Notes to Financial Statements
December 31, 2012 and 2011
(1)
|
Summary of Significant Accounting Policies
|
|
(a)
|
Basis of Presentation
|
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported changes in net assets
available for benefits during the reporting period. Actual results could differ from those estimates.
|
(c)
|
Custodian of Investments
|
TD Ameritrade Trust Corporation is the trustee and custodian of all Plan assets.
Home Federal Savings Bank (the Company) is the administrator of the Plan. Alliance Benefit Group (ABG) performs the participant
accounting.
|
(e)
|
Valuation of Investments and Notes Receivable from Participants
|
Investments are stated at fair value. The Plan holds investments in guaranteed investment contracts (GICs) as part of the collective trust funds. The estimated fair value of a GIC is net asset value
exclusive of the adjustment to contract value. As required by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946-210-45, the statements of net assets available for benefits present the fair value of
the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statements of changes in net assets available for benefits are presented on a contract-value basis.
Investments in mutual funds are valued using daily net asset value calculations performed by the funds and published on national exchanges. Investments in common stock are valued at the quoted market price. Dividends are recorded on the ex-dividend
date and are reinvested in the respective funds. Interest income is recorded on the accrual basis.
Purchases and sales of
securities are recorded on a trade-date basis. Net realized gains or losses are recognized by the Plan upon the sale of its investments or portions thereof based on average cost.
Notes receivable from participants are valued at amortized cost plus accrued interest.
Benefits
are recorded when paid.
4
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
There were no subsequent events requiring adjustment to the financial statements or disclosure through June 21, 2013, the date that
the Plans financial statements were issued.
|
(h)
|
New Accounting Pronouncements
|
In May 2011, the FASB issued ASU 2011-04,
Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
.
The amendments in this ASU change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements in order to improve consistency in wording between U.S. GAAP
and IFRS. Also, the amendments in the ASU require that for each class of assets and liabilities not measured at fair value on the balance sheet but for which the fair value is disclosed, the Plan shall disclose the fair value hierarchy for each
asset and liability class. This ASU is effective for annual periods beginning on or after December 15, 2011. The adoption of this ASU did not have a material impact on the Plans financial statements.
In October 2012, the FASB issued technical corrections and improvements to amend multiple Topics within the Codification. The most
significant of these amendments is a change to the definition of fair value applicable to employee benefit plans and defined contribution plans. Previously, the definition of fair value applied to those plans was inconsistent with the definition of
fair value in the Codification. The technical corrections and improvements conform the definition, while retaining the exception for health and welfare benefit plans and defined contribution plans to reduce the measurement by the costs to sell, if
those costs are significant. This guidance is effective for fiscal years beginning after December 15, 2012. The adoption of this guidance is not expected to have a material impact on the Plans financial statements.
(2)
|
Description of the Plan
|
The following description of the Plan provides only general information. Participants should refer to the Summary Plan Description for
more complete information.
The Plan
is a defined contribution plan, qualified under Section 401(a) of the Internal Revenue Code (IRC). The Plan includes 401(k) provisions, which allow participants to direct the Company to contribute a portion of their compensation to the Plan on
a pretax and Roth basis through payroll deductions. The Plan is subject to the Employee Retirement Income Security Act of 1974 (ERISA).
All Company employees who have attained the age of 18 are eligible to participate in the Plan, subject to entry dates.
Participants have the ability to contribute up to 50% of their monthly compensation on a pretax and Roth basis to the Plan. Participant
contributions are subject to the Internal Revenue Service (IRS) maximum annual limits of $17,000 and $16,500 during 2012 and 2011, respectively. The Company matches 25% of each participants contribution not in excess of 8% of the
participants annual salary. Participants over the age of 50 were allowed to contribute an additional $5,500 as a catch-up contribution during 2012 and 2011 as allowed by current tax law.
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
The Company may, in its sole discretion, contribute to the Plan an amount to be determined from year to year (the
Non-Elective Contribution). Such contributions would be allocated to the accounts of participants in the ratio that each participants compensation for the plan year bears to the total compensation of all participants for the plan year.
There were no such contributions during 2012 or 2011.
New employees are automatically enrolled in the Plan on the first of the
month following 30 days of employment unless the employee elects not to participate (Automatic Enrollment Provision). Automatic contributions for these new employees are initially deducted at a rate of 4% of the employees compensation and
are increased in 1% increments on January 1 of each year up to a maximum total contribution of 12%. The Company matches 25% of these automatic contributions not in excess of 8% of the participants annual salary. The employee has the right
at any time to decline participation in the Plan or change the amount of the automatic contribution up to the maximum allowed 50% of their monthly compensation.
