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11. Pension and Profit-sharing Plans
12 Months Ended
Aug. 31, 2017
Notes  
11. Pension and Profit-sharing Plans

11.          PENSION AND PROFIT-SHARING PLANS

 

The Company has a deferred compensation 401(k) plan for all employees with at least 12 months of service pending a monthly enrollment time. The plan allows for a non-elective discretionary contribution based on the first $50,000 of eligible compensation, which was decreased from the prior $60,000 of eligible compensation during the second quarter of fiscal 2017. During the second quarter of fiscal 2016 ended February 29, 2016, the Company made an additional 10% contribution for all eligible employees as a one-time compensation bonus.

 

For the years ended August 31, 2017 and 2016 the 401(k) compensation expense was $336,473 and $571,551, respectively.