SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------------------------
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
--------------------------------------------
(Mark One)
( ) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 for the fiscal year ended _______________
or
( X ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the transition period from January 1, 1998 to September 27, 1998
Commission File No. 000-24484
A. Full title and address of the plan, if different from that of the
issuer named below:
ACCUSTAFF INCORPORATED
EMPLOYEE SAVINGS AND
PROFIT SHARING PLAN AND TRUST
ONE INDEPENDENT DRIVE
JACKSONVILLE, FLORIDA 32202
(904) 360-2000
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
ACCUSTAFF INCORPORATED
ONE INDEPENDENT DRIVE
JACKSONVILLE, FLORIDA 32202
(904) 360-2000
REQUIRED INFORMATION
The following financial statements and schedules have been prepared in
accordance with the financial reporting requirements of the Employee Retirement
Income Security Act of 1974, as amended:
1. Statements of Net Assets Available for Benefits as of September 27, 1998
and December 31, 1997.
2. Statement of Changes in Net Assets Available for Benefits for the
Period Ended September 27, 1998.
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 hereunto
duly authorized on this 29th day of June 1999.
ACCUSTAFF INCORPORATED
EMPLOYEE SAVINGS AND
PROFIT SHARING PLAN AND TRUST
By: MODIS PROFESSIONAL SERVICES, INC.
(Plan Administrator)
By: /s/ Robert P. Crouch
--------------------
Robert P. Crouch, Vice President & Chief Accounting Officer
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<PAGE>
<TABLE>
<CAPTION>
ACCUSTAFF INCORPORATED
EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST
REPORT ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
FOR THE PERIOD ENDED SEPTEMBER 27, 1998 AND
FOR THE YEAR ENDED DECEMBER 31, 1997
TABLE OF CONTENTS
<S> <C>
Report of Independent Accountants 3
Financial Statements:
Statements of Net Assets Available for Benefits With Fund Information as
of September 27, 1998 and December 31, 1997 4
Statement of Changes in Net Assets Available for Benefits With Fund
Information for the period ended September 27, 1998 5
Notes to Financial Statements 6
Supplemental Schedules:
Item 27a-Schedule of Assets Held for Investment Purposes 9
Item 27b-Schedule of Loans or Fixed Income Obligations 10
Item 27c-Schedule of Leases in Default or Classified as Uncollectible 11
Item 27d-Schedule of Reportable Transactions 12
Item 27e-Schedule of Nonexempt Transactions 13
Item 27f-Schedule of Nonexempt Transactions 14
</TABLE>
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<PAGE>
Report of Independent Accountants
To the Participants and Administrator
of AccuStaff Incorporated Employee Savings and
Profit Sharing Plan and Trust
In our opinion, the accompanying statements of net assets available for benefits
with fund information and the related statement of changes in net assets
available for benefits with fund information present fairly, in all material
respects, the net assets available for benefits of the AccuStaff Incorporated
(the Company) Employee Savings and Profit Sharing Plan and Trust (the Plan) at
September 27, 1998 and December 31, 1997, and the changes in net assets
available for benefits for the period ended September 27, 1998, in conformity
with generally accepted accounting principles. These financial statements are
the responsibility of the Company's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which 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, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of AccuStaff
Incorporated Employee Savings and Profit Sharing Plan and Trust 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. These supplemental
schedules are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
PricewaterhouseCoopers LLP
Jacksonville, Florida
June 18, 1999
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Statements of Net Assets Available for Benefits With Fund Information
as of September 27, 1998 and December 31, 1997
<TABLE>
<CAPTION>
Net Assets as of September 27, 1998
------------------------------------------------------------------------
Investments, at fair value Receivables
------------------------------------------ ---------------------------
Net
Mutual Assets
Money Fund Participant Available
Participant Market Pooled Notes Participants' Employer's for
Directed Funds Accounts Receivable Contribution Contribution Benefits
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Strong Money
Market Fund $ 3,075,841 $ - $ - $ - $ - $ 3,075,841
Strong Mutual Fund
Pooled Accounts:
Government Securities - 1,514,514 - - - 1,514,514
Asset Allocation - 470,301 - - - 470,301
Common Stock - 1,827,886 - - - 1,827,886
Growth - 1,823,402 - - - 1,823,402
Index 500 - 1,103,827 - - - 1,103,827
International Stock - 315,706 - - - 315,706
Schafer Value - 1,438,183 - - - 1,438,183
