Form 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE
REQUIRED]. |
For the fiscal year ended December 31, 2009
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO
FEE REQUIRED]. |
Commission file number: 0-22684
Universal Forest Products, Inc. Employees’ Profit Sharing
and 401(k) Retirement Plan
(Full title of the plan and the address of the plan, if different from that of issuer named below)
Universal Forest Products, Inc.
2801 East Beltline NE
Grand Rapids, Michigan 49525-9736
(Name of issuer of the securities held pursuant to the plan and the address of its principal
executive office)
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Financial Statements and Supplemental Schedule
Years Ended December 31, 2009 and 2008
Contents
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3 |
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Financial Statements |
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4 |
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5 |
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6 |
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Supplemental Schedule |
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14 |
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| Exhibit 23 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Members of the Profit Sharing and 401(k) Trustee Committee
Universal Forest Products, Inc.
Employees’ Profit Sharing and 401 (k) Retirement Plan
Grand Rapids, Michigan
We have audited the accompanying statements of net assets available for benefits of Universal
Forest Products, Inc. Employees’ Profit Sharing and 401 (k) Retirement Plan (the “Plan”) as of
December 31, 2009 and 2008, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. An audit includes consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2009 and 2008, and
the changes in net assets available for benefits for the years then ended, in conformity with
accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming opinions on the basic financial statements
taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of
December 31, 2009 is presented for the purpose of additional analysis and is not a required part of
the basic financial statements but is supplementary information required by the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management.
The supplemental schedule has been subjected to the auditing procedures applied in our audit of the
basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ BDO Seidman, LLP
Grand Rapids, Michigan
June 23, 2010
3
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Statements of Net Assets Available for Benefits
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December 31 |
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2009 |
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2008 |
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Assets |
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Investments, at fair value (Notes 1 & 4) |
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$ |
140,557,993 |
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$ |
120,834,506 |
|
Participant loans receivable |
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|
7,423,026 |
|
|
|
8,875,400 |
|
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|
|
|
|
|
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147,981,019 |
|
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129,709,906 |
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Participant contribution receivable |
|
|
— |
|
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|
121,901 |
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Employer contribution receivable |
|
|
195,394 |
|
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|
475,429 |
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Due from investment broker |
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|
— |
|
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|
325 |
|
|
|
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|
|
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148,176,413 |
|
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130,307,561 |
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Liabilities |
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Due to investment broker |
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(2,763 |
) |
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— |
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Net assets available for benefits at fair value |
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148,173,650 |
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130,307,561 |
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Adjustment from fair value to contract value
for fully
benefit responsive investment contracts |
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(165,874 |
) |
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1,970,304 |
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Net assets available for benefits |
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$ |
148,007,776 |
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$ |
132,277,865 |
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See accompanying notes.
4
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Statements of Changes in Net Assets Available for Benefits
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Years Ended December 31 |
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2009 |
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2008 |
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Additions |
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Participant contributions |
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$ |
7,031,064 |
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$ |
8,429,023 |
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Rollover contributions |
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769,403 |
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833,829 |
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Employer contributions |
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1,562,640 |
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3,469,408 |
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Interest income |
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601,946 |
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808,921 |
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Dividend income |
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1,092,581 |
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2,411,851 |
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11,057,634 |
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15,953,032 |
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Deductions |
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Distributions to participants |
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(20,673,619 |
) |
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(17,410,648 |
) |
Administrative expenses |
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(437,093 |
) |
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(516,823 |
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(21,110,712 |
) |
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(17,927,471 |
) |
Net realized and unrealized appreciation
(depreciation)
in fair value of investments (Note 4) |
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25,995,122 |
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(30,406,376 |
) |
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Net increase (decrease) |
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15,942,044 |
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(32,380,815 |
) |
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Transfers out (Note 3) |
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(212,133 |
) |
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— |
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Net assets available for benefits at beginning
of year |
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132,277,865 |
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164,658,680 |
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Net assets available for benefits at end of year |
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$ |
148,007,776 |
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$ |
132,277,865 |
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See accompanying notes.
