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1 EVERETT SCHOOL EMPLOYEE BENEFIT TRUST
2 STATEMENT OF OPERATIONS AND FUND BALANCE
3 For the Year Ended June 30, 2011 and June 30, 2012
4             
5 FOR COMPARISON ONLY
6            
7      Current Month  2010-2011  Current Month  2011-2012
8 REVENUES:     (February)    (February)  
9 Employer Contributions    $ 1,416,860 $ 11,232,782 $ 1,409,029 $ 11,112,029
10 Employee Contributions     288,577   1,985,021   317,784   2,348,394
11 Dividend Income     39   4,850   480   1,971
12 Investment Earnings      23,277   159,296   3,875   123,124
13 Net Appreciation (Depreciation) of market value     (15,467)  (93,071)  (3,351)  18,843
14      _  _  _  _
15 Total Revenues     1,713,286   13,288,877   1,727,817   13,604,361
16      _  _  _  _
17 COST OF BENEFITS PROVIDED:             
18 HMA Premium     24,106   194,553   0   179,667
19 HMA Claims     493,708   6,171,947   281,447   5,210,051
20 Sun Life     42,910   (446,869)  (35,755)  (300,147)
21 ESI Prescriptions Paid     212,600   1,618,520   0   1,370,609
22 Pacific Care Premium     392,268   2,916,854   0   2,333,408
23 Group Health Premium     364,252   2,546,626   472,784   3,081,211
24 WEA/APA Insurance     0   0   1,203,005   2,391,840
25 Washington Dental Service Premium      138,284   1,115,351   0   804,538
26 Williamette Dental     29,293   231,057   35,190   246,573
27 Metropolitan Life ($50M) Premium     10,842   86,856   9,599   83,907
28 Metropolitan Life (VOL) Premium      15,868   124,956   16,007   129,247
29 Standard Insurance     36,045   288,830   35,325   282,275
30 UNUM LTC     583   4,747   722   5,712
31 Alere Wellbeing     24,177   28,599   0   4,445
32 Magellan Behavior     0   42,246   0   37,889
33 Carena     900   1,800   0   0
34 HealthForce     9,662   9,662   0   26,478
35 Wellsource Health Solutions     (5,330)  0   0   0
36      _  _  _  _
37  Cost of Benefits Provided    1,790,169   14,935,737   2,018,324   15,887,702
38      _  _  _  _
39 Excess (Deficiency) of Revenues over Cost of Benefits      (76,883)  (1,646,860)   (290,507)  (2,283,340)
40       _  _  _  _
41 ADMINISTRATIVE EXPENSES:           
42 Administration     1,674   13,329   1,705   13,573
43 Wellness Program Salaries     9,894   75,528   8,453   71,882
44 Wellness Program Expenses     1,801   39,485   2,209   82,998
45 Audit Fee     0   9,142   0   10,470
46 Regulatory Fees     0   4,150   0   2,075
47 Bank Charges     1,514   5,613   1,108   3,884
48 Investment Fees     4,982   15,619   4,164   12,995
49 Legal Fees     7,179   33,600   1,444   29,594
50 Liability Insurance     5,582   5,582   0   4,051
51 Misc. Expense      0   197   0   99
52 Office & Printing     93   216   10   4,684
53 Consultant Fee     0   25,613   0   68,733
54 Investment Consultant Fee     0   8,750   0   13,125
55 Trustee Expense     0   0   0   13
56      _  _  _  _
57  Total Administrative Expenses    32,720   236,824   19,094   318,176
58      _  _  _  _
59 Excess(Deficiency) of Revenue Over Expenses     (109,602)  (1,883,684)  (309,600)  (2,601,517)
60 Adjusted Fund Balance 2/01/11 and 2/01/12     10,954,022   12,728,103   8,545,995   10,837,911
61       _  _  _  _
62 Fund Balance 2/28/2011 and 2/29/2012    $ 10,844,420 $ 10,844,419   8,236,395 $ 8,236,395
63      =  =  =  =
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