Financial
Statements
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Page
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1
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Statements
of Net Assets Available for Benefits December 31, 2008 and
2007
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2
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Statements
of Changes in Net Assets Available for Benefits Years ended December 31,
2008 and 2007
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3
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4
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Schedule G, Part I - Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible | 8 | |
9
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10
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Page
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1
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2
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3
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4
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Schedule G, Part I - Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible | 8 | |
9
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Assets:
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2008
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2007
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||||||
Investments,
at fair value
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$ | 2,737,791 | $ | 3,462,807 | ||||
Participant loans
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88,928 | 121,017 | ||||||
Net
assets available for benefits at fair value
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2,826,719 | 3,583,824 | ||||||
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
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1,639 | 4,857 | ||||||
Net
assets available for benefits
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$ | 2,828,358 | $ | 3,588,681 |
2008
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2007
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Additions
(Deductions)
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||||||||
Contributions
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Employee
contributions
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$ | 470,785 | $ | 446,901 | ||||
Employer
contributions, net of forfeitures
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195,423 | 185,267 | ||||||
Total
contributions
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666,208 | 632,168 | ||||||
Investment
income
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||||||||
Net depreciation
in fair value of investments
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(1,125,818 | ) | (248,117 | ) | ||||
Interest
and dividends
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27,021 | 35,575 | ||||||
Net
investment (loss) income
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(1,098,797 | ) | (212,542 | ) | ||||
Total
investment income (loss)
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(432,589 | ) | 419,626 | |||||
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Benefits
paid to participants
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(306,382 | ) | (327,603 | ) | ||||
Expenses
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(21,352 | ) | (24,307 | ) | ||||
Total
deductions
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(327,734 | ) | (351,910 | ) | ||||
Net
(decrease) increase
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(760,323 | ) | 67,716 | |||||
Net
assets available for benefits
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||||||||
Beginning
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3,588,681 | 3,520,965 | ||||||
Ending
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$ | 2,828,358 | $ | 3,588,681 |
(6)
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Fair
Value Measurement
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●
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Unadjusted
quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or
liabilities.
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●
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Quoted prices for similar assets or liabilities in active markets. | |
●
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Quoted prices for identical or similar assets or liabilities. | |
●
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Inputs
other than quoted prices that are observable, either directly or
indirectly, for the term of the asset or liability (e.g., interest rates,
yield curves, credit risks, prepayment speeds or volatilities) or
"market corroborated
inputs."
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●
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Prices
or valuation techniques that require inputs that are both unobservable
(i.e. supported by little or no market activity) and that are significant
to the fair value of the assets or
liabilities.
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Level
1
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Level
2
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Level
3
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Total
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Short-term money market instruments | $ |
-
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$ |
513,503
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$ |
-
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$ |
513,503
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Unity Bancorp, Inc. stock fund (69,498 shares) |
-
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270,934
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-
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270,934
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Common collective trusts |
-
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1,763,330
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-
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1,763,330
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Guaranteed investment contracts |
-
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-
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190,024
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190,024
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Participant
loans
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-
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-
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88,928
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88,928
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Total
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$ |
-
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$ |
2,547,767
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$
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278,952
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$ |
2,826,719
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Guaranteed
Investment Contract
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Participant
Loans
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Beginning
balance December 31, 2007
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$ | 142,836 | $ | 121,017 | ||||
Realized
gains (losses)
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- | - | ||||||
Unrealized
gains (losses) relating to instruments still held at the reporting
date
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11,730 | - | ||||||
Purchases,
sales, issuances and settlements, net
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35,458 | (32,089 | ) | |||||
Ending
balance December 31, 2008
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$ | 190,024 | $ | 88,928 |
(7)
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Investments
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2008
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2007
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Mutual
funds
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$ | (844,209 | ) | $ | 132,586 | |||
Common
stock
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(281,609 | ) | (380,703 | ) | ||||
Total
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$ | (1,125,818 | ) | $ | (248,117 | ) |
2008
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2007
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SSGA
- Government Money Market
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$ | 500,913 | $ | 210,430 | ||||
SSGA
- S&P 500 Flagship SL Series Fund
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285,539 | 445,693 | ||||||
Unity
Bancorp, Inc. Stock Fund
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270,934 | 627,158 | ||||||
SSGA - S&P
Midcap Index SL Series Fund
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254,594 | 450,668 | ||||||
SSGA
- Long U.S. Treasury Index SL Series
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249,659 | 135,659 | ||||||
SSGA
- S&P Growth Index SL Fund Series A
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192,817 | 282,145 |
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SSGA
- Pentegra Stable Value Fund
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190,024 | 142,836 |
(8)
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New
Accounting Pronouncements
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(9)
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Reconciliation
of Financial Statements to Form
5500
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As of December 31, | |||||||
2008
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2007
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Net
assets available for benefits per the financial statements
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$ | 2,828,358 | $ |
3,588,681
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||||
Less:
Adjustment from contract value to fair value
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(1,639 |
)
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(4,857 |
)
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Net assets available for benefits per Form 5500
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$ | 2,826,719 | $ | 3,583,824 |
Amount Received
During Reporting Year
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Amount
Over-Due
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* If Party in
Interest
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Identity of
Obligor
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Original Amount of Loan |
Principal
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Interest
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Unpaid Balance
at 12-31-08
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Loan
Terms
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Principal
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Interest
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*
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Mary
Pietryk
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$3,000
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$0.00
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$0.00
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$3,000
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Original
loan date = April 2, 2008
Maturity date = May 16, 2009
Interest rate = 7.0%
Uncollateralized
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$3,000
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$159.25
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Shares
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Current
Value
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SSGA-Government
Money Market
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500,913 | $ | 500,913 | ||||
SSGA-S&P
500 Flagship SL Series Fund
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1,605 | 285,539 | |||||
Unity
Bancorp, Inc. Stock Fund*
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69,498 | 270,934 | |||||
SSGA-S&P
Midcap Index SL Series Fund
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13,425 | 254,594 | |||||
SSGA-Long
U.S. Treasury Index SL Series
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18,324 | 249,659 | |||||
SSGA-S&P
Growth Index SL Fund Series A
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23,766 | 192,817 | |||||
SSGA-Pentegra
Stable Value Fund
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16,694 | 190,024 | |||||
SSGA-Russell
2000 Index SL Series Fund
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8,346 | 135,154 | |||||
SSGA
- Moderate Strategic Balanced SL Fund
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11,056 | 126,934 | |||||
SSGA-S&P
Value Index SL Fund Series A
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16,270 | 123,850 | |||||
SSGA-Daily
EAFE Index SL Series Fund
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8,463 | 112,165 | |||||
SSGA
- Target Retirement 2015 SL
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6,850 | 60,187 | |||||
SSGA-Aggressive
Strategic Balanced SL
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5,766 | 50,792 | |||||
SSGA-NASDAQ
100 Index Non-lending Fund
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6,585 | 49,532 | |||||
SSGA
- Conservative Strategic Balanced SL
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3,134 | 45,291 | |||||
SSGA
Passive Bond Market SL Series Fund
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2,076 | 39,529 | |||||
SSGA-REIT
Index Non-Lending Series Fund
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2,221 | 36,614 | |||||
SSGA
- Target Retirement 2035 SL
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87 | 673 | |||||
Loans
to Participants (Range of interest rates charged was 5% to 9.25%)
*
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88,928 | 88,928 | |||||
Collective
Short Term Investment Funds
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12,590 | 12,590 | |||||
$ | 2,826,719 |