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[~ <br /> <br /> <br /> <br /> <br /> <br /> <br />i <br /> <br /> <br />C~ <br />Management Discussion and Analysis -Continued <br />May ~, 2008 <br />Changes in Plao Net Assets <br />The following comparative summary of the changes in net assets reflects the activities of the Plan <br /> December 31 <br /> 2007 2006 Change <br />Revenues <br />Contributions S ]59,023 $ 177,405 $ (18,382) <br />Investment income (net) 172,783 204,301 (31,518) <br />Other - 37 {37) <br />Total revenues 331,806 381,743 (49,937) <br />Expenditures 3,415 175.977 (172,562) <br />Change in net assets 328,391 205.766 122;625 <br />Net assets-Januaryl 2.092,35] 1,886-585 205,766 <br />Net assets - December 31 $ 2.420,742 S 2,092,351 S 328,391 <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 assets to pay benefits when due. The am oral contributions are the sum of the n ormal cost, the <br />State contribution payment and the provision for administrative expenses. <br />Plan Membership <br />The following table reflects the Association's Plan membership as of the beginning and ending of the year: <br /> December 31, Increase <br /> 2007 2006 (Decrease) <br /> Active participants <br /> Vested <br /> Bully <br /> Partially <br /> Non-vested <br /> Retirees and beneficiaries <br />' Total Membership <br /> <br /> <br /> <br />r <br />7 7 - <br />23 20 3 <br />9 12 (3) <br />4 4 - <br />43 43 - <br />e -II- <br />