FUNDS HELD FOR CLIENTS

12 Months Ended

Jun. 30, 2022

FUNDS HELD FOR CLIENTS:

Funds held for clients are as follows:


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	1,549,882	$	—	$	—	$	1,549,882
U.S. Treasury and direct obligations of U.S. government agencies	29,367		—		(290)		29,077
Corporate bonds	112,753		4		(1,894)		110,863
Commercial paper	6,642		2		(3)		6,641
Other securities	19,817		2		(366)		19,453
	$	1,718,461	$	8	$	(2,553)	$	1,715,916


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	557,366	$	—	$	—	$	557,366
U.S. Treasury and direct obligations of U.S. government agencies	28,757		92		(11)		28,838
Corporate bonds	50,188		1,900		(189)		51,899
Commercial paper	21,831		11		(6)		21,836
Other securities	9,821		629		(74)		10,376
	$	667,963	$	2,632	$	(280)	$	670,315

Other securities are primarily comprised of collateralized and other mortgage obligations, municipal obligations, and certificates of deposit.

Proceeds from sales and maturities of investment securities for the fiscal years ended June 30, 2022, 2021, and 2020 were approximately $166,372, $235,768, and $722,588, respectively.

The Company is exposed to interest rate risk as rate volatility will cause fluctuations in the earnings potential of future investments. The Company does not utilize derivative financial instruments to manage interest rate risk.

The Company reviews its investments on an ongoing basis to determine if any are other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. The Company has no material individual securities that have been in a continuous unrealized loss position greater than twelve months. The Company believes these unrealized losses result from changes in interest rates rather than credit risk, and therefore does not believe the related investments are other-than-temporarily impaired.

Expected maturities as of June 30, 2022 for client fund assets are as follows:


Due within fiscal year 2023	$	1,632,317
Due within fiscal year 2024	37,050
Due within fiscal year 2025	35,092
Due after fiscal year 2025	11,457
Total	$	1,715,916