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FORM 5500 DATA

Sherer Management 401k Profit Sharing Plan

Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan03/01/2003
  • Net Assets as of 12/31/2017 $4,438,657
  • 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 12/31/2017

  • Active (Eligible) Participants153
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits5
  • Subtotal158
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total158
  • Total number of participants as of 01/01/2017170
  • Number of participants with account balances92
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0

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 Street
  • CityWoodbine
  • StateIA
  • Zip51579
  • Telephone(712) 647-2010
  • EIN42-1510948
  • Industry Code541600

Plan Administrator Information

  • Administrator NameThe Finway Group, LLC
  • Address5625 Mills Civic Parkway Suite 101
  • CityW Des Moines
  • StateIA
  • Zip50266
  • Telephone(515) 226-0974
  • Administrator EIN42-1468222

Audit Information

  • Audit StatusAudited
  • AuditorSkibbie CPA Inc.
  • Auditor EIN27-0851321
  • 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.
3B Self-Employed Plan Plan covering Self-Employed individuals.
3D Master plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.
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? No
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 $500,000
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
Has the plan failed to provide any benefit when due under the plan? No
If this is an individual account plan, was there a blackout period? No
If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR 2520.101-3? No

Financials

Income and Expense Statement

Income $1,068,304
Contributions $407,054
Cash Contributions $407,054
Cash from Employers $140,460
Cash from Participants $266,594
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $661,250
Total Interest $0
Interest-Bearing Cash $0
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 $0
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 $661,250
Other Income $0
Expenses $225,954
Total Benefit Payments $206,957
Directly to participants or beneficiaries, including direct rollovers $206,957
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 $18,997
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $18,997
Net Income $842,350
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2017 12/31/2016 Change YOY
Total Assets $4,438,657 $3,596,307 23.42%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $14,214 $0 0.0%
Employer Contributions $5,234 $0 0.0%
Participant Contributions $8,980 $0 0.0%
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 $4,424,443 $3,486,183 26.91%
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 $0 $0 0.0%
Other Investments $0 $110,124 -100.00%
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 $0 $0 0.0%
Benefit Claims Payable (1) $0 $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 $4,438,657 $3,596,307 23.42%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

There is no information on eligible indirect compensation for this plan.

Other Service Providers Receiving Direct or Indirect Compensation

Name Nature of Service Relationship to Plan Sponsor Direct Compensation Paid by Plan Indirect Compensation Paid by Plan Total Compensation
Securities America Advisors Inc Investment advisory (plan) Investment Advisor $7,558 $0 $7,558
Great-West Life & Annuity Ins. Recordkeeping fees Recordkeeper $5,246 $0 $5,246
Total $12,804 $0 $12,804

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

Service Providers Who Fail or Refuse to Provide Information

There are no service providers who failed or refused to provide information.

Termination Information on Accountants and Enrolled Actuaries

There is no termination information for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Jh Ret To 2055 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Invesco Small Cap Growth John Hancock USA DFE: Pooled Separate Account $0
American Century Heritage John Hancock USA DFE: Pooled Separate Account $0
T. Rowe Price Sml Cap Val John Hancock USA DFE: Pooled Separate Account $0
Small Cap Value Fund John Hancock USA DFE: Pooled Separate Account $0
Capital World Growth & Income John Hancock USA DFE: Pooled Separate Account $0
John Hancock Disciplined Value John Hancock USA DFE: Pooled Separate Account $0
New Perspective Fund John Hancock USA DFE: Pooled Separate Account $0
Jpmorgan Midcap Value Fund John Hancock USA DFE: Pooled Separate Account $0
Fidelity Contrafund John Hancock USA DFE: Pooled Separate Account $0
Parnassus Core Equity Fund John Hancock USA DFE: Pooled Separate Account $0
American Balanced Fund John Hancock USA DFE: Pooled Separate Account $0
Fidelity Advisor Total Bond John Hancock USA DFE: Pooled Separate Account $0
Strategic Income Opp Fund John Hancock USA DFE: Pooled Separate Account $0
Legg Mason Clearbr Agg Growth John Hancock USA DFE: Pooled Separate Account $0
Europacific Growth Fund John Hancock USA DFE: Pooled Separate Account $0
Oppenheimer Developing Mkt John Hancock USA DFE: Pooled Separate Account $0
Jh Ret To 2050 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ret To 2045 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ret To 2040 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ret To 2035 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ret To 2030 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ret To 2025 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ret To 2020 Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ret Income Managed Port John Hancock USA DFE: Pooled Separate Account $0
Jh Ls Agg Active Strategy John Hancock USA DFE: Pooled Separate Account $0
Jh Ls Grow Active Strategy John Hancock USA DFE: Pooled Separate Account $0
Jh Ls Bal Active Strategy John Hancock USA DFE: Pooled Separate Account $0
Jh Ls Mod Active Strategy John Hancock USA DFE: Pooled Separate Account $0
Jh Ls Con Active Strategy John Hancock USA DFE: Pooled Separate Account $0
John Hancock Stable Value John Hancock USA DFE: Pooled Separate Account $0
Total $0

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Great-West Life & Annuity Insurance Company 4
EIN 84-0467907
Industry Code 68322
Contract Number 501415-01
Contract Year 01/01/2017 — 12/31/2017
Value in General Account at Year End $45,335
Value in Separate Accounts at Year End $4,424,443
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
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 GROUP ANNUITY CONTRACT
Balance at the end of the previous year $0
Additions $225,646
Contributions Deposited during the year $113,473
Dividends and credits $0
Interest credited during the year $886
Transferred from separate account $111,287
Other $0
Total of Balance and Additions $225,646
Deductions $180,312
Disbursed from fund to pay benefits or purchase annuities during the year $69,869
Administration charge made by carrier $293
Transferred to Separate Account $110,150
Other $0
Balance at the end of the current year $45,334