Coastal Water Authority Pension Plan Financial Statements: 2014 and 2015 Page: 14
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Coastal Water Authority Pension Plan
Notes to Financial Statements
September 30, 2015 and 2014
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certain financial instruments could result in a different fair value measurement at the
reporting date.
* The following table sets forth by level, within the fair value hierarchy, the Plan's investments
* at fair value as of September 30, 2015 and 2014:
2015 2014
Level 1.
SEI Daily Income $ 3,234,105 $ 330,788
3,234,105 330,788
Level 2:
Federal Home Loan Mortgage Corporation 2,749,160 4,471,755
Federal National Mortgage Association 2,498,965 3,962,695
Federal Home Loan Banks 3,648,022 2,249,870'
8,896,147 10,684,320
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* Total investments at fair value $ 12,130,252 $ 11,015,108
Note 5: Federal Income Taxes
The Plan obtained its latest determination letter dated June 24, 2014, in which the Internal
Revenue Service (IRS) stated that the Plan, as then designed, was in compliance with the
applicable requirements of the Internal Revenue Code (IRC).
US GAAP requires the Plan administrator to evaluate uncertain tax positions taken by the
Plan. The financial statement effects of a tax position are recognized when the position is
more likely than not, based on the technical merits, to be sustained upon examination by the
IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has
concluded that as of September 30, 2015, there are no uncertain positions taken or expected
to be taken. The Plan has recognized no interest or penalties related to uncertain tax
* positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are
currently no audits for any tax periods in progress. The Plan administrator. believes it is no
longer subject to income tax examinations for years prior to 2012.
Note 6: Risks and Uncertainties
The Plan invests in various investment securities that are exposed to various risks such asinterest, rates, market and credit risks. Market values of investments may decline for a
number of reasons, including changes in prevailing market and interest rates, increases in
defaults and credit rating downgrades. Due to the level of risk associated with certain
investment securities, it is at least reasonably possible that change in values of investment
securities will occur in the near term and that some changes could materially affect14
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Coastal Water Authority Pension Plan Financial Statements: 2014 and 2015, report, September 30, 2014; (https://texashistory.unt.edu/ark:/67531/metapth903710/m1/16/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.