form11-k.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K


þ
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2011
 
OR
 
□
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITES EXCHANGE ACT OF 1934
For the transition period from                                                                                      to           .


Commission File Number:  1-9065


ECOLOGY AND ENVIRONMENT, INC. 401(K) PLAN
(Full title of the plan)

ECOLOGY AND ENVIRONMENT, INC.
(Name of issuer of the securities held pursuant to the Plan)

368 Pleasant View Drive, Lancaster, New York 14086
(Address of principal executive office)




REQUIRED INFORMATION


Item 1.
  
Not applicable.
    
         
Item 2.
  
Not applicable
    
         
Item 3.
  
Not applicable
    
         
Item 4.
  
Financial Statements of the Plan
    
         
   
The Financial Statements of the Ecology and Environment, Inc. 401(k) Plan (the Plan) for the fiscal years ended December 31, 2011 and 2010, together with the report of Schneider Downs & Co., Inc., Independent Registered Public Accounting Firm, is included in this Annual Report on Form 11-K, and are by specific reference incorporated herein and filed as a part hereof.  The Financial Statements and the Notes thereto are presented in lieu of the financial statements required by Items 1, 2 and 3 of Form 11-K.  The Plan is subject to the requirements of the Employee Retirement Income Security Act of 1974 (ERISA).
 
   
Exhibits:
        
   
Exhibit Number
  
Description of Exhibit
             
   
23.1
  
Consent of Schneider Downs & Co., Inc., Independent Registered Public Accounting Firm


 
 
 
 
Ecology and Environment, Inc.
401(k) Plan
Index to Financial Statements and Supplemental Schedule
for the Years Ended December 31, 2011 and 2010
 


Table of Contents

 
Page
 
 
Report of Independent Registered Public Accounting Firm
1
   
Financial Statements:
  
   
Statements of Net Assets Available for Benefits
2
   
Statements of Changes in Net Assets Available for Benefits
3
   
Notes to Financial Statements
4 – 12
   
Supplemental Schedule:
  
   
Schedule H, line 4i - Schedule of Assets Held at End of Year
13 - 15



 
 
 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Participants and Administrator of
Ecology and Environment, Inc. 401(k) Plan
Lancaster, New York

We have audited the accompanying statements of net assets available for benefits of Ecology and Environment, Inc. 401(k) Plan (Plan) as of December 31, 2011 and 2010, 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.  Our audits included 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes 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 Ecology and Environment, Inc. 401(k) Plan as of December 31, 2011 and 2010, 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 an opinion on the basic financial statements taken as a whole.  The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2011 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.  Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements.  The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other procedures in accordance with auditing standards generally accepted in the United States of America.  In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.


/s/ Schneider Downs & Co., Inc.


Pittsburgh, Pennsylvania
June 29, 2012








 
- 1 -
 
 
Ecology and Environment, Inc.
401(k) Plan
Statements of Net Assets Available for Benefits
December 31,
 
 
 
   
2011
    
2010
  
             
Assets
            
             
Investments, at fair value (see Note 6)
   $ 29,853,583     $ 29,378,146  
Notes receivable from participants
     331,364       319,710  
Participant contributions receivable
     111,092       -  
                 
Total assets
     30,296,039       29,697,856  
                 
Liabilities
                
                 
Excess contributions
     19,206       54,877  
                 
Total liabilities
     19,206       54,877  
                 
Net assets available for benefits at fair value
     30,276,833       29,642,979  
                 
Adjustment from fair value to contract value for interest in collective trust
relating to fully benefit-responsive investment contracts
     5,912       74,238  
                 
Net assets available for benefits
     30,282,745     $ 29,717,217  


See accompanying notes to the financial statements.