AccuStaff Incorporated
Stock Pool - 392,951 - - - 392,951
Merrill Lynch Money
Market - 82,000 - - - 82,000
Participant Notes - - 77,749 - - 77,749
Other - - - 108,919 30,346 139,265
------------ ------------ ------------ ------------ ------------ ------------
Total $ 3,075,841 $ 8,968,770 $ 77,749 $ 108,919 $ 30,346 $ 12,261,625
</TABLE>
<TABLE>
<CAPTION>
Net Assets as of December 31, 1997
---------------------------------------------------------------------------------------
Investments, at fair value Receivables
--------------------------------------------------------- ------------
Net
Mutual Transfers Assets
Money Fund Participant from Available
Participant Market Pooled Limited Notes Participants' Merged for
Directed Funds Accounts Partnerships Receivable Contribution Plans Benefits
------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Strong Money
Market Fund $ 984,184 $ - $ - $ - $ - $ - $ 984,184
Strong Mutual Fund
Pooled Accounts:
Government Securities - 350,135 - - - - 350,135
Asset Allocation - 138,365 - - - - 138,365
Common Stock - 712,064 - - - - 712,064
Growth - 715,313 - - - - 715,313
Index 500 - 1,445 - - - - 1,445
International Stock - 154,866 - - - - 154,866
Schafer Value - 427,555 - - - - 427,555
AccuStaff Incorporated
Stock Pool - 194,711 - - - - 194,711
Merrill Lynch Money
Market - 81,271 - - - - 81,271
Limited Partnership - - 2,200 - - - 2,200
Participant Notes - - - 6,609 - - 6,609
Other - - - - 38,875 6,931,846 6,970,721
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total $ 984,184 $ 2,775,725 $ 2,200 $ 6,609 $ 38,875 $ 6,931,846 $ 10,739,439
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Statement of Changes in Net Assets Available for Benefits With Fund Information
for the period ended September 27, 1998
<TABLE>
<CAPTION>
Additions to Net Assets Attributed to:
---------------------------------------------------------------------------------
Investments Contributions
----------- ---------------------------------------
Net
Appreciation
(Depreciation)
Participant in Fair Value Participants' Total
Directed of Investments Interest Dividends Participants' Rollovers Employer's Additions
----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Strong Money
Market Fund $ - $ 13 $ 159,425 $ 158,772 $ 7,326 $ 34,665 $ 360,201
Strong Mutual Fund
Pooled Accounts:
Government Securities 36,745 74 25,089 266,206 15,949 80,100 424,163
Asset Allocation (16,247) - 5,371 80,565 492 23,423 93,604
Common Stock (228,970) 304 3,377 356,625 13,573 99,795 244,704
Growth (44,833) 275 - 347,114 14,398 96,835 413,789
Index 500 (65,998) - 166 254,059 16,540 71,141 275,908
International Stock (62,475) - 2,572 81,835 2,962 24,066 48,960
Schafer Value (334,761) - - 331,295 6,628 88,875 92,037
AccuStaff Incorporated
Stock Pool (194,653) 9 - 142,544 3,664 41,444 (6,992)
Merrill Lynch Money
Market - 729 - - - - 729
Limited Partnership (2,200) - - - - - (2,200)
Participant Notes - 312 - - - - 312
Other 535,577 - - 108,919 - 30,346 674,842
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total $ (377,815) $ 1,716 $ 196,000 $ 2,127,934 $ 81,532 $ 590,690 $ 2,620,057
</TABLE>
<TABLE>
<CAPTION>
Transfers Net Assets Available
Transfers to Modis for Benefits
Benefits from Retirement Net -------------------------
Participant Paid to Interfund Merged Savings Increase Beginning End
Directed Participants Transfers Plans Plan (Decrease) of Year of Year
----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Strong Money
Market Fund $ 1,434,572 $ 2,338,613 $ 827,469 $ (54) $ 2,091,657 $ 984,184 $ 3,075,841
Strong Mutual Fund
Pooled Accounts:
Government Securities 103,034 846,947 - (3,697) 1,164,379 350,135 1,514,514
Asset Allocation 26,308 260,535 4,105 - 331,936 138,365 470,301
Common Stock 92,161 963,297 - (18) 1,115,822 712,064 1,827,886
Growth 59,588 754,115 - (227) 1,108,089 715,313 1,823,402
Index 500 68,559 895,033 - - 1,102,382 1,445 1,103,827
International Stock 22,279 144,553 - (10,394) 160,840 154,866 315,706
Schafer Value 76,626 995,336 - (119) 1,010,628 427,555 1,438,183
AccuStaff Incorporated
Stock Pool 28,503 233,927 - (192) 198,240 194,711 392,951
Merrill Lynch Money
Market - - - - 729 81,271 82,000
Limited Partnership - - - - (2,200) 2,200 -
Participant Notes 3,114 73,942 - - 71,140 6,609 77,749
Other - (7,506,298) - - (6,831,456) 6,970,721 139,265
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total $ 1,914,744 $ - $ 831,574 $ (14,701) $ 1,522,186 $ 10,739,439 $ 12,261,625
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Notes to Financial Statements
1. Description of Plan:
The following description of the AccuStaff Incorporated (the Company) Employee
Savings and Profit Sharing Plan and Trust (the Plan) provides only general
information. Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions. Effective October 1, 1998, AccuStaff
Incorporated changed its name to Modis Professional Services, Inc.
