LEASES (Tables)

12 Months Ended

Jul. 31, 2013

Rental expense for leased real property for each of the three fiscal years in the period ended July 31, 2013 was exceeded by sublease rental income, as follows:

	2013		2012		2011
Minimum rental expense	$	1,726,817	$	1,752,764	$	1,709,197
Contingent rental expense		736,406		743,248		726,340
		2,463,223		2,496,012		2,435,537
Sublease rental income		6,161,173		6,222,388		5,807,901
Excess of sublease income over expense	$	3,697,950	$	3,726,376	$	3,372,364

Schedule of future minimum non-cancelable rental commitments

Future minimum non-cancelable rental commitments for operating leases with initial or remaining terms of one year or more are payable as follows:

	Operating
Fiscal Year	Leases
2014	$	1,730,729
2015		1,731,609
2016		1,731,609
2017		1,731,609
2018		1,731,609
After 2018		18,093,474
Total required*	$	26,750,639

____________________

Minimum payments have not been reduced by minimum sublease rentals of $30,788,911 under operating leases due in the future under non-cancelable leases.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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