This excerpt taken from the VASC 10-K filed Feb 10, 2005.
The Company classifies investments as available-for-sale securities. Available-for-sale securities consist of U.S. government obligations and investment-grade corporate debt with maturities of up to one year. These investments are stated at amortized cost, which approximates market value. There were no material realized gains or losses on the sales of available-for-sale securities during the years ended December 31, 2004, 2003 and 2002. For purposes of determining gross realized gains or losses, the cost of available-for-sale securities is based on specific identification.
2. Summary of Significant Accounting Policies (continued)
At December 31, 2004 and 2003, the Company had the following available for sale securities with carrying values equal to fair values: