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
[X] | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the fiscal year ended December 31, 2016
OR
[ ] | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from _______________ to _______________
Commission File Number 001-32998
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Energy Services of America Staff 401(k) Retirement Savings Plan
B: Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Energy Services of America Corporation
75 West Third Avenue
Huntington, West Virginia 25701
ENERGY SERVICES OF AMERICA
STAFF 401(k) RETIREMENT SAVINGS PLAN
Financial Statements
December 31, 2016 and 2015
With Independent Auditor's Report
Table of Contents
Page | ||
Independent Auditor's Report | 1 | |
Financial Statements | ||
Statements of Net Assets Available for Benefits | 2 | |
Statement of Changes in Net Assets Available for Benefits | 3 | |
Notes to Financial Statements | 4-11 | |
Supplemental Schedules | ||
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) | 13 | |
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions | 15 | |
actcpas.com 101 Washington Street East P.O. Box 2629 Charleston, WV 25329 304.346.0441 office│ 304.346.8333 fax 800.642.3601 |
INDEPENDENT AUDITOR'S REPORT
Audit Committee, Benefits Committee and Plan Administrator
Energy Services of America Staff 401(k) Retirement Savings Plan
Huntington, West Virginia
We have audited the accompanying statements of net assets available for benefits of Energy Services of America Staff 401(k) Retirement Savings Plan (the Plan) as of December 31, 2016 and 2015, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. 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. 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 the Plan as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the year ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.
The supplemental information in the accompanying schedules of Schedule H, line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2016, and Schedule H, Line 4(a) – Schedule of Delinquent Participant Contributions for the year ended December 31, 2016, have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental 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 information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedules, we evaluated whether the supplemental information, including its form and content, is presented in conformity 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 supplemental information is fairly stated in all material respects in relation to the financial statements as a whole.
/s/ Arnett Carbis Toothman LLP
Charleston, West Virginia
June 28, 2017
Bridgeport, WV • Buckhannon, WV • Charleston, WV • Columbus, OH • Meadville, PA • Morgantown, WV • New Castle, PA • Pittsburgh, PA
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ENERGY SERVICES OF AMERICA STAFF 401(K) RETIREMENT SAVINGS PLAN | |||
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS | |||
DECEMBER 31, 2016 AND 2015 | |||
2016 | 2015 | ||
Assets | |||
Investments, at fair value | $ 4,223,384 | $ 4,220,850 | |
Contributions receivable: | |||
Employee contributions receivable | 2,399 | 3,626 | |
Employer contributions receivable | 536 | 650 | |
Other employer contributions | - | 6,537 | |
Notes receivable from participants | 71,678 | 63,065 | |
Non-interest bearing cash | 4,144 | 4,922 | |
Total assets | 4,302,141 | 4,299,650 | |
Liabilities | |||
Participant fees payable | 162 | 4,922 | |
Excess contributions payable | 8,253 | 4,703 | |
Total liabilities | 8,415 | 9,625 | |
Net assets available for benefits | $ 4,293,726 | $ 4,290,025 | |
The Accompanying Notes Are An Integral Part Of These Financial Statements. |
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ENERGY SERVICES OF AMERICA STAFF 401(K) RETIREMENT SAVINGS PLAN | |
STATEMENT OF CHANGES IN NET ASSETS | |
AVAILABLE FOR BENEFITS | |
YEAR ENDED DECEMBER 31, 2016 | |
Change in net assets available for benefits attributed to: | |
Investment activities: | |
Net appreciation in fair value of investments | $ 176,274 |
Interest and dividends | 34,602 |
Net income from investment activities | 210,876 |
Interest income on notes receivable from participants | 2,685 |
Additions: | |
Employee contributions, including rollovers | 361,931 |
Employer contributions | 64,061 |
Total additions | 425,992 |
Deductions: | |
Distributions to participants or beneficiaries | (629,507) |
Fees and expenses | (6,345) |
Total deductions | (635,852) |
Change in net assets available for benefits during the year | 3,701 |
Net assets available for benefits, beginning of year | 4,290,025 |
Net assets available for benefits, end of year | $ 4,293,726 |
The Accompanying Notes Are An Integral Part Of These Financial Statements. |
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ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 1 - DESCRIPTION OF PLAN
The following brief description of the Energy Services of America Staff 401(k) Retirement Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions.
