401K Profit Sharing Plan - Form 5500 in Statistics : Membership, Financial Transparency, Investigation, Disclosure Forum

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401K Profit Sharing Plan - Form 5500

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deaconess

401K Profit Sharing Plan - Form 5500

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Posts: 9759

05/07/2012 18:53

NAC Thorn in the Side

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http://www.brightscope.co...01k-Profit-Sharing-Plan/

National Organization of the New Apostolic Church of North America 401K Profit Sharing Plan - Form 5500 filed 12/31/2010
End of Year Assets: $1,671,717

53 Participants?
Effective date of plan: 1/1/04

Edited 2 times by deaconess 05/07/2012 19:03.

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morse2000

#1

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Posts: 1019

05/07/2012 22:30

NAC Inspector

I do hope that the Profit Sharing Plan part of the name was something the web site added and not the NAC. How can a not for profit have a profit sharing plan?

HelpMFTT

#2

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Posts: 339

05/08/2012 12:34

Yes folks, that is your offering dollars going into that plan. However, one thing I was glad to see was no Employer Contributions (meaning the NAC matched funds input by its employees).

This does tell us a few things. 1) at least how many are on the NAC USA payroll, and 2) folks must be getting paid pretty well to be socking away that much cash.

One things that is not explained is where the "Other Income of $178,545" came from. Most likely that's from market growth? However that seems a bit high to me.

Haranguer

#3

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Posts: 630

05/08/2012 13:17

Please correct me if I'm reading the information on that page incorrectly.
Assets of $1,671,717 divided by 48 plan participants (out of 53 eligible) leaves a grand total of $34,827.44 if divided equally which we know is incorrect. It does put things into some perspective though.

They had better hope the Lord will return if they are counting on that to be the bulk of their retirement.

"if you have to try and persuade yourself of something, you are probably already very much inclined to doubt or distrust it." - Christopher Hitchens

Offender

#4

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Posts: 477

05/08/2012 13:24

That's pretty poor but may include some employees who have been working for less than 5 years...

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morse2000

#5

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Posts: 1019

05/08/2012 13:54

NAC Inspector

I worked for companies that did not match on the 401K simply because they had another pension plan in addition to the 401K. Do we know whether the NAC also has a pension plan in addition to the 401K?

RVahlsing

Will anyone ever really know?

#6

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Posts: 284

05/08/2012 14:20

Massive Member

The IRS limits the amount people and employers can contribute to a 401(k) in a year, which is about $16,000 to $17,000 right now. It may not seem like a lot of money is in that account, but it adds up. Contributing to a 401(k) can yield 4 times what just saving the same amount of money can yield due to the tax-deferred nature of the contributions and accrued interest. Also, that lump sum of $178,545 that was added to the account might be the cult's contribution to the plan - but who knows, it's not like they're sharing financial info, right?

Morse asks a great question, though - why is this a "profit-sharing plan" or even a 401(k) when churches and other non-exempts usually set up 403(b) plans?

Godfather

#7

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Posts: 103

05/08/2012 14:54

this is only the 401k, who knows what other benefits are available, such as pensions, etc.

Offender

#8

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Posts: 477

05/08/2012 15:15

Godfather wrote:
who knows what other benefits are available, such as pensions, etc.

The Shadow knows...

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401K Profit Sharing Plan - Form 5500

401K Profit Sharing Plan - Form 5500

This is NOT an official New Apostolic Church website! For official news or
information regarding the church, please contact:

**The New Apostolic Church * 1703 Peninsula Dr, Erie, PA 16505-4242 * (814) 833-6063**

e-mail NAC USA : communications@nac-usa.org

e-mail Peter Johanning, Media Secretary of the New Apostolic Church : peter.johanning@nak.org

Yuku free message boards

~ ~

401K Profit Sharing Plan - Form 5500

401K Profit Sharing Plan - Form 5500

This is NOT an official New Apostolic Church website! For official news or information regarding the church, please contact:

The New Apostolic Church * 1703 Peninsula Dr, Erie, PA 16505-4242 * (814) 833-6063

e-mail NAC USA : communications@nac-usa.org

e-mail Peter Johanning, Media Secretary of the New Apostolic Church : peter.johanning@nak.org

This is NOT an official New Apostolic Church website! For official news or
information regarding the church, please contact:

**The New Apostolic Church * 1703 Peninsula Dr, Erie, PA 16505-4242 * (814) 833-6063**