Note 5 - Investments

9 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

5. Investments

The fair values of the Company’s marketable securities are determined in accordance with GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the three-tier value hierarchy, as prescribed by GAAP, which prioritizes the inputs used in measuring fair value, as follows:

•   Level 1 -   inputs to the valuation methodology are quoted prices (unadjusted) for identical Assets or liabilities in active markets.

•   Level 2 -   inputs to the valuation methodology include quoted prices for similar assets and Liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•   Level 3 -   inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The following available-for-sale securities, which comprise all the Company’s marketable securities, are re-measured to fair value on a recurring basis and are valued using Level 1 inputs, which are quoted prices (unadjusted) for identical assets in active markets:

September 30, 2013	Cost		Fair Value		Unrealized Gain/(Loss)
Available for Sale:
Corporate bonds (matures within 1 year)	$	203,920	$	201,181	$	(2,739	)
Fixed income mutual funds		8,060,793		8,152,409		91,616
Equity and other mutual funds		275,108		344,513		69,405
	$	8,539,821	$	8,698,103	$	158,282

December 31, 2012
Available for Sale:
Corporate bonds (maturities of 1-5 years)	$	203,920	$	203,357	$	(563	)
Fixed income mutual funds		6,991,181		7,242,998		251,817
Equity and other mutual funds		274,926		297,591		22,665
	$	7,470,027	$	7,743,946	$	273,919

Proceeds from the sale and redemption of marketable securities amounted to $1,719,983 for the nine months ended September 30, 2013, which included realized gains of $13,439. Proceeds from the sale and redemption of marketable securities amounted to $1,716,244 for nine months ended September 30, 2012, which included realized losses of $39,214.

Investment income consisted principally of interest income from bonds and money market funds and dividend income from bond funds and mutual funds.

Marketable securities include investments in equity and fixed income mutual funds, government   securities and corporate bonds which are classified as “available-for-sale” securities and are reported at their fair values.  Unrealized gains and losses on “available-for-sale” securities are reported as accumulated other comprehensive income (loss) in stockholders’ equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on the sales of investments are determined on a specific identificationbasis.