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FORM 5500 DATA

W.W. Wallwork, Inc. 401k Profit Sharing Plan

Overview

Plan Information

  • Plan Year01/01/2007 — 12/31/2007
  • Date of Plan08/01/1983
  • Net Assets as of 12/31/2007 $15,516,501
  • 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?Yes
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2007

  • Active (Eligible) Participants239
  • Retired or separated participants receiving benefits33
  • Other retired or separated participants entitled to future benefits36
  • Subtotal308
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total308
  • Total number of participants as of 01/01/2007263
  • Number of participants with account balances267
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2
  • Number of participants required to be reported on Schedule SSA15

Expenses

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

Sponsor Information

  • AddressPo Box 1819
  • CityFargo
  • StateND
  • Zip58107-1819
  • Telephone(701) 282-2350
  • EIN45-0394131
  • Industry Code441110
  • Named AdministratorDavid Bigelow
  • Named Plan SponsorDavid Bigelow

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Plan Preparer Information

  • Preparer NameEide Bailly LLP
  • Address4310 17th Ave S Po Box 2545
  • City Fargo
  • StateND
  • Zip58108-2545
  • Telephone(701) 239-8500
  • Preparer EIN45-0250958

Audit Information

  • Audit StatusAudited
  • AuditorEide Bailly LLP
  • Auditor EIN45-0250958
  • 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.
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.
2K Code section 401(m) arrangement Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
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.

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

Financials

Income and Expense Statement

Income $1,997,051
Contributions $1,130,506
Cash Contributions $1,130,506
Cash from Employers $296,663
Cash from Participants $821,819
Others (including rollovers) $12,024
Noncash Contributions $0
Total Earnings on Investments $866,545
Total Interest $19,003
Interest-Bearing Cash $14,874
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $4,129
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 $2,023
Real Estate $0
Other $2,023
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 $845,519
Other Income $0
Expenses $1,168,548
Total Benefit Payments $1,165,336
Directly to participants or beneficiaries, including direct rollovers $1,163,136
To insurance carriers for the provision of benefits $2,200
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $3,212
Professional Fees $0
Contract Administrator Fees $3,212
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $828,503
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 $15,654,822 $12,453,756 25.70%
Total noninterest-bearing cash $94,333 $762 12279.66%
Receivables $43,350 $39,734 9.10%
Employer Contributions $11,864 $10,963 8.22%
Participant Contributions $31,486 $28,771 9.44%
Other Contributions $0 $0 0.0%
General Investments $1,614,202 $281,433 473.57%
Interest-bearing cash $1,614,202 $281,433 473.57%
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 $13,828,856 $12,037,677 14.88%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $74,081 $94,150 -21.32%
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 $138,321 $13,195 948.28%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $115,188 $13,195 772.97%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $23,133 $0 0.0%
Net Assets $15,516,501 $12,440,561 24.73%

Service Providers

Service Providers

There are no service providers listed for this plan.

Investments

Investments

No investments information available for this plan.

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
General American Life Insurance Company 3
EIN 43-0285930
Industry Code 63665
Contract Number 16049
Contract Year 01/01/2007 — 12/31/2007
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
NONE $0 $0
Allocated Funds
Type of Contract Individual Policies
Basis of premium rates
Premiums paid to carrier $2,522
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 $0
Additions $0
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $0
Transferred from separate account $0
Other $0
Total of Balance and Additions $0
Deductions $0
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $0