L:\secfiles\11-K\gmac_93\sip1.doc 2
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- - ---
ACT OF 1934
For the fiscal year ended December 31, 1993
-----------------
OR
TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- - ---
ACT OF 1934
For the transition period from to
--------------------- ---------------------
Commission file number 33-10665
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THE GMAC MORTGAGE CORPORATION
SAVINGS INCENTIVE PLAN
-----------------------------------
(Full title of the plan)
General Motors Corporation
767 Fifth Avenue, New York, New York 10153-0075
3044 West Grand Blvd., Detroit, Michigan 48202-3091
---------------------------------------------------
(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (313) 556-5000
Notices and communications from the Securities
and Exchange Commission relative to this report
should be forwarded to:
David J. FitzPatrick
Chief Accounting Officer
General Motors Corporation
3044 West Grand Blvd.
Detroit, Michigan 48202-3091
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<PAGE>2
FINANCIAL STATEMENTS AND EXHIBIT
- - --------------------------------
(a) FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
------------------------------------------------------
Page No.
--------
The GMAC Mortgage Corporation Savings Incentive Plan:
Independent Auditors' Report ............................ 3
Statements of Net Assets Available for Benefits,
December 31, 1993 and 1992 ............................ 4
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1993
and 1992 .............................................. 6
Notes to Financial Statements ........................... 8
Supplemental schedules:
Item 27a-Schedule of Assets Held for Investment
Purposes, December 31, 1993.......................... 14
Item 27d-Schedule of Reportable Transactions for the
Year Ended December 31, 1993......................... 14
Supplemental schedules not listed above are omitted
because of the absence of the conditions under which
they are required.
(b) EXHIBIT
-------
Exhibit 23 - Consent of Independent Auditors ................ 15
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange
Act of 1934, the Administrative Committee has duly caused this annual report
to be signed on its behalf by the undersigned hereunto duly authorized.
THE GMAC MORTGAGE CORPORATION
SAVINGS INCENTIVE PLAN
-----------------------------
(Name of Plan)
Date June 29, 1994 By
-------------
s/Michael D. Mangan
-----------------------------
(Michael D. Mangan,
Executive Vice President and
Chief Financial Officer,
GMAC Mortgage Corporation)
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<PAGE>3
INDEPENDENT AUDITORS' REPORT
- - ----------------------------
The GMAC Mortgage Corporation Savings Incentive Plan:
We have audited the accompanying statements of net assets available for
benefits of The GMAC Mortgage Corporation Savings Incentive Plan (the "Plan")
as of December 31, 1993 and 1992, 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 generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1993 and 1992 and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by Plan
option is presented for the purpose of additional analysis of the basic
financial statements rather than to present information regarding the net
assets available for benefits of the individual Plan options and is not a
required part of the basic financial statements. The accompanying
supplemental schedules of (1) assets held for investment purposes as of
December 31, 1993 and (2) reportable transactions for the year ended December
31, 1993 are presented for the purpose of complying with the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental information by Plan
option and the supplemental schedules are the responsibility of the Plan's
management. Such supplemental information by Plan option and supplemental
schedules have been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, are fairly stated in
all material respects when considered in relation to the basic financial
statements taken as a whole.
s/DELOITTE & TOUCHE
DELOITTE & TOUCHE
Detroit, Michigan
June 17, 1994
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<PAGE>4
<TABLE>
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, DECEMBER 31, 1993
<CAPTION>
SUPPLEMENTAL INFORMATION
---------------------------------
COMMON
GUARANTEED STOCK BALANCED
LONG-TERM FUND ACCOUNT
TOTAL OPTION OPTION OPTION
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
Investments (Notes 2 and 7):
Guaranteed Long-Term Account $18,881,806 $18,881,806 $- $-
Stock Market Index Account 6,512,715 - 6,512,715 -
Balanced Account 3,218,843 - - 3,218,843
Guaranteed Government Securities
Account 776,163 - - -
CoreStates Financial Corp.
