Other assets



Other assets	March 31,		Dec. 31,
(in millions)	2015		2014
Corporate/bank owned life insurance	$	4,618	$	4,598
Accounts receivable	4,534		4,166
Fails to deliver	3,189		1,351
Equity in joint venture and other investments (a)	3,170		3,287
Income taxes receivable	1,552		2,142
Software	1,332		1,332
Fair value of hedging derivatives	1,038		851
Prepaid pension assets	572		708
Prepaid expenses	478		451
Due from customers on acceptances	304		247
Other	1,528		1,357
Total other assets	$	22,315	$	20,490


(a)	Includes Federal Reserve Bank stock of $448 million and $447 million, respectively, at cost.

Certain seed capital and private equity investments valued using net asset value per share

In our Investment Management business, we manage investment assets, including equities, fixed income, money market and alternative investment funds for institutions and other investors. As part of that activity we make seed capital investments in certain funds. BNY Mellon also holds private equity investments, which consist of investments in private equity funds, mezzanine financings, small business investment companies (“SBICs”) and direct equity investments. Seed capital and private equity investments are included in other assets. Consistent with our policy to focus on our core activities, we continue to reduce our exposure to private equity investments that are not compliant with the Volcker Rule.

The fair value of certain of these investments has been estimated using the net asset value (“NAV”) per share of BNY Mellon’s ownership interest in the funds. The table below presents information about BNY Mellon’s investments in seed capital and private equity investments that have been valued using NAV.



Seed capital and private equity investments valued using NAV
	March 31, 2015							Dec. 31, 2014
(dollar amounts in millions)	Fair value		Unfunded commitments			Redemption frequency	Redemption notice period	Fair value		Unfunded commitments			Redemption frequency	Redemption notice period
Seed capital and other funds (a)	$	292		$	—	Daily-quarterly	0-180 days	$	307		$	—	Daily-quarterly	0-180 days
Private equity investments (b)(c)	27			56		N/A	N/A	35			45		N/A	N/A
Total	$	319		$	56			$	342		$	45


(a)	Other funds include various leveraged loans, hedge funds and structured credit funds. Redemption notice periods vary by fund.


(b)	Private equity funds primarily include numerous venture capital funds that invest in various sectors of the economy. Private equity funds do not have redemption rights. Distributions from such funds will be received as the underlying investments in the funds are liquidated.


(c)	Includes investments and unfunded commitments related to SBICs, which are compliant with the Volcker Rule, of $24 million and $56 million, respectively, at March 31, 2015 and $18 million and $45 million, respectively, at Dec. 31, 2014.

N/A - Not applicable.

Qualified affordable housing project investments

We invest in affordable housing projects primarily to satisfy the company’s CRA requirements. Our total investment in qualified affordable housing projects totaled $828 million at March 31, 2015 and $853 million at Dec. 31, 2014. Commitments to fund future investments in qualified affordable housing projects totaled $339 million at March 31, 2015 and $358 million at Dec. 31, 2014. A summary of the commitments to fund future investments is as follows: 2015—$135 million; 2016—$110 million; 2017—$82 million; 2018—$2 million; 2019—$1 million and 2020 and thereafter—$9 million.

Tax credits and other tax benefits recognized were $33 million in the first quarter of 2015, $31 million in the first quarter of 2014 and $34 million in the fourth quarter of 2014. Amortization expense included in the provision for income taxes was $24 million in the first quarter of 2015, $24 million in the first quarter of 2014 and $26 million in the fourth quarter of 2014.