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Fair Value of Financial Instruments
 12 Months Ended
Apr. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
13.
Fair Value of Financial Instruments
 
ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows:
 
Level 1 – Quoted market prices in active markets for identical assets or liabilities;
 
Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable, and
 
Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use.
 
Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis:
 
Fair value measurements at April 30, 2017 using:  
                         
    Quoted prices in active markets
for identical
assets		     Significant other observable inputs     Significant unobservable inputs        
(amounts in thousands)    Level 1     Level 2     Level 3     Total  
Assets:                         
U.S. Corporate Bonds
  
$
-
    
$
30,831
    
$
-
    
$
30,831
  
Premier Money Market Fund
    
4,811
      
N/A
      
N/A
      
4,811
  
Low Duration Bond Fund
    
1,081
      
N/A
      
N/A
      
1,081
  
Intermediate Term Bond Fund
    
751
      
N/A
      
N/A
      
751
  
Strategic Income Fund
    
611
      
N/A
      
N/A
      
611
  
Large Blend Fund
    
365
      
N/A
      
N/A
      
365
  
Growth Allocation Fund
    
126
      
N/A
      
N/A
      
126
  
Moderate Allocation Fund
    
88
      
N/A
      
N/A
      
88
  
Other
    
76
      
N/A
      
N/A
      
76
  

 
Fair value measurements at May 1, 2016 using:  
                         
    Quoted prices in active markets
for identical
assets		     Significant other observable inputs     Significant unobservable inputs        
(amounts in thousands)    Level 1     Level 2     Level 3     Total  
Assets:                         
Premier Money Market Fund
  
$
3,404
      
N/A
      
N/A
    
$
3,404
  
Low Duration Bond Fund
    
1,604
      
N/A
      
N/A
      
1,604
  
Intermediate Term Bond Fund
    
1,154
      
N/A
      
N/A
      
1,154
  
Strategic Income Fund
    
999
      
N/A
      
N/A
      
999
  
Limited Term Bond Fund
    
602
      
N/A
      
N/A
      
602
  
Large Blend Fund
    
289
      
N/A
      
N/A
      
289
  
Growth Allocation Fund
    
148
      
N/A
      
N/A
      
148
  
Mid Cap Value Fund
    
102
      
N/A
      
N/A
      
102
  
Other
    
82
      
N/A
      
N/A
      
82
  
 
Our U.S. corporate bonds were classified as level 2 as they are traded over the counter within a broker network and not on an active market. The fair value of our U.S. corporate bonds is determined based on a published source that provides an average bid price. The average bid price is based on various broker prices that are determined based on market conditions, interest rates, and the rating of the respective U.S. corporate bond.

The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare.