4. Investments

The University had no investments as of December 31, 2012. The following is a summary of amounts included in investments as of December 31, 2013. The University considered all investments as available for sale.


	As of December 31, 2013
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	108,393	$	35	$	(8	)	$	108,420

The cash flows of municipal securities are backed by the issuing municipality’s credit worthiness. All municipal securities are due in one year or less as of December 31, 2013. For the year ended December 31, 2013, the net unrealized gains on available-for-sale securities were $16, net of taxes.