Stearns Financial Services, Inc. Employee Stock Ownership Plan — Form 5500 plan (Stearns Financial Services, Inc.)
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, Stearns Financial Services, Inc. Employee Stock Ownership Plan is a benefit plan reported by Stearns Financial Services, Inc. under EIN 41-1655119 and plan number 001. The latest loaded filing year is 2023. The filing reports 556 participants and $131,989,713 in end-of-year plan assets, where available in the loaded dataset.
Form 5500 plan profile · 2023
Key reported metrics
Net assets (EOY)$109.2MPlan net assets, end of year$109,186,421
Participants556Covered participants reported
Assets / participant$237.4KComputed: assets ÷ participants$237,392 (computed)
Provider compensation$34.1K1 Schedule C provider row(s)$34,070
- Plan sponsor
- Stearns Financial Services, Inc.
- EIN
- 41-1655119
- Plan number
- 001
- Plan type
- 2
- Location
- St Cloud, MN
- Latest filing year
- 2023
Form 5500 filing history
| Filing year | Participants | Schedules | Filing |
|---|---|---|---|
| 2023 | 556 | H, C | 20241008111751NAL0017455169001 |
Schedule H · 2023
Reported financial statement
Reported figures as filed, in whole dollars. Only fields the filing reports are shown; others are marked not reported.
Reported balance (end of year)$132M total assets
Net assets$109.2MLiabilities$22.8M
Full reported line items
Net assets
- Total assets (EOY)
- $131,989,713
- Total liabilities (EOY)
- $22,803,292
- Net assets (EOY)
- $109,186,421
- Net assets (BOY)
- $118,018,173
Income & contributions
- Employer contributions
- $2,500,000
- Total contributions
- $2,500,000
- Total income / additions
- $4,766,750
Expenses & distributions
- Benefits paid
- $12,557,116
- Administrative expenses
- $34,070
- Total expenses
- $13,598,502
- Net increase / (decrease)
- -$8,831,752
Computed from reported fields
Reported ratios
Derived only from this plan's own reported figures — comparisons within the filing, not benchmarks, estimates, or national averages.
Total expenses ÷ net assets12%Computed ratio
Benefits paid ÷ total income263%Computed ratio
Provider comp. ÷ net assets0%Computed ratio
Service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. | Year |
|---|---|---|---|---|
| Principal | CONTRACT ADMINISTRATOR | $34,070 | not reported in the loaded dataset | 2023 |