Marketable Securities

3 Months Ended

Oct. 31, 2014

Marketable Securities: [Abstract]

Marketable Securities

3.

Marketable Securities:

The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders' equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the three months ended October 31, 2014 and July 31, 2014. The Company follows Accounting Standards Codification (ASC) 820, "Fair Value Measurements and Disclosures" which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority: Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange). Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active). Level 3 valuation inputs are unobservable (e.g., an entity's own data) and should be used to measure fair value to the extent that observable inputs are not available. Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at July 31, 2014 and 2013. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to. Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded. In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date using

	October 31,								July 31,
Description	2014		Level 1		Level 2		Level 3		2014		Level 1		Level 2		Level 3
Assets:
Marketable securities -
available-for-sale	$	1,432,094	$	1,432,094	$	–	$	–	$	1,354,213	$	1,354,213	$	–	$	–

Fair Value of Investments in Entities that Use NAV

The following table summarizes investments measured at fair value based on NAV per share as of October 31, 2014 and July 31, 2014, respectively.

			Unfunded	Redemption Frequency	Redemption
October 31, 2014	Fair Value		Commitments	(if currently eligible)	Notice Period
First Eagle Global CL I	$	267,669	n/a	Daily	None
Parnasus Core Equity Investor CL	$	293,604	n/a	Daily	None
Columbia Flexible Income CL A	$	269,818	n/a	Daily	None

			Unfunded	Redemption Frequency	Redemption
July 31, 2014	Fair Value		Commitments	(if currently eligible)	Notice Period
First Eagle Global CL I	$	273,000	n/a	Daily	None
Parnasus Core Equity Investor CL	$	277,571	n/a	Daily	None
Transamerica Tactical Income CL A	$	269,649	n/a	Daily	None

As of October 31, 2014 and July 31, 2014, the Company's marketable securities were classified as follows:

	October 31, 2014								July 31, 2014
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Fair				Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Noncurrent:
Available-for-sale:
Mutual funds	$	689,014	$	142,077	$	–	$	831,091	$	691,047	$	129,173	$	–	$	820,220
Equity securities		431,506		169,497		–		601,003		426,754		107,239		–		533,993
	$	1,120,520	$	311,574	$	–	$	1,432,094	$	1,117,801	$	236,412	$	–	$	1,354,213

Investment income consists of the following:

	Three Months Ended
	October 31
	2014		2013
Gain on sale of marketable securities	$	386	$	182,841
Interest income		625		953
Dividend income		5,180		5,630
Total	$	6,191	$	189,424