SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED] FOR THE FISCAL YEAR ENDED DECEMBER 31,
1995 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED] for the transition period
from _______________ to _______________
Commission file number 333-12551
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
HOME PROPERTIES RETIREMENT SAVINGS PLAN
---------------------------------------
B. Name of the issuer of the securities held pursuant to the
plan and the address of its principal executive office:
HOME PROPERTIES OF NEW YORK, INC.
850 Clinton Square
Rochester, New York 14604<PAGE>
REQUIRED INFORMATION
The Home Properties Retirement Savings Plan (the "Plan") is subject to the
Employee Retirement Security Income Act of 1974 ("ERISA"). Therefore, in
lieu of the requirements of Items 1 - 3 of Form 11-K, the financial
statements and schedules of the Plan for the two fiscal years ending
December 31, 1995 and 1994, which have been prepared in accordance with the
financial reporting requirements of ERISA, are filed herewith as Exhibit
99.1 and incorporated herein by reference.
EXHIBITS
Exhibit
Number Description
- ------- -----------
99-1 Financial Statement and Schedules of the Plan for the two fiscal
years ending December 31, 1995 and 1994
99-2 Consent of Cortland L. Brovitz & Co., P.C., independent
accountants
<PAGE>
SIGNATURES
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
thereunto duly authorized.
HOME PROPERTIES RETIREMENT SAVINGS PLAN
Date: September 23, 1996 By: /s/ David P. Gardner
------------------------------------
Name: David P. Gardner
----------------------------------
Title: Chairman of the Administrative
Committee, the Administrator of
the Plan
---------------------------------
HOME PROPERTIES OF NEW YORK, INC.
RETIREMENT SAVINGS PLAN
FINANCIAL REPORT
DECEMBER 31, 1995
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
TABLE OF CONTENTS
Independent Auditors' Report 1 - 2
Statements of Net Assets Available
for Benefits (Modified Cash Basis) 3
Statements of Changes in Net Assets
Available for Benefits
(Modified Cash Basis) 4
Notes to Financial Statements
(Modified Cash Basis) 5 - 8
_____________________________________________________
Independent Auditors' Report on
the Supplementary Information 9
Schedule of Assets Held for Investment
Purposes (Modified Cash Basis) 10
Schedule of Reportable 5% Transactions
(Modified Cash Basis) 11
<PAGE>
INDEPENDENT AUDITORS' REPORT
To The Board of Trustees of
Home Properties of New York, Inc.
Retirement Savings Plan
Rochester, New York
We have audited the accompanying statements of net assets
available for benefits on a modified cash basis of Home
Properties of New York, Inc. Retirement Savings Plan as of
December 31, 1995 and 1994, and the related statements of
changes in net assets available for benefits on a modified cash
basis 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.
Except as explained in the following paragraph, we conducted our
audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit 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.
As described in Note 2, these financial statements and
supplementary schedules were prepared on a modified cash basis
of accounting, which is a comprehensive basis of accounting
other than generally accepted accounting principles.
As permitted by 29 CFR 2520.103-8 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974, investment
assets held by Chase Manhattan Bank, N.A., the trustee of the
Plan, and transactions in those assets were excluded from the
scope of our audit of the Plan's 1994 financial staements,
except for comparing the information provided by the trustee,
which is summarized in Note 3, with the related information
included in the financial statements.
Because of the significance of the information that we did not
audit, we are unable to, and do not, express an opinion on the
Plan's financial statements as of and for the year ended
December 31, 1994. The form and content of the information
included in the 1994 financial statements, other than that
derived from the information certified by Chase Manhattan Bank,
N.A. have been audited by us and, in our opinion, are presented
in compliance with the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974.
In our opinion, the financial statements, referred to above of
Home Properties of New York, Inc. Retirement Savings Plan as of
December 31, 1995 and for the year then ended present fairly, in
all material respects, the financial status of Home Properties
of New York, Inc. Retirement Savings Plan as of December 31,
1995, and the changes in its financial status for the year then
ended, on the basis of accounting described in Note 2.
