B • INVESTMENTS <strong>Institute</strong> <strong>for</strong> advanced study Investments purchased by <strong>the</strong> <strong>Institute</strong> are recorded at cost; investments received by gift are recorded at <strong>the</strong> fair market value at <strong>the</strong> date of donation. Endowment and similar funds investments at June 30, <strong>1993</strong> are comprised of <strong>the</strong> following:
NOTES TO FINANCIAL STATEMENTS <strong>The</strong> following table summarizes changes in carrying and market values of <strong>the</strong> pooled investment portfolio. June 30, <strong>1992</strong> June 30, <strong>1993</strong> Increase in unrealized appreciation <strong>for</strong> <strong>the</strong> year ended June 30, <strong>1993</strong> Realized net gain <strong>for</strong> <strong>the</strong> year ended June 30, <strong>1993</strong> Net realized and unrealized gain <strong>for</strong> <strong>the</strong> year ended June 30, <strong>1993</strong> INVESTMENT PORTFOLIO MARKET VALUE $208,926,213 232,596,305 CARRYING VALUE $206,305,412 208,616,746 UNREALIZED APPRECIATION $ 2,620,801 23,979,559 21,358,758 8,170,769 $29,529,527 MARKET VALUE PER UNIT $8,226 9,415 Short-term investments within <strong>the</strong> plant fund represent unexpended proceeds of <strong>the</strong> 1991 NJEFA bonds. Such funds are invested in U.S. Government obligations with maturities of less than one year. At June 30, <strong>1993</strong>, <strong>the</strong> market value of such securities approximates <strong>the</strong>ir carrying value. C PHYSICAL PLANT Physical plant and equipment are stated at cost at date of acquisition, less accu- mulated depreciation. Library books, o<strong>the</strong>r than rare books, are not capitalized. A summary of plant assets at June 30, <strong>1993</strong> follows: Land and improvements Buildings and improvements Equipment Rare book collection Total Less accumulated depreciation Net book value 87 $ 2,418,138 31,762,691 9,618,595 199,508 43,998,932 (19,443,011) $24,555,921