Common Stock Account 629,299 - - -
General Motors $1-2/3 Par Value
Common Stock Account 10,399,416 - - -
----------- ----------- ---------- ----------
Total investments 40,418,242 18,881,806 6,512,715 3,218,843
Loans receivable (Note 8) 1,963,680 - - -
Interest bearing deposits 152,992 - - -
Contributions and rollovers receivable 710,431 176,402 133,806 71,514
Transfers due from (to) other funds - (34,761) 59,991 65,782
Cash 41,703 - - -
----------- ----------- ---------- ----------
Total assets available for benefits 43,287,048 19,023,447 6,706,512 3,356,139
Due to plan sponsor (65,548) (656) (1,554) -
----------- ----------- ---------- ----------
Net assets available for benefits $43,221,500 $19,022,791 $6,704,958 $3,356,139
=========== =========== ========== ==========
SUPPLEMENTAL INFORMATION
----------------------------------------------------
CORESTATES GENERAL MOTORS
FINANCIAL $1-2/3
GUARANTEED CORP. PAR VALUE
SHORT-TERM COMMON STOCK COMMON STOCK LOAN
OPTION OPTION OPTION FUND
---------- ------------ -------------- ----------
<S> <C> <C> <C> <C>
Investments (Notes 2 and 7):
Guaranteed Long-Term Account $- $- $- $ -
Stock Market Index Account - - - -
Balanced Account - - - -
Guaranteed Government Securities
Account 776,163 - - -
CoreStates Financial Corp.
Common Stock Account - 629,299 - -
General Motors $1-2/3 Par Value
Common Stock Account - - 10,399,416 -
-------- -------- ----------- ----------
Total investments 776,163 629,299 10,399,416 -
Loans receivable (Note 8) - - - 1,963,680
Interest bearing deposits - - 152,992 -
Contributions and rollovers receivable 12,742 - 315,967 -
Transfers due from (to) other funds (8,172) - (82,840) -
Cash - 35 41,668 -
-------- -------- ----------- ----------
Total assets available for benefits 780,733 629,334 10,827,203 1,963,680
Due to plan sponsor - - (63,338) -
-------- -------- ----------- ----------
Net assets available for benefits $780,733 $629,334 $10,763,865 $1,963,680
======== ======== =========== ==========
See Notes to Financial Statements.
</TABLE>
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<PAGE>5
<TABLE>
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, DECEMBER 31, 1992
<CAPTION>
SUPPLEMENTAL INFORMATION
---------------------------------
COMMON
GUARANTEED STOCK BALANCED
LONG-TERM FUND ACCOUNT
TOTAL OPTION OPTION OPTION
----------- ----------- ---------- --------
<S> <C> <C> <C> <C>
Investments (Notes 2 and 7):
Guaranteed Long-Term Account $16,381,869 $16,381,869 $- $-
Stock Market Index Account 3,873,513 - 3,873,513 -
Balanced Account 822,603 - - 822,603
Guaranteed Government Securities
Account 922,905 - - -
CoreStates Financial Corp.
Common Stock Account 662,707 - - -
General Motors $1-2/3 Par Value
Common Stock Account 5,643,008 - - -
----------- ----------- ---------- --------
Total investments 28,306,605 16,381,869 3,873,513 822,603
Loans receivable (Note 8) 1,543,568 - - -
Interest bearing deposits 37,974 - - -
Contributions and rollovers receivable 598,888 276,407 65,425 23,089
Transfers due from (to) other funds - 628,146 (349,803) 23,218
Cash 19,419 - - -
----------- ----------- ---------- --------
Total assets available for benefits 30,506,454 17,286,422 3,589,135 868,910
Due to plan sponsor (44,028) (2,122) (1,191) -
----------- ----------- ---------- --------
Net assets available for benefits $30,462,426 $17,284,300 $3,587,944 $868,910
=========== =========== ========== ========
SUPPLEMENTAL INFORMATION
----------------------------------------------------
CORESTATES GENERAL MOTORS
FINANCIAL $1-2/3
GUARANTEED CORP. PAR VALUE
SHORT-TERM COMMON STOCK COMMON STOCK LOAN
OPTION OPTION OPTION FUND
---------- ------------ -------------- --------
<S> <C> <C> <C> <C>
Investments (Notes 2 and 7):
Guaranteed Long-Term Account $- $- $- $-
Stock Market Index Account - - - -
Balanced Account - - - -
Guaranteed Government Securities
Account 922,905 - - -
CoreStates Financial Corp.
