2020 Summary Annual Report

By | February 19, 2021

     This is a summary for the annual report for the death benefit program (the “Plan”) for the Widows’ and Orphans’ Aid Association of the Police Department of San Francisco (the “Association”), EIN:94-0981411, for its plan year ending December 31, 2020. 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 for all claims under the terms of the Plan. The Plan maintains an investment portfolio managed by KCM Investments/Charles Schwab Group.

     The value of the plan assets after subtracting liabilities of the Association was $8,487,100.        
As of December 31, 2020 (the Plan Year) compared to $7,831,244, as of January 1, 2020. This increase 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 $615,856. During the year covered by this Summary Report, after subtracting liabilities, the Association experienced a net increase of $615,856.

                                                 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 Widows’ and Orphans’ Aid Association, P.O. Box 4247, San Rafael, CA 94913-4247. 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 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 right to examine the annual report at our main business office location of the Plan, 850 Bryant Street, room #150, San Francisco, California, 94103 and at any location where the report is maintained for inspection. 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 $654,620 In total income, including $404,620 in member dues and fees, dividends and interest of $250,000. Plan expenses were $420,000 in paid benefits to member’s beneficiaries, $320 in direct donations, $20,980 in accounting and legal fees, $55,576 in net payroll, $18,648 in payroll taxes, and $6,486 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 24 member deaths reported in 2020. The following names appear in the order from January through December of 2020:

Timothy Cadigan (84)
William Dougherty (79)
Donald Fouke (80)
Paul Craib (96)
Arvid Lindgren (89)
Philip Barsetti (91)
Peter Alarcon (91)
Wayne Kanzaki (65)
Hike Kazarian (94)
Frank Petuya (87)
James Barron (70)
Mario Ceballos (69)
Harry Keenan Jr. (92)
Mike Mullane (77)
Budd Armstrong (88)
James Brown (78)
John Minoli (93)
Harry Paretchan (89)
Michael Connors (84)
David Dillon (92)
Paul Forslind (79)
Larry Mack (57)
Richard Frost (77)
Kenneth Foss (87)

     The Officers and Trustees of the Association for 2021 are: President Allan Luenow, Vice President Rob Forneris, Secretary Mark McDonough, Treasurer Dean Taylor, Trustees Ryan Walsh, Louis Barberini, Leroy Lindo, Ray Kane, James O’Meara, and Administrative Assistant Sally Foster.

     The Association was able to meet all obligations this past year. The member death benefit remains at $17, 500.00. It is very important that a member’s beneficiary designation is current. Please call or write the Association to report a change of address or new beneficiary designation. Members who currently receive a bill for annual membership dues may contact the Police Credit Union or their financial institution of choice to arrange for automatic payment of yearly dues. The Association can be reached by telephone at 415 681-3660, or by email at widowsorphans825@gmail.com.