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BENEFIT PLANS
12 Months Ended
Jun. 30, 2021
Disclosure Text Block Supplement [Abstract]  
Compensation and Employee Benefit Plans [Text Block]

NOTE 11. BENEFIT PLANS

 

The Company offers a savings and investment plan qualified under Section 401(k) of the Internal Revenue Code covering substantially all employees. In connection with this 401(k) plan, participants can voluntarily contribute a portion of their compensation, up to certain limitations, to this plan, and the Company will match 100 percent of participants’ contributions up to the first 3 percent of compensation and 50 percent of the next 2 percent of compensation. The Company recorded expenses for contributions to the 401(k) plan of $99,000 and $77,000 for fiscal years 2021 and 2020, respectively.

 

The 401(k) plan allows for a discretionary profit sharing contribution by the Company, as authorized by the Board of Directors. The Company made a profit sharing contribution of $80,000 in fiscal year 2021. No profit sharing contribution was made in fiscal year 2020.

 

The Company offers employees, including its executive officers, an opportunity to participate in savings programs using mutual funds managed by the Company. Employees may contribute to an IRA, and the Company matches these contributions on a limited basis. A similar savings plan utilizing Uniform Gifts to Minors Act (“UGMA”) accounts is offered to employees to save for their minor relatives. The Company match, reflected in base salary expense, aggregated in all programs to $15,000 and $16,000 in fiscal years 2021 and 2020, respectively.

 

The Company has an Employee Stock Purchase Plan whereby eligible employees can purchase treasury shares at market price. During fiscal years 2021 and 2020, employees purchased 2,330 and 1,648, respectively, shares of treasury stock from the Company. The Company matches these contributions on a limited basis. The Company match, reflected in base salary expense, was $6,000 in fiscal year 2021. No Company matches were made in fiscal year 2020.