valenminbari
New Member
Just cut and pasted the following from the NKF financial report 2007.
Question:
Why the executives not on CPF?
Who is that one key employee who got paid $140,000 in benefits (NOT including salary)
Wahhhh... good job hor....
The Foundation has a contributory retirement/savings plan. The plan covers substantially all fulltime employees who meet certain age and service requirements. Under the terms of the plan, contributions are made under Section 403(b) of the Code and are invested, at the discretion of the
plan participant, in one or more of the investment vehicles available under the plan. Pension expense for the years ended June 30, 2007 and 2006 amounted to approximately $680,000 and $700,000, respectively.
The Foundation has a Section 457(f) Senior Staff Flexible Benefit Plan (the “Plan”) that provides highly compensated employees with a benefit allowance contributed by the Foundation, which can be used for various benefit options, including a capital accumulation account. Benefit expense related to the Plan for the years ended June 30, 2007 and 2006 totaled approximately
$84,000 and $63,000, respectively. The fully funded liability related to the Plan amounted to approximately $129,000 and $45,000 at June 30, 2007 and 2006, respectively, and is included in accounts payable and accrued expenses in the accompanying balance sheet.
Further, the Foundation has a Section 457(f) Supplemental Executive Retirement Plan (“SERP”) for one key employee
. Benefit expense related to the SERP for the years ended June 30, 2007 and 2006 totaled approximately $141,000 and $90,000, respectively. The fully funded liability related to the plan amounted to approximately $231,000 and $90,000 at June 30, 2007 and 2006, respectively, and is included in accounts payable and accrued expenses in the accompanying balance sheet.
Question:
Why the executives not on CPF?
Who is that one key employee who got paid $140,000 in benefits (NOT including salary)
Wahhhh... good job hor....
The Foundation has a contributory retirement/savings plan. The plan covers substantially all fulltime employees who meet certain age and service requirements. Under the terms of the plan, contributions are made under Section 403(b) of the Code and are invested, at the discretion of the
plan participant, in one or more of the investment vehicles available under the plan. Pension expense for the years ended June 30, 2007 and 2006 amounted to approximately $680,000 and $700,000, respectively.
The Foundation has a Section 457(f) Senior Staff Flexible Benefit Plan (the “Plan”) that provides highly compensated employees with a benefit allowance contributed by the Foundation, which can be used for various benefit options, including a capital accumulation account. Benefit expense related to the Plan for the years ended June 30, 2007 and 2006 totaled approximately
$84,000 and $63,000, respectively. The fully funded liability related to the Plan amounted to approximately $129,000 and $45,000 at June 30, 2007 and 2006, respectively, and is included in accounts payable and accrued expenses in the accompanying balance sheet.
Further, the Foundation has a Section 457(f) Supplemental Executive Retirement Plan (“SERP”) for one key employee
. Benefit expense related to the SERP for the years ended June 30, 2007 and 2006 totaled approximately $141,000 and $90,000, respectively. The fully funded liability related to the plan amounted to approximately $231,000 and $90,000 at June 30, 2007 and 2006, respectively, and is included in accounts payable and accrued expenses in the accompanying balance sheet.
