money market funds, equity securities and mutual funds. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. The Clinton Foundation did not have any Level 2 or Level 3 measurements at December 31, 2013 or 2012.” [Clinton Foundation, IRS Form 990, 11/19/14] ENDOWMENT AND 2013 UPTICK CLINTON FOUNDATION RECONSOLIDATED WITH CLINTON GLOBAL INITIATIVE IN 2013, BOOSTING REVENUE AND EXPENSES Clinton Foundation Chief Financial Officer Andrew Kessel: “In 2013 The Foundation Reconsolidated The Clinton Global Initiative Into Its Operations…Tax Document Shows A Corresponding Increase In Both Revenue And Expenses.” [Associated Press, 11/19/14] CLINTON FOUNDATION BEGAN ITS ENDOWMENT DRIVE IN FY2013 Clinton Foundation: “The Clinton Foundation Endowment Was Created During The 2013 Fiscal Year.” [Clinton Foundation, IRS Form 990, 11/19/14] Associated Press: Clinton Foundation “In 2013 Began Raising Money For An Endowment To Benefit Current Programs And Expand Into New Areas.” “‘In 2013 the Foundation reconsolidated the Clinton Global Initiative into its operations. As such, the ... tax document shows a corresponding increase in both revenue and expenses,’ the foundation's chief financial officer, Andrew Kessel, said in a statement. Kessel also said the foundation in 2013 began raising money for an endowment to benefit current programs and expand into new areas.” [Associated Press, 11/19/14] Clinton Foundation: Through 2013, The Clinton Foundation Had Not “Used Or Invested Any Of The Endowment Funds Received” Because An Investment Committee Had Not Yet Adopted Policies And Procedures. “During 2014, the Foundation’s newly formed Investment Committee will approve and adopt investment policies and procedures to ensure that endowment funds and their related returns are spent in accordance with UPMIFA and donor’s intent and maintain the appropriate amount of risk and return for the Foundation’s purposes. The Foundation has not used or invested any of the endowment funds received (or any net appreciation from these funds classified in temporarily restricted net assets) during 2013 and will not do so until the Investment Committee approves and adopts the appropriate investment policies. For this reason, all endowment funds received during 2013 are held in cash and cash equivalents.” [Clinton Foundation, IRS Form 990, 11/19/14] CLINTON FOUNDATION HAD RAISED $248 MILLION FOR ITS ENDOWMENT AS OF FEBRUARY 2015 CNN: Between 2011-2015, “Cheng Has Raised $248 Million For The Foundation Endowment.” “Since joining in 2011, Cheng has raised $248 million for the foundation endowment and worked diversify the group's priorities. Foundation Spokesman Craig Minassian said ‘Dennis... expanded our ability to support programs that are strengthening health systems and improving access to lifesaving medicines in the developing world, helping communities confront the effects of climate change, creating economic opportunity, empowering women and girls and reducing childhood obesity and other preventable diseases in the United States.’” [CNN, 2/9/15] February 2015: Clinton Foundation Chief Development Officer Dennis Cheng Left The Foundation And Was Expected To Become Hillary Clinton’s Finance Director Ahead Of A 2016 Presidential Campaign. “Dennis Cheng, the Clinton Foundation's chief development officer, is leaving the philanthropic organization this week to join Hillary Clinton's nascent pre-campaign. Cheng, who is expected to serve as Clinton's finance director once the campaign officially kicks off, is currently pulling