Common Stock Account - 662,707 - -
General Motors $1-2/3 Par Value
Common Stock Account - - 5,643,008 -
-------- -------- ---------- ---------
Total investments 922,905 662,707 5,643,008 -
Loans receivable (Note 8) - - - 1,543,568
Interest bearing deposits - - 37,974 -
Contributions and rollovers receivable 23,237 - 210,730 -
Transfers due from (to) other funds (126,734) - (174,827) -
Cash - 56 19,363 -
-------- -------- ---------- ----------
Total assets available for benefits 819,408 662,763 5,736,248 1,543,568
Due to plan sponsor (1,683) - (39,032) -
-------- -------- ---------- ----------
Net assets available for benefits $817,725 $662,763 $5,697,216 $1,543,568
======== ======== ========== ==========
See Notes to Financial Statements.
</TABLE>
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<PAGE>6
<TABLE>
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
SUPPLEMENTAL INFORMATION
----------------------------------
COMMON
GUARANTEED STOCK BALANCED
LONG-TERM FUND ACCOUNT
TOTAL OPTION OPTION OPTION
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
Interest and dividends (Note 2) $1,655,134 $1,337,070 $- $-
----------- ----------- ---------- ----------
Net appreciation (depreciation) on
assets held, sold, or distributed
to participants (Note 2) 5,503,212 644,288 400,189 71,025
----------- ----------- ---------- ----------
Contributions (Note 3):
Employee 4,484,988 2,329,821 949,291 449,973
Employer 3,082,619 - - -
----------- ----------- ---------- ----------
Total contributions 7,567,607 2,329,821 949,291 449,973
----------- ----------- ---------- ----------
Distributions to participants (Note 5) (1,944,289) (871,762) (235,989) (222,431)
----------- ----------- ---------- ----------
Forfeitures (149,749) (9,778) (6,020) (5,403)
----------- ----------- ---------- ----------
Rollovers (Note 1) 200,072 107,076 34,920 34,548
----------- ----------- ---------- ----------
Administrative Expenses (72,913) (59,397) (9,194) (2,412)
----------- ----------- ---------- ----------
Transfers among investment options
(Note 8) - (1,738,827) 1,983,817 2,161,929
----------- ----------- ---------- ----------
Increase (decrease) in net assets
available for benefits during the
year 12,759,074 1,738,491 3,117,014 2,487,229
Net assets available for benefits
at beginning of year 30,462,426 17,284,300 3,587,944 868,910
----------- ----------- ---------- ----------
Net assets available for benefits
at end of year $43,221,500 $19,022,791 $6,704,958 $3,356,139
----------- ----------- ---------- ----------
SUPPLEMENTAL INFORMATION
----------------------------------------------------
CORESTATES GENERAL MOTORS
FINANCIAL $1-2/3
GUARANTEED CORP. PAR VALUE
SHORT-TERM COMMON STOCK COMMON STOCK LOAN
OPTION OPTION OPTION FUND
---------- ------------ -------------- ----------
<S> <C> <C> <C> <C>
Interest and dividends (Note 2) $- $26,153 $167,802 $124,109
-------- -------- ----------- ----------
Net appreciation (depreciation) on
assets held, sold, or distributed
to participants (Note 2) 22,624 (59,352) 4,424,438 -
-------- -------- ----------- ----------
Contributions (Note 3):
Employee 230,184 - 525,719 -
Employer - - 3,082,619 -
-------- -------- ----------- ----------
Total contributions 230,184 - 3,608,338 -
-------- -------- ----------- ----------
Distributions to participants (Note 5) (75,868) (230) (503,038) (34,971)
-------- -------- ----------- ----------
Forfeitures (1) - (128,547) -
-------- -------- ----------- ----------
Rollovers (Note 1) 2,281 - 21,247 -
-------- -------- ----------- ----------
Administrative Expenses (1,910) - - -
-------- -------- ----------- ----------
Transfers among investment options
(Note 8) (214,302) - (2,523,591) 330,974
-------- -------- ----------- ----------
Increase (decrease) in net assets
available for benefits during the
year (36,992) (33,429) 5,066,649 420,112
Net assets available for benefits
at beginning of year 817,725 662,763 5,697,216 1,543,568
-------- -------- ----------- ----------
Net assets available for benefits
at end of year $780,733 $629,334 $10,763,865 $1,963,680
-------- -------- ----------- ----------
See Notes to Financial Statements.
