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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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May 31, 2014
Fair Value Measurements Tables |
Schedule of fair value of assets and liabilities measured on a recurring basis |
|  |  |  |  | Cost / Other |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Total Unrealized |
|  | Fair Value |  |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Gain |
Tap Participation Fee liability |  | $ | 13,162,800 |  |  | $ | 13,162,800 |  |  | $ | - |  |  | $ | - |  |  | $ | 13,162,800 |  |  | $ | - |
Schedule of unobservable input reconciliation of fair value liabilities measured on a recurring basis |
|  | Fair Value Measurement using Significant Unobservable Inputs (Level 3) |
|  | Gross Estimated Tap Participation Fee Liability |  |  | Tap Participation Fee Reported Liability |  |  | Discount - to be imputed as interest expense in future periods |
Balance at August 31, 2013 |  | $ | 102,681,900 |  |  | $ | 59,807,300 |  |  | $ | 42,874,600 |
Total gains and losses (realized and unrealized): |  |  | - |  |  |  | - |  |  |  | - |
Imputed interest recorded as "Other Expense" |  |  | - |  |  |  | 1,309,100 |  |  |  | (1,309,100 | )
Purchases, sales, issuances, payments, and reductions resulting from foreclosures |  |  | (82,068,300 | ) |  |  | (47,953,600 | ) |  |  | (34,114,700 | )
Transfers in and/or out of Level 3 |  |  | - |  |  |  | - |  |  |  | - |
Balance at May 31, 2014 |  | $ | 20,613,600 |  |  | $ | 13,162,800 |  |  | $ | 7,450,800 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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