5
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements
1. Significant Accounting Policies
Basis of Accounting
The financial statements of the Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan (the Plan) are presented on the accrual method of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States requires management to make estimates and assumptions that affect reported
amounts. Although actual results could differ from these estimates, management believes estimated
amounts recorded are reasonable and appropriate.
Risks and Uncertainties
The Plan utilizes various investment instruments. Investment securities, in general, are exposed to
various risks, such as interest rate, credit, and overall market volatility. Due to the level of
risk associated with certain investment securities, it is reasonably possible that changes in the
values of investment securities will occur in the near term and that such changes could materially
affect participants’ account balances and the amounts reported in the financial statements.
New Accounting Pronouncement
As of December 31, 2009, the Plan adopted Accounting Standards Update (“ASU”) 2009-12 regarding
fair value measurement of investments in certain entities that calculate net asset value per share
(or its equivalent). This update applies to investments that do not have a readily determinable
fair value and are held by an entity that is required to report investment assets at fair value.
This update creates a practical expedient to measure the fair value of such investments on the
basis of the net asset value per share (or its equivalent) and requires disclosures by major
category of the investments about the attributes of investments, such as the nature of any
restrictions on the investors’ ability to redeem the investments at the measurement date, any
unfunded commitments, and the investment strategies of the investees. Although the adoption of
this update did not materially impact the Plan’s financial statements, the Plan is now required to
provide additional disclosures with respect to its investments in common collective trusts.
6
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements (continued)
In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update
2010-06, Improving Disclosures about Fair Value Measurements. This standard requires new
disclosures on the amount and reason for transfers in and out of Level 1 and 2 recurring fair value measurements. The standard also requires disclosure of activities, on a gross basis, including
purchases, sales, issuances, and settlements, in the reconciliation of Level 3 fair value recurring
measurements. The standard clarifies existing disclosure requirements on levels of disaggregation
and disclosures about inputs and valuation techniques. The new disclosures regarding Level 1 and 2
fair value measurements and clarification of existing disclosures are effective for periods
beginning after December 15, 2009. The disclosures about the reconciliation of information in
Level 3 recurring fair value measurements are required for periods beginning after December 15,
2010. The requirements of the standard are not expected to have a significant impact on the Plan’s
current fair value disclosures.
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the
measurement date.
Inputs to valuation techniques refer to the assumptions that market participants would use in
pricing the asset or liability. The Plan utilizes a fair value hierarchy for valuation inputs that
gives the highest priority to quoted prices in active markets for identical assets (Level 1
measurement) and the lowest priority to unobservable inputs (Level 3 measurements). A financial
instrument’s level within the fair value hierarchy is based on the lowest level of any input that
is significant to the fair value measurement. The following provides a description of the three
levels of inputs that may be used to measure fair value:
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date
for identical, unrestricted assets or liabilities.
Level 2 - Significant observable inputs such as quoted prices for similar assets or liabilities in
active markets, quoted prices for identical or similar assets or liabilities in inactive markets,
inputs other than quoted prices that are observable or can be derived from or corroborated by
observable market data by correlation or other means.
Level 3 - Prices or valuations that require inputs that are both significant to the fair value
measurement and unobservable.
The following valuation methodologies were used to measure the fair value of the Plan’s
investments:
Common Stock: Valued at quoted market prices in an exchange and active market in which the
securities are traded.
7
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements (continued)
Mutual Funds: Valued at quoted market prices in an exchange and active market, which represent the
net asset values of shares held by the Plan.
Common Collective Trust Funds: Valued based on audited information reported by the issuer of the
common collective trust at year-end.
Participant Loans: Loans to plan participants are valued at their outstanding balances, which
approximates fair value.
The Plan’s valuation methods may result in a fair value calculation that may not be indicative of
net realizable value or reflective of future fair values. Although Plan management believes the
valuation methods are appropriate and consistent with the market participants, the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date.
