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DEFERRED COMPENSATION (Notes)
 12 Months Ended
Jun. 30, 2012
Deferred Compensation [Abstract]  
DEFERRED COMPENSATION
DEFERRED COMPENSATION
 
The Company has deferred compensation agreements with a former and current officer. The related expense is calculated using the net present value of the expected payments and is included in selling, general and administrative expenses in the Consolidated Statements of Income. The net present value was calculated using a discount factor of 5.60% and 6.00% at June 30, 2012 and 2011, respectively.
 
The Board of Directors entered into an agreement to continue the Chairman’s 1991 base salary for the remainder of his life.  These payments begin upon the Chairman’s retirement, and since the Chairman has not retired, he is not currently receiving any payments under this arrangement.  The Company has a deferred compensation liability of $622,503 and $576,465 recorded as of June 30, 2012 and 2011, respectively.  Deferred compensation expense of $46,038 and $81,710 was recognized under this arrangement in 2012 and 2011, respectively.
 
The Board of Directors has approved a supplemental retirement plan with an officer that calls for annual cash compensation following retirement from the Company in an amount equal to 2% of base salary, as defined in the agreement, multiplied by the number of years of service to the Company.  The retirement payments are to be paid monthly to the officer until his death and then to his surviving spouse monthly until her death.  The Company has a deferred compensation liability of $1,573,817 and $1,401,853 recorded as of June 30, 2012 and 2011, respectively.  Deferred compensation expense of $171,964 and $144,149 was recognized under this arrangement in 2012 and 2011, respectively.
 
The Company uses life insurance policies to provide funds to meet its deferred compensation obligations.