·
|
Statements
of Net Assets Available for
Benefits
|
·
|
Statement
of Changes in Net Assets Available for
Benefits
|
·
|
Notes
to Financial Statements
|
·
|
Schedule
H, Line 4i - Schedule of Assets (Held at End of
Year)
|
·
|
Exhibit
23.1 – Consent of Keiter, Stephens, Hurst, Gary & Shreaves,
P.C.
|
Report
of Independent Registered Public Accounting Firm
|
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 | |||
Supplemental
Information
|
||||
Schedule
H, Line 4i – Schedule of Assets (Held at End of Year)
|
10 |
|
|
2009
|
2008
|
|||||||
Assets
|
||||||||
Cash | $ | - | $ | 50,665 | ||||
Investments,
at fair value
|
172,275,777 | 132,613,260 | ||||||
Total
assets
|
172,275,777 | 132,663,925 | ||||||
Liabilities
|
||||||||
Excess
contribution liability
|
190,382 | 73,049 | ||||||
Total
liabilities
|
190,382 | 73,049 | ||||||
Net
assets reflecting investments at fair value
|
172,085,395 | 132,590,876 | ||||||
Adjustment
from fair value to contract value for fully
|
||||||||
benefit-responsive
investment contracts
|
(1,189,028 | ) | 2,433,020 | |||||
Net
assets available for benefits
|
$ | 170,896,367 | $ | 135,023,896 |
Additions:
|
||||
Investment
income:
|
||||
Dividends
and interest, net of investment management fees
|
$ | 4,184,219 | ||
Net
appreciation in fair value of investments
|
31,250,385 | |||
Total
investment income
|
35,434,604 | |||
Contributions:
|
||||
Participants
|
15,144,508 | |||
Employer
|
2,713,609 | |||
Total
contributions
|
17,858,117 | |||
Total
additions
|
53,292,721 | |||
Deductions:
|
||||
Distributions
to participants
|
(17,420,251 | ) | ||
Net
increase
|
35,872,471 | |||
Net
assets available for benefits:
|
||||
Beginning
of year
|
135,023,896 | |||
End
of year
|
$ | 170,896,367 |
December
31,
|
||||||||
2009
|
2008
|
|||||||
Invesco
Stable Value Trust
|
$ | 59,285,228 | * | $ | 48,814,945 | * | ||
American
Funds Fundamental Investors A
|
25,684,021 | * | 19,214,502 | * | ||||
Oppenheimer
Strategic Income Fund
|
23,700,980 | * | 20,148,965 | * | ||||
American
Funds American Balanced A
|
22,006,289 | * | 20,545,268 | * | ||||
Massey
Energy Company Stock Fund
|
19,881,152 | * | 7,174,477 | * | ||||
AIM
Constellation A
|
9,312,124 | * | 8,227,675 | * | ||||
Vanguard
S&P 500 Index
|
6,777,340 | 4,946,729 | ||||||
Allianz
Funds OCC Renaissance Fund A
|
4,944,483 | 3,368,090 | ||||||
Thornburg
International Value
|
670,095 | 141,189 | ||||||
Participant
Loans
|
14,064 | 31,420 | ||||||
$ | 172,275,777 | $ | 132,613,260 | |||||
*
Investment represents 5% or more of the Plan's net assets.