The Plan also invests in investment contracts through a common collective trust (Union Bond & Trust
Company Stable Value Fund, often referred to as “Morley Stable Value Fund”). Investment contracts
held by a defined contribution plan are required to be reported at fair value, with an adjustment
to contract value in the statement of net assets available for benefits because contract value of
these contracts is the amount participants would receive if they were to initiate permitted
transactions under the terms of the Plan. The contract value of the Union Bond & Trust Company
Stable Value Fund represents contributions plus earnings, less participant withdrawals and
administrative expenses. There is no restriction in place with respect to the daily redemption of
the common collective trust.
The Universal Forest Products Stock Fund (the Fund) is tracked on a unitized basis. The Fund
consists of common stock of Universal Forest Products, Inc. (Plan Sponsor) and funds that are held
in the Union Bond & Trust Company Stable Value Fund that are sufficient to meet the Fund’s daily
cash needs. Unitization of the Fund allows for daily trades. The value of a unit reflects the
combined market value of the common stock and the Union Bond & Trust Company Stable Value Fund held
by the Fund. At December 31, 2009 and 2008, 1,142,403 and 1,074,204 units, respectively, were
outstanding with a value of $36.85 and $27.41 per unit, respectively.
The Evergreen Short Intermediate Bond Fund (the Bond Fund) is also tracked on a unitized basis. The
Bond Fund consists of the Evergreen Short Intermediate Fund and funds held in cash that are
sufficient to meet the Fund’s daily needs. Unitization of the Bond Fund allows for daily allocation
of interest earned to participant accounts. The value of a unit reflects the combined market value
of the Evergreen Short Intermediate Bond Fund and the cash held. At December 31, 2009 and 2008,
73,693 and 157,261 units, respectively, were outstanding with a value of $13.31 and $11.65 per
unit, respectively.
8
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements (continued)
The Pimco Total Return Fund (the Return Fund) is also tracked on a unitized basis. The Return Fund
consists of the Pimco Total Return Fund and funds held in cash that are sufficient to meet the
Fund’s daily needs. Unitization of the Return Fund allows for daily allocation of interest earned
to participant accounts. The value of a unit reflects the combined market value of the Pimco Total
Return Fund and the cash held. At December 31, 2009 and 2008, 227,403 and 253,449 units,
respectively, were outstanding with a value of $18.24 and $16.06 per unit, respectively.
Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded
on the accrual basis. Dividends are recorded on the ex-dividend date.
Concentration of Investments
Included in investments at December 31, 2009 and 2008 are shares of the Plan Sponsor’s common stock
with an aggregate fair value of $41,227,863 and $28,924,912, respectively. This investment
represents 29% and 24% of total investments at December 31, 2009 and 2008, respectively. A
significant decline in the market value of the sponsor’s stock would significantly affect the net
assets available for benefits.
Administrative Expenses
Administrative expenses incurred in connection with the operations of the Plan are paid by the Plan
Sponsor, except for loan and certain investment fees, which are borne by the Plan. Substantially
all of these expenses are paid to parties-in-interest of the Plan and are based on reasonable and
customary rates for the related services.
2. Description of the Plan
The following description of the Plan provides only general information. Participants should refer
to the Plan agreement, as amended, for a more complete description of the Plan’s provisions.
The Plan is a defined-contribution, profit sharing and 401(k) plan that provides tax-deferred
benefits for substantially all eligible employees of the Plan Sponsor, excluding the employees of
separate subsidiaries that maintain a similar defined-contribution plan and those covered under a
collective bargaining agreement. The Plan is subject to the provisions of the Employee Retirement
Security Act of 1974 (ERISA).
9
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements (continued)
Eligible employees are those who are 18 years or older and have completed 1,000 hours of employment
(year of service) during the 12-month period following date of employment or, where additional
periods are necessary, on succeeding Plan year-end dates. All newly eligible employees on and after
July 1, 2006 are automatically enrolled in the Plan at a deferral level of 3% of eligible
compensation.
Participants may voluntarily contribute up to 75% of their eligible compensation as a 401(k)
contribution subject to certain regulatory limitations. Participant contributions to the Plan vest
immediately.