On September 27, 1998, the plan sponsorship was transferred to CHI Financial
Services, Inc. when AccuStaff Incorporated sold its commercial division to
Randstad U.S., L.P.
General - The Plan is a defined contribution plan covering the commercial
division employees of AccuStaff Incorporated who are age 21 or older and have
completed at least one year of service with a minimum of 1,000 hours. To
continue to vest in Company contributions, a participant must work at least
1,000 hours each year. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Contributions - Employer contributions to the Plan are at the discretion of the
Company and are a discretionary matching percentage of the participants'
contributions. Company contributions are allocated to participants in proportion
to their annual compensation.
Participants may elect to defer and contribute to the Plan up to 15% of their
annual compensation, within the limitations prescribed by law, and under the
provisions of the Plan. Individual participants' contributions are limited to an
annual IRS maximum amount ($10,000 for the plan year ended December 31, 1998).
Investment Options - Under the provisions of the Plan, participants may direct
their contributions to be invested in various pooled accounts of the Strong
Mutual Fund Company. Contributions may be invested in one account or allocated
among different accounts. Changes in allocation of contributions among accounts
are permitted pursuant to contract provisions.
Accounts available to participants and the related investment objective are
summarized as follows:
Strong Money Market - This Fund seeks current income, a stable share price
and daily liquidity. The Fund invests in corporate, bank and government
instruments that present minimal credit risk.
Strong Government Securities - This Fund seeks total return by investing
for a high level of current income with a moderate degree of share-price
fluctuation. The Fund normally invests at least 80% of its net assets in
U.S. government securities.
Strong Asset Allocation - This Fund seeks high total return consistent with
reasonable risk over the long term. The Fund pursues this objective by
allocating its assets among stocks, bonds and cash.
Strong Common Stock - This Fund seeks capital growth. The Fund invests at
least 80% of its net assets in equity securities. It currently emphasizes
small companies that the advisor believes are under-researched and
attractively valued.
Strong Growth - This Fund seeks capital growth. The Fund invests primarily
in securities that the advisor believes have above-average growth prospects
Strong Index 500 - This Fund seeks to approximate as closely as practicable
(before fees and expenses) the capitalization-weighted total rate of return
of that portion of the U.S. market for publicly-traded common stocks
composed of the larger capitalization companies.
Strong International Stock - This Fund seeks capital growth. It invests
primarily in the equities securities of issuers located outside the United
States.
Strong Schafer Value - This Fund's primary investment objective is
long-term capital appreciation. The Fund invests primarily in common stocks
and other equity securities. Current income is a secondary objective in the
selection of investments.
AccuStaff Incorporated Stock Pool- This Fund was created specifically for
AccuStaff employees. The fund purchases 95% of its value in AccuStaff
Incorporated stock. Five percent is held in the Strong Money Market Fund.
The combined value is unitized. The participant then invests in these
units.
Merrill Lynch Money Market- This Fund seeks current income, a stable share
price and daily liquidity.
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<PAGE>
Earnings Allocation - Plan earnings are allocated to participants' accounts on a
daily basis based upon their individual account balances as of the beginning of
the Plan's fiscal year, less any withdrawals made during the year.
