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Border States Industries, Inc. Employee Stock Ownership Plan


Plan Information

  • Plan Year04/01/2012 — 03/31/2013
  • Date of Plan04/01/1984
  • Net Assets as of 03/31/2013 $464,510,029
  • Plan Number2
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program? No
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 03/31/2013

  • Active (Eligible) Participants1,392
  • Retired or separated participants receiving benefits4
  • Other retired or separated participants entitled to future benefits89
  • Subtotal1,485
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total1,485
  • Total number of participants as of 04/01/20121,625
  • Number of participants with account balances1,475
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested90


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

Sponsor Information

  • Address105 25th St N
  • CityFargo
  • StateND
  • Zip58102-4002
  • Telephone(701) 293-5834
  • EIN45-0275004
  • Industry Code423600
  • Named AdministratorMaryanne Vonbank
  • Named Plan SponsorBrian Becker

Audit Information

  • Audit StatusAudited
  • AuditorGrant Thornton, LLP
  • Auditor EIN36-6055558
  • Audit OpinionUnqualified
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
2I Stock bonus A stock bonus plan is a type of profit-sharing by which a corporation uses its own stock to make contributions and distributions.
2P Leveraged ESOP An Employee Stock Ownership Plan (ESOP) that acquires employer securities with borrowed money or other debt-financing techniques.
2Q S Corporation ESOP The employer maintaining this Employee Stock Ownership Plan (ESOP) is an S Corporation.

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 $1,500,000
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? Yes
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


Income and Expense Statement

Income $144,312,386
Contributions $14,807,587
Cash Contributions $14,807,587
Cash from Employers $14,807,587
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $129,504,799
Total Interest $3,645
Interest-Bearing Cash $3,645
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 $129,501,154
Real Estate $0
Other $129,501,154
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 $0
Other Income $0
Expenses $31,517,403
Total Benefit Payments $28,407,348
Directly to participants or beneficiaries, including direct rollovers $28,407,348
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 $2,972,039
Total Administrative Expenses $138,016
Professional Fees $39,417
Contract Administrator Fees $98,599
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $112,794,983
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

03/31/2013 03/31/2012 Change YOY
Total Assets $503,077,023 $392,705,980 28.11%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $26,697 $674,950 -96.04%
Interest-bearing cash $26,697 $674,950 -96.04%
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 $0 $0 0.0%
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 $48,310 $28,463 69.73%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $0 $0 0.0%
Employer-related Investments $503,002,016 $392,002,567 28.32%
Employer Securities $503,002,016 $392,002,567 28.32%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $38,566,994 $40,990,934 -5.91%
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) $38,566,994 $40,990,934 -5.91%
Net Assets $464,510,029 $351,715,046 32.07%

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
PFG Contract Administrator Contract Administrator $63,598 $0 $63,598
Alerus Trustee (bank, trust company, or similar financial institution) Trustee $35,000 $0 $35,000
Chartwell Business Valuation Valuation (appraisals, etc.) Valuation Services $26,416 $0 $26,416
Grant Thornton Accounting (including auditing) Accountant $13,000 $0 $13,000
Total $138,014 $0 $138,014

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.



No investments information available for this plan.

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.