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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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CHAPTER 25

Investments

25.1 Types of Investments

(a) Directly Owned Positions

*(b) Indirectly Owned Positions through Net Asset Value Ownership

*(c) Derivatives

*25.2 Valuation of Investments

(c) Disclosures

25.3 Key Considerations When Investing in Alternative Investment Funds

(a) Fiscal Year-Ends and Management's Response

*(b) Key Due Diligence Procedures

*p. 453, first text line. Replace “program” with “portfolio.”

25.1 Types of Investments

(a) Directly Owned Positions

p. 454, first paragraph. Replace first sentence with: “These positions are corporate, governmental, and structured securities in which the organization has direct legal title.”

p. 454, second paragraph. Replace first sentence with:

Some common positions directly owned include common stock, preferred stock, corporate bonds, commercial paper, U.S. Treasury bills, U.S. Treasury notes, U.S. Treasury inflation-protected securities (TIPS), and mortgage-backed securities—both government agency backed, such as Federal National Mortgage Association (FNMA) and Government National Mortgage Association (GNMA), and private label issued. These positions are corporate, governmental, and structured securities in which the organization has direct legal title.

(b) Indirectly Owned Positions through Net Asset Value Ownership

p. 454, first paragraph, first sentence. Remove “myriad.”

*p. 454, first paragraph, fourth sentence. Replace “legal” with “legally.”

p. 455, third complete paragraph, first sentence. Replace “funds” with “investment ...

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