Annual report pursuant to Section 13 and 15(d)

Investments

v3.19.1
Investments
12 Months Ended
Dec. 31, 2018
Investments [Abstract]  
Investments
INVESTMENTS

On November 21, 2013, the Company made a $5 million commitment to invest in Jerusalem Venture Partners (“JVP Fund”). If and when the Company funds the entire amount of the investment, the investment will be less than a 10% limited partnership interest in which the Company will not be able to exercise control or significant influence over the fund. Accordingly, the Company has accounted for this investment under the cost method of accounting.

As of December 31, 2018, $1.8 million remains outstanding on this commitment. The December 31, 2018 balance includes $0.3 million from net distribution by the JVP fund that was retained to fund future investment activities. The retained proceeds did not reduce the Company's future capital commitments to the fund.

There were no identified events or changes in circumstances that are believed to have had a significant adverse effect on the fair value of the investments as of December 31, 2018, 2017 and 2016.

The following is a summary of the Company’s investments (in thousands):
 
JVP Fund
 
 
Balance - January 1, 2016
$
2,195

       Investment made during 2016
550

Balance - December 31, 2016
2,745

       Cash distribution during 2017
(127
)
Balance - December 31, 2017
$
2,618

       Investment made during 2018
900

Balance - December 31, 2018
$
3,518