</TABLE>
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<PAGE>7
<TABLE>
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1992
<CAPTION>
SUPPLEMENTAL INFORMATION
----------------------------------
COMMON
GUARANTEED STOCK BALANCED
LONG-TERM FUND ACCOUNT
TOTAL OPTION OPTION OPTION
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
Interest and dividends (Note 2) $1,652,899 $1,280,771 $99 $7
----------- ----------- ---------- --------
Net appreciation on assets held,
sold, or distributed to
participants (Note 2) 679,009 - 168,272 49,348
----------- ----------- ---------- --------
Contributions (Note 3):
Employee 3,572,778 1,995,277 806,332 159,081
Employer 2,558,829 - - -
----------- ----------- ---------- --------
Total contributions 6,131,607 1,995,277 806,332 159,081
----------- ----------- ---------- --------
Distributions to participants (Note 5) (1,633,243) (994,778) (180,155) (10,703)
----------- ----------- ---------- --------
Forfeitures (72,502) (4,180) (2,654) -
----------- ----------- ---------- --------
Rollovers (Note 1) 484,148 383,531 29,976 36,652
----------- ----------- ---------- --------
Administrative Expenses (55,649) (44,676) (8,042) (751)
----------- ----------- ---------- --------
Transfers among investment options
(Note 8) - 1,227,068 (476,606) 452,535
----------- ----------- ---------- --------
Increase (decrease) in net assets
available for benefits during the year 7,186,269 3,843,013 337,222 686,169
Net assets available for benefits
at beginning of year 23,276,157 13,441,287 3,250,722 182,741
----------- ----------- ---------- --------
Net assets available for benefits
at end of year $30,462,426 $17,284,300 $3,587,944 $868,910
----------- ----------- ---------- --------
SUPPLEMENTAL INFORMATION
----------------------------------------------------
CORESTATES GENERAL MOTORS
FINANCIAL $1-2/3
GUARANTEED CORP. PAR VALUE
SHORT-TERM COMMON STOCK COMMON STOCK LOAN
OPTION OPTION OPTION FUND
---------- ------------ -------------- ----------
<S> <C> <C> <C> <C>
Interest and dividends (Note 2) $31 $22,753 $224,533 $124,705
-------- -------- ---------- ----------
Net appreciation on assets held,
sold, or distributed to
participants (Note 2) 29,975 106,483 324,931 -
-------- -------- ---------- ----------
Contributions (Note 3):
Employee 228,257 - 383,831 -
Employer - - 2,558,829 -
-------- -------- ---------- ----------
Total contributions 228,257 - 2,942,660 -
-------- -------- ---------- ----------
Distributions to participants (Note 5) (34,970) (1,128) (348,232) (63,277)
-------- -------- ---------- ----------
Forfeitures (1,683) - (63,985) -
-------- -------- ---------- ----------
Rollovers (Note 1) 25,285 - 8,704 -
-------- -------- ---------- ----------
Administrative Expenses (2,180) - - -
-------- -------- ---------- ----------
Transfers among investment options
(Note 8) (323,457) - (1,184,088) 304,548
-------- -------- ---------- ----------
Increase (decrease) in net assets
available for benefits during the year(78,742) 128,108 1,904,523 365,976
Net assets available for benefits
at beginning of year 896,467 534,655 3,792,693 1,177,592
-------- -------- ---------- ----------
Net assets available for benefits
at end of year $817,725 $662,763 $5,697,216 $1,543,568
-------- -------- ---------- ----------
See Notes to Financial Statements.