Respectfully Submitted,
/s/ Cortland L. Brovitz & Co., P.C.
Cortland L. Brovitz & Co., P.C.
Certified Public Accountants
Rochester, New York
June 7, 1996
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(Modified Cash Basis)
DECEMBER 31, 1995 AND 1994
<TABLE>
<CAPTION>
ASSETS 1995 1994
---- ----
Investments at Fair Value (Notes 2 and 3):
<S> <C> <C>
Money Market Funds $ 21,634 $ 28,158
Collective Investment Trust
Guaranteed Investment Fund 948,280 721,877
------------ ------------
Total Investments at Fair Value 969,914 750,035
Participant Loans 64,689 47,081
------------ ------------
Total Investments 1,034,603 797,116
------------ ------------
Receivables
Employer Contributions 38,852 32,537
Participant Contributions 39,734 48,458
Participant Loans 2,497 1,520
Accrued Interest 71 69
------------ ------------
81,154 82,584
------------ ------------
Total Assets 1,115,757 879,700
LIABILITIES - -
------------ ------------
Net Assets Available for
Benefits $ 1,115,757 $ 879,700
============ ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(Modified Cash Basis)
DECEMBER 31, 1995 AND 1994
<TABLE>
<CAPTION>
Increases in Net Assets 1995 1994
---- ----
<S> <C> <C>
Investment Income:
Interest and Dividends $ 7,093 $ 3,382
Net Appreciation in Fair Value of
Investments (Note 3) 48,463 41,091
------------ -------------
Total Investment Income 55,556 44,473
Employer Contributions 38,657 32,537
Participant Contributions 258,299 209,602
Rollover Contributions 4,529 -
------------ -------------
Total Increases 357,041 286,612
Decreases in Net Assets
Benefits Paid to Participants 120,984 5,232
------------ -------------
Net Increase in Net Assets 236,057 281,380
Net Assets Available for Benefits -
Beginning 879,700 598,320
------------ -------------
Net Assets Available for Benefits -
Ending $ 1,115,757 $ 879,700
============ =============
</TABLE>
See Notes to Financial Statements.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
NOTES TO FINANCIAL STATEMENTS
(Modified Cash Basis)
DECEMBER 31, 1995 AND 1994
Note 1 Description of Plan
The following description of the Home Properties of New York,
Inc. Retirement Savings Plan provides only general information.
Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering all employees
who are 21 years of age and who have completed one year of
service. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). The plan also
covers the employees of Hauser Corporation, Fluoro Film, Inc.
and any other affiliated company who adopts this Plan.
Trust
Chase Manhattan Bank, N.A. serves as trustee of the Plan.
Contributions
Each year, each participating company may contribute such
amount as its Board of Directors shall, at its discretion,
determine. Employees may contribute to the Plan a percentage of
their compensation or a fixed dollar amount each pay period. In
addition, each participating employer makes a matching
contribution based on participants' tax deferred contribution.
Participant Accounts
Each participant's account is credited with an allocation of:
(1) his or her tax deferred contribution, (2) the company's
contributions, (3) Plan earnings, and (4) forfeitures of
terminated participants' non-vested accounts. Allocations are
based on participant earnings or account balances, as defined.
The benefit to which a participant is entitled is the benefit
that can be provided from the participant's account.
Vesting
Each participant's interest in their employee contribution
account is fully vested at all times. The Plan provides for
vesting in the employer contribution account of 20% after two
years, 40% after three years, 60% after four years, 80% after
five years, and 100% after six years of service.
