University of Virginia Library

ATTACHMENT

UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY
VALUATION POLICY

1. Publicly Traded Securities
1.1. Exchange listed securities
• 1.1.1. Value using last reported sale price of security as of valuation date.



1.2. Over the counter securities
• 1.2.1. Value using the mean of the bid and asked of security as of valuation date.



1.3. Publicly registered investment company shares / open ended mutual fund shares
• 1.3.1. Value using published net asset value as of valuation date.



1.4. Independent third party source will be used.
• 1.4.1. Will obtain third party pricing source through Custodian.





2. Private Placement Securities
• 2.1 Includes domestic and foreign limited partnerships, corporations and other fund structures not publicly registered.

2.2 General Procedures
• 2.2.1 Value using Best Available Valuation Data received, adjusting for subsequent cash flows and currency exchange, if applicable. Best Available Valuation Data relates to the latest available manager financial statements and/or manager representations at the time valuations are being determined. Cash flow adjustments are determined from subsequent additional investment or fund distributions.


• 2.2.2 Unrealized capital gain or loss adjustments will be considered when amounts are material and estimable through available documented information.



2.3 Special Procedures
• 2.3.1 Additional valuation adjustments may be considered on individual investments when transactions are made which directly relate to the investments being valued. Additional valuation adjustments require approval from the UVIMCO Board.