</TABLE>
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<PAGE>8
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
- - -----------------------------------------------------------------------------
1. INFORMATION CONCERNING THE PLAN
The GMAC Mortgage Corporation Savings Incentive Plan (the "Plan") was
adopted by action of the Board of Directors of GMAC Mortgage Corporation
(the "Company") on April 30, 1986. The Plan was amended and completely
restated effective January 1, 1989 to comply with the Tax Reform Act of
1986. The Plan was again amended and completely restated effective
July 1, 1990 to effect administrative changes, primarily related to the
allocation of forfeitures. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended.
The Plan is a defined contribution plan with a cash or deferred
arrangement for Employees of the Company, its participating subsidiaries
and any related entities electing to adopt the Plan. The Employees may
elect to participate and must meet certain eligibility requirements.
Subsidiaries or related entities participating in the Plan include:
GMAC Capital Corporation (through June 30, 1993)
GMAC Mortgage Corporation of PA
GMAC Mortgage Corporation of Iowa
GMAC Associates, Inc.
Residential Funding Corporation
The Plan is sponsored and administered by the Company. At December 31,
1993, all assets were held in trust at either CoreStates Financial Corp.
or by Connecticut General Life Insurance Company.
A general description of Plan provisions is incorporated in the notes which
follow. A Summary Plan Description, providing a more extensive
description of Plan provisions, has been published and is available to
participants in the Plan.
2. SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed in the preparation of the
accompanying financial statements are as follows:
. Investment transactions are recorded on the trade date and investment
balances are stated at fair value which has been determined as
follows:
.. Assets invested in common stocks and pooled separate accounts are
carried at quoted market price.
.. Assets invested in unallocated insurance contracts are carried at
principal contributed plus interest credited.
. Realized and unrealized gains and losses are computed based on the fair
value of investments at the beginning of the Plan year.
. Dividends and interest are included in income when earned based on the
term of the investments and the periods during which the investments
are owned by the Plan.
. Balances in the loan fund are carried at the principal balance
outstanding.
. Certain amounts in the 1992 Financial Statements have been reclassified
to conform with the 1993 presentation.
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<PAGE>9
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
3. CONTRIBUTIONS TO THE PLAN
Employees may elect to contribute to the Plan on a pre-tax basis, in even
multiples of 1% of base compensation, up to 9% of compensation (subject to
a limit of $8,994 and $8,728, respectively, for the years ended
December 31, 1993 and 1992). The Employee contribution limitation is
adjusted annually for cost of living increases to the extent permitted by
the Internal Revenue Code of 1986, as amended (the "Code"). The Company
will match an Employee's contribution up to 6% of compensation, provided
the amount does not exceed $3,000. Annual additions to an Employee's
account are subject to certain limitations imposed by the Plan. Based on
the Employee's election, such contributions can be directed to any of
several investment options (see Note 7). Employees may elect to change
contribution elections at the beginning of each quarter.
4. VESTING
Two pre-tax basis accounts are maintained for each participating Employee.
The Salary Reduction Account consists of a participant's contributions and
is fully vested. The Matching Account consists of the Company's
contributions. A participant's Matching Account accrued balance is 20%
vested after one year of credited service and increases 20% per year
thereafter until fully vested.
While the Company has not expressed any intent to terminate the Plan, it
may do so at any time. In the event of termination of the Plan, each
participant's Matching Account becomes fully vested to the extent of the
amount in the participant's Matching Account.
5. DISTRIBUTIONS
Participants may withdraw their vested assets at any time after ter-
mination of employment. Prior to termination of employment, the assets
may only be withdrawn because of Disability or financial hardship.
