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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1992 <br />Page 6 of 9 <br />Investment balances at December 31, 1992 were as follows: <br />Credit Risk Category Carrying Market <br />Securities Type 1 2 3 Amount Value <br />Corporate Obligations $405,128 $405,128 $423,665 <br />Governmental Obligations 748 368 748,368 782,389 <br />Total $1,153,496 $0 $0 1,153,496 1,206,054 <br />Investment Company Shares 13,906 13 906 <br />Total Investments $1,167,402 $1,219,960 <br />Deposits (Note 4A) 2,268 <br />Total Cash and Investments $1,169,670 <br />Note 5 FUNDING DEFICIT <br />The December 31, 1992 unfunded pension benefit obligation represents the accrued pension liability as <br />of December 31, 1992 of the Relief Association in excess of cash, investments and accrued interest net <br />of due to other funds. A schedule of such amounts is as follows: <br />December 31, <br />1992 <br />Net Assets available for benefits $958,757 <br />Actuarial present value of pension benefit <br />obligation as of December 31 959,425 <br />Unfunded pension benefit obligation ($668) <br />Note 6 DUE FROM STATF, <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 38 <br />