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FORM 5500 DATA

Baer's Furniture Company, Inc. Cash Or Deferred Profit Sharing Plan

Overview

Plan Information

  • Plan Year01/01/2007 — 12/31/2007
  • Date of Plan02/01/1985
  • Net Assets as of 12/31/2007 $4,671,604
  • Plan Number3
  • 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 Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2007

  • Active (Eligible) Participants372
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits46
  • Subtotal418
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total418
  • Total number of participants as of 01/01/2007504
  • Number of participants with account balances118
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0
  • Number of participants required to be reported on Schedule SSA3

Expenses

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

Sponsor Information

  • Address1589 NW 12th Ave
  • CityPompano Beach
  • StateFL
  • Zip33069-1730
  • Telephone(954) 946-8001
  • EIN59-1212401
  • Industry Code442110
  • Named AdministratorIra J Baer, Trustee
  • Named Plan SponsorIra J. Baer, Trustee

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Audit Information

  • Audit StatusAudited
  • AuditorGoldberg Jacobs & Company, LLP
  • Auditor EIN67-0970652
  • Audit OpinionUnqualified
  • Audit Type Full 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.
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
2H Partial participant-directed account plan Participants have the opportunity to direct the investment of a portion of 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.
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 $339,298
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 $510,939
Contributions $225,413
Cash Contributions $225,413
Cash from Employers $0
Cash from Participants $213,310
Others (including rollovers) $12,103
Noncash Contributions $0
Total Earnings on Investments $285,526
Total Interest $0
Interest-Bearing Cash $0
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 $751
Preferred Stock $0
Common Stock $751
Rents $0
Net gain (loss) on sale of assets $-10,333
Aggregate Proceeds $490,776
Aggregate Carrying Amount $501,109
Total Unrealized Appreciation (depreciation) of assets $-46,597
Real Estate $0
Other $-46,597
Net investment gain (loss) from common/collective trusts $22,859
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 $318,846
Other Income $0
Expenses $419,436
Total Benefit Payments $367,571
Directly to participants or beneficiaries, including direct rollovers $367,571
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $4,037
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $47,828
Professional Fees $0
Contract Administrator Fees $41,082
Investment Advisory and management fees $6,746
Other Administrative Fees $0
Net Income $91,503
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 $4,671,604 $4,580,101 2.00%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $8,805 -100.00%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $8,805 -100.00%
Other Contributions $0 $0 0.0%
General Investments $91,108 $140,249 -35.04%
Interest-bearing cash $91,108 $140,249 -35.04%
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 $54,718 $72,290 -24.31%
Preferred $0 $0 0.0%
Common $54,718 $72,290 -24.31%
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 $439,523 $542,679 -19.01%
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 $4,086,255 $3,816,078 7.08%
Value of funds held in insurance co. general account $0 $0 0.0%
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 $4,671,604 $4,580,101 2.00%

Service Providers

Service Providers

Name Nature of Service Relationship to Plan Sponsor Gross Salary or Allowances Paid by Plan Fees and Commissions Paid by Plan Total Salary/Fees
Ingham & Co. Recordkeeping $0 $41,082 $41,082
Total $0 $41,082 $41,082

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Investment Contract Fund Frank Russell Trust Company DFE: Common/Collective Trust $439,523
John Hancock Life Insurance Company The Manufacturers Life Insurance Co DFE: Pooled Separate Account $91,108
Total $530,631

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.