Defined Benefit Pension Plan (Tables)

12 Months Ended

Jun. 30, 2020

Defined Benefit Pension Plan

Schedule of plan's funded status

	June 30, 2020		June 30, 2019
Change in projected benefit obligation
Projected benefit obligation at beginning of year	$	10,601,032	$	9,453,322
Interest cost		371,932		398,439
Benefits paid		(297,103)		(144,765)
Actuarial loss		1,687,375		894,036
Settlement		—		—
Projected benefit obligation at end of year		12,363,236		10,601,032
Change in plan assets
Fair value of plan assets at beginning of year		9,770,170		9,691,252
Actual return on assets		(204,314)		223,683
Employer contributions		—		—
Expenses paid from trust		—		—
Benefits paid		(297,103)		(144,765)
Fair value of plan assets at end of year		9,268,753		9,770,170
Funded status at end of year	$	(3,094,483)	$	(830,862)

Schedule of amounts recognized in the consolidated balance sheets in accrued interest payable and other liabilities and accumulated other comprehensive loss

	June 30, 2020		June 30, 2019
Pension liability	$	(3,094,483)	$	(830,862)

	June 30, 2020		June 30, 2019
Accumulated pension actuarial loss, net of income tax benefit of $1,522,485 and $1,522,485, respectively	$	4,853,355	$	2,506,295

Schedule of components of net periodic pension cost (income) included in compensation and benefits on the statements of operations

	June 30, 2020		June 30, 2019
Interest cost	$	371,932	$	398,439
Expected return on plan assets		(671,118)		(672,908)
Amortization of net actuarial loss		215,747		121,990
Net periodic pension income	$	(83,439)	$	(152,479)

Schedule of projected benefit payments

2021	$	3,787,700
2022		142,800
2023		540,600
2024		538,100
2025		1,498,900
2025-2029		4,077,300
	$	10,585,400

Schedule of percentage of the fair value of total Plan assets

	June 30, 2020		June 30, 2019
Cash Equivalents	0.9	%	5.6	%
Equities
Large Cap	48.6	%	43.0	%
Mid Cap	4.3	%	3.4	%
Small Cap	25.3	%	33.7	%
International	4.0	%	2.1	%
Other	8.3	%	8.5
Alternatives/Multi-Asset	8.6	%	3.7
Fixed Income
Certificates of deposit	—		—	%
Total	100.0	%	100.0	%