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1 EVERETT SCHOOL EMPLOYEE BENEFIT TRUST
2 STATEMENT OF OPERATIONS AND FUND BALANCE
3 For the Year Ended June 30, 2010 and June 30, 2011
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5 FOR COMPARISON ONLY
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7            
8      Current Month  2009-2010  Current Month  2010-2011
9 REVENUES:     (October)    (October)  
10 Employer Contributions    $ 1,388,348 $ 5,530,230 $ 1,402,383 $ 5,577,801
11 Employee Contributions     215,385   872,190   222,829   894,970
12 Dividend Income     0   0   552   4,013
13 Interest Income     (9,880)  61,993   34,680   86,830
14 Corporate/Govt Obligations - market value adj     51,354   105,546   (6,981)  (36,710)
15      _  _  _  _
16 Total Revenues     1,645,208   6,569,959   1,653,463   6,526,903
17      _  _  _  _
18 COST OF BENEFITS PROVIDED:             
19 HMA Premium     23,974   97,626   24,134   98,532
20 HMA Claims     613,558   2,548,213   1,207,986   3,130,518
21 SunLife     21,792   87,878   15,408   (48,614)
22 ESI Prescriptions Paid     183,395   618,521   144,748   821,377
23 Pacific Care Premium     309,824   1,252,239   349,471   1,428,371
24 Group Health Premium     257,890   1,044,493   302,400   1,194,912
25 Washington Dental Service Premium      139,730   541,165   137,921   562,306
26 Williamette Dental     29,147   115,893   29,074   114,469
27 Metropolitan Life ($50M) Premium     11,024   44,376   10,699   43,726
28 Metropolitan Life (VOL) Premium      14,514   58,327   15,377   62,539
29 Standard Insurance     36,558   147,323   35,531   145,227
30 UNUM LTC     670   2,678   624   2,497
31 Free & Clear     0   0   0   411
32 Magellan Behavior     0   14,082   0   28,164
33 Carena     0   0   0   450
34 Sound Health Solutions     5,313   30,813   0   0
35 Wellsource Health Solutions     0   50,085   0   0
36      _  _  _  _
37  Cost of Benefits Provided    1,647,388   6,653,711   2,273,373   7,584,885
38      _  _   _  _
39 Excess (Deficiency) of Revenues over Cost of Benefits      (2,180)  (83,752)  (619,910)  (1,057,982)
40      _  _  _  _
41 ADMINISTRATIVE EXPENSES:            
42 Administration     1,441   7,415   1,672   6,637
43 Wellness Program Salaries     8,104   30,587   9,889   36,032
44 Wellness Program Expenses     18,810   22,143   (86)  2,367
45 Audit Fee     3,475   5,475   5,117   9,142
46 Regulatory Fees     0   2,075   0   2,075
47 Bank Fees     0   0   3   1,832
48 Investment Fees     2,544   2,544   0   5,367
49 Legal Fees     9,120   23,727   1,897   9,163
50 Liability Insurance     0   0   0   0
51 Misc. Expense      33   99   33   132
52 Office & Printing     0   21   93   93
53 Consultant Fee     0   0   11,676   21,796
54 Investment Consultant Fee     0   8,750   0   4,375
55 Trustee Expense     0   0   0   0
56      _  _  _  _
57  Total Administrative Expenses    43,526   102,836   30,294   99,010
58      _  _  _  _
59 Excess(Deficiency) of Revenue Over Expenses     (45,707)  (186,588) $ (650,204)  (1,156,992)
60 Adjusted Fund Balance 10/01/09 and 10/1/10     13,161,581   13,302,462   12,263,316   12,770,103
61      _  _  _  _
62 Fund Balance 10/31/2009 and 10/31/2010    $ 13,115,874 $ 13,115,874   11,613,112 $ 11,613,112
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