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(16) Employee Benefit Plan
12 Months Ended
Jun. 30, 2018
Disclosure Text Block [Abstract]  
(16) Employee Benefit Plan

The Company has three deferred savings plans which qualify under Internal Revenue Code Se ction 401(k).

 

The first plan covers all employees of Dynatronics Corporation, (the “Parent Company”), who have at least one month of service and who are age 20 or older. For fiscal years 2018, and 2017, the Parent Company made matching contributions of 25% of the first $2,000 of each employee’s contribution, with a six-year vesting schedule. Contributions to the plan for fiscal years 2018 and 2017 were $11,852 and $45,294, respectively. Matching contributions for future years are at the discretion of the board of directors.

 

The second plan covers all employees of Hausmann Enterprises LLC, who have at least twelve months of service and who are age 21 or older. For the fiscal years 2018 and 2017, Hausmann Enterprises LLC made matching contributions of 50% of the first 6% of each employee’s deferred contribution up to a maximum of 3% of compensation, with a six-year vesting schedule. Contributions to the plan for fiscal years 2018 and 2017 were $104,347 and $93,000, respectively.

 

The third plan covers all employees of Bird & Cronin LLC, who have at least six months of service and who are age 21 or older. For the fiscal year 2018, Bird & Cronin LLC made matching contributions of 100% of the first 5% of each employee’s contribution up to a maximum of 5% of compensation, with a six-year vesting schedule. Contributions to the plan for fiscal year 2018 was $164,772.