GENERAL - The Plan, formerly known as the C.J. Hughes Construction Company, Inc. Management 401(k) Retirement Plan, was established effective January 1, 1992. Effective November 2009, the Nitro Electric 401(k) Plan was merged into the Plan, and effective January 1, 2010, the Plan was renamed the Energy Services of America Staff 401(k) Retirement Savings Plan. It is a defined contribution plan, subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Plan provides retirement benefits to all qualifying employees of Energy Services of America Corporation (Energy Services of America), C.J. Hughes Construction Company, Inc. (C.J. Hughes), Contractors Rental Corporation (Contractors Rental), Nitro Electric Company, Inc. (Nitro) and ST Pipeline, Inc. (ST Pipeline), collectively referred to as the Employers. Qualifying employees, defined as all employees except those represented through a collective bargaining agreement, non-resident aliens, independent contractors, residents of Puerto Rico, and leased employees, become eligible to participate in the Plan after becoming at least 21 years of age with one year of service, as defined by the Plan. Entry dates are the first day of the plan year and the first day of the fourth, seventh, and tenth month of the plan year. The Benefits Committee is responsible for oversight of the Plan, determines the appropriateness of the Plan's investment offerings, and monitors investment performance. The Benefits Committee reports to the Board of Directors.
Effective January 1, 2015, the Plan was amended and restated to comply with tax, legislative and regulatory changes. Effective January 1, 2015, the Employers have elected to direct the investment of the discretionary matching contribution into a unitized stock fund consisting primarily of Energy Services of America common stock. Effective January 1, 2016 the Plan was amended to change the eligibility requirements from one year of service to six months of service.
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ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 1 - DESCRIPTION OF PLAN (Continued)
CONTRIBUTIONS - Participants may elect to contribute up to the maximum percentage of compensation, as defined by the Plan, subject to certain dollar limitations under the Internal Revenue Code (IRC). Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants also may contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (rollover). Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers mutual funds, collective investment trusts, and a unitized stock fund, the underlying assets of which consist primarily of Energy Services of America common stock. The Employers may make a discretionary matching contribution. Effective April 1, 2014 the Employers elected a discretionary match of 25% of eligible participant elective deferrals, not to exceed 6% of compensation as defined by the Plan. Prior to January 1, 2015, participants also directed the investment of the portion of their account consisting of discretionary matching contributions. Effective January 1, 2015, coincident with the plan amendment and restatement, the Employers elected to direct the investment of the discretionary matching contribution in a unitized stock fund consisting of Energy Services of America common stock. The Employers may also make a discretionary profit-sharing contribution which would be allocated to qualifying participants using a pro-rata compensation based allocation formula. The Employers made no discretionary profit-sharing contributions during the year ended December 31, 2016.
PARTICIPANT ACCOUNTS - An individual account has been established for each participant into which employee contributions, employer matching and profit sharing contributions, and investment earnings are accumulated. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan based on participant earnings, account balances, or specific transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
VESTING - All participants are 100% vested in their individual account balances derived from elective deferrals and rollover contributions, as well as earnings thereon. Employer matching and discretionary profit-sharing contributions are vested as follows: less than one year of service - 0%; one year of service - 25%, two years of service - 50%, three years of service - 75%, four or more years of service - 100%.
NOTES RECEIVABLE FROM PARTICIPANTS - Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Participants may only have 1 outstanding loan at any time. The loans are secured by the balance in the participant's account and bear interest at rates of Wall Street Prime plus 1%. Principal and interest is paid ratably at least bi-weekly through payroll deductions.