The Plan allows for rollover contributions to be made to the Plan by eligible participants. These rollover contributions are eligible distributions from other tax-qualified plans or individual retirement
accounts or annuities that participants elect to have invested in the Plan either by a direct rollover to the Plan or by a distribution followed by a contribution within sixty days of receipt.
Each participants account is credited with the participants contribution and allocations of the Companys contribution and Plan earnings. Allocations are based on participant
contributions or account balances, as defined. Participants may elect to have their contributions invested in the funds listed in the Plans provisions as they choose and may generally also transfer their balances daily among these funds.
Participants are immediately vested in their contributions and the actual earnings thereon.
Employer matching contributions are subject to a three-year cliff vesting.
Forfeited amounts totaled $7,730 and $10,001 for 2012 and 2011, respectively, and are used to reduce future employer match obligations or
plan fees. Forfeitures of $4,201 and $10,059 for 2012 and 2011, respectively, were used to reduce current year employer contributions.
Each participant is entitled to exercise voting rights attributable to the shares allocated to his or her account and is notified by the
trustee prior to the time that such rights are to be exercised. The trustee is not permitted to vote any allocated share for which instructions have not been given by a participant. The trustee is required, however, to vote any unallocated shares on
behalf of the collective best interest of plan participants and beneficiaries.
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
|
(f)
|
Notes Receivable from Participants
|
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from 1 to 5 years, except
loans used to purchase a primary residence, which may have a term up to 15 years. All loans are secured by the balance in the participants account and bear interest at a rate equal to the prime rate or prime rate plus 1%. Principal and
interest payments must be made monthly.
|
(g)
|
Risks and Uncertainties
|
The Plan 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, changes in the values of investment securities will occur in the near term that could materially affect participants account balances and the amounts reported in the statements of net assets available for benefits.
At December 31, 2012 and 2011, approximately 3% and 2% of the Plans net assets were invested in the common stock of
HMN Financial, Inc, respectively. The underlying value of the HMN Financial, Inc. common stock is entirely dependent upon the performance of HMN Financial, Inc. and the markets evaluation of such performance. It is at least reasonably possible
that changes in the fair value of HMN Financial, Inc. common stock in the near term could materially affect participants account balances and the amounts reported in the statements of net assets available for benefits and the statements of
changes in net assets available for benefits.
Upon termination of employment for any reason, the vested portion of the participants account balance becomes fully payable.
Distributions are paid in cash in either one lump sum or under installments.
|
(i)
|
Participating Employers
|
The Company is a member of a controlled group of corporations as defined in Section 414(b) of the IRC. All members of the controlled group participated in the Plan.
Asset management fees ranging between 38 and 85 basis points are assessed annually on average net asset values and are deducted from the
individual funds. In addition, accounting and administrative fees totaling $18,482 and $19,956 were paid in 2012 and 2011, respectively.
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
The
Company, by action of its board of directors, may terminate the Plan. All participants at the time of such termination shall be 100% vested in their account balances and shall be entitled to a benefit equal to the value of their accounts as
determined as of the valuation date following termination.
(4)
|
Description of Investment Options
|
Participant contributions are invested by the Plan Trustee in accordance with participant elections, in one or more of the investment options the Plan offers in increments of 1%.
|
(a)
|
American Funds AMCAP Fund A
|
This fund seeks to provide long-term growth of capital. It invests in established growth companies of any size with records of steady, above-average earnings and a growth rate faster than that of the
general market. The fund primarily invests in U.S. common stocks, as well as convertible preferred stocks and cash and equivalents.
|
(b)
|
American Funds Europacific Fund A
|
This fund invests in growing companies based chiefly in Europe and the Pacific Basin, ranging from small firms to large corporations. It invests primarily in common and preferred stocks, convertibles,
American Depositary Receipts, European Depositary Receipts, bonds, and cash. Normally, at least 80% of assets must be invested in securities of issuers domiciled in Europe or the Pacific Basin.
|
(c)
|
American Funds Growth Fund A
|
This fund seeks to provide long-term growth of capital through a diversified portfolio of common stocks. The fund may invest in cyclical companies, turnarounds, and value situations. It invests primarily
in common stocks, convertibles, preferred stocks, U.S. government securities, bonds, and cash.
