2021Bylaws

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NOTES TO FINANCIAL STATEMENTS—(Continued)

FAIR VALUE MEASUREMENTS FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as “The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. FASB ASC Topic 820 establishes a fair value hierarchy based on certain criteria into three broad levels: Level 1: Fair value is determined by using quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Fair value is determined by using other than quoted prices included within Level 1 that are observable for the asset or liability (e.g., quoted prices for identical assets or liabilities in markets that are not active, quoted prices for similar assets or liabilities in active markets, observable inputs other than quoted prices, and inputs derived principally from or corroborated by observable market data by correlation or other means). Level 3: Fair value is determined by using inputs based on management assumptions that are not directly observable. These types of assets and liabilities require significant management judgment or estimation. Note: If you do not currently have any financial instruments that should be categorized under one or more of the above levels, please indicate such in the footnotes. In addition, if only the temple’s investments are measured at fair value on a recurring basis, please include in the footnote that no other assets and liabilities are measured at fair value on a recurring or nonrecurring basis.

SAMPLE REPORTING TABLE BY LEVEL

Fair value measurements at reporting date using:

December 31, 20____

Level 1

Level 2

Level 3

$

$

$

$

List each asset or liability on a separate line and indicate which level of valuation the asset or liability falls under. The total of all three levels should agree to the investment totals reported by fund on the Statement of Financial Position.

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