Plain-English plan summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, Southern Michigan Bancorp, Inc. Employee Stock Ownership Plan is a benefit plan reported by Southern Michigan Bancorp, Inc. under EIN 38-2407501 and plan number 002. The latest loaded filing year is 2023. The filing reports 306 participants and $18,635,946 in end-of-year plan assets, where available in the loaded dataset.
Reported financial statement (2023 · Schedule H)
Net assets
- Total assets (EOY)
- $18,635,946
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $18,635,946
- Net assets (BOY)
- $17,517,996
Income & contributions
- Employer contributions
- $559,404
- Participant contributions
- $1,112,986
- Total contributions
- $1,697,336
- Total income / additions
- $3,156,417
Expenses & distributions
- Benefits paid
- $2,032,525
- Administrative expenses
- $5,942
- Total expenses
- $2,038,467
- Net increase / (decrease)
- $1,117,950