DISCONTINUED OPERATIONS

3 Months Ended

Sep. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 12. DISCONTINUED OPERATIONS

The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. On August 23, 2013, the Funds’ Board of Trustees agreed to continue the existing transfer agency contract with USSI until conversion to the new transfer agent, which is projected to be in December 2013.

The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as discontinued operations in the statement of operations and are therefore exclude from continuing operations results. Comparative periods shown in the statement of operations have been adjusted to conform with this presentation.

The assets and liabilities related to the transfer agency business are as follows at September 30, 2013:

	As of September 30, 2013
Assets
Receivables	$	240,962
Property and equipment, net		37,487
Total assets held related to discontinued operations	$	278,449
Liabilities
Other Accrued expenses	$	5,002
Accrued compensation		59,646
Total liabilities held related to discontinued operations	$	64,648

The components of income from discontinued operations were as follows for the three months ended September 30, 2013 and 2012:

	Three Months Ended September 30,
	2013			2012
Operating revenue	$	313,592		$	364,373
Operating expenses		356,993			431,402
Loss from discontinued operations before income taxes		(43,401	)		(67,029	)
Income tax benefit		(14,756	)		(22,790	)
Loss from discontinued operations, net of tax	$	(28,645	)	$	(44,239	)