text: prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority 
  to measurements involving significant unobservable inputs (Level 3 measurements). 
  
  The three levels of the fair value hierarchy are as follows: 
  
  • Level 1 inputs are quoted prices (unadjusted) in active markets for identical investments that the 
  Foundation has the ability to access at the measurement date. The Foundation’s Level 1 assets 
  are investments in marketable securities, including stocks and mutual funds. 
  
  • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the 
  investment, either directly or indirectly. The Foundation’s Level 2 assets are investments in 
  corporate bonds, mortgage-backed securities, and U.S. Treasury securities. 
  
  • Level 3 inputs are unobservable inputs from investments. Level 3 inputs incorporate assumptions 
  about the factors that market participants would use in pricing the instrument. 
  
  ***(i) Property and Equipment, Net***
  
  Expenditures for property and equipment with useful lives of one year or more are capitalized and 
  recorded at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of 
  the assets. The estimated useful life of furniture and data center equipment is five years and computer 
  equipment such as laptops and desktops is four years. Leasehold improvements are amortized over 
  the shorter of the life of the lease or the leasehold improvement. Donated computer equipment and 
  software are recorded at the fair value at the time of the donation and are deemed as contributions 
  without donor restriction in the year in which they are received. Repairs and maintenance of equipment 
  are charged to operations. Upon retirement, sale, or other disposition of property and equipment, costs, 
  and accumulated depreciation are eliminated from the accounts, and any resulting gain or loss is 
  included in operations. 