The Plan Sponsor contributes regular discretionary matching contributions and may contribute
additional discretionary matching contributions. Regular discretionary matching contributions are
made quarterly and were 25% and 50% of participant deferrals in 2009 and 2008, respectively,
subject to a limit of 6% of each participant’s compensation. Additional discretionary matching contributions may be made at the end of each Plan year. These amounts are not guaranteed, and may
vary from year to year as the Plan Sponsor is not obligated to make such contributions.
The Plan Sponsor may also contribute a discretionary profit sharing amount annually as determined
by management and approved by the Plan Sponsor’s Board of Directors. The Plan Sponsor’s annual
profit sharing contributions are allocated to each participant’s account in the same ratio that
each participant’s total compensation for the Plan year bears to the total compensation of all
participants for such year.
Employer contributions are subject to a vesting schedule as follows:
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| Years of Service |
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Vesting Percentage |
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Less than 2 |
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0 |
% |
2 but less than 3 |
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20 |
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3 but less than 4 |
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40 |
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4 but less than 5 |
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|
60 |
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5 but less than 6 |
|
|
80 |
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6 or more |
|
|
100 |
|
The vested portion of terminated and retired participants’ accounts are available for distribution
following a separation from service. Effective January 1, 2006, all forfeitures are used to offset
the Plan Sponsor’s matching contributions. During 2009 and 2008, forfeitures of approximately
$180,000 and $325,000, respectively, were used to offset the Plan Sponsor’s matching contributions.
10
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements (continued)
Participants may select from various investment options made available by the Plan. Each
participant’s account is credited with the participant’s contribution, an allocation of the Plan
Sponsor’s contribution, if any, Plan earnings and losses and certain administrative expenses.
Earnings allocations are based on account balances, as defined in the Plan agreement.
Participants may borrow from their account a minimum amount of $1,000 up to a maximum equal to the
lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years
or up to 25 years for the purchase of a residence. The loans bear interest at a rate equal to the
prime rate (3.25% at December 31, 2009) plus 2% calculated on a daily basis. A participant may only
have five loans outstanding at any time and one new loan for every 12-month period. Effective
April 1, 2009, a participant may only have two loans outstanding at any time.
The Plan Sponsor intends to continue the Plan indefinitely, but reserves the right to terminate or
amend the Plan at any time. In the event of termination of the Plan, all participants are
automatically fully vested in the value of their accounts and will be paid in full.
The Plan Sponsor has determined that during the year ended December 31, 2008, the Plan had a
partial termination due to certain discontinued operations. All affected participants became 100%
vested in their accounts, resulting in additional benefits to be paid to participants in the
amount of $146,900. The Plan Sponsor has deposited the previously forfeited amount into the
trust and the affected participants were paid accordingly.
3. Transfers
As permitted by the plan, funds totaling approximately $212,000 were transferred to the Shawnlee
Construction LLC 401(k) Plan (an affiliated plan) during 2009 due to employee transfers.
4. Investments
The tables below set forth by level within the fair value hierarchy the Plan’s investments as of
December 31, 2009 and 2008.
