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Genova Diagnostics 401k Profit Sharing Plan


Plan Information

  • Plan Year01/01/2007 — 12/31/2007
  • Date of Plan06/01/1991
  • Net Assets as of 12/31/2007 $5,610,258
  • 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 12/31/2007

  • Active (Eligible) Participants136
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits75
  • Subtotal211
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total211
  • Total number of participants as of 01/01/2007200
  • Number of participants with account balances183
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested24
  • Number of participants required to be reported on Schedule SSA10


  • 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 $948,109
Contributions $670,313
Cash Contributions $670,313
Cash from Employers $140,055
Cash from Participants $400,123
Others (including rollovers) $130,135
Noncash Contributions $0
Total Earnings on Investments $277,796
Total Interest $27,776
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $4,005
Interest from Other Investments $23,771
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 $250,020
Other Income $0
Expenses $433,566
Total Benefit Payments $420,456
Directly to participants or beneficiaries, including direct rollovers $420,456
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $9,483
Interest expense $0
Total Administrative Expenses $3,627
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $3,627
Net Income $514,543
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 $5,610,258 $5,095,715 10.10%
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 $109,461 $143,375 -23.65%
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 $4,765,029 $4,255,844 11.96%
Value of funds held in insurance co. general account $735,768 $696,496 5.64%
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 $5,610,258 $5,095,715 10.10%

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. 136
EIN 74-1625348
Industry Code 70238
Contract Number 58960
Contract Year 01/01/2007 — 12/31/2007
Value in General Account at Year End $735,768
Value in Separate Accounts at Year End $4,765,029
Insurance Fees and Commissions $11,055
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 $9,636 $0
Schultz, Michael J 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $786 $0
Liles, Fred N 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $249 $0
Briges Jr.,Douglas (Doug) W 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $193 $0
Helgeson, David R 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $66 $0
Hare, Patrick M 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $41 $0
Goh, Cheryl 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $38 $0
Gray, John M 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $30 $0
Scheinbaum, Charles 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $16 $0
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 Deposit Administration
Balance at the end of the previous year $696,496
Additions $150,436
Contributions Deposited during the year $72,808
Dividends and credits $0
Interest credited during the year $23,771
Transferred from separate account $53,857
Other $0
Total of Balance and Additions $846,932
Deductions $111,164
Disbursed from fund to pay benefits or purchase annuities during the year $78,398
Administration charge made by carrier $0
Transferred to Separate Account $32,431
Other $335
Balance at the end of the current year $735,768