3e884de5__Private_Postsecondary_Schools__Explanation
[Institution] U. of Pittsburgh (Pa.) Chronicle article [Tax year] 2009 [Explanation] 
Various legal proceedings involving, among other things, allegations of securities fraud and diversion of the university’s assets have been initiated against one of the university’s investment advisers, Westridge Capital Management, Inc. and its related entities (“Westridge”). In connection with these proceedings, restraining orders have been granted, assets of Westridge and other named defendants have been frozen, and a receiver has been appointed and is currently overseeing the affairs of Westridge. Based upon management’s assessment of the receiver’s preliminary findings, the fair value as of June 30, 2009 of the university’s investment in Westridge is reported on the consolidated balance sheet at $34.9 million. This reflects an impairment write-down of 50% from the last recorded fair value. At this time, there is insufficient information to confirm the timing or amount of the university’s ultimate recovery relative to this investment.
News | California Association of Private Postsecondary Schools
Explanation