Participants may elect to receive their withdrawal in either a lump-sum
payment, by purchase of various annuities or over various periods of time.
Participants may also elect a distribution of shares of stock to the
extent shares have been credited to their account. Participants also have
the option of borrowing against their vested balances in an amount up to
50% of the participant's accrued vested benefit as determined on the
valuation date, or $50,000, whichever is less (see Note 8).
6. FORFEITURES
Participant forfeitures are utilized to reduce subsequent Company
contributions. Upon termination, the nonvested portion of the
participant's Matching Account is forfeited.
7. INVESTMENT OPTIONS
Participants can direct the Savings Incentive Plan Committee to make
investments of Employee contributions in the Investment Options described
below:
Guaranteed Long-Term Option - A fixed income fund with principal
investments of the fund in intermediate-term bonds and commercial
mortgages.
Common Stock Fund Option - To provide investors with long-term
growth of capital and income.
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<PAGE>10
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
Balanced Account Option - Designed to maximize long-term return and
reduce overall portfolio risk through a mix of common stocks, bonds and
money market investments.
Guaranteed Short-Term Option - An actively managed short-term fixed-
income account that provides a full guarantee by an insurance company
of principal and net credited interest.
The CoreStates Common Stock option is the residual of the former
Colonial Companies Savings Incentive Plan (which became the Plan in
1986). Activity is limited to the reinvestment of earnings and
participant distributions.
General Motors $1-2/3 Par Value Common Stock Option.
The Guaranteed Government Securities account was added as an investment
effective January 1, 1992 and the Guaranteed Short-Term account was
discontinued. All funds were reallocated from the Guaranteed Short-Term
account to the Guaranteed Government Securities account in January 1992,
unless otherwise indicated by the participant.
The Stock Market Index account was added as an investment effective
December 31, 1992 and the Variable (Common Stock) account was
discontinued. All funds were reallocated from the Variable (Common Stock)
account to the Stock Market Index account unless otherwise indicated by
the participant.
The Balanced Account option was added as an investment option for
contributions effective January 1, 1992. On December 31, 1991,
participants were permitted to transfer or rollover investments into the
Balanced Account.
Contributions to each participant's Matching Account are invested in
General Motors $1-2/3 par value common stock.
Participants may change allocations among options in 5% increments
quarterly. In addition, participants may elect to transfer, in 5%
increments, balances from one or more investment options to another
quarterly.
There were 3,983 and 2,944 Employees eligible to participate in the Plan as
of December 31, 1993 and 1992, respectively. A total of 2,151 and 1,758
Employees were actively participating in the Plan as of December 31, 1993
and 1992, respectively.
The number of participants in each Investment Option as of December 31,
1993 and 1992 is shown below. The sum of participation by Investment
Option is greater than the total number of Plan participants because
participation is allowed in more than one option.
Option 1993 1992
------ ----- ----
Guaranteed Long-Term 1,985 1,699
Common Stock Fund 1,127 792
Balanced Account 663 295
Guaranteed Short-Term 442 441
CoreStates Financial Corp. Common Stock 30 30
General Motors $1-2/3 Par Value Common Stock 1,888 1,681
- 10 -
<PAGE>11
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
The number of units credited to participants and the net asset value (NAV)
of each unit at December 31, 1993 and 1992 are as follows:
1993 1992
------------------- -------------------
Number of NAV Per Number of NAV Per
Investment Units Unit Units Unit
---------- ---------- ------- ---------- -------
Guaranteed Long-Term Account 19,022,791 $1.000 17,284,300 $1.000
Stock Market Index Account 6,704,958 1.000 3,587,944 1.000
Balanced Account 3,356,139 1.000 868,910 1.000
Guaranteed Government Securities
Account 780,733 1.000 817,725 1.000
CoreStates Financial Corp.
