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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
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5 FOR COMPARISON ONLY
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8      Current Month  2010-2011  Current Month  2011-2012
9 REVENUES:     (October)    (October)  
10 Employer Contributions    $ 1,402,383 $ 5,577,801 $ 1,376,390 $ 5,547,920
11 Employee Contributions     222,829   894,970   271,449   1,120,575
12 Dividend Income     552   4,013   96   185
13 Interest Income     34,680   86,830   33,147   82,149
14 Corporate/Govt Obligations - market value adj     (6,981)  (36,710)  (14,387)  50,120
15      _  _  _  _
16 Total Revenues     1,653,463   6,526,903   1,666,695   6,800,950
17      _  _  _  _
18 COST OF BENEFITS PROVIDED:             
19 HMA Premium     24,134   98,532   22,524   93,386
20 HMA Claims     1,207,986   3,130,518   603,044   3,345,487
21 SunLife     15,408   (48,614)  38,897   (256,081)
22 ESI Prescriptions Paid     144,748   821,377   227,973   842,019
23 Pacific Care Premium     349,471   1,428,371   391,242   1,552,861
24 Group Health Premium     302,400   1,194,912   356,019   1,442,096
25 Washington Dental Service Premium      137,921   562,306   129,153   544,003
26 Williamette Dental     29,074   114,469   29,587   115,494
27 Metropolitan Life ($50M) Premium     10,699   43,726   10,472   42,673
28 Metropolitan Life (VOL) Premium      15,377   62,539   16,032   65,052
29 Standard Insurance     35,531   145,227   34,545   141,261
30 UNUM LTC     624   2,497   713   2,851
31 Alere Wellbeing     0   411   411   3,218
32 Magellan Behavior     0   28,164   14,082   28,164
33 Carena     0   450   0   0
34 HealthForce     0   0   8,956   13,344
35 Wellsource Health Solutions     0   0   0   0
36      _  _  _  _
37  Cost of Benefits Provided    2,273,373   7,584,885   1,883,648   7,975,829
38      _  _   _  _
39 Excess (Deficiency) of Revenues over Cost of Benefits      (619,910)  (1,057,982)  (216,953)  (1,174,878)
40      _  _  _  _
41 ADMINISTRATIVE EXPENSES:             
42 Administration     1,672   6,637   1,703   6,726
43 Wellness Program Salaries     9,889   36,032   8,456   38,113
44 Wellness Program Expenses     (86)  2,367   772   2,175
45 Audit Fee     5,117   9,142   0   3,589
46 Regulatory Fees     0   2,075   0   2,075
47 Bank Fees     3   1,832   62   1,661
48 Investment Fees     0   5,367   0   4,553
49 Legal Fees     1,897   9,163   1,931   12,758
50 Liability Insurance     0   0   0   0
51 Misc. Expense      33   132   0   69
52 Office & Printing     93   93   0   2,813
53 Consultant Fee     11,676   21,796   16,869   68,733
54 Investment Consultant Fee     0   4,375   0   8,750
55 Trustee Expense     0   0   13   13
56      _  _  _  _
57  Total Administrative Expenses    30,294   99,010   29,806   152,028
58      _  _  _  _
59 Excess(Deficiency) of Revenue Over Expenses     (650,204)  (1,156,992) $ (246,759)  (1,326,906)
60 Adjusted Fund Balance 10/01/10 and 10/1/11     12,263,316   12,770,103   8,732,953   9,813,100
61      _  _  _  _
62 Fund Balance 10/31/2010 and 10/31/2011    $ 11,613,112 $ 11,613,112   8,486,194 $ 8,486,194
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