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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:     (March)    (March)  
9 Employer Contributions    $ 1,419,480 $ 12,652,262 $ 1,391,448 $ 12,503,477
10 Employee Contributions     285,804   2,270,825   318,761   2,667,155
11 Dividend Income     124   4,974   295   2,266
12 Interest Income     35,621   194,917   15,112   138,236
13 Corporate/Govt Obligations - market value adj     (19,370)  (112,441)  (6,015)  12,828
14      _  _  _  _
15 Total Revenues     1,721,659   15,010,536   1,719,601   15,323,962
16      _  _  _  _
17 COST OF BENEFITS PROVIDED:             
18 HMA Premium     23,569   218,122   0   179,667
19 HMA Claims     621,114   6,793,061   92,667   5,302,718
20 SunLife     45,071   (401,797)  55,169   (244,978)
21 ESI Prescriptions Paid     177,424   1,795,944   (36,693)  1,333,916
22 Pacific Care Premium     396,994   3,313,848   0   2,333,408
23 Group Health Premium     363,811   2,910,438   462,567   3,543,778
24 WEA/APA Insurance     0   0   1,195,315   3,587,155
25 Washington Dental Service Premium      139,109   1,254,460   0   804,538
26 Williamette Dental     28,928   259,985   35,949   282,521
27 Metropolitan Life ($50M) Premium     10,849   97,705   9,593   93,501
28 Metropolitan Life (VOL) Premium      15,939   140,895   15,159   144,406
29 Standard Insurance     36,045   324,875   35,428   317,703
30 UNUM LTC     713   5,459   950   6,662
31 Free & Clear     12,465   41,065   0   4,445
32 Magellan Behavior     14,082   56,328   0   37,889
33 Carena     0   1,800   0   0
34 HealthForce     0   9,662   9,866   36,344
35      _  _  _  _
36  Cost of Benefits Provided    1,886,112   16,821,849   1,875,970   17,763,672
37      _  _  _  _
38 Excess (Deficiency) of Revenues over Cost of Benefits      (164,453)  (1,811,313)  (156,369)  (2,439,710)
39       _  _  _  _
40 ADMINISTRATIVE EXPENSES:            
41 Administration     1,674   15,003   4,851   18,424
42 Wellness Program Salaries     9,888   85,416   7,751   79,633
43 Wellness Program Expenses     2,017   41,502   2,367   85,365
44 Audit Fee     0   9,142   0   10,470
45 Regulatory Fees     0   4,150   0   2,075
46 Bank Fees     202   5,815   0   3,884
47 Investment Fees     0   15,619   0   12,995
48 Legal Fees     4,681   38,281   2,294   31,888
49 Liability Insurance     0   5,582   0   4,051
50 Misc. Expense      101   298   0   99
51 Office & Printing     84   300   9   4,693
52 Consultant Fee     0   25,613   0   68,733
53 Investment Consultant Fee     4,375   13,125   4,375   17,500
54 Trustee Expense     0   0   0   13
55      _  _  _  _
56  Total Administrative Expenses    23,022   259,846   21,647   339,823
57      _  _  _  _
58 Excess(Deficiency) of Revenue Over Expenses     (187,475)  (2,071,159)  (178,016)  (2,779,533)
59 Adjusted Fund Balance 3/01/11 and 3/01/12     10,844,419   12,728,103   8,329,288   10,930,805
60      _  _  _  _
61 Fund Balance 3/31/2011 and 3/31/2012    $ 10,656,944 $ 10,656,944   8,151,272 $ 8,151,272
62      =  =  =  =
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