|
Year
Ended
|
||||
December 31, 2009 | ||||
American
Funds Fundamental Investors A
|
$ | 5,757,148 | ||
Oppenheimer
Strategic Income Fund
|
2,765,443 | |||
American
Funds American Balanced A
|
3,105,552 | |||
Massey
Energy Company Stock Fund
|
15,516,473 | |||
AIM
Constellation A
|
1,560,779 | |||
Vanguard
S&P 500 Index
|
1,315,492 | |||
Allianz
Funds OCC Renaissance Fund A
|
1,134,246 | |||
Thornburg
International Value
|
95,251 | |||
$ | 31,250,385 |
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. |
December
31, 2009
|
||||||||||||||||
Level
1
|
Level
2
|
Level
3
|
Total
|
|||||||||||||
Mutual
Funds:
|
||||||||||||||||
Growth
|
$ | 39,940,629 | $ | - | $ | - | $ | 39,940,629 | ||||||||
Balanced
|
22,006,289 | - | - | 22,006,289 | ||||||||||||
Index
|
6,777,340 | - | - | 6,777,340 | ||||||||||||
Other
|
24,371,075 | - | - | 24,371,075 | ||||||||||||
Common/Collective
Trust
|
- | 59,285,228 | - | 59,285,228 | ||||||||||||
Common
Stock
|
19,881,152 | - | - | 19,881,152 | ||||||||||||
Participant
Loans
|
- | - | 14,064 | 14,064 | ||||||||||||
Total
assets at fair value
|
$ | 112,976,485 | $ | 59,285,228 | $ | 14,064 | $ | 172,275,777 | ||||||||
December
31, 2008
|
||||||||||||||||
Level
1
|
Level
2
|
Level
3
|
Total
|
|||||||||||||
Mutual
Funds:
|
||||||||||||||||
Growth
|
$ | 30,810,267 | $ | - | $ | - | $ | 30,810,267 | ||||||||
Balanced
|
20,545,268 | - | - | 20,545,268 | ||||||||||||
Index
|
4,946,729 | - | - | 4,946,729 | ||||||||||||
Other
|
20,290,154 | - | - | 20,290,154 | ||||||||||||
Common/Collective
Trust*
|
- | 48,814,945 | - | 48,814,945 | ||||||||||||
Common
Stock
|
7,174,477 | - | - | 7,174,477 | ||||||||||||
Participant
Loans
|
- | - | 31,420 | 31,420 | ||||||||||||
Total
assets at fair value
|
$ | 83,766,895 | $ | 48,814,945 | $ | 31,420 | $ | 132,613,260 | ||||||||
*
Amounts from previously reported financial statements have been
reclassified.
|
Participant
|
||||
Loans
|
||||
Balance
at December 31, 2008
|
$ | 31,420 | ||
Purchases,
issuances, sales and settlements
|
(17,356 | ) | ||
Balance
at December 31, 2009
|
$ | 14,064 |
(c)
|
||||||||||||
(b)
|
Description
of investment including
|
|||||||||||
Identity
of issue, borrower,
|
maturity
date, rate of interest, collateral,
|
(d)
|
(e)
|
|||||||||
(a)
|
lessor
or similar party
|
par
or maturity value
|
Cost
|
Current
Value
|
||||||||
Common/Collective
Trust:
|
||||||||||||
* |
Invesco
|
Stable
Value Trust - 59,285,228 shares
|
** | $ | 59,285,228 | |||||||
Total
Common/Collective Trust
|
59,285,228 | |||||||||||
Registered
Investment Companies:
|
||||||||||||
American
Funds
|
Fundamental
Investors A - 785,124 shares
|
** | 25,684,021 | |||||||||
Oppenheimer
|
Strategic
Fund A - 6,004,317 shares
|
** | 23,700,980 | |||||||||
American
Funds
|
American
Balanced A - 1,358,453 shares
|
** | 22,006,289 | |||||||||
AIM
Investments
|
Constellation
A - 460,757 shares
|
** | 9,312,124 | |||||||||
Vanguard
|
500
Index - 66,110 shares
|
** | 6,777,340 | |||||||||
Allianz
Funds
|
OCC
Renaissance Fund A - 357,692 shares
|
** | 4,944,483 | |||||||||
Thornburg
|
International
Value - 26,477 shares
|
** | 670,095 | |||||||||
Total
Registered Investment Companies
|
93,095,333 | |||||||||||
Common
Stock Fund:
|
||||||||||||
* |
Massey
Energy Company
|
Massey
Energy Company - 435,532 shares
|
** | 19,881,152 | ||||||||
* |
Participant
Loans
|
Interest
rates range from 9% to 11.5%; various
|
||||||||||
maturity dates through June 30, 2011 | 14,064 | |||||||||||
Adjustment
from fair value to contract value
|
||||||||||||
for
fully benefit-responsive investment contracts
|
(1,189,028 | ) | ||||||||||
Grand
Total
|
$ | 171,086,749 | ||||||||||
* |
Party-In-Interest
|
|||||||||||
** |
Historical
cost is not required as all investments are participant
directed.
|