- 33 -
IV. The Trust's Financial Information
A. Overview
The Trust began accepting contributions from employers in
November 1988. As of June 30, 1992, the Trust had received
$92,273,952 in contributions, broken down as follows:
$15,852,213 in 1988, $29,453,541 in 1989, $25,281,057 in 1990,
$14,178,375 in 1991, and $7,508,766 in 1992.
Prime never valued the Trust as a whole, and Prime never
filed a Form 5500 (Annual Return/Report of Employee Benefit Plan)
for the Prime Plan as a whole. Neither the Prime Plan nor the
Trust had a 1988 Form 1041 (U.S. Fiduciary Income Tax Return)
filed on its behalf. Norstar Trust Co. of Rochester, New York,
filed 1989 and 1990 Forms 1041 that reported the following items
of income and expense for a complex trust named "Prime Financial
Benefits Trust--New York" (E.I.N. 86-0633138) (the New York
Trust):
1989 1990
Tax-exempt income $10,905 $64,477
Total income - 0 - - 0 -
Fiduciary fees 500 10,623
Total deductions - 0 - - 0 -
Taxable income - 0 - - 0 -
Total tax - 0 - - 0 -
Security Pacific filed 1990 through 1994 Forms 1041 that reported
the following items of income and expense for the Trust, listed
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