Forfeiture Allocation - Forfeitures of terminated participants' accounts related
to the provisions of the Plan would result in a reduction of the Company's
contributions in the year of such forfeiture. In 1998, employer contributions
were reduced by approximately $18,000 from forfeited nonvested accounts.
Vesting - Employee contributions plus actual earnings thereon are fully vested
at all times. Employer contributions made on behalf of each participant are
partially vested from service years two through four and become fully vested
after the participant completes five service years. Pursuant to an amendment to
the Plan, effective January 1, 1998, vesting will occur equally over four years
of service.
In the event of death or total and permanent disability while under the
Company's employment, all amounts credited to the participant's account as of
the subsequent plan anniversary date are considered fully vested.
Payment of Benefits - Upon retirement, death or disability, a participant or
participant's beneficiary will receive a lump sum amount or installments over a
period of time not more than the participant's/beneficiary's life expectancy
determined at the time of distribution.
Participant Notes Receivable - Participants may receive loans from the Plan
within limits established by rules under the Internal Revenue Code. All loans
must be collateralized. A participant may use up to one-half of his or her
non-forfeitable account balance under the Plan to collateralize a loan. Loans
require periodic payments with principal amortized over a period not to exceed
five years, except for loans to acquire a principal residence, which require
periodic payments over a reasonable period determined at the date the loan is
made. All loans are considered a directed investment from a participant's
account under the Plan. All payments of principal and interest by a participant
on a loan are credited to his or her account.
2. Summary of Significant Accounting Policies:
Basis of Accounting - The financial statements of the Plan are prepared under
the accrual method of accounting.
Administrative Expenses - All expenses of administration may be paid out of the
Plan's funds or by the Company.
Investment Valuation and Income Recognition - The Plan's investments are stated
at fair value based upon quoted market prices. Investments for which quoted
market prices are not available, principally limited partnerships, are carried
at their estimated fair value as determined by the limited partnership or
Trustee. The AccuStaff Incorporated Stock Pool is valued at quoted market
prices, which represent the net asset value of shares held by the Plan at
year-end. Gains or losses on the sale of investments are based on the cost or
adjusted value of each specific investment.
The Plan presents in the statement of changes in net assets available for
benefits the net appreciation (depreciation) in fair value of its investments
which consists of the realized gains or losses and the unrealized appreciation
(deprecation) on these investments.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make significant
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 the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties - The Plan provides for various investment options in
any combination of stocks, bonds, fixed income securities, mutual funds and
other investment securities. Investment securities are exposed to various risks,
such as interest rate, market and credit. Due to the level of risk associated
with certain investment securities and the level of uncertainty related to
changes in the value of investment securities, it is at least reasonably
possible that changes in risks in the near term would materially affect
participants' account balances and the amounts reported in the statement of net
assets available for plan benefits and the statement of changes in net assets
available for plan benefits.
Benefits - Benefits are recorded when paid.
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<PAGE>
3. Investments:
Investments which exceeded 5% of the Plan's net assets are summarized as
follows:
<TABLE>
<CAPTION>
Investments at Fair Value as Determined by Quoted Market Prices:
September 27, December 31,
1998 1997
------------ ------------
<S> <C> <C>
Strong Money Market $ 3,075,841 $ 984,184
Strong Mutual Funds Pooled accounts:
Government Securities 1,514,514 -
Common Stock 1,827,886 712,064
Growth 1,823,402 715,313
Index 500 1,103,827 -
Schafer Value 1,438,183 -
</TABLE>
4. Plan Termination:
Although it has not expressed any intent to do so, the Company has the right
under the Plan agreement to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of plan
termination, participants will become fully vested in their accounts.
5. Tax Status:
The Internal Revenue Service has determined and informed the Company by letter
dated August 20, 1998, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code (IRC). The Plan
has been amended since receiving the determination letter. However, the Plan
administrator and the Plan's tax counsel believe that the Plan is designed and
is currently being operated in compliance with the applicable requirements of
the IRC.
6. Financial Instruments:
Certain financial instruments potentially subject the Plan to concentrations of
credit risk. These financial instruments consist of money market funds, common
stocks and pooled accounts with a mutual fund company.
The Plan limits its credit risk by maintaining its money market funds and pooled
general accounts with what it believes to be high quality financial
institutions.