 
- 2 -
 

Ecology and Environment, Inc.
401(k) Plan
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31,
 

 
   
2011
    
2010
  
             
             
Additions to net assets attributed to:
            
Interest
   $ 14,479     $ 12,918  
Dividends
     718,099       542,798  
Net appreciation in fair value of investments (see Note 7)
     -       2,487,810  
      732,578       3,043,526  
                 
Contributions:
                
Participant
     2,788,070       2,495,508  
Rollovers
     35,723       205,115  
      2,823,793       2,700,623  
                 
Total additions
     3,556,371       5,744,149  
                 
 
                
Deductions from net assets attributed to:
                
Net depreciation in fair value of investments (see Note 7)
     1,031,472       -  
Benefits paid to participants
     1,953,911       2,345,501  
 Administrative expenses
     5,460       9,115  
Total deductions
     2,990,843       2,354,616  
                 
Net increase
     565,528       3,389,533  
                 
Net assets available for benefits:
                
Beginning of year
     29,717,217       26,327,684  
                 
End of year
   $ 30,282,745     $ 29,717,217  


See accompanying notes to the financial statements.

 
- 3 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 



1.
Description of Plan

The following description of the Ecology & Environment, Inc. 401(k) Plan (the Plan) is provided for general information purposes only.  Participants should refer to the Plan document for a more comprehensive description of the Plan’s provisions.

General
The Plan was established January 1, 1994 as a defined-contribution plan to cover all eligible employees of Ecology and Environment, Inc. (the Company).  Beginning August 1, 2002 the hours of service requirement was eliminated and employees age twenty-one or older are immediately eligible to participate in the plan during the month following their date of hire.  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Contributions
Participants may elect to make voluntary contributions subject only to the limitations of the Internal Revenue Code (IRC).  The elective deferral percentage may be modified the first day of any month.  Upon enrollment in the Plan, a participant may direct, in at least 10 percent increments in each option selected, his or her contributions in any combination of the various investment options and a self directed brokerage account.  The Plan allows Roth 401(k) contributions from participants.  Participants who were 50 years of age or older during the plan year are allowed to contribute catch up contributions.

Participant accounts
Each participant’s account is credited with the participant’s contribution and the Plan earnings, and charged with an allocation of administrative expenses.  Allocations are based on participant account balances, as defined in the Plan document.  The benefit to which a participant is entitled is the participant’s vested account balance.

Vesting
Participants are immediately vested in their contributions plus actual earnings thereon.  There is no partial vesting. There are no company matching or discretionary contributions.

Notes Receivable from Participants
Participants may borrow from their account a minimum of $1,000 with a maximum equal to the lesser of $50,000 or 50% of their vested account balance.  Note terms range from one to five years or a reasonable period of time determined when the note is made for the purchase of a primary residence.  The notes are collateralized by the balance in the participant’s account and bear interest at rates that range from 4.25 percent to 9.5 percent, which are commensurate with local prevailing rates as determined by the Plan Administrator.  Principal and interest are paid ratably through bi-weekly payroll deductions.

Payment of benefits
On termination of service due to death, disability, or retirement, a participant or beneficiary may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, or monthly, quarterly, semi-annual or annual installments over a period not to exceed the life of the participant or the life of a designated beneficiary.  Participants are charged a one time distribution fee at the time when a participant requests a distribution from the plan.

 
- 4 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 


1.
Description of Plan (continued)

Administration
The Plan is administered by the Company.  The Company has selected The Hartford to be the Recordkeeper of the Plan and Reliance Trust Company as the Trustee.

Administrative expenses are paid by the participants.

2.
Summary of Accounting Policies

Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of accounting.

Investments and Related Transactions
Investments are reported at fair value.  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transfer between market participants at the measurement date.  See Note 6 for Fair Value Measurements. The Plan’s assets include an investment in the common stock of Ecology and Environment, Inc. through a unitized stock fund, which includes a money market fund for liquidity purposes, and through the brokerage access account.

The Plan’s net (depreciation) appreciation in fair value of investments includes both realized gains and losses and unrealized appreciation/(depreciation).  Interest and dividend income is recognized as earned.  Investment transactions are accounted for on a trade date basis.

Investment contracts held by a defined-contribution plan are required to be reported at fair value.  However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.  The Plan invests in investment contracts through a collective trust.  The Statement of Net Assets Available for Benefits presents the fair value of the investment in the collective trust as well as the adjustment of the investment in the collective trust from fair value to contract value relating to the investment contracts.  The Statements of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balances plus any accrued but unpaid interest.  Delinquent notes receivable are reclassified as distributions based upon the terms of the plan document.

Payment of Benefits
Benefits are recorded when paid.

