2008 CGI US Audit Report

Geohill

Informations

• Publié par: Ommo
• Nombre de lectures: 296
• Langue: English

Extrait

The Christian Reformed
Church in North America
Voluntary Participant Benefit
Trust — United States Fund
Financial Statements as of and for the Years Ended
December 31, 2008 and 2007, Additional Information
for the Years Ended December 31, 2008 and 2007,
and Independent Accountants’ Review Reports
THE CHRISTIAN REFORMED CHURCH IN NORTH AMERICA
VOLUNTARY PARTICIPANT BENEFIT TRUST —
UNITED STATES FUND
TABLE OF CONTENTS
Page
INDEPENDENT ACCOUNTANTS’ REVIEW REPORT 1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2008 AND 2007:

Statements of Net Assets Available for Benefits 2

Statements of Changes in Net Assets Available for Benefits 3

Notes to Financial Statements 4–6
ADDITIONAL INFORMATION FOR THE YEARS ENDED
DECEMBER 31, 2008 AND 2007: 7

Independent Accountants’ Review Report on Additional Information 8

Details of Administrative Expenses 9
INDEPENDENT ACCOUNTANTS’ REVIEW REPORT
U.S. Board of Pensions and Insurance
The Christian Reformed Church in North America
Voluntary Participant Benefit Trust — United States Fund
Grand Rapids, Michigan
We have reviewed the accompanying statements of net assets available for benefits of The Christian
Reformed Church in North America Voluntary Participant Benefit Trust — United States Fund (the
“Trust”) as of December 31, 2008 and 2007, and the related statements of changes in net assets available
for benefits for the years then ended, in accordance with Statements on Standards for Accounting and
Review Services issued by the American Institute of Certified Public Accountants. All information
included in these financial statements is the representation of the management of the Trust.
A review consists principally of inquiries of Trust personnel and analytical procedures applied to financial
data. It is substantially less in scope than an audit in accordance with auditing standards generally
accepted in the United States of America, the objective of which is the expression of an opinion regarding
the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should be made to the
accompanying financial statements in order for them to be in conformity with accounting principles
generally accepted in the United States of America.
The accompanying statements are those of the Trust, which is established under The Christian Reformed
Church in North America Voluntary Participant Benefit Plan (the “Plan”); the statements do not purport
to present the financial status of the Plan and do not contain certain information on obligations, benefits,
and other disclosures necessary for a fair presentation of the financial status of the Plan in conformity
with accounting principles generally accepted in the United States of America.

June 23, 2009
THE CHRISTIAN REFORMED CHURCH IN NORTH AMERICA
VOLUNTARY PARTICIPANT BENEFIT TRUST —
UNITED STATES FUND
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2008 AND 2007
2008 2007
ASSETS:
Cash $ 907,673 $ 1,376,857
Investments at fair value 3,480,076 3,305,975
Deposits 307,956 256,331
Accrued interest receivable 41,269 47,873

Total assets 4,736,974 4,987,036
LIABILITIES:
Accounts payable 34,678 20,099
Refundable participant premiums 142,897 97,220
Liability for flexible spending claims 66,604 76,470

Total liabilities 244,179 193,789
NET ASSETS $ 4,492,795 $ 4,793,247
See independent accountants’ review report and notes to financial statements.
- 2 - THE CHRISTIAN REFORMED CHURCH IN NORTH AMERICA
VOLUNTARY PARTICIPANT BENEFIT TRUST —
UNITED STATES FUND
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 2008 AND 2007
2008 2007
ADDITIONS — Received by the Trust:
Premiums for participants $ 9,989,102 $ 9,383,958
Flexible spending contributions 588,284 570,999
Investment income:
Interest income 188,047 207,235
Net appreciation (depreciation) in fair value of investments:
Corporate Bonds (64,078) 5,139
Federal Home Loan Mortgage Corporation Bonds 16,158 11,964
U.S. Government Treasury Bonds 52,536 48,101
Governmental National Mortgage Association Bonds 10,435 3,339

Total net appreciation in fair value of investments 15,051 68,543

Total investment income 203,098 275,778

Total additions 10,780,484 10,230,735

DEDUCTIONS — Paid by the Trust — Voluntary Participant
Benefit Plan Expenses:
Claims expense 9,561,234 8,685,162
Group insurance premiums 697,579 463,908
Administrative expenses 822,123 845,971

Total deductions 11,080,936 9,995,041

NET ADDITIONS (DEDUCTIONS) (300,452) 235,694

NET ASSETS:
Beginning of year 4,793,247 4,557,553
End of year $ 4,492,795 $ 4,793,247
See independent accountants’ review report and notes to financial statements.
- 3 - THE CHRISTIAN REFORMED CHURCH IN NORTH AMERICA
VOLUNTARY PARTICIPANT BENEFIT TRUST —
UNITED STATES FUND
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2008 AND 2007
(See independent accountants’ review report)
1. TRUST DESCRIPTION
The Christian Reformed Church in North America Voluntary Participant Benefit Trust — United States
Fund (the “Trust”) was formed by The Christian Reformed Church in North America (the “Church”) to
hold and invest contributions made under the Christian Reformed Church in North America Voluntary
Participant Benefit Plan (the “Plan”). The Plan was established for the benefit of the employees of the
Church and employees of its affiliated denominational agencies and individual congregations. The Trust
is to be used for the exclusive benefit of the participants to pay the benefits provided by the Plan and
defray reasonable expenses of administering the Plan.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting — The financial statements of the Trust are presented on the accrual basis of
accounting and reflect only the assets and liabilities of the Trust and do not purport to present the
financial status of the Plan.
Deposits — Deposits represent amounts that will be applied against possible future losses in excess of
current premiums as required by the claims processor.
Fair Value of Investments — Fair value of investments is determined by closing market prices at
December 31. Net appreciation or depreciation in the fair value of investments during the year is
determined using the fair value at the beginning of the period or purchase price if acquired since that
date. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on
the accrual basis. Dividends are recorded on the ex-dividend date.
Risks and Uncertainties — The Trust utilizes various investment instruments. Investment securities, in
general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to
the level of risk associated with certain investment securities, it is reasonably possible that changes in
the values of investment securities will occur in the near term and that such changes could materially
affect the amounts reported in the financial statements.
Refundable Participant Premiums — Refundable participant premiums represent premiums paid to
the Trust by agencies and individual congregations for periods subsequent to the fiscal year in which
they are received.
Use of Estimates — The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of additions and
deductions during the reporting period. Actual results could differ from those estimates.
- 4 - New Accounting Pronouncement — In 2008 the Plan adopted the effective provisions of Statement on
Financial Accounting Standards (SFAS) No. 157, Fair Value Measurements, which defines fair value,
establishes a framework for measuring fair value and establishes a hierarchy that categorizes and
prioritizes the sources to be used to estimate fair value. SFAS No. 157 also expands financial statement
disclosures about fair value measurements. On February 12, 2008, the Financial Accounting Standards
Board (FASB) issued FSP No FAS 157-2, Effective Date of FASB Statement No. 157, which delays the
effective date of SFAS No. 157 for one year for all nonfinancial assets and nonfinancial liabilities,
except those that are recognized or disclosed at fair value in the financial sta