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ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 1 - DESCRIPTION OF PLAN (Continued)
PAYMENT OF BENEFITS - In accordance with the Plan agreement, distribution of benefits upon the retirement, death, disability or termination of a participant, when requested, shall be made in the form of a lump-sum cash payment equal to the value of the participant's vested interest in his or her account, or partial payments. Balances of $1,000 or less have an automatic lump-sum cash payment. In addition, certain in-service withdrawals are permitted.
FORFEITED ACCOUNTS - At December 31, 2016 and 2015, forfeited nonvested accounts totaled $19,657 and $19,564, respectively. Forfeited accounts are used to reduce the Employers' contributions or to pay administrative expenses of the Plan.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING - The accompanying financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
INVESTMENT VALUATION AND INCOME RECOGNITION - The Plan's 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 transaction between market participants at the measurement date. The Plan's Benefits Committee determines the Plan's valuation policies utilizing information provided by the investment advisors and the trustee. See Note 3 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.
NOTES RECEIVABLE FROM PARTICIPANTS - Notes receivable from participants are reported at their unpaid principal balance plus any accrued but unpaid interest. Related fees are recorded as administrative expenses and are expensed when they are incurred. Delinquent participant loans are recorded as distributions on the basis of the terms of the Plan. No allowance for credit losses has been recorded as of December 31, 2016 or 2015.
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ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Continued)
EXCESS CONTRIBUTIONS PAYABLE - Amounts payable to participants for contributions in excess of amounts allowed by the Internal Revenue Service are recorded as a liability with a corresponding reduction to contributions. The Plan distributed the 2016 excess contributions to the applicable participants before March 15, 2017.
BENEFIT PAYMENTS - Benefit payments are recorded when paid.
ADMINISTRATIVE EXPENSES - Certain expenses of maintaining the Plan are paid directly by the Employers and are excluded from these financial statements. Fees related to the administration of notes receivable from participants, distribution processing, and recordkeeping expenses for specific investments are charged directly to the participant's account and are included in administrative expenses. All other investment related expenses are included in net appreciation in fair value of investments.
ACCOUNTING PRINCIPLES ISSUED BUT NOT YET ADOPTED - In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU makes targeted improvements to accounting principles generally accepted in the United States of America on accounting for financial instruments related to the accounting for equity investments, the presentation and disclosure of financial instruments, and the measurement of the valuation allowance on deferred assets related to available for sale debt securities. This ASU is effective for fiscal years beginning after December 15, 2018. The Employers have not determined the impact this will have on the Plan's financial statements and related disclosures.
In February 2017, the FASB issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960) Defined Contribution Pension Plans (Topic 962) Health and Welfare Benefit Plans (Topic 965). This ASU clarifies presentation requirements for a plan's interest in a master trust and requires more detailed disclosures of the plan's interest in the master trust. The amendments also eliminate a redundancy relating to 401(h) account disclosures. This ASU is effective for fiscal years beginning after December 15, 2018. The Employers have not determined the impact this will have on the Plan's financial statements and related disclosures.
NOTE 3 - FAIR VALUE MEASUREMENTS
The framework for measuring fair value 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) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Topic 820 are described as follows:
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ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 3 - FAIR VALUE MEASUREMENTS (Continued)
Level 1 | Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. |
Level 2 | Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. 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. |
Level 3 | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
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 maximize the use of relevant 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, 2016 or 2015.
Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission (SEC). These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Common stock: Valued at the closing price reported on the active market on which the Energy Services of America Co. common stock is traded.
Money Market Fund: Valued based on their quoted redemption prices and recent transaction prices, with no discounts for credit quality or liquidity restrictions.
Collective investment trust – stable value fund: A stable value fund that is composed primarily of fully benefit-responsive investment contracts that is valued at the net asset value of units of the bank collective trust. The net asset value is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported net asset value. Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months' notification in order to ensure that securities liquidations will be carried out in an orderly business manner.
