Statements of Changes in Net Assets
Available for Benefits
December 31, 2011
ADDITIONS
Contributions from participating employers
$ 18,606,528
Premiums
2,472,684
Medicare Subsidy payments
3,756,956
Investment income:
Interest
1,062,934
Dividends
4,593,237
Other income
218,016
5,874,187
Less: Investment expenses
1,147,795
NET INVESTMENT GAINS
4,726,392
TOTAL ADDITIONS $ 29,562,560
DEDUCTIONS
Net appreciation in fair value of investments
7,323,544
Health care claims paid to or for participants
37,576,804
Insurance premiums for health and death benefits
3,097,943
Administrative expenses:
Salaries
680,197
Professional fees and expenses
396,759
Office expenses and supplies
970,896
Pension Plan expense
763,459
Rent
135,073
Insurance
165,773
Executive Director’s and miscellaneous expenses
25,856
Payroll and miscellaneous taxes
64,561
Postage
187,670
Trustees’ meeting expenses
26,205
Office improvements
3,128
Telephone
28,418
TOTAL DEDUCTIONS $ 51,446,286
NET INCREASE
(21,883,726)
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year as previously reported
290,195,708
Prior period adjustment
(1,912,270)
Beginning of year as restated
288,283,438
End of year
$ 266,399,712
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