Back to top

Genova Diagnostics 401k Profit Sharing Plan


Plan Information

  • Plan Year01/01/2006 — 12/31/2006
  • Date of Plan06/01/1991
  • Net Assets as of 12/31/2006 $5,095,715
  • 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
  • Plan Benefit ArrangementInsurance

Participant Information as of 12/31/2006

  • Active (Eligible) Participants132
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits77
  • Subtotal209
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total209
  • Total number of participants as of 01/01/2006204
  • Number of participants with account balances187
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested13
  • Number of participants required to be reported on Schedule SSA8


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

Sponsor Information

  • Address63 Zillicoa St
  • CityAsheville
  • StateNC
  • Zip28801-1038
  • Telephone(828) 253-6619
  • EIN56-1565047
  • Industry Code621510
  • Named AdministratorEarlene Clark
  • Named Plan SponsorEarlene Clark

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Audit Information

  • Audit StatusAudited
  • AuditorSmith Leonard PLLC
  • Auditor EIN20-5907591
  • 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.

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 $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


Income and Expense Statement

Income $1,062,601
Contributions $602,729
Cash Contributions $602,729
Cash from Employers $138,844
Cash from Participants $393,967
Others (including rollovers) $69,918
Noncash Contributions $0
Total Earnings on Investments $459,872
Total Interest $25,851
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $4,233
Interest from Other Investments $21,618
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 $434,021
Other Income $0
Expenses $426,695
Total Benefit Payments $414,477
Directly to participants or beneficiaries, including direct rollovers $414,477
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $9,540
Interest expense $0
Total Administrative Expenses $2,678
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $2,678
Net Income $635,906
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2006 12/31/2005 Change YOY
Total Assets $5,095,715 $4,459,809 14.26%
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 $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 $143,375 $125,788 13.98%
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 $4,255,844 $3,629,942 17.24%
Value of funds held in insurance co. general account $696,496 $704,079 -1.08%
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 $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 $5,095,715 $4,459,809 14.26%

Service Providers

Service Providers

There are no service providers listed for this plan.



No investments information available for this plan.

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Variable Annuity Life Insurance Co. 193
EIN 74-1625348
Industry Code 70238
Contract Number 58960
Contract Year 01/01/2006 — 12/31/2006
Value in General Account at Year End $696,496
Value in Separate Accounts at Year End $4,475,935
Insurance Fees and Commissions $9,163
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Scott, Larry R 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $7,813 $0
Schultz, Michael J 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $763 $0
Hare, Patrick M 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $181 $0
Helgeson, David R 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $158 $0
Briges Jr.,Douglas (Doug) W 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $73 $0
Condon, Robert 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $72 $0
Liles, Fred N 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $58 $0
Scheinbaum, Charles 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $24 $0
Murphy, James B 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $11 $0
Kesting, Jeffery W 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $10 $0
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $704,079
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 Deposit Administration
Balance at the end of the previous year $704,079
Additions $186,568
Contributions Deposited during the year $77,461
Dividends and credits $0
Interest credited during the year $21,618
Transferred from separate account $87,489
Other $0
Total of Balance and Additions $890,647
Deductions $194,151
Disbursed from fund to pay benefits or purchase annuities during the year $116,836
Administration charge made by carrier $0
Transferred to Separate Account $76,879
Other $436
Balance at the end of the current year $696,496