NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
Employment Agreement
The Commission has an employment agreement with its Executive Director. The employment agreement was executed in January 2009 and is renewable annually at the sole and absolute discretion of the Commission’s Executive Board. Under the terms of the agreement, the Commission is to pay to the Executive Director certain amounts for compensation and benefits, starting on January 1, 2009. Upon termination by either party for any reason, the Executive Director is entitled to severance payments equal to the sum of 20 weeks of compensation at his highest weekly rate paid during his entire period of service to the Commission, and the product of the number of full and partial years of service to the Commission as Executive Director times three weeks of compensation at the highest weekly rate.
6. Fair Value of Financial Instruments The following table summarizes the Commission’s assets measured at fair value on a recurring basis as of December 31, 2012:
Total Fair Value Assets: Investments:
Equity mutual funds: World allocation
Moderate allocation World stock
Conservative allocation Mid-cap growth Equity energy Health
Small growth Natural resources
Diversified emerging markets Small blend Large growth Large blend Mid-cap value
Diversified Pacific/ Asia Total Equity Mutual Funds
Fixed-income mutual funds: Intermediate government bonds Short-term bonds
Nontraditional bonds
Total Fixed-Income Mutual Funds
Money market funds Certificates of deposit
Exchange-traded products Total Assets
$ 502,880 274,458 142,086 95,087 68,165 69,834 69,241 51,712 33,936 38,274 36,652 35,758 33,930 31,328 20,896
1,504,237
132,772 60,001 60,256
253,029
1,649,335 200,454 24,327
$3,631,382
$ 502,880 274,458 142,086 95,087 68,165 69,834 69,241 51,712 33,936 38,274 36,652 35,758 33,930 31,328 20,896
1,504,237
132,772 60,001 60,256
253,029
1,649,335 -
24,327 $3,430,928 $200,454 $ Annual Report 2012
$ - - - - - - - - - - - - - - - -
- - - -
- 200,454 $
- - - - - - - - - - - - - - - -
- - - -
- - - -
33
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Significant Other Observable Inputs (Level 2)
Significant
Unobservable Inputs (Level 3)
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