 
 
- 5 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 


2.       Summary of Accounting Policies (continued)

Use of Estimates
The preparation of the Plan’s financial statements in conformity with generally accepted accounting principles generally accepted in the United States of America requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of net assets and disclosures of contingent net assets at the date of the financial statements and the reported amounts of changes in net assets during the reporting period.  Actual results could differ from those estimates.

Recent Accounting Pronouncements
In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, Fair Value Measurement:  Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.  This ASU provides a consistent definition of fair value to ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and IFRS.  This standard changes certain fair value measurement principles and enhances the disclosure requirements.  ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and should be applied prospectively.  The Plan is currently evaluating the impact, if any, this ASU will have on its financial statements.

3.
Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue at any time and to terminate the Plan subject to the provisions of ERISA.  In the event of Plan termination, participants will become 100 percent vested in their accounts.

4.
Tax Status

The Plan is based upon a prototype plan designed by the Hartford Retirement Services, Inc. that received a favorable determination letter dated March 31, 2008.  Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with applicable requirements of the Internal Revenue Code.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2011 and 2010, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress.  The plan administrator believes that it is no longer subject to income tax examinations for the years prior to 2008.


 
- 6 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 


5.
Risks and Uncertainties

The Plan invests in various investment securities.  Investment securities are exposed to various risks such as interest rate, market, and credit risks.  Due to the level of risk associated with certain investment securities, it is at least 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 statements of net assets available for benefits.

6.
Fair Value Measurements

Fair Value – FASB ASC 820 provides the framework for measuring the fair value.  That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).  The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1:            Quoted market prices in active markets for identical assets or liabilities.
 
Level 2:
Observable market based inputs or unobservable inputs that are corroborated by market data.
Level 3:            Unobservable inputs that are not corroborated by market data.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value.  There have been no changes in the methodologies used at December 31, 2011 and 2010.

Cash and cash equivalents:  Valued at the balance of the account at year end.

Common stocks and preferred stock: Valued at the closing price reported on the active market on which the individual securities are traded.

 
Mutual funds: Valued at the net asset value (NAV) of shares held by the plan at year end.  The NAV is the closing price reported on the active market on which the securities are traded.

Unit investment trusts: Comprised entirely of common stocks valued at the closing price reported on the active market on which the individual securities are traded.

Unitized stock fund: Valued at the closing price reported on the active market on which the individual securities are traded.  A small portion of the fund is invested in short-term money market instruments.

Common collective trust fund: Valued at fair value based on information reported by the investment advisor using audited financial information of the collective trust.
 

 
- 7 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 


6.
Fair Value Measurements (continued)

 
The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2011 and 2010:

 
 
 
 
At December 31, 2011
  
Quoted
Prices in
Active
Market
Level I
    
Significant
Other
Observable
Inputs
Level II
    
Significant
Unobservable
Inputs
Level III
    
 
 
 
Total
  
                         
Mutual funds:
                        
Blend funds
   $ 7,352,947     $ -     $ -     $ 7,352,947  
Growth funds
     6,827,979       -       -       6,827,979  
Value funds
     4,066,836       -       -       4,066,836  
Bond funds
     2,604,192       -       -       2,604,192  
Allocation funds
     1,946,682       -       -       1,946,682  
Target date funds
     1,117,502       -       -       1,117,502  
                                 
Total mutual funds
   $ 23,916,138     $ -     $ -     $ 23,916,138  
                                 
Brokerage access account:
                                
Cash and cash equivalents
     141,080       -       -       141,080  
Preferred stock
     21,630                       21,630  
Common Stock
                                
Services
     356,380       -       -       356,380  
Utilities
     76,719       -       -       76,719  
Industrials
     55,007       -       -       55,007  
Other
     45,029                       45,029  
Basic materials
     33,868       -       -       33,868  
Conglomerates
     27,223       -       -       27,223  
Technology
     13,773       -       -       13,773  
Mutual funds
                                
Other
     212,996       -       -       212,996  
Target date funds
     109,666       -       -       109,666  
Growth funds
     43,587       -       -       43,587  
Allocation fund
     42,701       -       -       42,701  
World stock funds
     23,815       -       -       23,815  
Value fund
     16,238       -       -       16,238  
Bond funds
     13,417       -       -       13,417  
Unit Investment Trusts
     50,332       -       -       50,332  
                                 
