XML 33 R21.htm IDEA: XBRL DOCUMENT v3.26.1
Note 10 - Benefit Plans
12 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]

NOTE 10. 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 the 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 matching contributions to the 401(k) plan of $118,000 and $116,000 for fiscal years 2026 and 2025, 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 $50,000 and $100,000 in fiscal years 2026 and 2025, respectively.

 

The Company offers employees, including its executive officers, an opportunity to participate in savings programs invested in mutual funds managed by the Company. Employees may contribute to an IRA, with limited matching contributions provided by the Company. Employees may also participate in a similar savings plan utilizing Uniform Gifts to Minors Act (“UGMA”) accounts for the benefit of minor relatives. The Company's matching contributions under these programs, reflected in compensation expense, totaled $51,000 and $12,000 in fiscal years 2026 and 2025, respectively.

 

The Company maintains an Employee Stock Purchase Plan under which eligible employees may purchase treasury shares at market price. During fiscal years 2026 and 2025, employees purchased 27,143 and 30,247 shares, respectively, of the Company's treasury stock. The Company provides limited matching contributions under the plan. Matching contributions, reflected in compensation expense, were $51,000 and $52,000 in fiscal years 2026 and 2025, respectively.