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<br />Management Discussion and Analysis - Continued <br />March 17, 2006 <br /> <br />Changes in Plan Net Assets <br /> <br />The following comparative summary of the changes in net assets reflects the activities of the Plan: <br /> <br /> December 31 <br /> 2005 2004 <br />Revenues <br />Contributions $ 164,529 $ 173,389 <br />Investment income (net) 78,444 122,030 <br />Other 40 39 <br />Total revenues 243,013 295,458 <br />Expenditures <br />Administrative expenses 2,961 3,250 <br />Change in net assets 240,052 292,208 <br />Net assets - January 1, 1,646,533 1,354,325 <br />Net assets - December 31, $ 1,886,585 $ 1,646,533 <br /> <br />The Association's funding policy provided for contributions from the State of Minnesota (the State) and the City of Elk River in <br />amounts sufficient to accumulate sufficient assets to pay benefits when due. The annual contributions are the sum of the normal <br />cost, the State contribution payment and the provision for administrative expenses. <br /> <br />Plan Membership <br /> <br />The following table reflects the Association's Plan membership as of the beginning and ending of the year: <br /> <br /> December 31, Increase <br /> 2005 2004 (Decrease ) <br />Active participants <br />Vested 26 28 (2) <br />Non-vested 14 11 3 <br />Retirees and beneficiaries 5 4 1 <br />Total Membership 45 43 2 <br /> <br />-IV- <br />