<PAGE>
Note 1 Description of Plan - Continued
Participant Notes Receivable
Participants may borrow from their accounts a minimum of $1,000
to a maximum equal to the lessor of $50,000 or 50% of their
vested account balance. Loan transactions are treated as a
transfer to (from) the investment fund from (to) the Participant
Notes Fund. Loan terms range from one to five years or longer
for the purchase of a primary residence. The loans are secured
by the balance in the participant's account and bear interest at
the prime rate plus one percent (1%) in effect on the first day
of the month in which the loan is made. Interest rates range
from 7% to 10% for the current outstanding notes. Principal and
interest are paid ratably through weekly or semi-monthly payroll
deductions.
Payment of Benefits
The Plan provides for normal retirement benefits upon reaching
age 65 and has provisions for early retirement, disability,
death and termination benefits for those participants who are
eligible to receive such benefits.
On termination of service, a participant may elect to receive:
(1) A lump sum amount equal to the value of his or her account, or
(2) Annual installments over a period of time not to exceed 15
years.
Plan Termination
Although they have not expressed an intent to do so, the
Companies have the right under the Plan to discontinue
contributions at any time and to terminate the Plan subject to
the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
Tax Status
In October, 1993, the Companies adopted a prototype plan which
received a favorable determination letter from the Internal
Revenue Service in April, 1993 stating that the Plan qualifies
under the applicable provisions of the Internal Revenue Code,
including Section 401(k).
<PAGE>
Note 2 Significant Accounting Policies
Method of Accounting
The Plan's financial statements have been prepared on a
modified cash basis. Therefore, with the exception of
appreciation or depreciation in the market value of investments,
income and expense items are recognized only as cash is received
or paid and the receivables (other than employer and participant
contributions receivable and accrued interest and dividends
calculated by Chase Manhattan Bank, N.A.), payables and accrued
expenses are not reflected.
Investments
The Plan's investments are recorded at market value, as
established by Chase Manhattan Bank, N.A., as of December 31,
1995.
Management Estimates
The preparation of financial statements requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets
and liabilities at the date of the financial statements and
revenues and expenses during the reporting period. Actual
results could differ from those estimates.
Administration Expenses
The Companies absorb significant administrative costs of the
Plan.
Note 3 Investments
The Plan's investments are held by Chase Manhattan Bank, N.A.
The following table represents the fair market values of the
investments. Investments representing 5% or more of the Plan's
net assets are separately identified.
<TABLE>
<CAPTION>
1995 1994
------------------- --------------------
Investments at Number of Number of
Fair Value as Shares or Shares or
Determined by Quoted Principal Fair Principal Fair
Market Price Amount Value Amount Value
-------------------- --------- ------- ---------- --------
<S> <C> <C> <C> <C> <C>
Money Market Funds... - $ 21,634 - $ 28,158
Collective Investment
Trust Guaranteed
Investment Fund.... 58,141 948,280 46,784 721,877
-------- --------
Total Investments at
Fair Value......... $969,914 $750,035
======== ========
</TABLE>
<PAGE>
Note 3 Investments - Continued
During 1995 and 1994, the Plan's investments (including
investments bought, sold and held during the year) appreciated
in value as follows:
<TABLE>
1995 1994
---- ----
<CAPTION>
<S> <C> <C>
Net Appreciation in Fair Value
Guaranteed Investment Fund........... $ 48,463 $ 41,091
--------- ---------
Net Appreciation $ 48,463 $ 41,091
========= =========
</TABLE>
Note 4 Subsequent Event
Effective January 1, 1996, assets of Participants' that are
Employees of Hauser Corporation and Fluoro Film, Inc. were
spun-off to a separate qualified plan.
Effective January 1, 1996, the investments were transferred to
State Street Bank and Trust Co. The funds were invested in the
following investment options, as directed by the participants:
a) Long-Term Growth - This Portfolio consists of common stock,
bonds and cash equivalents in an effort to generate a
significant rate of capital growth over time.
b) Growth with Reduced Volatility - This Portfolio consists of
common stocks, bonds and cash equivalents in an effort to
generate a mix of some capital growth and some capital
preservation.
c) Stable Income - This option invests in a pooled investment
trust fund. The Fund is comprised of a diversified portfolio of
GICs and/or other stable value investments, such as certificates
of deposits. The objective of this option is to generate a
relatively high rate of interest while protecting against
declines in market value.
