3. Investments

The following is a summary of investments as of September 30, 2017 and December 31, 2016. The University considers all investments as available for sale.


	As of September 30, 2017
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	89,631	$	57	$	(79	)	$	89,609


	As of December 31, 2016
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	62,769	$	12	$	(185	)	$	62,596

The cash flows of municipal securities are backed by the issuing municipality’s credit worthiness. All municipal securities are due in one year or less as of September 30, 2017. For the nine months ended September 30, 2017, the net unrealized losses on available-for-sale securities was $14, net of taxes.