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Marketable Securities | 9 Months Ended
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Apr. 30, 2015
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 and nine months ended April 30, 2015 and July 31, 2014. The Company follows GAAP 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 April 30, 2015 and July 31, 2014. 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. The following are the Company's financial assets measured on a recurring basis presented at fair value.
Fair value measurements at reporting date using
Description |  | Total April 30, 2015 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total July 31, 2014 |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
available-for-sale |  | $ | 1,477,072 |  | $ | 1,477,072 |  | $ | – |  | $ | – |  | $ | 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 April 30, 2015 and July 31, 2014, respectively.
April 30, 2015 |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period
First Eagle Global CL I |  | $ | 280,717 |  | n/a |  | Daily |  | None
Parnasus Core Equity Investor CL |  | $ | 297,992 |  | n/a |  | Daily |  | None
Columbia Flexible Income CL A |  | $ | 278,822 |  | n/a |  | Daily |  | None
July 31, 2014 |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency (if currently eligible) |  | Redemption 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 April 30, 2015 and July 31, 2014, the Company's marketable securities were classified as follows:
|  | April 30, 2015 |  | July 31, 2014
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 716,050 |  | $ | 141,481 |  | $ | – |  | $ | 857,531 |  | $ | 691,047 |  | $ | 129,173 |  | $ | – |  | $ | 820,220
Equity securities |  |  | 440,902 |  |  | 178,639 |  |  | – |  |  | 619,541 |  |  | 426,754 |  |  | 107,239 |  |  | – |  |  | 533,993
|  | $ | 1,156,952 |  | $ | 320,120 |  | $ | – |  | $ | 1,477,072 |  | $ | 1,117,801 |  | $ | 236,412 |  | $ | – |  | $ | 1,354,213
Investment income consists of the following:
|  | Three Months Ended April 30 |  | Nine Months Ended April 30
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Gain on sale of marketable securities |  | $ | 6,069 |  | $ | – |  | $ | 6,455 |  | $ | 182,846
Interest income |  |  | 860 |  |  | 529 |  |  | 2,147 |  |  | 1,825
Dividend income |  |  | 6,596 |  |  | 6,162 |  |  | 37,467 |  |  | 42,409
Total |  | $ | 13,525 |  | $ | 6,691 |  | $ | 46,069 |  | $ | 227,080

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