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Management Discussion and Analysis -Continued <br />May 12, 2009 <br />Changes in Plan Net Assets <br />The following comparative summary of the changes in net assets reflects the activities of the Plan: <br /> December 31 <br /> 2008 2007 Change <br />Revenues <br />Contributions $ 143,999 $ 159,023 $ (15,024) <br />Net investment (loss) income (680,911) 172,783 (853,694) <br />Total revenues (536,912) 331,806 (868,718} <br />Expenditures 187,474 3,415 184,059 <br />Change in net assets (724,386) 328,391 (1,052,777) <br />Net assets -January 1 2,420,742 2,092,351 328,391 <br />Net assets - December 31 $ 1,696,356 $ 2,420,742 $ (724,386) <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 ann ual contributions are the sum of the normal 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 /> 2008 2007 (Decrease) <br />Active participants <br />Vested <br />Fully 10 7 3 <br />Partially 22 23 (1) <br />Non-vested 8 9 (1) <br />Retirees and beneficiaries 4 4 - <br />Total Membership 44 43 1 <br />-II- <br />