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1 <br />LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS Page 6 of 9 <br />December 31, 1991 <br />1 <br />Investment balances at December 31, 1991 were as follows: <br />Credit Risk Category Carrying Market <br />Securities Type 1 2 3 Amount Value <br />Corporate Obligations $554,062 5554,062 5567,622 <br />Governmental Obligations 416,119 416,119 444,299 <br />Total $970,181 50 $0 970,181 1,011,921 <br />Investment Company Shares 54,667 54,667 <br />Total Investments $1,024,848 $1,066,588 <br />Deposits (Note 4A) 16,253 <br />Total Cash and Investments $1,041,101 <br />Note 5 FUNDING DEFICIT p <br />The December 31, 1991 unfunded pension benefit obligation represents the accrued pension liability as <br />of December 31, 1991 of the Relief Association in excess of cash, investments and due from other <br />governments. A schedule of such amounts is as follows: <br />December 31, <br />1991 f! <br />Net Assets available for benefits 5849,210 <br />Actuarial present value of pension benefit I <br />obligation as of December 31 889,158 <br />Unfunded pension benefit obligation 539,948 I <br />Note6 pUE FROM STATE <br />Minnesota Statutes Section 424A.10 provides for the payment of supplemental benefits to retired <br />members of the Little Canada Firemen's Relief Association. These benefits are paid by the Relief <br />Association, which is reimbursed by the State of Minnesota. State supplemental benefit revenue is <br />recognized in the period the funds are expended by the Relief Association. <br />Page 39 <br />