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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:    (January)    (January)  
9 Employer Contributions    1,416,118 $ 9,815,922 $ 1,388,301 $ 9,703,001
10 Employee Contributions    294,756   1,696,444   318,250   2,030,609
11 Dividend Income    98   4,812   595   1,492
12 Interest Income    6,417   136,019   4,628   119,249
13 Corporate/Govt Obligations - market value adj    (9,912)  (77,605)  (7,846)  22,193
14     _  _  _  _
15 Total Revenues    1,707,476   11,575,591   1,703,927   11,876,544
16     _  _  _  _
17 COST OF BENEFITS PROVIDED:            
18 HMA Premium    23,855   170,447   0   179,667
19 HMA Claims    850,223   5,678,239   651,816   4,928,603
20 Sun Life    (3,893)  (489,779)  (41,078)  (264,392)
21 ESI Prescriptions Paid    221,829   1,405,920   90,409   1,370,609
22 Pacific Care Premium    396,819   2,524,586   0   2,333,408
23 Group Health Premium    367,543   2,182,375   457,702   2,608,427
24 WEA/APA Insurance    0   0   1,188,835   1,188,835
25 Washington Dental Service Premium     138,742   977,067   0   804,538
26 Williamette Dental    29,147   201,764   36,409   211,383
27 Metropolitan Life ($50M) Premium    10,810   76,014   10,556   74,308
28 Metropolitan Life (VOL) Premium     15,611   109,088   15,776   113,241
29 Standard Insurance    35,921   252,786   35,305   246,949
30 UNUM LTC    583   4,164   713   4,990
31 Alere Wellbeing    1,511   4,422   0   4,445
32 Magellan Behavior    14,082   42,246   9,724   37,889
33 Carena     450   900   0   0
34 HealthForce    0   0   0   26,478
35 Wellsource Health Solutions    5,330   5,330   0   0
36     _  _  _  _
37  Cost of Benefits Provided   2,108,563   13,145,568   2,456,167   13,869,378
38          _  _
39 Excess (Deficiency) of Revenues over Cost of Benefits    (401,087)  (1,569,977)  (752,240)  (1,992,833)
40      _  _  _  _
41 ADMINISTRATIVE EXPENSES:           
42 Administration    1,673   11,655   1,736   11,868
43 Wellness Program Salaries    9,849   65,634   8,437   63,429
44 Wellness Program Expenses    11,610   37,684   60,526   80,789
45 Audit Fee    0   9,142   0   10,470
46 Regulatory Fees    2,075   4,150   0   2,075
47 Bank Fees    160   4,099   0   2,776
48 Investment Fees    0   10,637   0   8,831
49 Legal Fees    8,861   26,421   3,138   28,150
50 Liability Insurance    0   0   4,051   4,051
51 Misc. Expense     0   197   30   99
52 Office & Printing    13   123   53   4,674
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   34,240   204,105   77,972   299,083
58     _  _  _  _
59 Excess(Deficiency) of Revenue Over Expenses    (435,327)  (1,774,081)  (830,212)  (2,291,916)
60 Adjusted Fund Balance 1/01/11 and 1/01/12    11,431,349   12,770,103   9,094,759   10,556,464
61      _  _  _  _
62 Fund Balance 1/31/2011 and 1/31/2012    10,996,022 $ 10,996,022   8,264,547 $ 8,264,547
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