|
(d)
|
DFA Emerging Markets Value Fund
|
This fund seeks long-term capital appreciation. The fund invests substantially all assets in its corresponding Master Fund, the Dimensional Emerging Markets Value Fund (the Emerging Markets Value
Fund). The master fund invests normally at least 80% of net assets in emerging markets investments that are defined as Approved Markets securities and may purchase emerging market equity securities across all market capitalizations. The master fund
can lend its portfolio securities to generate additional income.
|
(e)
|
Dodge & Cox Stock Fund
|
The objective of this fund is long-term growth of principal and income. The fund invests primarily in a diversified portfolio of common stocks.
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
|
(f)
|
Galliard/Wells Fargo Stable Value Fund M
|
This fund invests in investment instruments issued by highly rated financial institutions. These instruments include GICs, bank investment contracts and security-backed contracts. Safety of principal,
consistency of returns with minimal volatility and liquidity for participant-initiated withdrawals are key objectives of the fund.
|
(g)
|
JP Morgan Mid Cap Value Institutional Fund
|
This fund seeks growth from capital appreciation. The fund normally invests at least 80% of assets in equity securities of mid cap companies. Mid cap companies are companies with market capitalizations
between $1 billion and $20 billion at the time of purchase. In implementing its main strategies, the funds investments are primarily in common stock and real estate investment trusts (REITs).
|
(h)
|
JP Morgan Smart Retirement Funds 2010 2050 Select Funds
|
This suite of investments seeks total return with a shift to current income and some capital appreciation. Each fund in the suite is a fund of funds that invests assets in a combination of
equity, fixed-income and short-term mutual funds in the same group of investment companies. The advisor uses a different asset allocation strategy depending on the specific target retirement date of each individual offering within the suite.
Generally, the adviser changes each funds asset allocation on at least an annual basis with the asset allocation becoming more conservative (i.e., more emphasis on fixed income funds and less on U.S. equity and other funds) as the fund
nears the target retirement date.
|
(i)
|
PIMCO Total Return Fund
|
This fund seeks maximum total return. The fund normally invests at least 65% of assets in a diversified portfolio of Fixed-Income Instruments of varying maturities, which may be represented by forwards or
derivatives such as options, futures contracts, or swap agreements. It invests primarily in investment-grade debt securities, but may invest up to 10% of total assets in high-yield securities (junk bonds). The fund may invest all assets in
derivative instruments, such as options, futures contracts, or swap agreements, or in mortgage- or asset-backed securities.
This fund seeks capital appreciation by investing primarily in stocks of small companies, as determined by either market capitalization or
assets.
|
(k)
|
T. Rowe Price Mid Cap Growth Advisors Fund
|
This fund seeks capital appreciation by investing primarily in equity securities of companies with earnings that are expected to grow at an above-average rate. Current income, if considered at all, is a
secondary objective.
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
|
(l)
|
Vanguard 500 Index Fund Signal Shares
|
This fund seeks to provide investment results that correspond to the total return performance of common stocks of companies publicly traded in the United States. The fund attempts to duplicate the
composition and total return of the S&P 500 Index while keeping transaction costs low.
|
(m)
|
Vanguard Mid Cap Index Fund Signal Shares
|
This fund seeks to provide investment results that correspond to the total return performance of common stocks of companies publicly traded in the United States. The fund attempts to duplicate that
composition and total return of the S&P 400 Mid Cap Index while keeping transaction costs low.
|
(n)
|
Vanguard Small Cap Index Fund Signal Shares
|
This investment seeks to track the performance of a benchmark index that measures the investment return of small capitalization stocks. The fund employs a passive management investment approach designed
to track the performance of the MSCI U.S. Small Cap 1750 index, a broadly diversified index of the stocks of smaller U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of assets in the stocks
that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
|
(o)
|
Vanguard Wellesley Fund
|
This fund seeks total return by investing in a relatively fixed combination of both stocks and bonds. In general, these funds will hold a minimum of 25% in stocks and 25% in bonds at any time.
|
(p)
|
Wells Fargo Government Securities Fund
|
This fund invests primarily in high-quality bonds issued by the U.S. government or its agencies. The fund seeks total return by investing for a high level of current income with a moderate degree of
share-price fluctuation.
|
(q)
|
HMN Financial, Inc. Common Stock
|
The fund invests in the common stock of HMN Financial, Inc., the holding company of Home Federal Savings Bank.