Total brokerage access
                                
account
     1,283,461       -       -       1,283,461  
                                 
Unitized stock fund
     1,033,225       -       -       1,033,225  
Common collective trust fund
     -       3,620,759       -       3,620,759  
                                 
Total investments at fairvalue
   $ 26,232,824     $ 3,620,759     $ -     $ 29,853,583  


 
- 8 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 


6.       Fair Value Measurements (continued)


 
 
 
 
At December 31, 2010
  
Quoted
Prices in
Active
Market
Level
    
Significant
Other
Observable
Inputs
Level II
    
Significant
Unobservable
Inputs
Level III
    
 
 
 
Total
  
                         
Mutual funds
                        
Blend funds
   $ 7,453,205     $ -     $ -     $ 7,453,205  
Growth funds
     7,366,027       -       -       7,366,027  
Value funds
     4,384,215       -       -       4,384,215  
Bond funds
     2,289,199       -       -       2,289,199  
Allocation funds
     1,858,385       -       -       1,858,385  
Target date funds
     887.242       -       -       887.242  
                                 
    Total mutual funds
   $ 24,238,273     $ -     $ -     $ 24,238,273  
                                 
Brokerage access account:
                                
Cash and cash equivalents
     28,509       -       -       28,509  
Common stock
                                
Services
     377,222       -       -       377,222  
Basic materials
     125,281       -       -       125,281  
Industrials
     67,551       -       -       67,551  
Utilities
     43,671       -       -       43,671  
Conglomerates
     27,801       -       -       27,801  
Other
     26,678       -       -       26,678  
Technology
     25,151       -       -       25,151  
Mutual funds
                                
Target date funds
     105,194       -       -       105,194  
Other
     58,780                       58,780  
Allocation funds
     37,496       -       -       37,496  
World stock funds
     35,101                       35,101  
Growth funds
     31,420       -       -       31,420  
Bond fund
     13,032       -       -       13,032  
Value fund
     6,628       -       -       6,628  
Unit investment trusts
     42,507       -       -       42,507  
                                 
Total brokerage access account
     1,052,022       -       -       1,052,022  
                                 
Unitized stock fund
     1,018,570       -       -       1,018,570  
Common collective trust fund
     -       3,069,281       -       3,069,281  
                                 
Total investments at fair value
   $ 26,308,865     $ 3,069,281       -     $ 29,378,146  



 
- 9 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 


7.
Investments

 
The following presents investments that represent five percent or more of the Plan's net assets at December 31,

   
2011
    
2010
  
             
DWS Equity 500 Index Fund S, 29,073 and 28,611 shares, respectively
   $ 4,101,002     $ 4,038,432  
Columbia Acorn Fund – A, 146,470 and 144,815 shares, respectively
   $ 3,900,498     $ 4,234,383  
SEI Trust Company Fixed Fund Institutional, 3,626,671 and 3,143,519 shares, respectively (A)
   $ 3,620,759     $ 3,069,281  
MFS Value Fund A, 160,247 and 170,106 shares, respectively
   $ 3,586,327     $ 3,880,118  
PIMCO Total Return Fund A, 216,177 and 198,062 shares, respectively
   $ 2,349,841     $ 2,148,977  
Fidelity Low Priced Stock Fund, 48,838 and 46,716 shares, respectively
   $ 1,744,976     $ 1,792,943  
Franklin Growth Fund A, 34,145 and 35,955 shares, respectively
   $ 1,524,230     $ 1,605,021  
 
                
(A) The contract value of the fund at December 31, 2011 and 2010 amounted to $3,626,671 ($3,143,519 – 2010).
  

