United Parcel Service of America - Page 57




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                          Under-   Taxes                Interest on                   
                Net1      writing  Boards &    Funds      Funds   Net Payment         
          Month Premiums  Expenses Bureaus2    Withheld3  Withheld  to OPL4           
          Jan.  $6,373,502    $76,007    $264,092$6,033,403-0-       -0-                 
          Feb.   8,379,506  104,700   363,788 7,911,018    $45,453   $45,453          
          Mar.   7,051,992   96,812   336,380    -0-       113,879  6,732,679         
          Apr.   6,006,226   89,018   309,300    -0-       142,349  5,750,256         
          May    5,618,472   89,260   310,139    -0-       113,879  5,332,953         
          June   7,201,394  109,594   380,792    -0-       113,879  6,824,888         
          July   5,028,899   82,593   286,976    -0-       146,416  4,805,745         
          Aug.   7,630,857  117,978   409,924    -0-       109,812  7,212,767         
          Sept.  5,936,652   94,812   329,431    -0-       142,349  5,654,758         
          Oct.   5,634,399  100,563   349,413    -0-       113,879  5,298,302         
          Nov.   7,678,285   38,663   434,621    -0-       113,879  7,318,880         
          Dec.  5,170,594     -0-    316,730  -0-         126,081   4,979,945         
          Total 77,710,778 1,000,000 4,091,58613,944,421  1,281,85559,956,626         
               1This column was arrived at by netting gross income and losses paid.   
               2This column contains the total amounts included on the bordereau for  
          taxes, board and bureau charges, and Federal excise taxes.                  
               3In 1984, the net amounts to be remitted by NUF to OPL for January and 
          February were withheld in escrow by NUF.                                    
               4The "Net Payment to OPL" is calculated by reducing the net premiums   
          shown in column one by expenses, taxes, board and bureau charges, and funds 
          withheld and by increasing that amount by interest on funds withheld.       
          NUF paid Hall $250,000 from the $1 million it received from                 
          petitioner as fees.  OPL ultimately recorded the funds received             
          in its general ledger.                                                      
               C.   FFIC/PIP                                                          
               Fireman's Fund Insurance Co. (FFIC), through a policy sold             
          by Parcel Insurance Plan, Inc. (PIP), since 1966, offered excess            
          value protection for shipments sent via petitioner, the U.S.                
          Postal Service, and other carriers.  Most of FFIC/PIP's business            
          came from petitioner's shippers.  PIP tried to solicit business             
          from petitioner's shippers who spent at least $1,000 annually for           






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Last modified: May 25, 2011