HWFC Financial Statement 2023-2024

Page 1


JUNE 30, 2024 AND 2023

To The Board Of Directors

Honest Weight Food Cooperative, Inc.

Albany, New York

Independent Auditors’ Report

Report on the Audits of the Financial Statements

Opinion

We have audited the financial statements of Honest Weight Food Cooperative, Inc. (the Cooperative), which comprise the balance sheets as of June 30, 2024 and 2023, and the related statements of income and retained earnings, comprehensive income and accumulated other comprehensive income, and cash flows for the years then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Honest Weight Food Cooperative, Inc. as of June 30, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audits of the Financial Statements section of our report. We are required to be independent of Honest Weight Food Cooperative, Inc. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibilities of Management for the Financial Statements (Continued)

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Honest Weight Food Cooperative, Inc.’s ability to continue as a going concern for one year after the date that the financial statements are issued.

Auditors’ Responsibilities for the Audits of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audits.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audits in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Honest Weight Food Cooperative, Inc.’s internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Honest Weight Food Cooperative, Inc.’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audits, significant audit findings, and certain internal control-related matters that we identified during the audits.

Three

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information appearing on Schedule I is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Albany, New York

October 5, 2024

Balance Sheets June 30

Liabilities And Members’ Equity

The accompanying notes are an integral part of these financial statements (4)

HONEST WEIGHT FOOD COOPERATIVE,

Statements Of Income And Retained Earnings

For The Years Ended June 30

The accompanying notes are an integral part of these financial statements (5)

Statements Of Comprehensive Income And For The Years Ended June 30 Accumulated Other Comprehensive Income

comprehensive income (loss), net of taxes:

The accompanying notes are an integral part of these financial statements (6)

Financing

Statements Of Cash Flows

For The Years Ended June 30

The accompanying notes are an integral part of these financial statements (7)

Notes To Financial Statements

Note 1: Summary Of Significant Accounting Policies

Background information - Honest Weight Food Cooperative, Inc. (the Cooperative) was formed pursuant to Article 2 of the Cooperative Corporation Law of New York. The Cooperative operates a retail natural food store in Albany, New York that is committed to providing the community with affordable, high quality natural foods, and products for healthy living.

Revenue recognition - Revenue from contracts with customers is recognized using the five-step model: (1) identify the contract, (2) identify performance obligations, (3) determine the transaction price, (4) allocate the transaction price, and (5) recognize revenue. Contracts with customers are typically defined by the Cooperative’s customary business practices and are valued at the contract selling price per unit. Revenue is not recognized unless collectability under the contract is considered probable, the contract has commercial substance, and the contract has been approved. Additionally, the contract must contain payment terms, as well as the rights and commitments of both parties.

The Cooperative has identified its material revenue stream as follows:

Retail grocery revenue - Retail grocery revenues are recognized at the point of sale, net of coupons and discounts. Coupons and discounts were comprised of member discounts, promotional discounts, and store coupons for the year ended June 30, 2024 in the amounts of $215,468, $171,544, and $400,931, respectively, and for the year ended June 30, 2023 in the amounts of $208,081, $167,953, and $407,005, respectively.

The following policies relating to revenue recorded under revenue recognition standards are as follows:

Sales tax - Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Cooperative from a customer, are excluded from revenue.

Variable consideration - The Cooperative includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and the determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Cooperative’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available.

Cash equivalents - Cash equivalents consist of a money market account.

Notes To Financial Statements

Note 1: Summary Of Significant Accounting Policies (Continued)

Accounts receivable - Accounts receivable consist primarily of receivables from vendors for certain promotional items and miscellaneous receivables. Receivables are considered past due when payment is not received within the period allowed under the terms of the sale or contract. The Cooperative writes off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income or an offset to credit loss expense in the year of recovery.

Allowance for credit losses - The Cooperative recognizes an allowance for credit losses in an amount equal to the current expected credit losses. The estimation of the allowance is based on an analysis of historical loss experience, current receivables aging, and management’s assessment of current conditions and reasonable and supportable expectation of future conditions, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. The Cooperative assesses collectability by pooling receivables where similar characteristics exist and evaluates receivables individually when specific customer balances no longer share those risk characteristics and are considered at risk or uncollectible. The expense associated with the allowance for credit losses is recognized in administrative expenses. Credit loss (bad debt) expense (recovery) for the years ended June 30, 2024 and 2023 was ($73,231) and $99,221, respectively

Inventory - Inventory consists of food and merchandise and is stated at the lower of cost or net realizable value, with cost being determined by the first-in, first-out (FIFO) method. Maintenance, operating, and office supplies are not inventoried.

Depreciation - The cost of property and equipment is depreciated over the estimated useful lives of the related assets using the straight-line method.