 
The Plan’s investments for the years ended December 31, 2011 and 2010 (including gains and losses on investments bought and sold, as well as held during the year) (depreciated) appreciated in value as follows:

   
2011
    
2010
  
             
Mutual funds
   $ (1,131,171 )   $ 2,411,338  
                 
Self Directed Brokerage access account:
                
Common stock
     24,338       25,440  
Mutual fund
     3,649       40,503  
Unit investment trust
     (4,816 )     (489 )
Preferred stock
     (779 )     -  
                 
Total brokerage access account
     22,392       65,454  
                 
Unitized stock fund
     77,315       11,048  
                 
Common collective trust fund
     (8 )     (30 )
                 
    $ (1,031,472 )   $ 2,487,810  

 
 
- 10 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 

 
8.
Transactions with Parties-in-Interest

 
As of December 31, 2011 and 2010, the Plan held Certain Securities issued by the Company as follows:

   
December 31, 2011
    
December 31, 2010
  
   
Number of Shares
    
Fair
Value
    
Number of
 Shares
    
Fair
Value
  
                         
Unitized Stock Fund
                        
Ecology and Environment, Inc.
                        
Common Stock
     54,907     $ 887,297       55,440     $ 831,600  
                                 
Brokerage Access Account
                                
Ecology and Environment, Inc.
                                
Common Stock
     6,468     $ 104,524       10,765     $ 161,475  


 
Dividends on Ecology and Environment, Inc. Common Stock amounted to approximately $25,453 and $23,839 during the years ended December 31, 2011 and 2010, respectively.

 
Certain plan investments are shares of mutual funds and a collective investment trust made available through the Hartford Retirement Services, LLC (“HRS”) recordkeeping platform.  HRS is the recordkeeper for the Plan.  Reliance Trust Company (“RTC”) is the trustee and custodian of plan investments that include mutual funds, the collective investment trust and the Company stock.
 
 

 
- 11 -
 

Ecology and Environment, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2011 and 2010
 


9.      Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500.

   
2011
    
2010
  
             
Net assets available for benefits per the financial statements
   $ 30,282,745     $ 29,717,217  
                 
Adjustment from contract value to fair value for fully benefit responsive investment contracts
     (5,912 )     (74,238 )
                 
Net assets available for benefits per the Form 5500
   $ 30,276,833     $ 29,642,979  
                 
                 
                 
Net increase in net assets per the financial statements
   $ 565,528     $ 3,389,533  
                 
Adjustment from contract value to fair value for fully benefit responsive investment contracts
     68,326       121,091  
                 
Net increase (decrease) in net assets per the Form 5500
   $ 633,854     $ 3,510,624  


 
- 12 -
 
 
 
Ecology and Environment, Inc.
401(k) Plan
EIN:  16-0971022
PLAN NUMBER:  003
Schedule H - line 4i - Schedule of Assets Held at End of Year
                   
 
(a) Shares
  
(b)  Identity of Issue
Borrower, Lessor
or Similar Party
  
(c)  Description of Investment including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value
  
(d) Cost
  
(e) Current Value
                   
 
Mutual Funds:
            
                   
 
