# Jordan Muir, CPA Arkansas Department of Finance and Administration (DFA) ACFR Coordinator. Phone 501-683-0982. Email [email protected]. Title "DFA Accounting ACFR Coordinator" within the Office of Accounting Financial Reporting Section. Office hours 7:00 AM to 5:30 PM Monday through Thursday. Muir is the DFA-side coordinator for the Annual Comprehensive Financial Report (ACFR), the state's annual financial-reporting deliverable. The Treasury Israel Bonds positions intersect with the ACFR via the GASB 72 fair-value disclosure requirements: the Israel Bonds must be valued at fair value (Level 1, 2, or 3) for the 6/30/2025 ACFR reporting date. The 7/2/2025-8/25/2025 ACFR email chain documents Muir's substantive engagement with the Treasury Israel Bonds fair-value challenge. The Treasury's accounting platform (Clearwater Analytics) did not have live market pricing for the new Thurston-era Israel Bonds (CUSIPs 46514X2P3 and 46514X3P2) and was using "trade" (original cost) pricing. One Milligan-era position (CUSIP 46514TZZ4) had an Excel-override price that became stale. Muir's 8/19/2025 1:44 PM email to Steven Kilgore proposed Level 3 fair-value classification for the Israel instruments due to the need for internal judgment: > I think based on the information available, original cost may be close to current value for the Israel instruments, but not exact. In order for us to consider it fair value measurement, we would have to use one of the valuation approaches described in GASB 72. Because we are likely going to have to use some internal judgement in this valuation, I would suggest rating it Level 3. > 2025-9-15 - FW_ ACFR 2025 - Israel Bond Pricing.pdf p.3, 8/19/2025 1:44 PM Muir outlined the three GASB 72 valuation approaches (market, cost, income) and noted that the market approach "seems inaccessible to us as an option as of 6/30/25 for these items" because the Israel Bonds are not actively traded on the open market. Muir suggested that approach 2 (cost replacement) or approach 3 (income / discounted present value) "would be the most reasonable methods to derive a fair value estimate." Kilgore subsequently developed an Excel-based interpolation methodology to derive Level 2 fair-value estimates from the published Israel Bonds rate sheet (using the published 2-, 3-, and 5-year rates to interpolate yields for the Treasury's non-standard-maturity-date positions). Muir's 8/25/2025 7:52 AM follow-up engaged Kilgore on the methodology specifics and the Level 2 classification rationale. Muir's role and Kilgore's role intersect because the Treasury's Israel Bonds disclosure framework reaches outside the Treasurer's office into the DFA ACFR pathway. The ACFR is a public-facing financial-reporting document; the Israel Bonds fair-value methodology and disclosure level (Level 2 vs Level 3) shape the public visibility of the Treasury's Israel Bonds positions in the state's audited financial statements. The wiki documents Muir's role here because the Israel Bonds positions intersect with broader state financial-reporting workflows beyond the Treasurer's office. ## Cross-references [[treasury-foia-r2-9-23-25]] source page [[steven-kilgore]] Treasury Investment Accounting Director / Internal Audit; Muir's Treasury counterpart on the ACFR workstream [[holly-hester-beaver]] Treasury Investment Accountant; Muir's secondary Treasury counterpart on the ACFR transmission workflow