Debt issuance costs - Debt issuance costs are being amortized on a straight-line method over the term of the loan to interest expense and are presented as a direct reduction to the related note payable.

Gift cards - The Cooperative sells gift cards to its customers. Service fees are charged and deducted from gift cards after 24 months of inactivity. Gift card funds expire after five years from the last date funds are loaded to a card. Gift cards are recorded as a liability included in accrued expenses when sold, and are recognized as revenue when the gift card is redeemed.

Advertising - Advertising and marketing expenses are charged to operations when incurred. Advertising and marketing expenses for the years ended June 30, 2024 and 2023 were $277,062 and $308,318, respectively.

Notes To Financial Statements

Note

1: Summary Of Significant Accounting Policies (Continued)

Income taxes - Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes. Deferred taxes are recognized for differences between the basis of assets and liabilities for financial statement and income tax purposes. The differences relate primarily to depreciable assets (use of different depreciation methods and lives for financial statement and income tax purposes). The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be deductible or taxable when the assets and liabilities are recovered or settled. Deferred taxes also are recognized for operating losses that are available to offset future taxable income.

Estimates - The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The application of these accounting principles involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ from these estimates. The Cooperative periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made by the Cooperative in the accompanying financial statements include certain assumptions related to long-lived assets, revenue recognition policies and current expected credit losses. Actual results could differ from these estimates.

Derivative instruments - The Cooperative uses derivatives to manage risks related to interest rate movements. Interest rate swap contracts designated and qualifying as cash flow hedges are reported at fair value. The gain or loss on the effective portion of the hedge initially is included as a component of other comprehensive loss and is subsequently reclassified into earnings when interest on the related debt is paid. The Cooperative documents its risk management strategy and hedge effectiveness at the inception of and during the term of each hedge. The Cooperative’s interest rate risk management strategy is on occasion to enter into interest rate swap contracts to convert variable-rate debt to a fixed rate.

Comprehensive income - Comprehensive income is a total of net income plus all other changes in net assets arising from non-owner sources which are referred to as other comprehensive income (loss). The Cooperative has presented a separate statements of comprehensive income and accumulated other comprehensive income. Non-owner sources consist of unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges.

Notes To Financial Statements

Note 1: Summary Of Significant Accounting Policies (Continued)

Fair value measurements - Accounting principles generally accepted in the United States of America establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority, and Level 3 inputs have the lowest priority. The Cooperative uses appropriate valuation techniques based on the available inputs to measure fair value. When available, the Cooperative measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. Level 3 inputs are used only when Level 1 or Level 2 inputs are not available. The three levels of the fair value hierarchy in accordance with accounting principles generally accepted in the United States of America are described below:

Level 1: Unadjusted quoted prices in active markets for identical, unrestricted assets, or liabilities that the Cooperative has the ability to access at the measurement date;

Level 2: Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets, or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3: Significant unobservable prices or inputs (including the Cooperative’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Presentation - Certain reclassifications, when applicable, are made to the prior year financial statement presentation to correspond to the current year’s format. Reclassifications, when made, have no effect on total equity or net income.

Notes To Financial Statements

Note 1: Summary Of Significant Accounting Policies (Continued)

Recently adopted accounting principle - Effective January 1, 2023 the Cooperative adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the Current Expected Credit Losses (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including accounts receivable, contract assets, loan receivables, and heldto-maturity debt securities. It also applies to off-balance-sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities the Cooperative does not intend to sell or believes that is more-likely-than-not they will be required to sell. Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing a cooperative’s exposure to credit risk and the measurement of credit losses. Financial assets held by the Cooperative that are subject to the guidance in ASC 326 were accounts and miscellaneous receivables and money market accounts.

The Cooperative adopted ASC 326 using the modified retrospective transition method as of the date of adoption for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning January 1, 2023 are presented under ASC 326, while prior period amounts are not adjusted and continue to be reported in accordance with previously applicable generally accepted accounting principles. The adoption of this accounting guidance as of January 1, 2023 did not have an effect on the Cooperative’s results of operations and on the opening balance of retained earnings.

Notes To Financial Statements

Note 2: Property And Equipment

Property and equipment, stated on the balance sheets at cost less accumulated depreciation, at June 30 consist of:

Depreciation expense charged to operations for the years ended June 30, 2024 and 2023 was $299,072 and $300,400, respectively

Note

3: Other Assets

Other assets at June 30 consist of:

Investments in other cooperatives are recorded under the cost method, whereby qualified allocations are included in income and investment accounts in the year notification is received, and cash distributions are recorded as a reduction of the investment account. The fair value of cost-method investments are not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. Management has not identified any such events or circumstances.

