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6.C. - Page 86 of 196 <br />CITY OF REDWOOD CITY <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />For the Fiscal Year Ended June 30, 2020 <br />NOTE 2 — CASH AND INVESTMENTS (CONTINUED) <br />D. Investments held in Trust for Pension Benefits <br />The City established an irrevocable Section 115 Pension Trust with Public Agency Retirement Services <br />(PARS). As of June 30, 2020, the trust had a balance of $24,434,795. PARS' policy for allocation of invested <br />assets is established as noted below: <br />Asset Class Target Allocation <br />Global Equity 20-40% <br />Fixed Income 50-80% <br />Cash 0-20% <br />At June 30, 2020, PARS held no investments in any one organization that represented 5% of more of <br />fiduciary net position. <br />Rate of return: For the fiscal year ended June 30, 2020, the annual money -weighted rate of return on <br />investments, net of investment expenses, was 4.07%. The money -weighted rate of return expresses <br />investment performance, net of investment expense, adjusted for the changing amounts actually invested. <br />NOTE 3 — LOANS RECEIVABLE <br />As of June 30, 2020, loans receivable consists of the following: <br />54 173 <br />Government -Wide <br />Wyndham Place First Time Homebuyer Loan Program <br />$ 276,052 <br />First Time Homebuyer Silent Loan Program <br />176,001 <br />Loans with Non -profits and For Profit Organizations <br />1,133,153 <br />Housing Rehabilitation Loans <br />894,720 <br />Shores Childcare Loan <br />- <br />First Community Housing Loan <br />2,627,000 <br />PAL Loan <br />214,286 <br />Kainos Home and Training Center Loans <br />1,893,222 <br />HIP Housing Development Corporation Loan <br />92,197 <br />HIP Housing - Oxford <br />103,600 <br />Mental Health Association of San Mateo County Loan <br />600,000 <br />1512 Stafford Loan <br />1,577,750 <br />Mezes Court Association <br />169,377 <br />Mid -Pen Housing -Mosaic Garden <br />1,100,000 <br />Redwood Oaks Associates <br />500,000 <br />Allowance for Uncollectible Loans <br />(1,893,222) <br />Total <br />$ 9,464,136 <br />54 173 <br />