UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
For the fiscal year ended December 31, 2019
OR
For the transition period from ___________ to ______________
Commission file number 0-24960
COVENANT TRANSPORTATION GROUP
401(K) & PROFIT SHARING PLAN
(formerly the Covenant Transport, Inc. 401(k) & Profit Sharing Plan)
Covenant Transportation Group, Inc.
400 Birmingham Highway
Chattanooga, Tennessee 37419
COVENANT TRANSPORTATION GROUP 401(K)
& PROFIT SHARING PLAN
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator and Plan Participants
Covenant Transportation Group 401(k) & Profit Sharing Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Covenant Transportation Group 401(k)
& Profit Sharing Plan (the “Plan”) as of December 31, 2019 and 2018, and the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes to the financial statements
(collectively the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018,
and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Report on Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the
Plan’s financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying
accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying
schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Mauldin & Jenkins, LLC
We have served as the Plan’s auditor since 2018.
Chattanooga, Tennessee
June 19, 2020
See accompanying notes to financial statements.
See accompanying notes to financial statements.
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2019 and 2018:
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
The following table summarizes investments for which the fair value is measured using the NAV per share practical expedient as of December 31, 2019 and 2018, respectively.
*Indicates Party-In-Interest to the Plan.
Note: Cost information has not been included in column (d) because all investments are participant directed.
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
By:
|
|
Covenant Transport, Inc.,
|
|
|
|
Plan Administrator
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ M. Paul Bunn
|
|
|
|
M. Paul Bunn
|
|
|
|
Executive Vice President, Chief Financial Officer, and Secretary on behalf of
|
|
|
|
Covenant Transport, Inc.
|
INDEX TO EXHIBITS