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ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 3 - FAIR VALUE MEASUREMENTS (Continued)
Collective investment trust – target date and target income funds: Valued at the NAV of units of a collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2016, and 2015. Classification within the fair value hierarchy table is based on the lowest level of any input that is significant to the fair value measurement.
Fair Value at December 31, 2016 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Investments in the fair value hierarchy | |||||||
Mutual funds | $ 2,034,161 | $ - | $ - | $ 2,034,161 | |||
Company common stock | 130,031 | - | - | 130,031 | |||
Money market fund | 4,368 | - | - | 4,368 | |||
2,168,560 | - | - | 2,168,560 | ||||
Investments measured at net asset value (a) | |||||||
Collective investment trusts | - | - | - | 2,054,824 | |||
- | - | - | 2,054,824 | ||||
Investments at fair value | $ 2,168,560 | $ - | $ - | $ 4,223,384 |
Fair Value at December 31, 2015 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Investments in the fair value hierarchy | |||||||
Mutual funds | $ 2,131,609 | $ - | $ - | $ 2,131,609 | |||
Company common stock | 64,341 | - | - | 64,341 | |||
Money market fund | 2,877 | - | - | 2,877 | |||
2,198,827 | - | - | 2,198,827 | ||||
Investments measured at net asset value (a) | |||||||
Collective investment trusts | - | - | - | 2,022,023 | |||
- | - | - | 2,022,023 | ||||
Investments at fair value | $ 2,198,827 | $ - | $ - | $ 4,220,850 |
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ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 3 - FAIR VALUE MEASUREMENTS (Continued)
(a) | In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits. |
TRANSFERS BETWEEN LEVELS
For years ended December 31, 2016, and 2015, there were no significant transfers between Levels 1 and 2 and no transfers in or out of Level 3.
INVESTMENTS MEASURED USING NAV PER SHARE AS PRACTICAL EXPEDIENT
The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2016, and 2015, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
Redemption | |||||||
Frequency | Redemption | ||||||
Unfunded | (If Currently | Notice | |||||
Fair Value | Commitments | Eligible) | Period | ||||
2016 | 2015 | 2016 and 2015 | |||||
Collective investment trust- | |||||||
stable value fund | $ 890,011 | $ 920,702 | n/a | Daily | 12 months | ||
Collective investment trust- | |||||||
target date and income fund | 1,164,813 | 1,101,321 | n/a | Daily | 30 Days | ||
$ 2,054,824 | $ 2,022,023 |
NOTE 4- TAX STATUS
The Internal Revenue Service has determined by a letter dated March 31, 2014, that the volume submitter plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the volume submitter plan has been amended since receiving the determination letter, the Plan Administrator and the Plan's tax counsel believe that the Plan and related trust are designed and are currently being operated in compliance with the applicable requirements of the IRC and therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
10
ENERGY SERVICES OF AMERICA
STAFF 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
NOTE 4- TAX STATUS (Continued)
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, 2016, 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 no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2013.
NOTE 5 - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
Effective January 1, 2015, the Employers have elected to invest these matching contributions in a unitized stock fund which holds primarily Energy Services of America common stock. In addition, participants may elect to direct the investment of other contributions, including their deferrals, to be invested in the unitized stock fund. Accordingly, these are related-party transactions. Fees incurred by the Plan for the investment management services are included in net appreciation (depreciation) in fair value of investments, as they are paid through revenue sharing, rather than a direct payment. In addition, the Employers pay directly any other fees related to the Plan's operation and perform various administrative functions at no cost to the Plan.
NOTE 6 - PLAN TERMINATION
Although they have not expressed any intent to do so, the Employers have the right under the Plan to discontinue their contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, participants would become 100 percent vested in their employer contributions. There are currently no plans to terminate the Plan.
NOTE 7 - RISKS AND UNCERTAINTIES
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, credit, and overall market volatility 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.
