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HOUSING FOR NEW HOPE, INC. <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> AUGUST 31, 2011 AND 2010 <br /> The Organization uses appropriate valuation techniques based on the available inputs to <br /> measure the fair value of its assets. When available, the Organization measures fair value using <br /> Level 1 inputs because they generally provide the most reliable evidence of fair value. Level 3 <br /> inputs were only used when Level I or Level 2 inputs were not available. <br /> Level I Fair Value Measurements <br /> The Organization's cash Is an asset that can be priced in an active market. <br /> Level 2 Fair Value Measurements <br /> The carrying value of receivables, prepaid expenses, property and equipment, accounts payable <br /> and accrued expenses, line of credit and notes payable approximate fair value due to the short <br /> maturity of these Items, however there is not an active market for these assets and liabilities. <br /> Level 3 Fair Value Measurements <br /> There are no level 3 fair value measurements. <br />