FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2012

Fair Value Measurements

FAIR VALUE MEASUREMENTS

5.	FAIR VALUE MEASUREMENTS
The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability between market participants at a measurement date.
Generally accepted accounting principles describes a fair value hierarchy that includes three levels or inputs to be used to measure fair value. The three levels are defined as follows as interpreted for use by the Company.
Level 1 – Inputs into the fair value methodology are based on quoted market prices in active markets.
Level 2 – Inputs into the fair value methodology are based on quoted prices for similar items, broker/dealer quotes, or models using market interest rates or yield curves. The inputs are generally seen as observable in active markets for similar items for the asset or liability, either directly or indirectly, for substantially the same term of the financial instrument.
Level 3 - Inputs into fair value methodology are unobservable and significant to the fair value measurement (primarily or alternative type investments, which include but are not limited to limited partnership interests, hedges, private equity, real estate, and natural resource funds). Often, these types of investments are valued based on historical cost and then adjusted by shared earnings of a partnership or cooperative, which can require some varying degree of judgment.
Information regarding assets and liabilities measured at fair value on recurring basis as of March 31, 2012 and June 30, 2011, are as follows:

Recurring Fair Value Measurements using Fair Value at March 31, 2012
	Level I		Level II		Level III		Total Fair Value
Assets at Fair Value:
Cemetery perpetual care and pre-need trust investments	$	—	$	7,717,241	$	—	$	7,717,241
Liabilities at fair value:
Non-controlling interest in pre-need trust investments	$	—	$	2,230,832	$	—	$	2,230,832

Recurring Fair Value Measurements using Fair Value at June 30, 2011
	Level I		Level II		Level III		Total Fair Value
Assets at Fair Value:
Cemetery perpetual care and pre-need trust investments	$	—	$	7,421,635	$	—	$	7,421,635
Liabilities at fair value:
Non-controlling interest in pre-need trust investments	$	—	$	2,075,713	$	—	$	2,075,713