29,073
  
DWS
  
Equity 500 Index Funds
  
**
  
$                  4,101,002
 
146,070
  
Columbia
  
Acorn Fund A
  
**
  
3,900,498
 
160,247
  
MFS
  
Value Fund A
  
**
  
3,586,327
 
216,177
  
PIMCO
  
Total Return Fund A
  
**
  
2,349,841
 
48.838
  
Fidelity
  
Low Priced Stock Fund
  
**
  
1,744,976
 
34,145
  
Franklin
  
Franklin Growth Fund A
  
**
  
1,524,230
 
23,832
  
Harbor
  
Harbor International Fund Inv
  
**
  
1,239,246
 
65,067
  
MFS
  
Aggressive Growth Allocation Fund A
  
**
  
868,644
 
47,545
  
MFS
  
Growth Allocation Fund A
  
**
  
631,868
 
42,995
  
MFS
  
Total Return Fund A
  
**
  
602,788
 
38,895
  
MFS
  
Moderate Allocation Fund A
  
**
  
509,914
 
27,386
  
T. Rowe Price
  
Retirement 2030 Fund
  
**
  
450,233
 
12,498
  
Janus Advisor
  
Janus Overseas A
  
**
  
391,549
 
17,975
  
T. Rowe Price
  
Retirement 2020 Fund
  
**
  
284,362
 
9.354
  
Victory
  
Small Company Opportunity Fund A
  
**
  
282,858
 
15,926
  
Neuberger Berman
  
Socially Responsible Fund
  
**
  
267,723
 
20,043
  
American Century
  
Inflation Adj Bond Adv
  
**
  
254,351
 
14,290
  
T. Rowe Price
  
Retirement 2040 Fund
  
**
  
235,360
 
16,105
  
MFS
  
Conservative Allocation Fund A
  
**
  
202,112
 
9,790
  
Janus Advisor
  
Perkins Mid Cap Value Fund A
  
**
  
197,650
 
9.381
  
Eaton Vance
  
Special Equities Fund A
  
**
  
143,058
 
7,065
  
T. Rowe Price
  
Retirement 2010 Fund
  
**
  
105,691
 
4,550
  
T. Rowe Price
  
Retirement 2050 Fund
  
**
  
41,857
         
Total Mutual Funds
      
23,916,138
               
 
Common Collective Trust Fund:
            
 
3,626,671
  
SEI Trust Company
  
Fixed Fund Institutional
  
**
  
3,620,759
                   
 
Unitized Stock Fund
            
*
54,907
  
Unitized Stock Fund
  
Ecology and Environment, Inc.
  
**
  
887,297
 
145,928
  
Unitized Stock Fund
  
MFS Money Market Fund
  
**
  
145,928
         
Total Unitized Stock Fund
      
1,033,225

 
- 13 -
 


 
(a) Shares
  
(b)  Identity of Issue
Borrower, Lessor
or Similar Party
  
(c)  Description of Investment including Maturity Date, Rate of Interest, Collateral,  Par, or Maturity Value
  
(d) Cost
  
(e) Current Value
                   
 
Brokerage Access Account:
            
                   
 
Cash and Cash Equivalents
            
 
140,517
  
-
  
Schwab Money Market Fund
  
**
  
140,517
 
-
  
-
  
Cash
  
**
  
563
                 
141,080
               
 
Common Stock
            
 
27,250
  
-
  
Tivo Inc
  
**
  
244,433
*
6,468
  
-
  
Ecology and Environment, Inc.
  
**
  
104,524
 
1,000
  
-
  
Enpro Industries Inc
  
**
  
32,980
 
10,000
  
-
  
RAM Energy Resources Inc.
  
**
  
31,300
 
1,000
  
-
  
Vodafone Group New ADR
  
**
  
28,030
 
1,520
  
-
  
General Electric Company
  
**
  
27,223
 
1,000
  
-
  
Duke Energy Corp
  
**
  
22,000
 
500
  
-
  
Freeport-Mcmoran Copper & Gold, Inc.
  
**
  
18,395
 
500
  
-
  
Pentair Inc
  
**
  
16,645
 
666
  
-
  
Aqua America Inc
  
**
  
14,685
 
200
  
-
  
Transcanada Corp
  
**
  
8,734
 
662
  
-
  
Ford Motor Company New
  
**
  
7,123
 
500
  
-
  
Corning Inc
  
**
  
6,490
 
500
  
-
  
Stillwater MNG Co
  
**
  
5,230
 
115
  
-
  
Lowes Companies
  
**
  
2,919
 
27
  
-
  
Union Pacific Corp
  
**
  
2,814
 
1,250
  
-
  
Suntech Power Holdings Co
  
**
  
2,763
 
100
  
-
  
Citigroup Inc New
  
**
  
2,634
 
10,900
  
-
  
Vasomedical Inc
  
**
  
2,398
 
456
  
-
  
Hydrogenics Corp
  
**
  
2,394
 
95
  
-
  
Intel Corp
  
**
  
2,304
 
20
  
-
  
Lauder Estee Cos Inc
  
**
  
2,240
 
26
  
-
  
FMC Corporation
  
**
  
2,214
 
200
  
-
  
Masco Corp
  
**
  
2,096
 
1,027
  
-
  
Renesola Ltd Adr
  
**
  
1,571
 
20
  
-
  
Anadarko Petroleum Corp
  
**
  
1,548
 
21
  
-
  
Monsanto Co New Del
  
**
  
1,453
 
1,500
  
-
  
Brigus Gold Corp
  
**
  
1,448
 
64
  
-
  
CSX Corp
  
**
  
1,352
 
50
  
-
  
Vale S.A.
  
**
  
1,073
 
20
  
-
  
Mosaic Co.
  
