Adequacy of Protection During the past three fiscal (claims) years, none of the above programs of protection have had settlements or judgments that exceeded insured coverage. The Commission cancelled Foreign Insurance coverage as of June 23, 2010, because commissioners and employees no longer travel internationally.
D. Employee Retirement Plan The Board of Directors of the California Avocado Commission implemented a Profit Sharing Plan (PSP) for eligible Commission employees, effective November 1, 2000. The Commission’s payroll for the nine employees eligible to participate in the PSP for the plan year ended October 31, 2010, was $993,896. The total payroll for the fifteen employees eligible to participate in the PSP for the plan year ended October 31, 2009 was $1,607,820. The total contributions for the years ended October 31, 2010 and 2009, were $99,390 and $166,101, respectively. The Commission determines, in its discretion, the contribution which will be made to the PSP. With a few exceptions, each eligible employee received an allocation of 10% of compensation up to a maximum of $49,000 for the Plan Year ended October 31, 2010. To receive an allocation, each employee must meet a minimum service requirement of one year and must be credited with at least 1,000 hours of service.
E. Operating Leases On November 5, 2009, the Commission entered into a lease agreement for a new office space under a five-year lease ending November 30, 2014. On November 20, 2009, the Commission subleased its previous office space, with a lease ending July 31, 2011, to Location Based Technologies, Inc. During the years ended October 31, 2010 and 2009, the Commission paid $96,302 and $291,780, respectively, for the office rent, inclusive of operating expenses. The Commission received $150,687 in the year ended October 31, 2010. There was no sublease income in the year ended October 31, 2009. On September 7, 2009, the Commission entered into an agreement to lease two printers. During the years ended October 31, 2010 and 2009, the Commission paid $6,039 and $567, respectively, including tax for the printers’ lease.
Office Space
Printers
$ 207,912 56,960 62,802 66,307 5,550
$ 5,424 4,972 — — —
399,531
$ 10,396
2011 2012 2013 2014 2015
Total
Less Sublease Income 2011 Total Net Payment 2011 2012 2013 2014 2015
Total
(138,956) (138,956) 68,956 56,960 62,802 66,307 5,550 $ 260,575
October 31, 2010 and 2009
Year Ending October 31,
Notes to Financial Statements
The annual requirements to amortize the operating lease obligations as of October 31, 2010 are as follows:
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