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FORM 5500 DATA

Sherer Management 401k Profit Sharing Plan

Overview

Plan Information

  • Plan Year01/01/2007 — 12/31/2007
  • Date of Plan03/01/2003
  • Net Assets as of 12/31/2007 $1,367,617
  • Plan Number1
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program?Yes
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2007

  • Active (Eligible) Participants132
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits6
  • Subtotal138
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total138
  • Total number of participants as of 01/01/2007139
  • Number of participants with account balances78
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0
  • Number of participants required to be reported on Schedule SSA0

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address1109 Normal St
  • CityWoodbine
  • StateIA
  • Zip51579-1091
  • Telephone(712) 647-2010
  • EIN42-1510948
  • Industry Code541600
  • Named AdministratorNoel Sherer
  • Named Plan SponsorNoel Sherer

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Audit Information

  • Audit StatusAudited
  • AuditorRyun, Givens & Co., Plc
  • Auditor EIN42-0732909
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
2E Profit-sharing A defined contribution plan that allows employer discretionary contributions. These plans often contain a 401(k) feature.
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
2G Total participant-directed account plan Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J Code section 401(k) feature A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
3E Prototype plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion or notification letter; and under which a separate funding medium (for example, a separate trust or custodial account) is established for the use of each adopting employer.
3H Controlled Group Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? Yes $160,685
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? Yes $100,000
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan have assets held for investment? Yes
Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? No
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No

Financials

Income and Expense Statement

Income $302,297
Contributions $246,034
Cash Contributions $246,034
Cash from Employers $85,349
Cash from Participants $160,685
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $56,263
Total Interest $2,670
Interest-Bearing Cash $2,670
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $0
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $53,593
Net investment gain (loss) from master trust investment accounts $0
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $0
Other Income $0
Expenses $86,176
Total Benefit Payments $84,707
Directly to participants or beneficiaries, including direct rollovers $84,707
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $1,469
Professional Fees $1,469
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $216,121
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2007 12/31/2006 Change YOY
Total Assets $1,368,593 $1,151,496 18.85%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $55,097 $42,681 29.09%
Employer Contributions $19,150 $14,705 30.23%
Participant Contributions $35,947 $27,976 28.49%
Other Contributions $0 $0 0.0%
General Investments $0 $0 0.0%
Interest-bearing cash $0 $0 0.0%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $0 $0 0.0%
Preferred $0 $0 0.0%
All Other $0 $0 0.0%
Corporate Stocks $0 $0 0.0%
Preferred $0 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $0 $0 0.0%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $1,250,047 $1,004,123 24.49%
Value of interest in master trust investment accounts $0 $0 0.0%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $0 $0 0.0%
Value of funds held in insurance co. general account $63,449 $104,692 -39.39%
Other Investments $0 $0 0.0%
Employer-related Investments $0 $0 0.0%
Employer Securities $0 $0 0.0%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $976 $0 0.0%
Benefit Claims Payable (1) $976 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $1,367,617 $1,151,496 18.77%

Service Providers

Service Providers

There are no service providers listed for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Hartford Advantage Tk4 The Hartford Life Insurance Company DFE: Pooled Separate Account $1,250,047
Total $1,250,047

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Hartford Life Insurance Company 72
EIN 06-0974148
Industry Code 88072
Contract Number GA-024118
Contract Year 01/01/2007 — 12/31/2007
Value in General Account at Year End $63,449
Value in Separate Accounts at Year End $1,250,047
Insurance Fees and Commissions $3,572
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Edward D Jones & Co 12555 Manchester Road 9th Fl St. Louis, MO 63131 -0000 Investment Company/Mutual Fund $3,572 $0
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract Unspecified
Balance at the end of the previous year $104,691
Additions $15,996
Contributions Deposited during the year $13,326
Dividends and credits $0
Interest credited during the year $2,670
Transferred from separate account $0
Other $0
Total of Balance and Additions $120,687
Deductions $57,238
Disbursed from fund to pay benefits or purchase annuities during the year $15,735
Administration charge made by carrier $200
Transferred to Separate Account $41,303
Other $0
Balance at the end of the current year $63,449