**
  
1.022
 
16
  
-
  
Ishares MSCI Brazil Index
  
**
  
941
 
10
  
-
  
Cummins Engine Inc.
  
**
  
892
 
9
  
-
  
Goldman Sachs Group Inc.
  
**
  
835
 
330
  
-
  
Chimera Invt Corp
  
**
  
828
 
50
  
-
  
Contango Ore Inc
  
**
  
675
 
75
  
-
  
Realnetworks Inc New
  
**
  
563
 
7
  
-
  
Hess Corporation
  
**
  
406
 
150
  
-
  
Cal Dive International
  
**
  
338
 
11
  
-
  
El Paso Corporation
  
**
  
292
 
100
  
-
  
Ivanhoe Energy Inc
  
**
  
112
 
40
  
-
  
Plug Power Inc New
  
**
  
82
                 
607,999

 
- 14 -
 


 
(a) Shares
  
(b)  Identity of Issue
Borrower, Lessor
or Similar Party
  
(c)  Description of Investment including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value
  
(d) Cost
  
(e) Current Value
                   
 
Mutual Funds
            
 
7,805
  
-
  
Icon Energy FD CL S
  
**
  
143,216
 
5,255
  
-
  
Vanguard Target Retirement 2025 Fund
  
**
  
64,482
 
3,902
  
-
  
T Rowe Price Retirement 2025 Fund
  
**
  
45,184
 
589
  
-
  
Brown Cap Mgmt Small Co Fund
  
**
  
25,786
 
1,143
  
-
  
T Rowe Price Capital Appreciation Fund
  
**
  
23,564
 
1,884
  
-
  
Pimco Total Return FD CL D
  
**
  
20,481
 
415
  
-
  
Permanent Portfolio
  
**
  
19,137
 
694
  
-
  
CGM Focus Fund
  
**
  
17,801
 
770
  
-
  
Matthews China Investor
  
**
  
16,563
 
957
  
-
  
Lazard Emerging Markets Equity Open
  
**
  
16,452
 
865
  
-
  
Yacktman Focused Fund
  
**
  
16,238
 
488
  
-
  
Nuveen Tradewinds Value Oppty A
  
**
  
14,821
 
1,129
  
-
  
Pimco High Income Fund
  
**
  
13,571
 
1,265
  
-
  
Vanguard Short Term Bond Index
  
**
  
13,417
 
581
  
-
  
Matthews Asia Dividend Fund
  
**
  
7,252
 
740
  
-
  
Powershs Exch Trad Fd Tr
  
**
  
3,752
 
77
  
-
  
Profunds Ultra-Latin
  
**
  
703
             
**
  
462,420
 
Unit Investment Trusts
            
 
295
  
-
  
Claymore Exchange Traded Fund
  
**
  
729
 
11
  
-
  
ETFS Phys Palladium
  
**
  
710
 
69
  
-
  
Ishares MSCI Emerging Mkts Indx Fund
  
**
  
2,611
 
1,000
  
-
  
Ishares TR Comex Gold
  
**
  
15,230
 
435
  
-
  
Market Vectors ETF Trust
  
**
  
4,746
 
500
  
-
  
Sector Spdr Tr Con Svcs
  
**
  
17,345
 
51
      
Spector Spdr Util Select
  
**
  
1,818
 
47
      
Spdr Gold Trust
      
7,143
             
50,332
 
Preferred Stock
            
 
1,000
  
-
  
Deutsche BK Cap 7.6% PFD
  
**
  
21,630
                   
         
Total Brokerage Account
      
1,283,461
                   
 
Participant Loans:
            
*
-
      
Notes receivable from participants with
        
         
interest rates ranging from 4.25% - 9.50%
  
-0-
  
331,364
                 
$                 30,184,947
                   
                   
     * 
  Indicates parties-in-interest to the Plan.
        
** 
  Cost not required to be presented for participant directed investments.
        


 
- 15 -
 


SIGNATURES

The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


 
Name of Plan:
  
Ecology and Environment, Inc. 401(k) Plan
       
 
By:
  
Ecology and Environment, Inc. 401(k) Plan Committee Plan Administrator
       
Date:   June 29, 2012
By:
  
/s/ Ronald L. Frank
     
Ronald L. Frank
Committee Member