Notes To Financial Statements

Note 4: Short-Term Borrowings

The Cooperative has a $250,000 line of credit with a bank. Borrowings against the line are due on demand and interest is payable monthly at one-month SOFR plus 2.75% (one-month SOFR was 5.34% at June 30, 2024). The line is secured by the assets of the Cooperative. The Cooperative had available $250,000 at June 30, 2024.

Note 5: Long-Term Debt

Long-term debt at June 30 consists of:

Note payable to abank,dueJune2027, payable in monthly installments of$46,124including interestat one-month SOFR, plus 2%(one-month SOFR was 5.34% at June30,2024), net of unamortizeddebt issuancecosts of$12,971 and $17,295, respectively,secured by allassets oftheCooperative. The Cooperative entered into a swapagreementthatfixed the interest rate at 4.19% through June 2027.

Buildingblockloans payable in the form of gift cards. The Cooperative has issued an open call to repay theloans. These loans are unsecured. 6,685 6,760 1,590,5442,060,731 Less: current portion 501,880 481,196

Long-Term Portion 1,088,664 $ 1,579,535 $

Unless otherwise noted above, all debt is secured by substantially all of the assets of the Cooperative.

Notes To Financial Statements

Note 5: Long-Term Debt (Continued)

Maturities of long-term debt are as follows:

$

Total maturities of long-term debt 1,603,515

Less: unamortized debt issuance costs12,971

Net Maturities Of Long-Term Debt 1,590,544 $

At June 30, 2024, the Cooperative held an interest rate swap to hedge changes in interest rates on borrowing costs of variable rate debt. This contract is classified as a cash flow hedge and matures in June 2027. The Cooperative adjusts the interest rate swap to current market values through other comprehensive income, as the contract is effective in offsetting the interest rate exposure of the forecasted interest rate payments hedged. The gain (loss) deferred in other comprehensive income will be recognized in interest expense in the same period in which the related interest on the variable rate debt affects earnings. The swap contract requires a payment of a fixed rate of 4.19% and the receipt of a variable rate of interest (one-month SOFR plus 2%, one-month SOFR was 5.34% at June 30, 2024).

The following represents the notional amount hedged, fair value of the interest rate swap outstanding at June 30, 2024, included in long-term liabilities, and the amount of loss deferred through other comprehensive loss or recognized through other income/expenses during the year ended June 30, 2024.

Notional

The Cooperative expects to reclassify $43,000 of deferred net gain on the interest rate swap to interest expense during the next twelve months.

Notes To Financial Statements

Note 6: Income Taxes

The components of income tax expense from continuing operations for the years ended June 30 consist of:

Deferrals of income and expenses as of June 30 consist of the following items:

Deferred Tax Assets (Liabilities)

The Cooperative has available at June 30, 2024, New York State loss carryforwards for tax reporting purposes of approximately $140,000, which expire in various years through 2034.

Note 7: Membership Shares And Certificates Of Membership

In 1988, the Cooperative amended the Certificate of Incorporation to provide for the issuance of membership shares. In 1990, the Cooperative amended the Certificate of Incorporation to provide for the issuance of additional membership shares, bringing the total number of Class A shares to 1,500 with a $100 par value. At June 30, 2024 and 2023, 641 and 642 Class A shares were issued and outstanding, respectively.

In 1994, the Cooperative amended the Certificate of Incorporation to provide for the issuance of 500 Class B membership shares with $100 par value. Additional amendments in 1996, 1998, 2007, and 2014 provided for the authorization of an additional 1,000, 2,000, 5,000, and 10,000 Class B membership shares with a $100 par value, respectively. At June 30, 2024 and 2023, 8,526, and 8,548 Class B shares were issued and outstanding, respectively.

The holders of the Class A shares have the right to require that their shares be redeemed by the Cooperative. The Class B shares may be redeemed at the option of the Cooperative.

Notes To Financial Statements

Note 7: Membership Shares And Certificates Of Membership (Continued)

On January 31, 2018, the Cooperative restated its Certificate of Incorporation. As of this date, without affecting membership shares or shares of stock previously issued by the Cooperative, the Cooperative shall be authorized to issue certificates of membership at a price of $100, also known as certificates of ownership, to the owners of the Cooperative representing each owner’s interest in the Cooperative. The Cooperative will also no longer issue any further shares of stock. The total amount of certificates of membership authorized is 20,000 ownership interests. Persons holding certificates of membership have the same voting and ownership rights as persons holding membership shares. All certificates of membership are redeemable at the option of the Cooperative at a redemption price equal to the lower of $100 or the purchase price paid by the purchaser to the date of redemption. The ownership rights of any shares or certificates of membership are identical. At June 30, 2024 and 2023, 2,041 and 1,749 certificates of membership were issued and outstanding, respectively.

