2015 Summary Annual Report

Widows and Orphans Aid Association of  The Police Department of San Francisco

This is a summary for the annual report for the death benefit program (the “Plan”) for the Widow and Orphans Aid Association of the Police Department of San Francisco (the “Association”), EIN: 94-0981411, for its plan year ending December 31, 2015. The Annual Report has been filed with the Internal Revenue Service as required under the Employee Retirement Income Security Act of 1974 (“ERISA”).

The Association has committed itself to pay all claims under the terms of the Plan. The Plan maintains an investment portfolio managed by Abbot-Downing, a division of Wells Fargo Bank, N.A.

The value of the plan assets after subtracting liabilities of the Association was $7,083,814 as of December 31, 2015 (the Plan Year) compared to $7,696,712.00 as of January 1, 2015. This decrease includes unrealized appreciation and depreciation in the value of the Association’s assets, that is, the difference between the value of the Association’s assets at the end of the year, and the value of the assets at the beginning of the year, or the cost of assets acquired during the year. The change in the market value of the Association’s assets during the year was – $612,898. During the year covered by this Summary Report, after subtracting liabilities, the Association experienced a net decrease of $1, 262,875.

Your Rights to Additional Information

     You have the right to receive a full copy of the annual report, or any part thereof, upon request. The report includes the following components:

An Accountant’s Report

Assets held for investment

Fiduciary information including transactions between the plan and parties in interest;

(i.e., persons who specified relationships with the Plan)

Loans and other obligations which may be in default (if any);

Leases which may be in default (if any); and,

Transactions in excess of 3% of plan assets.

To obtain a full copy of the annual report, or any part thereof, call or write the Widow’s and Orphan’s Aid Association, P.O. Box 880034, San Francisco, CA 94188-0034. The telephone number is 415 681-3660. The charge to copy the full report is $5.00 or $.25 per page for portions thereof.

You also have the right to receive from the Plan Administrator, upon request and at no cost, a statement of the assets and liabilities of the Plan and accompanying notes, or a statement of the income and expenses of the Plan and accompanying notes, or both. If you request a copy of the full annual report from the Plan Administrator, these two statements and accompanying notes are included as part of that report.

You also have the legally protected right to examine the annual report at our main business office location of the Plan, 850 Bryant St room #150, San Francisco, California, 94103 and at any location where the report is maintained for inspection. You may also examine the annual report at the U.S. Department of Labor in Washington D.C., or obtain a copy from the U.S. Department of Labor, upon payment of copying fees, by writing to the Public Disclosure Room N1513, Employee Benefits Security Administration (EBSA), U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington D.C., 20210. The most expedient option to examine and print a copy of this report would be to query our website at ‘sfwidowsandorphans.org’. We post a copy of the report each year. I will provide any member with a copy of this report, upon request.

During the plan year, the Association had $451,177 in total income, including $258,325 in member dues and fees, dividends and interest of $188,680 and direct contributions of $4,172. Plan expenses were $591,600 in paid benefits to member’s beneficiaries, $27,102 in accounting and legal fees, $8,851 in administrative expenses, $42,525 in net payroll, $14,232 in payroll taxes, and $2732 in miscellaneous expenses including floral arrangements for Memorial Services, Insurance costs, office supplies, copying, postage and mailing costs, utilities, Trustee stipends and other incidental operating expenses.

The Association had 35 member deaths reported in 2015. The following names appear in order from January through December of 2015:

Anthony Carreon (59),  Aaron O. Barnes (84), George
Paulin (90), Calvin G. Tom (61), Nick Eterovich Sr. (92), Stanley Cordes (86),
Lenox Ethrington Jr. (84), James Norman (85), Arthur Orrante (77), Yvonne
Pratt (56), Ben Van Iderstine (90), Daniel O’Leary, Kenneth Osgood (93),
Martin Bastiani (78), Fred J. Curley (85), Jerry Donovan (68), Robert Hansel
(75), Thomas Jones (67), Michael Wilcox (79), Douglas Foss (66), Robert
Hulsey (74), Albert F. Alves (90), Ron Killen (79), Gordon Clark (64), George
Matelli (79), Leo J. McAllister (97), Cliff Fogarty (54), Alan Johnson (79),
Joseph Carroll (54), Frank Panacci (91), John C. Sweeney (80), Matteo
Genna (90), Jon Voong, Roger Hugo, Ray White (92).

The Officers and Trustees of the Association for 2016 are: President Sally Foster, Vice President John Centurioni, Secretary Mark McDonough, Treasurer Dean Taylor, and Trustees Leroy Lindo, Ray Kane, James O’Meara, Al Luenow, and John Keane.

The Association was able to meet all obligations this past year, however, due to dip in the stock market, and an increase in member deaths, we were not able to realize a net investment. The member death benefit remains at $17,000. It is very important that your beneficiary designation is current. Please call or write the Association to report a change of address or new beneficiary designation. If you currently receive a bill for your annual membership dues, you may contact the SF Police Credit Union, or your financial institution of choice to arrange for automatic payment of your yearly dues. The Association can also be reached by email at ‘markmac825@comcast.net’.

Mark J. McDonough
Secretary/WOAA of the SFPD