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Southern Air, Inc. Employee Stock Ownership Plan and Trust


Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/1969
  • Net Assets as of 12/31/2019 $22,639,326
  • 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? No
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2019

  • Active (Eligible) Participants564
  • Retired or separated participants receiving benefits6
  • Other retired or separated participants entitled to future benefits97
  • Subtotal667
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits1
  • Total668
  • Total number of participants as of 01/01/2019717
  • Number of participants with account balances663
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested34


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

Sponsor Information

  • Address2655 Lakeside Drive
  • CityLynchburg
  • StateVA
  • Zip24502-0205
  • Telephone(434) 385-6200
  • EIN54-0604377
  • Industry Code238220

Audit Information

  • Audit StatusAudited
  • AuditorBrown, Edwards & Company, LLP
  • Auditor EIN54-0504608
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope 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.
2O ESOP other than a leveraged ESOP An Employee Stock Ownership Plan (ESOP) is a type of employee benefit plan designed to invest primarily in employer stock.
2Q S Corporation ESOP The employer maintaining this Employee Stock Ownership Plan (ESOP) is an S Corporation.
3I Employer Securities Limitations Plan requiring that all or part of employer contributions be invested and held, at least for a limited period, in employer securities.

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 $4,000,000
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 $4,110,799
Contributions $0
Cash Contributions $0
Cash from Employers $0
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $4,108,212
Total Interest $73,730
Interest-Bearing Cash $15,676
U.S. Government Securities $17,609
Corporate Debt Instruments $40,445
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $1,840,610
Preferred Stock $0
Common Stock $1,840,610
Rents $0
Net gain (loss) on sale of assets $303,288
Aggregate Proceeds $303,288
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $1,890,584
Real Estate $0
Other $1,890,584
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 $2,587
Expenses $2,422,889
Total Benefit Payments $2,422,067
Directly to participants or beneficiaries, including direct rollovers $2,422,067
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 $822
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $822
Net Income $1,687,910
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $22,717,031 $20,987,646 8.24%
Total noninterest-bearing cash $0 $37,751 -100.00%
Receivables $1,662,364 $2,545,925 -34.70%
Employer Contributions $0 $1,800,000 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $1,662,364 $745,925 122.86%
General Investments $1,744,036 $1,785,489 -2.32%
Interest-bearing cash $0 $868,020 0.0%
U.S. Government Securities $1,744,036 $917,469 90.09%
Corporate Debt Instruments $1,870,614 $1,819,397 2.82%
Preferred $0 $0 0.0%
All Other $1,870,614 $1,819,397 2.82%
Corporate Stocks $5,238,203 $4,378,705 19.63%
Preferred $0 $0 0.0%
Common $5,238,203 $4,378,705 19.63%
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 $440,964 $0 0.0%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $0 $0 0.0%
Employer-related Investments $11,760,850 $10,420,379 12.86%
Employer Securities $11,760,850 $10,420,379 12.86%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $77,705 $36,230 114.48%
Benefit Claims Payable (1) $190 $36,230 -99.48%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $77,515 $0 0.0%
Net Assets $22,639,326 $20,951,416 8.06%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • U.S. Bank National Association
  • U.S Bancorp Asset Managment, Inc.
  • U.S Bancorp Fund Services, LLC

Other Service Providers Receiving Direct or Indirect Compensation

There are no service providers listed for this plan.

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.