Membership shares and certificates of membership are presented net of subscriptions receivable as follows at June 30:

Note 8: Related Party Transactions

The Cooperative has a Member Working Program (the Program) where members of the Cooperative who meet certain requirements receive discounts on their store purchases. Members do not receive any other compensation for their time investment to the Cooperative. Time investment was approximately 56,324 and 61,244 hours and member-owners received related discounts of approximately $878,157 and $813,605 for the years ended June 30, 2024 and 2023, respectively. Management has engaged legal counsel to assist in the evaluation of the Program to review that it is in compliance with labor laws. Management is of the opinion that any financial exposure related to the Program would not have a material impact on the Cooperative’s financial statements. Due to uncertainties surrounding the Program, it is at least reasonably possible that management’s view may change in the future. Accordingly, no liability has been included in the financial statements for any instances of non-compliance.

Notes To Financial Statements

Note 8: Related Party Transactions (Continued)

In addition, the Cooperative has notes payable to several members totaling $6,685 and $6,760 at June 30, 2024 and 2023, respectively. See Note 5 for terms of these notes. Accrued interest on these loans at June 30, 2024 and 2023 was $-0- for each year. Interest expense on these loans for the years ended June 30, 2024 and 2023 was $15 and $40, respectively.

Note 9: Employee Retention Credit

The Cooperative qualified for the Employee Retention Credit as enacted by the CARES Act and the American Rescue Plan Act of 2021 for the years ended December 31, 2021 and 2020. The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages paid to employees after March 12, 2020 and before January 1, 2021 and 70% of the qualified wages paid to employees from January 1, 2021 through September 30, 2021. Qualified wages per employee are wages and certain health plan costs up to a total of $10,000 per year in 2020 and $10,000 per quarter in 2021 when an employer experiences either a full or partial suspension of operations due to a governmental order or a significant decline in gross receipts. A significant decline in gross receipts begins on the first day of the first calendar quarter of 2020 for which an employer’s gross receipts are less than 50% of its gross receipts for the same calendar quarter in 2019 (for 2021 quarters, gross receipts are less than 80% of its gross receipts (more than 20% decline) for the same calendar quarter in 2019).

During the fiscal year ended June 30, 2024, the Cooperative applied for $1,681,620 through the program and is currently waiting for approval from the IRS. Due to the recent moratorium in place, there is uncertainty as to whether or not the Cooperative will receive the funds, and as such, the Cooperative has not recorded revenue in the statement of income and retained earnings, or a receivable on the accompanying balance sheet.

Note 10: Employee Benefit Plan

In February 2014, the Cooperative adopted a 401(k) plan (Savings Plan) which is a defined contribution plan covering substantially all the employees of the Cooperative. The Savings Plan allows employees to make pre and post-tax contributions, subject to certain limitations, under Section 401(k) of the Internal Revenue Code. Additionally, the employer makes matching contributions up to 4% of the employee’s eligible compensation, effective January 1, 2020. Employees are 100% vested in their contribution. Cooperative matching contributions are immediately 100% vested, effective January 1, 2019. Contributions for the years ended June 30, 2024 and 2023 were $88,837 and $96,933, respectively.

Notes To Financial Statements

Note 11: Concentrations Of Credit Risk

Financial instruments that potentially subject Honest Weight Food Cooperative, Inc. to concentrations of credit risk consist principally of cash and cash equivalents in financial institutions. Accounts at each institution are insured up to the Federal Deposit Insurance Corporation (FDIC) limits.

Honest Weight Food Cooperative, Inc. maintains accounts with a stock brokerage firm. The accounts contain cash and securities. Balances are insured up to the Securities Investor Protection Corporation limits for securities and FDIC limits for cash.

Note 12: Risks And Uncertainties

Honest Weight Food Cooperative, Inc. invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and those changes could materially affect the amounts reported in the balance sheets.

Note 13: Commitments And Contingencies

The Cooperative follows the guidance for uncertainty in income taxes. As of June 30, 2024, the Cooperative believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns based on an assessment of many factors including experience and interpretations of tax laws applied to the facts of each matter. The Cooperative has concluded that there are no significant uncertain tax positions requiring disclosure, and there are no material amounts of unrecognized tax benefits.

Notes To Financial Statements

Note 14: Fair Value

Measurements

The following is a description of the valuation methodology used for assets and liabilities at fair value at June 30, 2024 and 2023:

Interest rate swap: The fair value was derived by the financing institution’s proprietary models based upon financial principles believed to provide a reasonable approximation of the fair market value.

The preceding method may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Cooperative believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date.

The interest rate swap is valued using the market approach. There were no changes in the valuation techniques during the current year.

Fair Value Measurements At Reporting Date Using:

Note 15: Subsequent Events

Subsequent events have been evaluated through October 5, 2024, which is the date the financial statements were available to be issued.

SUPPLEMENTARY INFORMATION

Schedules Of Administrative Expenses

For The Years Ended June 30

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