Other assets



Other assets	March 31,		Dec. 31,
(in millions)	2016		2015
Corporate/bank-owned life insurance	$	4,722	$	4,704
Accounts receivable	4,548		3,535
Equity in joint venture and other investments (a)	3,328		3,329
Fails to deliver	1,440		1,494
Income taxes receivable	1,415		1,554
Software	1,363		1,355
Fair value of hedging derivatives	949		716
Prepaid pension assets	766		727
Prepaid expenses	519		464
Due from customers on acceptances	234		258
Other	1,023		1,490
Total other assets	$	20,307	$	19,626


(a)	Includes Federal Reserve Bank stock of $454 million and $453 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, specifically in small business investment companies (“SBICs”), which are compliant with the Volcker Rule. Seed capital and private equity investments are included in other assets.

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, 2016							Dec. 31, 2015
(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)	$	71		$	1	Daily-quarterly	1-180 days	$	83		$	1	Daily-quarterly	1-180 days
Private equity investments (SBICs) (b)	38			58		N/A	N/A	34			58		N/A	N/A
Total	$	109		$	59			$	117		$	59


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


(b)	Private equity funds primarily include Volcker Rule-compliant investments in SBICs 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.

N/A - Not applicable.

Qualified affordable housing project investments

We invest in affordable housing projects primarily to satisfy the Company’s requirements under the Community Reinvestment Act. Our total investment in qualified affordable housing projects totaled $891 million at March 31, 2016 and $918 million at Dec. 31, 2015. Commitments to fund future investments in qualified affordable housing projects totaled $380 million at March 31, 2016 and $393 million at Dec. 31, 2015. A summary of the commitments to fund future investments is as follows: 2016—$208 million; 2017—$53 million; 2018—$100 million; 2019—$2 million; 2020—$5 million and 2021 and thereafter—$12 million.

Tax credits and other tax benefits recognized were $38 million in the first quarter of 2016, $33 million in the first quarter of 2015 and $32 million in the fourth quarter of 2015.

Amortization expense included in the provision for income taxes was $28 million in the first quarter of 2016, $24 million in the first quarter of 2015 and $25 million in the fourth quarter of 2015.