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i' <br /> 12 <br /> THE BOTANICAL GARDEN FOUNDATION, INC. <br /> NOTES TO FINANCIAL STATEMENTS <br /> Page 6 of 13 <br /> FAIR VALUE OF ASSETS (CONTINUED) <br /> Level 3 - Pricing inputs are unobservable and include situations where there is little, if <br /> any, market activity for the asset. Fair value for these assets is determined using <br /> valuation methodologies that consider a range of factors, including but not limited to the <br /> price at which the asset was acquired, the nature of the asset, local market conditions, <br /> trading values on public exchanges for comparable securities, current and projected <br /> operating performance and financing transactions subsequent to the acquisition of the <br /> asset. The inputs into the determination of fair value require significant management <br /> judgment. Due to the inherent uncertainty of these estimates, these values may differ <br /> materially from the values that would have been used had a ready market for these assets <br /> existed. <br /> There were no changes during the year ending June 30, 2011, to the Foundation's valuation <br /> techniques used to measure asset values on a recurring basis. <br /> All investments are classified as Level 3. The following table sets forth a summary of changes <br /> in the fair value of the Foundation's Level 3 assets for the years ended June 30, 2011 and <br /> 2010. <br /> 2011 2010 <br /> Investments, FMV at beginning of year $ 1,946,240 $ 2,337,578 <br /> Net principal additions/withdrawals - (400,000) <br /> Payout (112,402) (118,097) <br /> Investment income 28,091 16,299 <br /> Investment fees (7,015) (7,566) <br /> Development assessment fees (17,463) (22,759) <br /> Realized gains 77,250 70,207 <br /> Unrealized gains 198,161 70,578 <br /> Investments, FMV at end of year $ 2,112,862 $ 1,946,240 <br /> PROMISES TO GIVE <br /> Promises to give are stated at their present value and are as follows as of June 30, 2011 and <br /> 2010: <br /> 2011 2010 <br /> Receivable in less than one year $ 27,752 $ 55,621 <br /> Receivable in greater than one year 24,538 39,570 <br /> 52,290 95,191 <br /> Less allowance for uncollectible amounts (10,000) - <br /> Net present value of unconditional <br /> promises to give 42,290 95,191 <br />