Common Stock 24,088 26.126 11,601 57.130
General Motors $1-2/3 Par Value
Common Stock 189,511 56.798 173,374 32.861
8. LOANS RECEIVABLE FROM PARTICIPANTS
Active participants in the Plan are generally eligible to borrow from the
Plan up to the lesser of $50,000 or 50% of the participant's vested
account balance. Interest on participant loans is determined by the Plan
Administrator based on rates offered by commercial lenders for similar
type loans. Loan repayments are in level monthly installments over a term
not to exceed five years. Loans are funded through the liquidation of the
participants' related investments. Repayments of principal are reinvested
based upon the participant's current investment options. During the year
ended December 31, 1993, there were approximately $1,359,000 and
$1,028,000 of new borrowings and principal repayments, respectively. At
December 31, 1993, there were 463 loans outstanding with an average
balance and interest rate of $4,241 and 7.94%, respectively.
Two employees of the Company serving indirectly as Plan Administrators
also serve as Trustees for the notes securing the Plan's loans receivable.
Loan activity for these individuals for the years ended December 31, 1993
and 1992 is as follows:
1993 1992
-------- --------
New Loans $- $8,000
Principal Repayments 3,303 3,037
Average Balance at December 31 2,025 3,676
Average Rate 8.765% 8.615%
9. FEDERAL INCOME TAX
The Plan Administrator has received a favorable determination letter dated
April 11, 1988 indicating that the Plan met the qualification requirements
of Sections 401(a) and 401(k) of the Code, and its related trust is exempt
from Federal income tax as provided under Section 501(a) of the Code.
This determination was made prior to the Plan's amendment to comply with
the Tax Reform Act of 1986 and subsequent legislation.
- 11 -
<PAGE>12
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
10. RELATED PARTY TRANSACTIONS
Advisory, auditing and accounting services are paid for by the Company on
behalf of the Plan. Costs for such outside services amounted to
approximately $159,000 and $128,000 during the years ended December 31,
1993 and 1992, respectively.
The Plan has invested in common stock of General Motors Corporation
("GM"), the indirect parent of the Company. See Note 7 for certain
financial information. During the years ended December 31, 1993 and 1992,
the Plan had the following GM stock transactions:
1993 1992
---------- ----------
Total dollar amount of purchases $3,564,715 $3,009,165
Total dollar amount of sales 3,184,140 1,373,600
11. BENEFITS PAYABLE
Amounts allocated to former employees who have withdrawn from
participation in the earnings and operation of the Plan which have not
been disbursed as of December 31, 1993 were approximately $26,600. At
December 31, 1992, $78,500 had not been fully distributed.
12. CHANGE OF INVESTMENT MANAGER
The Savings Incentive Plan Committee approved the change of the Plan's
investment manager from Connecticut General Life Insurance Company
("CIGNA") to Fidelity Management Trust Company ("Fidelity").
Participants' accounts at CIGNA were frozen as of November 30, 1993.
Employee and employer contributions for December 1993 were deposited with
Fidelity as directed by the participants. The balances of participant
accounts invested at CIGNA were liquidated and transferred to Fidelity on
January 14, 1994. As the result of the termination of the contract with
CIGNA, a one time gain of $644,288 was recognized in the Guaranteed Long-
Term account. This gain was allocated to participants in this option as
of December 31, 1993.
Investment options available through the new investment manager are as
follows:
Retirement Government Money Market Portfolio - The fund seeks as high a
level of current income as is consistent with the preservation of
principal and liquidity. It invests in obligations issued or guaranteed
as to principal and interest by the U.S. government, its agencies or
instrumentalities, and in repurchase agreements secured by these
obligations. All funds were transferred from the CIGNA Guaranteed
Government Securities Account to the Fidelity Retirement Government
Money Market Portfolio unless otherwise directed by the participant.
Managed Income Portfolio - The fund seeks to preserve capital and
provide a competitive level of income over time. It purchases high-
quality short- and long-term investments from insurance companies and
banks, "synthetics" (secured agreements where the purchaser buys high-
quality debt obligations and arranges for a third party to provide for a
stable value and benefit payments), and a short-term money market
position to provide liquidity. All funds were transferred from the
CIGNA Guaranteed Long-Term Account to the Fidelity Managed Income
Portfolio unless otherwise directed by the participant.