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
The
following investments equal or exceed 5% of net assets available for plan benefits at December 31, 2012 and/or 2011:
|
|
|
|
|
|
|
|
|
|
|
Fair value
|
|
|
|
2012
|
|
|
2011
|
|
American Funds AMCAP Fund A
|
|
$
|
499,545
|
|
|
|
452,377
|
|
American Funds Europacific Fund A
|
|
|
1,032,437
|
|
|
|
825,696
|
|
American Funds Growth Fund A
|
|
|
660,007
|
|
|
|
548,396
|
|
Dodge & Cox Stock Fund
|
|
|
1,124,524
|
|
|
|
905,240
|
|
Galliard/Wells Fargo Stable Value Fund M
|
|
|
1,091,967
|
|
|
|
988,875
|
|
Royce Premier Fund
|
|
|
1,087,130
|
|
|
|
960,785
|
|
T. Rowe Price Mid Cap Growth Advisors Fund
|
|
|
550,875
|
|
|
|
448,684
|
|
Vanguard 500 Index Fund Signal Shares
|
|
|
964,164
|
|
|
|
842,319
|
|
Vanguard Mid Cap Index Fund Signal Shares
|
|
|
990,799
|
|
|
|
875,925
|
|
Vanguard Wellesley Fund
|
|
|
692,128
|
|
|
|
673,261
|
|
Wells Fargo Government Securities Fund
|
|
|
712,141
|
|
|
|
757,380
|
|
(6)
|
Fair Value Measurements
|
ASC Topic 820,
Fair Value Measurements and Disclosures
(ASC 820), governs the application of U.S. generally accepted
accounting principles that require fair value measurements of the Plans assets and liabilities and disclosures about those measurements. Fair value is an estimate of the price the Plan would receive upon selling a security in an orderly
transaction between market participants in the principal or most advantageous market of the security. ASC 820 establishes a three-tiered hierarchy, which prioritizes and ranks the level of market price observability used in measuring
investments at fair value. The level in the fair value hierarchy within which the fair value measurement of the asset in its entirety is classified is based on the lowest level input that is significant to the fair value measurement. These inputs
are summarized in the three broad levels listed below:
|
|
|
|
|
|
|
Level 1
|
|
Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments included in Level 1 are money market funds,
publicly traded equity securities, and mutual funds. The quoted prices for these investments are not adjusted because of the size of the position relative to trading volume (blockage factor).
|
|
|
|
|
|
Level 2
|
|
Pricing inputs are other than quoted prices in active markets for identical or similar instruments. Investments that may be included in this category are publicly traded equity
securities with restrictions (e.g., lock-up agreements) or equity or debt securities of private companies provided the transaction is both recent and between willing parties for the same securities and therefore could be used as an estimate of the
theoretical exit price.
|
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
|
|
|
|
|
|
|
Level 3
|
|
Pricing inputs are unobservable that are significant to the fair value measurement and include situations where there is little, if any, market activity for the investment. Fair
value for these investments is estimated using valuation methodologies that consider a range of factors in estimating the exit price from the perspective of market participants, as discussed in note 1(d). Investments that are included in this
category generally are privately held debt and equity securities.
|
Valuation levels are not necessarily an indication of the risk associated with investing in those
securities.
The following is a description of the valuation methodologies used for assets held and carried at fair value:
|
|
|
Cash equivalents Valued at stated value, which approximates fair value.
|
|
|
|
Collective trust fund The estimated fair value of the collective trust fund is net asset value, exclusive of the adjustment to contract value,
based on the fair value of securities underlying the fund. The use of net asset value as fair value is deemed appropriate as the collective trust fund does not have finite lives, unfunded commitments relating to these types of investments, or
significant restrictions on redemptions.
|
|
|
|
Common stock Valued daily based on unadjusted quoted prices from national exchanges.
|
|
|
|
Mutual funds Valued daily based on unadjusted quoted prices from national exchanges and commonly used third-party services.
