XML 26 R14.htm IDEA: XBRL DOCUMENT

Pension Expense	12 Months Ended
Jun. 30, 2023
Pension Expense [Abstract]
Pension Expense	Note 7. Pension Expense Under terms of a negotiated union contract which expires on June 30, 2025, the Company is obligated to make contributions to a union-sponsored International Brotherhood of Electrical Workers Local 1799 defined benefit pension plan (Plan identifying number is 14-6065199) covering eligible employees. Such contributions and expenses are based upon hours worked at a specified rate and amounted to $102,612 in fiscal year 2023 and $110,378 in fiscal year 2022. These contributions represent more than five percent of the total contributions made into the Plan. For the years beginning January 1, 2023 and 2022, the Plan was in the “green zone” which means it is neither endangered nor critical status. In addition, the Company is obligated to make contributions to the National Electrical Benefit Fund (NEBF) (Plan identifying number is 53-0181657). The Plan is a defined pension benefit plan covering eligible union employees. Such contributions and expenses amounted to $72,350 in fiscal year 2023 and $73,771 in fiscal year 2022. The contribution did not and will not in the future have a material impact on the Company’s financial statements. The Company sponsors a 401(k) plan for non-union workers with employee and employer matching contributions. The employer match is 10% of the employee contribution and was $53,768 and $53,836, for fiscal years 2023 and 2022, respectively.

Pension Expense

12 Months Ended

Jun. 30, 2023

Note 7. Pension Expense

Under terms of a negotiated union contract which expires on June 30, 2025, the Company is obligated to make contributions to a union-sponsored International Brotherhood of Electrical Workers Local 1799 defined benefit pension plan (Plan identifying number is 14-6065199) covering eligible employees. Such contributions and expenses are based upon hours worked at a specified rate and amounted to $102,612 in fiscal year 2023 and $110,378 in fiscal year 2022. These contributions represent more than five percent of the total contributions made into the Plan. For the years beginning January 1, 2023 and 2022, the Plan was in the “green zone” which means it is neither endangered nor critical status. In addition, the Company is obligated to make contributions to the National Electrical Benefit Fund (NEBF) (Plan identifying number is 53-0181657). The Plan is a defined pension benefit plan covering eligible union employees. Such contributions and expenses amounted to $72,350 in fiscal year 2023 and $73,771 in fiscal year 2022. The contribution did not and will not in the future have a material impact on the Company’s financial statements.

The Company sponsors a 401(k) plan for non-union workers with employee and employer matching contributions. The employer match is 10% of the employee contribution and was $53,768 and $53,836, for fiscal years 2023 and 2022, respectively.