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INVESTMENT MANAGEMENT AND OTHER FEES | 3 Months Ended
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Sep. 30, 2018
Investment Management and Other Fees [Abstract] |
Investment Management and Other Fees [Text Block] | NOTE 3. INVESTMENT MANAGEMENT AND OTHER FEES The following table presents operating revenues disaggregated by performance obligation:
|  | Three Months Ended September 30, |
(dollars in thousands) |  | 2018 |  |  | 2017 |
USGIF advisory fees |  | $ | 911 |  |  | $ | 1,145 |
USGIF performance fees |  |  | (86 | ) |  |  | (116 | )
ETF advisory fees |  |  | 166 |  |  |  | 185 |
Offshore advisory fees |  |  | - |  |  |  | 1 |
USGIF administrative services fees |  |  | 53 |  |  |  | 57 |
Subtotal investment management services fees |  |  | 1,044 |  |  |  | 1,272 |
Galileo advisory fees |  |  | 179 |  |  |  | 218 |
Galileo performance fees |  |  | - |  |  |  | - |
Subtotal investment management services fees - Canada |  |  | 179 |  |  |  | 218 |
Total Operating Revenue |  | $ | 1,223 |  |  | $ | 1,490 |
The Company serves as investment adviser to USGIF and receives a fee based on a specified percentage of average assets under management. The advisory agreement for the equity funds within USGIF provides for a base advisory fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months. The Company has agreed to contractually limit the expenses of the Near-Term Tax Free Fund through April 2019. The Company has voluntarily waived or reduced its fees and/or agreed to pay expenses on the remaining USGIF funds. These caps will continue on a voluntary basis at the Company’s discretion. The aggregate fees waived and expenses borne by the Company for USGIF for the three months ended September 30, 2018, were $165,000, compared with $232,000 for the corresponding period in the prior fiscal year. Management cannot predict the impact of future waivers due the number of variables and the range of potential outcomes. The Company receives administrative service fees from USGIF based on the average daily net assets at an annual rate 0.05 percent per investor class and 0.04 percent per institutional class of each fund. The Company also serves as investment advisor to two exchange-traded funds (ETFs): U.S. Global Jets ETF (ticker JETS) and U.S. Global GO GOLD and Precious Metal Miners ETF (ticker GOAU). The Company receives a unitary management fee of 0.60 percent of average net assets and has agreed to bear all expenses of the ETFs. Galileo provides advisory services for clients in Canada and receives advisory fees based on the net asset values of the clients. Galileo may also receive performance fees from certain clients when market appreciation or realized net gains exceeds established benchmarks. Performance fees are recognized when it is determined that they are no longer probable of significant reversal, typically on an annual basis at calendar year-end. Galileo may, at its discretion, waive and absorb some of its clients’ operating expenses. The amount of fund expenses waived and absorbed was $116,000 and $19,000 for the three months ended September 30, 2018, and 2017, respectively. As of September 30, 2018, the Company had $340,000 in receivables from fund clients, of which $250,000 was from USGIF, $35,000 from Galileo clients and $55,000 from ETFs. As of June 30, 2018, the Company had $419,000 in receivables from fund clients, of which $321,000 was from USGIF, $44,000 from Galileo clients and $54,000 from ETFs.

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