7. Related Party Transactions:
Certain Plan expenses for accounting, legal and administrative services were
paid for by the Company. These expenses were approximately $33,300 and $65,400
in 1998 and 1997, respectively.
Employees can elect to allocate their contributions to the purchase of AccuStaff
Incorporated stock units, via the AccuStaff Incorporated Stock Pool Fund.
8. Merger of Subsidiary Plan:
During 1998, the Plan was amended to include the defined contribution plan of
one subsidiary. The plan was a subsidiary of AccuStaff during 1998. The
following table details the subsidiary, merger date and amounts of assets
transferred into the AccuStaff plan.
<TABLE>
<CAPTION>
Subsidiary Date Amount
- ----------------------------------------------------------------------------------
<S> <C> <C>
Firstaff, Inc. 401(k)and Profit Sharing Plan July 2, 1998 $ 831,574
</TABLE>
9. Subsequent Event:
On October 30, 1998, participants and their account balances in the amount of
approximately $1,750,000 were transferred to the Plan from the Modis
Professional Services, Inc. Retirement Savings Plan.
-8-
<PAGE>
Supplemental Schedules
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Item 27a - Schedule of Assets Held for Investment Purposes
as of September 27, 1998
<TABLE>
<CAPTION>
Net
Appreciation
Fair (Depreciation)
Cost Value in Fair Value
------------ ------------ ------------
<S> <C> <C> <C>
Strong Money Market Fund $ 3,075,841 $ 3,075,841 $ -
Strong Mutual Fund Pooled accounts:
Government Securities 1,469,048 1,514,514 45,466
Asset Allocation 487,684 470,301 (17,383)
Common Stock 2,076,452 1,827,886 (248,566)
Growth 1,897,963 1,823,402 (74,561)
Index 500 1,166,575 1,103,827 (62,748)
International Stock 415,430 315,706 (99,724)
Schafer Value 1,707,439 1,438,183 (269,256)
AccuStaff Incorporated Stock Pool 587,217 392,951 (194,266)
Merrill Lynch Money Market Fund 82,000 82,000 -
------------- ------------ ------------
12,965,649 12,044,611 (921,038)
Participant notes receivable with interest
rates ranging from 2.13% to 10.25% 77,749 77,749 -
------------- ------------ ------------
Total investments $ 13,043,398 $ 12,122,360 $ (921,038)
</TABLE>
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Item 27b - Schedule of Loans or Fixed Income Obligations
as of September 27, 1998
The Plan had no items as described under Item 27b as of September 27, 1998.
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Item 27c - Schedule of Leases in Default or Classified as Uncollectible
as of September 27, 1998
The Plan had no items as described under Item 27c as of September 27, 1998.
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Item 27d - Schedule of Reportable Transactions
for the period ended September 27, 1998
The following summary of reportable transactions presents each transaction or
series of transactions involving an amount in excess of five percent (5%) of the
fair value of Plan assets at the beginning of the 1998 Plan year.
<TABLE>
<CAPTION>
Number Number Realized
of of Gains
Purchases Transactions Sales Transactions (Losses)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Strong Money
Market Fund $ 8,903,490 155 $ 6,811,833 158 $ -
Strong Mutual Fund
Pooled Accounts:
Government Securities 1,269,702 120 142,068 128 1,848
Common Stock 1,525,445 105 180,653 136 3,999
Growth 1,297,457 116 144,535 119 2,026
Index 500 1,264,055 102 95,675 76 (3,189)
Schafer Value 1,452,229 97 106,840 114 3,071
</TABLE>
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Item 27e - Schedule of Nonexempt Transactions
for the period ended September 27, 1998
The Plan executed no transactions as described under Item 27e for the period
ended September 27, 1998.
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<PAGE>
AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
Item 27f - Schedule of Nonexempt Transactions
for the period ended September 27, 1998
<TABLE>
<CAPTION>
Identity of Description of Earnings lost from
Party Involved Relationship Transactions late contributions
- ----------------------------- ----------------------- ------------------------------ --------------------------
<S> <C> <C> <C>
AccuStaff Plan Sponsor Employer segregrated $926
Incorporated employee contributions
after the 15th business
day following the end of
the month in which amounts
were withheld from
employee wages. Subsequent
to year end, the employer
has funded all earnings
lost from late
contributions to the
respective employees.
</TABLE>
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