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<PAGE>13
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
Fidelity Ginnie Mae Portfolio - The fund seeks a high level of current
income by investing primarily in Ginnie Mae securities and other
securities that are guaranteed by the full faith and credit of the U.S.
Government. Assets not invested in Ginnie Maes may be invested in any
type of U.S. or foreign debt or other income producing investments.
Fidelity Asset Manager - The fund seeks a high total return with reduced
risk over the long term by allocating its assets among domestic and
foreign equities, bonds and short-term instruments. All funds were
transferred from the CIGNA Balanced Account to the Fidelity Asset
Manager Portfolio unless otherwise directed by the participant.
Fidelity Growth & Income Portfolio - The fund seeks long term capital
growth, current income, and growth of income consistent with reasonable
investment risk. It invests in common stocks, securities convertible
into common stocks, preferred stocks and fixed income securities. All
funds were transferred from the CIGNA Stock Market Index Account to the
Fidelity Growth & Income Portfolio unless otherwise directed by the
participant.
Fidelity Magellan Fund - The fund seeks long-term capital appreciation
by investing in stocks of both well-known and lesser-known companies
with potentially above-average growth potential and a correspondingly
higher level of risk. Securities may be of foreign and domestic
companies.
Fidelity Contrafund - The fund seeks long-term capital appreciation by
investing in the securities of companies believed to be out of favor or
undervalued. The fund invests in common stocks and securities
convertible into common stock, but it may purchase other securities that
may produce capital appreciation. The fund may also invest in
investment-grade debt securities for defensive purposes.
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<PAGE>14
<TABLE>
THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN
Item 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<CAPTION>
Historical
Description Cost Market
- - -------------------------------------------- ----------- -----------
<S> <C> <C>
Guaranteed Long-Term Account $18,237,518 $18,881,806
Stock Market Index Account 6,129,310 6,512,715
Balanced Account 3,106,629 3,218,843
Guaranteed Government Securities Account 729,063 776,163
CoreStates Financial Corp. Common Stock 247,589 629,299
General Motors $1-2/3 Par Value Common Stock 7,431,934 10,399,416
----------- -----------
Total $35,882,043 $40,418,242
----------- -----------
Item 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
Total Total
Dollar Dollar Market
Value Value Historical Value at
of of Cost Date of Net Gain
Description Purchases Sales of Asset Transaction or (Loss)
- - ------------------------ ---------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
SERIES REPORTABLE TRANSACTIONS
Guaranteed Long-Term
Account (CIGNA) $3,819,883 $- $3,819,883 $3,819,883 $-
Guaranteed Long-Term
Account (CIGNA) - 3,228,358 3,228,358 - -
Stock Market Index
Account (CIGNA) 2,851,201 - 2,851,201 2,851,201 -
Balanced Account (CIGNA) 2,631,077 - 2,631,077 2,631,077 -
General Motors $1-2/3
Par Value Common Stock 3,564,715 - 3,564,715 3,564,715 -
General Motors $1-2/3
Par Value Common Stock - 3,184,140 2,271,174 - 912,966
SINGLE REPORTABLE TRANSACTIONS
Guaranteed Long-Term
Account (CIGNA) $- $2,050,846 $2,050,846 $- $-
Stock Market Index
Account (CIGNA) 1,839,388 - 1,839,388 1,839,388 -
Balanced Account (CIGNA) 1,729,762 - 1,729,762 1,729,762 -
</TABLE>
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l:\secfiles\11-k\gmac_93\gmac23 1
<PAGE>1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration Statement
No. 33-43744 of General Motors Corporation on Form S-8 of our report dated
June 17, 1994 appearing in this Annual Report on Form 11-K of The GMAC
Mortgage Corporation Savings Incentive Plan for the year ended December 31,
1993.
s/DELOITTE & TOUCHE
DELOITTE & TOUCHE
Detroit, Michigan
June 29, 1994
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