Retirement Plan

12 Months Ended

May 31, 2020

Retirement Benefits [Abstract]

Retirement Plan

Note 11. RETIREMENT PLAN

Greystone implemented a defined contribution and profit-sharing plan effective January 1, 2019. The defined contribution plan is a IRC Section 401(K) plan. Greystone matches employee contributions up to 6% of employee contributions with a maximum employer contribution of 4% based on 100% of the first 3% and 50% of the next 2%. The employee is 100% vested for employer contributions to the 401(K) plan. Greystone’s contributions to the 401(K) plan totaled $275,677 and $93,233 in the fiscal years ended May 31, 2020 and 2019, respectively.

The profit-sharing plan is an employer nonelective plan. Greystone’s contributions are discretionary. Vesting is earned ratably over a five-year period. Greystone has not authorized or made any discretionary contributions since inception.