million, as defined and described in Note 13. During the year ended June 30, 2022 and 2021, there were no transfers between Level 2 and Level 3 investments. 29
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