Note 12 - Fair Value Measurements

12 Months Ended

Mar. 31, 2025

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

NOTE 12 – FAIR VALUE MEASUREMENTS

Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1

Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access.

Level 2

Inputs to the valuation methodology include

●Quoted prices for similar assets or liabilities in active markets;

●Quoted prices for identical or similar assets or liabilities in active markets;

●Inputs other than quoted prices that are observable for the asset or liability

●Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

●If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets at fair value. There have been no changes in the methodologies used at March 31, 2025.

Investments in publicly held companies are net book value or fair value.

Investments in privately held companies are valued at cost, net book value or fair value when available. Investments valued at cost or net book value is a departure from accounting principles generally accepted in the United States of America.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Partnership believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Partnership's assets at fair value as of March 31, 2025:

Assets at Fair Value as of March 31, 2025:

	Level 1		Level 2		Level 3		Total
Investment	$	150,750	$	-	$	-	$	150,750
TOTAL ASSETS AT FAIR VALUE	$	150,750	$	-	$	-	$	150,750