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Receivable From And Payable To Clients
12 Months Ended
Jun. 30, 2013
Receivable From And Payable To Clients [Abstract]  
Receivable From And Payable To Clients

4.         RECEIVABLE FROM AND PAYABLE TO CLIENTS

Receivable from and payable to clients include amounts due on cash and margin transactions.  Included in these amounts are receivable from and payable to noncustomers (as defined by Rule 15c3-3 of the Exchange Act, principally officers, directors and related accounts), which aggregated approximately $766,000 and $10,000, respectively, at June 30, 2013 and $359,000 and $1,371,000, respectively, at June 29, 2012.  Securities owned by customers and noncustomers that collateralize the receivable are not reflected in the accompanying consolidated financial statements.

 

SWS pays interest on certain customer "free credit" balances available for reinvestment.  The aggregate balance of such funds was approximately $304,016,000 and $308,669,000 at June 30, 2013 and June 29, 2012, respectively.  At June 30, 2013 and during fiscal year 2013, the weighted average interest rate and the interest rate paid on these balances was 0.02%.   During fiscal 2012, the interest rates paid on these balances ranged from 0.02% to 0.05%, with a weighted average interest rate paid of 0.04%.

 

SWS maintains an allowance for doubtful accounts which represents amounts, that in the judgment of management, are necessary to adequately absorb losses from known and inherent risks in receivables from customers.  Provisions made to this allowance are charged to operations and are included in other expense in the Consolidated Statements of Comprehensive Loss.  At June 30, 2013 and June 29, 2012, all unsecured customer receivables are provided for in this allowance.  The allowance was $168,000 and $117,000 at June 30, 2013 and June 29, 2012, respectively.