<PAGE>
INDEPENDENT AUDITORS' REPORT ON THE SUPPLEMENTARY INFORMATION
To the Board of Trustees of
Home Properties of New York, Inc.
Retirement Savings Plan
Rochester, New York
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplementary schedules, prepared on a modified cash basis of
accounting, of assets held for investment and reportable 5%
transactions as of or for the year ended December 31, 1995, are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements, but are
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 schedules have been subjected to the auditing
procedures applied in the 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.
Respectfully Submitted,
/s/ Cortland L. Brovitz & Co., P.C.
Cortland L. Brovitz & Co., P.C.
Certified Public Accountants
Rochester, New York
June 7, 1996
<PAGE>
<TABLE>
HOME PROPERTIES OF NEW YORK, INC.
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(Modified Cash Basis)
DECEMBER 31, 1995
<CAPTION>
Shares or Description of Current
Face Value Identity of Issue Investment Cost Value
- ----------- ----------------- -------------- ---- -------
<C> <S> <C> <C>
Money Market Funds
17,643.73 Goldman Sachs Financial Square Cash
Prime Obligations Money Market Equivalent......................... $ 17,644 $ 17,644
3,990.47 SEI Cash Plus TR Cash
Prime Oblig. Portfolio Equivalent......................... 3,990 3,990
Fixed Income Pooled Fund
58,141.00 Collective Investment Trust Fixed Income -
Guaranteed Investment Fund Pooled Fund........................ 806,326 948,280
Participants' Loans Interest Ranging from 7% to 10%,
Due From March, 1996 through
November, 2000, Collateralized
by remaining balance of
Participant's Account............ - 64,689
-------- ----------
Total Assets Held for Investment ................................... $827,960 $1,034,603
</TABLE>
<PAGE>
<TABLE>
HOME PROPERTIES OF NEW YORK, INC.
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
SCHEDULE OF REPORTABLE 5% TRANSACTIONS
(Modified Cash Basis)
FOR THE YEAR ENDED DECEMBER 31, 1995
COMPUTED ON JANUARY 1, 1995 VALUE OF $879,700
<CAPTION>
Purchase Selling Gain (Loss)
Description Units Price Price Cost on Sale
<S> <C> <C> <C> <C> <C>
Collective Investment Trust
Guaranteed Investment Fund 15,480 $ 242,943 $ - $ - $ -
Collective Investment Trust
Guaranteed Investment Fund 4,123 - 56,172 65,003 (8,831)
Goldman Sachs Financial Square
Prime Obligations Money Market 281,306 281,306 - - -
Goldman Sach Financial Square
Prime Obligations Money Market 263,663 - 263,663 263,663 -
SEI Cash Plus Tr Prime Obligation
Portfolio MM 66,662 66,662 - - -
SEI Cash Plus TR Prime Obligation
Portfolio MM 62,671 - 62,671 62,671 -
Temp Fund B 108,706 108,706 - - -
Temp Fund B 123,639 - 123,639 123,639 -
</TABLE>
CORTLAND L. BROVITZ & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
1235 MIDTOWN TOWER
ROCHESTER, NEW YORK 14604
716-454-6996
FAX 716-454-4024
________________
MEMBER
The McGLADREY Network
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement on
Form S-8 to be filed by Home Properties of New York, Inc. with respect to the
Home Properties Retirement Savings Plan of our report dated June 7, 1996,
with respect to the financial statements and schedules of the Home Properties
Retirement Savings Plan included in this Annual Report (Form 11-K) for the
year ended December 31, 1995.
Sincerely,
/s/ Cortland L. Brovitz & Co., P.C.
Cortland L. Brovitz & Co., P.C.
Certified Public Accountants
Rochester, New York
September 23, 1996