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| Investment Assets at Fair Value |
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| as of December 31, 2009 |
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| |
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Level 1 |
|
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Level 2 |
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|
Level 3 |
|
|
Total |
|
Common stocks |
|
$ |
41,227,863 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
41,227,863 |
|
Common collective trust funds |
|
|
|
|
|
$ |
40,031,141 |
|
|
|
|
|
|
|
40,031,141 |
|
Mutual funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds |
|
|
5,129,026 |
|
|
|
|
|
|
|
|
|
|
|
5,129,026 |
|
Target funds |
|
|
20,887,609 |
|
|
|
|
|
|
|
|
|
|
|
20,887,609 |
|
Domestic stock funds |
|
|
28,286,662 |
|
|
|
|
|
|
|
|
|
|
|
28,286,662 |
|
International stock funds |
|
|
4,995,692 |
|
|
|
|
|
|
|
|
|
|
|
4,995,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mutual funds |
|
|
59,298,989 |
|
|
|
|
|
|
|
|
|
|
|
59,298,989 |
|
Participant loans |
|
|
|
|
|
|
7,423,026 |
|
|
|
|
|
|
|
7,423,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments at fair value |
|
$ |
100,526,852 |
|
|
$ |
47,454,167 |
|
|
$ |
— |
|
|
$ |
147,981,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements (continued)
| |
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| Investment Assets at Fair Value |
|
| as of December 31, 2008 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common stocks |
|
$ |
28,924,912 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
28,924,912 |
|
Common collective trust funds |
|
|
|
|
|
$ |
41,113,848 |
|
|
|
|
|
|
|
41,113,848 |
|
Mutual funds |
|
|
50,795,746 |
|
|
|
|
|
|
|
|
|
|
|
50,795,746 |
|
Participant loans |
|
|
|
|
|
|
8,875,400 |
|
|
|
|
|
|
|
8,875,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments at fair value |
|
$ |
79,720,658 |
|
|
$ |
49,989,248 |
|
|
$ |
— |
|
|
$ |
129,709,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Plan’s investments (including investments purchased and held during the year) appreciated
(depreciated) in fair value as follows:
| |
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31 |
|
| |
|
2009 |
|
|
2008 |
|
| |
Common stock |
|
$ |
12,722,953 |
|
|
$ |
(301,973 |
) |
Common collective trust funds |
|
|
1,004,437 |
|
|
|
(2,527,575 |
) |
Mutual funds |
|
|
12,267,732 |
|
|
|
(27,576,828 |
) |
|
|
|
|
|
|
|
|
|
$ |
25,995,122 |
|
|
$ |
(30,406,376 |
) |
|
|
|
|
|
|
|
Individual investments that represent 5% or more of the fair value of the Plan’s net assets are as
follows:
| |
|
|
|
|
|
|
|
|
| |
|
December 31 |
|
| |
|
2009 |
|
|
2008 |
|
| |
Union Bond & Trust Company Stable Value Fund |
|
$ |
35,351,373 |
|
|
$ |
36,058,693 |
|
T. Rowe Price Retirement 2020 Fund |
|
|
9,369,081 |
|
|
|
6,828,899 |
|
Universal Forest Products Common Stock |
|
|
41,227,863 |
|
|
|
28,924,912 |
|
Van Kampen Growth and Income Fund |
|
|
10,438,413 |
|
|
|
9,434,080 |
|
Participant loans |
|
|
7,423,026 |
|
|
|
8,875,400 |
|
12
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Notes to Financial Statements (continued)
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated April 2, 2004,
stating that the Plan is qualified under section 401(a) of the Internal Revenue Code (the Code),
and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the
Internal Revenue Service, the Plan was amended. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Plan Sponsor believes the Plan is being
operated in compliance with the applicable requirements of the Code and, therefore, believes that
the Plan, as amended, is qualified and the related trust is tax exempt.
