PATEL & CO., INC. CPA DEFINED BENEFIT PENSION PLAN 401k Plan overview

PATEL & CO., INC. CPA DEFINED BENEFIT PENSION PLAN Benefits

401k Sponsoring company profile

Company Name:	PATEL & CO., INC.-CERTIFIED PUBLIC ACCOUNTANT
Employer identification number (EIN):	264528599
NAIC Classification:	541211
NAIC Description:	Offices of Certified Public Accountants

Form 5500 Filing Information

Plan id#	Filing Submission Date	Name of Administrator	Date Administrator Signed	Name of Company Sponsor	Date Sponsor Signed
003	2022-01-01
003	2021-01-01

Plan Statistics for PATEL & CO., INC. CPA DEFINED BENEFIT PENSION PLAN

Measure	Date	Value
2022: PATEL & CO., INC. CPA DEFINED BENEFIT PENSION PLAN 2022 401k membership
Market value of plan assets	2022-12-31	531,796
Acturial value of plan assets	2022-12-31	531,796
Funding target for retired participants and beneficiaries receiving payment	2022-12-31	0
Number of terminated vested participants	2022-12-31	2
Fundng target for terminated vested participants	2022-12-31	1,959
Active participant vested funding target	2022-12-31	330,498
Number of active participants	2022-12-31	6
Total funding liabilities for active participants	2022-12-31	331,856
Total participant count	2022-12-31	8
Total funding target for all participants	2022-12-31	333,815
Balance at beginning of prior year after applicable adjustments	2022-12-31	0
Prefunding balance at beginning of prior year after applicable adjustments	2022-12-31	0
Carryover balanced portion elected for use to offset prior years funding requirement	2022-12-31	0
Prefunding balanced used to offset prior years funding requirement	2022-12-31	0
Amount remaining of carryover balance	2022-12-31	0
Amount remaining of prefunding balance	2022-12-31	0
Present value of excess contributions	2022-12-31	308,507
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance	2022-12-31	308,507
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance	2022-12-31	0
Reductions in caryover balances due to elections or deemed elections	2022-12-31	0
Reductions in prefunding balances due to elections or deemed elections	2022-12-31	0
Balance of carryovers at beginning of current year	2022-12-31	0
Balance of prefunding at beginning of current year	2022-12-31	0
Total employer contributions	2022-12-31	700,000
Total employee contributions	2022-12-31	0
Contributions allocated toward unpaid minimum require contributions from prior years	2022-12-31	0
Contributions made to avoid restrictions adjusted to valuation date	2022-12-31	0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date	2022-12-31	673,720
Unpaid minimum required contributions for all prior years	2022-12-31	0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years	2022-12-31	0
Remaining amount of unpaid minimum required contributions	2022-12-31	0
Minimum required contributions for current year target normal cost	2022-12-31	313,497
Net shortfall amortization installment of oustanding balance	2022-12-31	0
Waiver amortization installment	2022-12-31	0
Total funding amount beforereflecting carryover/prefunding balances	2022-12-31	115,516
Additional cash requirement	2022-12-31	115,516
Contributions allocatedtoward minimum required contributions for current year	2022-12-31	673,720
Unpaid minimum required contributions for current year	2022-12-31	0
Unpaid minimum required contributions for all years	2022-12-31	0
2021: PATEL & CO., INC. CPA DEFINED BENEFIT PENSION PLAN 2021 401k membership
Market value of plan assets	2021-12-31	0
Acturial value of plan assets	2021-12-31	0
Funding target for retired participants and beneficiaries receiving payment	2021-12-31	0
Number of terminated vested participants	2021-12-31	2
Fundng target for terminated vested participants	2021-12-31	564
Active participant vested funding target	2021-12-31	167,830
Number of active participants	2021-12-31	6
Total funding liabilities for active participants	2021-12-31	167,873
Total participant count	2021-12-31	8
Total funding target for all participants	2021-12-31	168,437
Balance at beginning of prior year after applicable adjustments	2021-12-31	0
Prefunding balance at beginning of prior year after applicable adjustments	2021-12-31	0
Carryover balanced portion elected for use to offset prior years funding requirement	2021-12-31	0
Prefunding balanced used to offset prior years funding requirement	2021-12-31	0
Amount remaining of carryover balance	2021-12-31	0
Amount remaining of prefunding balance	2021-12-31	0
Present value of excess contributions	2021-12-31	0
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance	2021-12-31	0
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance	2021-12-31	0
Reductions in caryover balances due to elections or deemed elections	2021-12-31	0
Reductions in prefunding balances due to elections or deemed elections	2021-12-31	0
Balance of carryovers at beginning of current year	2021-12-31	0
Balance of prefunding at beginning of current year	2021-12-31	0
Total employer contributions	2021-12-31	500,000
Total employee contributions	2021-12-31	0
Contributions allocated toward unpaid minimum require contributions from prior years	2021-12-31	0
Contributions made to avoid restrictions adjusted to valuation date	2021-12-31	0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date	2021-12-31	481,883
Unpaid minimum required contributions for all prior years	2021-12-31	0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years	2021-12-31	0
Remaining amount of unpaid minimum required contributions	2021-12-31	0
Minimum required contributions for current year target normal cost	2021-12-31	145,617
Net shortfall amortization installment of oustanding balance	2021-12-31	168,437
Waiver amortization installment	2021-12-31	0
Total funding amount beforereflecting carryover/prefunding balances	2021-12-31	173,376
Additional cash requirement	2021-12-31	173,376
Contributions allocatedtoward minimum required contributions for current year	2021-12-31	481,883
Unpaid minimum required contributions for current year	2021-12-31	0
Unpaid minimum required contributions for all years	2021-12-31	0

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