|
The following tables present the level within the fair value hierarchy at which the investments are measured
on a recurring basis as of December 31, 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Cash equivalents
|
|
$
|
34,414
|
|
|
|
|
|
|
|
|
|
|
|
34,414
|
|
Collective trust fund
|
|
|
|
|
|
|
1,091,967
|
|
|
|
|
|
|
|
1,091,967
|
|
HMN Financial, Inc. Common Stock
|
|
|
347,180
|
|
|
|
|
|
|
|
|
|
|
|
347,180
|
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity
|
|
|
6,054,395
|
|
|
|
|
|
|
|
|
|
|
|
6,054,395
|
|
International equity
|
|
|
1,097,093
|
|
|
|
|
|
|
|
|
|
|
|
1,097,093
|
|
Balanced
|
|
|
692,128
|
|
|
|
|
|
|
|
|
|
|
|
692,128
|
|
Fixed income or bond
|
|
|
892,268
|
|
|
|
|
|
|
|
|
|
|
|
892,268
|
|
Target date
|
|
|
339,449
|
|
|
|
|
|
|
|
|
|
|
|
339,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,456,927
|
|
|
|
1,091,967
|
|
|
|
|
|
|
|
10,548,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Cash equivalents
|
|
$
|
30,477
|
|
|
|
|
|
|
|
|
|
|
|
30,477
|
|
Collective trust fund
|
|
|
|
|
|
|
988,875
|
|
|
|
|
|
|
|
988,875
|
|
HMN Financial, Inc. Common Stock
|
|
|
165,100
|
|
|
|
|
|
|
|
|
|
|
|
165,100
|
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity
|
|
|
5,164,475
|
|
|
|
|
|
|
|
|
|
|
|
5,164,475
|
|
International equity
|
|
|
873,615
|
|
|
|
|
|
|
|
|
|
|
|
873,615
|
|
Balanced
|
|
|
673,261
|
|
|
|
|
|
|
|
|
|
|
|
673,261
|
|
Fixed income or bond
|
|
|
867,884
|
|
|
|
|
|
|
|
|
|
|
|
867,884
|
|
Target date
|
|
|
103,685
|
|
|
|
|
|
|
|
|
|
|
|
103,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,878,497
|
|
|
|
988,875
|
|
|
|
|
|
|
|
8,867,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, 2012 and 2011, the Plan held no assets in which significant
unobservable inputs (Level 3) were used in determining fair value. The Plan did not have any transfers between Levels 1 and 2 during the periods.
The
IRS determined and informed the Company by a letter dated May 11, 1994 that the Plan and related trust, as then designed, were in compliance with the provisions of 401(a) of the IRC and were thereby exempt from federal income taxes under
Section 501(a) of the IRC. The Plan has been amended in its entirety since receiving this determination letter. During 2009, the Plan, as amended, was again submitted to the IRS for determination of its tax-exempt status. A favorable
determination was received on September 09, 2010; therefore, no provision for income taxes has been included in the Plans financial statements. Although the Plan was subsequently amended in December 2010, the Plan administrator and
the Plans tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.
U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position
that more likely than not would not be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2012, there are no uncertain positions taken or
expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in
progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2009.
HOME FEDERAL SAVINGS BANK EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2012 and 2011
(8)
|
Party-in-Interest Transactions
|
The Plan engages in investment transactions involving the acquisition or disposition of HMN Financial, Inc. common stock. HMN Financial, Inc. is the holding company of Home Federal Savings Bank and is a
party in interest. Also, certain Plan investments are shares of mutual funds managed by ABG. ABG is appointed as the third-party administrator of the Plan as defined by the Summary Plan Document and is a party in interest. These transactions are
covered by an exemption from the prohibited transactions provisions of ERISA and the IRC.
(9)
|
Reconciliation of Financial Statements to Form 5500
|
The following is a reconciliation of net assets available for benefits per the financial statements as of December 31, 2012 to Form 5500:
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Net assets available for benefits per the financial statements
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$
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10,631,847
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Add accrued expenses
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3,537
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Less contributions receivable
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(10,634
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)
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Adjustment from contract value to fair value for fully benefit-responsive investment contracts
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30,775
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Net assets available for benefits per Form 5500
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$
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10,655,525
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The following is a reconciliation of changes in net assets available for benefits per the financial
statements for the year ended December 31, 2012 to Form 5500:
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Change in net assets available for benefits per the financial statements
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$
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1,720,133
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Adjustment to accrued expenses
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3,537
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Adjustment to contributions receivable
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(10,634
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)
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Adjustment from contract value to fair value for fully benefit-responsive investment contracts
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5,716
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Change in net assets available for benefits per Form 5500
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$
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1,718,752
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14