6. Difference Between Financial Statements and Form 5500
The following is a reconciliation of assets available for benefits per the financial statements to
the Form 5500:
| |
|
|
|
|
|
|
|
|
| |
|
December 31 |
|
| |
|
2009 |
|
|
2008 |
|
Net assets available for benefits from the
financial statements |
|
$ |
148,007,776 |
|
|
$ |
132,277,865 |
|
Net adjustment to fair value for fully benefit
responsive investment contracts |
|
|
165,874 |
|
|
|
(1,970,304 |
) |
|
|
|
|
|
|
|
Assets available for benefits from the Form 5500 |
|
$ |
148,173,650 |
|
|
$ |
130,307,561 |
|
|
|
|
|
|
|
|
The following is a reconciliation of the net decrease in net assets per the financial statements to
the Form 5500:
| |
|
|
|
|
|
|
|
|
| |
|
December 31 |
|
| |
|
2009 |
|
|
2008 |
|
Net increase (decrease) in net assets from the
financial statements |
|
$ |
15,942,044 |
|
|
$ |
(32,380,815 |
) |
2009 Net adjustment to fair value for fully benefit
responsive investment contracts |
|
|
165,874 |
|
|
|
|
|
2008 Net adjustment to fair value for fully benefit
responsive investment contracts |
|
|
1,970,304 |
|
|
|
(1,970,304 |
) |
2007 Net adjustment to fair value for fully benefit
responsive investment contracts |
|
|
|
|
|
|
294,242 |
|
|
|
|
|
|
|
|
| |
Increase (decrease) in net assets from the Form 5500 |
|
$ |
18,078,222 |
|
|
$ |
(34,056,877 |
) |
|
|
|
|
|
|
|
13
Universal Forest Products, Inc. Employees’ Profit Sharing and
401(k) Retirement Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
EIN #38-1465835 Plan #001
December 31, 2009
| |
|
|
|
|
|
|
|
|
| Identity of Issuer, Borrower, |
|
|
|
|
|
Current |
|
| Lessor, or Similar Party |
|
Description of Investment |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Common stock: |
|
|
|
|
|
|
|
|
Universal Forest Products, Inc.* |
|
Universal Forest Products Common Stock |
|
|
$ |
41,227,863 |
|
|
|
|
|
|
|
|
|
|
Common collective trust funds: |
|
|
|
|
|
|
|
|
Union Bond & Trust Company |
|
Stable Value Fund |
|
|
|
35,351,373 |
|
Wachovia Securities* |
|
Enhanced Stock Market Fund |
|
|
|
4,679,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,031,141 |
|
|
|
|
|
|
|
|
|
|
Mutual funds: |
|
|
|
|
|
|
|
|
American Funds |
|
Growth Fund of America |
|
|
|
5,676,991 |
|
Dreyfus |
|
Midcap Index Fund |
|
|
|
5,829,687 |
|
Pimco |
|
Total Return Fund |
|
|
|
4,148,148 |
|
Evergreen* |
|
International Equity Fund |
|
|
|
4,995,692 |
|
|
|
Short Intermediate Bond Fund |
|
|
|
980,878 |
|
Neuberger & Berman |
|
Genesis Assets Fund |
|
|
|
6,341,571 |
|
Van Kampen |
|
Growth and Income Fund |
|
|
|
10,438,413 |
|
T. Rowe Price |
|
Retirement 2050 Fund |
|
|
|
794,533 |
|
|
|
Retirement 2040 Fund |
|
|
|
3,582,868 |
|
|
|
Retirement 2030 Fund |
|
|
|
3,874,798 |
|
|
|
Retirement 2020 Fund |
|
|
|
9,369,081 |
|
|
|
Retirement 2010 Fund |
|
|
|
2,224,920 |
|
|
|
Retirement Income Fund |
|
|
|
1,041,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,298,989 |
|
|
|
|
|
|
|
|
|
|
Participant loans* | |
Collateralized by vested account balances, payable in monthly installments with interest rates ranging from 5.25% to 11.5% |
|
|
|
7,423,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
147,981,019 |
|
|
|
|
|
|
|
|
|
| |
|
|
| * |
|
Represents party in interest. |
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Universal Forest Products,
Inc., as Plan Administrator, has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
| |
|
|
|
|
Universal Forest Products, Inc. Employee’s Profit
Sharing and 401(k) Retirement Plan |
|
|
|
Date: June 23, 2010
|
|
/s/ Matthew J. Missad |
|
|
|
|
|
Matthew J. Missad, Executive Vice President
Universal Forest Products, Inc., Plan Administrator |
|
|
|
Date: June 23, 2010
|
|
/s/ Michael R. Cole |
|
|
|
|
|
Michael R. Cole, Chief Financial Officer
Universal Forest Products, Inc., Plan Administrator |
15
EXHIBIT INDEX
| |
|
|
|
|
| Exhibit No. |
|
Description |
| |
|
|
|
|
| |
23 |
|
|
Consent of BDO Seidman, LLP |