11
SUPPLEMENTAL SCHEDULES
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ENERGY SERVICES OF AMERICA STAFF 401(K) RETIREMENT SAVINGS PLAN | ||||
EIN: 20-4606266, Plan Number 002 | ||||
Schedule H, Line 4i - Schedule of Assets | ||||
(Held at End of Year) | ||||
December 31, 2016 | ||||
(a) | (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 | ||||
Goldman Sachs | Small/Mid Cap Growth Fund Institutional | ** | $ 227,926 | |
Homestead | Small Company Stock Fund | ** | 134,036 | |
T. Rowe Price | Diversified Small Cap Growth Fund | ** | 176,225 | |
Vanguard | Mid-Cap Value Index Fund Admiral Shares | ** | 136,836 | |
Vanguard | Mid-Cap Index Fund Admiral Shares | ** | 16,061 | |
Vanguard | Growth Index Fund Admiral Shares | ** | 535,568 | |
Vanguard | Small-Cap Index Fund Admiral Shares | ** | 38,165 | |
Vanguard | 500 Index Fund Admiral Class | ** | 141,033 | |
American Funds | Washington Mutual Investors Fund Class R-5 | ** | 105,135 | |
Harbor | International Fund Institutional Class | ** | 186,740 | |
Harding Loevner | Emerging Markets Portfolio Advisor Class | ** | 85,106 | |
Voya | Global Real Estate Fund Class W | ** | 1,816 | |
Federated | Total Return Bond Fund Institutional Shares | ** | 15,911 | |
Vanguard | High-Yield Corporate Fund Admiral Shares | ** | 233,603 | |
2,034,161 | ||||
Collective Investment Trust | ||||
Federated | Capital Preservation Fund | ** | 890,011 | |
Manning & Napier | Retirement Target 2050 | ** | 25,912 | |
Manning & Napier | Retirement Target 2040 | ** | 135,377 | |
Manning & Napier | Retirement Target 2030 | ** | 264,338 | |
Manning & Napier | Retirement Target Income | ** | 341,989 | |
Manning & Napier | Retirement Target 2020 | ** | 157,626 | |
Manning & Napier | Retirement Target 2015 | ** | 239,571 | |
2,054,824 |
13
Common Stock | ||||
* | Energy Services of America | Unitized Stock Fund | ** | 130,031 |
Money Market Fund | ||||
First Niagara Bank NA | Bank Deposit Sweep Program | ** | 4,368 | |
4,223,384 | ||||
Notes receivable from participants | ||||
* | Participants Loans | 4.25-4.50%; maturing from 2018 to 2021 | -0- | 71,678 |
71,678 | ||||
$ 4,295,062 | ||||
* Indicates a party-in-interest to the Plan. | ||||
** Cost information is not required for participant-directed investments. |
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ENERGY SERVICES OF AMERICA STAFF 401(K) RETIREMENT SAVINGS PLAN | |||||
EIN: 20-4606266, Plan Number 002 | |||||
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions | |||||
For the Year Ended December 31, 2016 | |||||
Participant Contributions Transferred Late to the Plan | Total that Constitute Nonexempt Prohibited Transactions | Total Fully Corrected Under VFCP and PTE 2002-51 | |||
Check here if Late Participant Loan Repayments are included | Contributions Not Fully Corrected | Contributions Corrected Outside VFCP | Contributions Pending Correction in VFCP | ||
Participant Contributions Transferred Late to Plan for year ended December 31, 2016 | X | $ - | $ - | $ 30,735 | $ - |
Participant Contributions Transferred Late to Plan for year ended December 31, 2015 | $ - | $ - | $ - | $ 6,715 | |
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.
ENERGY SERVICES OF AMERICA STAFF 401(K) RETIREMENT SAVINGS PLAN | ||
Date: June 28, 2017 | By: | /s/ Charles P. Crimmel |
Charles P. Crimmel | ||
Plan Administrator |
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