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SECURITIES AND EXCHANGE COMMISSION
þ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Suite 300
Bensalem, Pennsylvania 19020
Retirement Savings Plan
Financial Statements and Supplemental Schedule
Description | Page | |||
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Financial Statements: | ||||
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Supplemental Schedule: | ||||
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Trustees:
Healthcare Services Group, Inc. Retirement Savings Plan
We have audited the accompanying statements of net assets available for benefits of Healthcare Services Group, Inc. Retirement Savings Plan as of December 31, 2009 and 2008, 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 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. The Plan is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, 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 Healthcare Services Group, Inc. Retirement Savings Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at the end of the year) is presented for purposes of additional analysis and is not a required part of the basic financial statements, but is 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. This supplemental schedule is the responsibility of management. Such information has 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.
/s/ GRANT THORNTON LLP
New York, New York
June 25, 2010
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Retirement Savings Plan
2009 | 2008 | |||||||
Assets | ||||||||
Investments at fair value | $ | 2,081,969 | $ | 1,651,615 | ||||
Receivables: | ||||||||
Participant contributions | — | 1,778 | ||||||
Net Assets Available for Benefits | $ | 2,081,969 | $ | 1,653,393 | ||||
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Retirement Savings Plan
2009 | 2008 | |||||||
Additions | ||||||||
Additions/(reductions) attributable to: | ||||||||
Contributions: | ||||||||
Participants | $ | 239,076 | $ | 279,649 | ||||
Rollover | 24,437 | 24,740 | ||||||
263,513 | 304,389 | |||||||
Earnings on Investments: | ||||||||
Interest and dividends | 23,722 | 39,333 | ||||||
Net appreciation/(depreciation) in fair value of investments | 314,160 | (564,090 | ) | |||||
Total Additions/(reductions) | 601,395 | (220,368 | ) | |||||
Deductions | ||||||||
Benefit payments | (172,819 | ) | (142,831 | ) | ||||
Total Deductions | (172,819 | ) | (142,831 | ) | ||||
Net INCREASE (DECREASE) | 428,576 | (363,199 | ) | |||||
Net assets available for benefits, beginning of year | 1,653,393 | 2,016,592 | ||||||
Net assets available for benefits, end of year | $ | 2,081,969 | $ | 1,653,393 | ||||
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Retirement Savings Plan
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Retirement Savings Plan
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Retirement Savings Plan
December 31, | ||||||||
2009 | 2008 | |||||||
Fidelity Advisor Equity Income Fund | $ | 167,990 | $ | 123,573 | ||||
Growth Fund of America | 127,534 | * | ||||||
Janus Adviser Forty Fund | 169,480 | 115,549 | ||||||
Healthcare Services Group, Inc. common stock (Note E) | 140,670 | 133,467 | ||||||
MGS Int’l New Discovery | 128,636 | * | ||||||
BlackRock Money Market Fund (PNC; Note E) | 658,454 | 628,683 |
* | Balance did not represent at least 5% of Net Plan Assets |
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Retirement Savings Plan
December 31, | ||||||||
2009 | 2008 | |||||||
Mutual Funds | $ | 275,382 | $ | (536,902 | ) | |||
Healthcare Services Group, Inc. common stock (Note E) | 37,765 | (41,322 | ) | |||||
BlackRock Money Market Fund (PNC; Note E) | 1,013 | 14,134 | ||||||
$ | 314,160 | $ | (564,090 | ) | ||||
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Retirement Savings Plan
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Retirement Savings Plan
Fair Value Measurement Using: | ||||||||||||||||
Significant | ||||||||||||||||
Quoted Prices | Other | Significant | ||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||
Markets | Inputs | Inputs | ||||||||||||||
December 31, 2009 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stock | $ | 140,670 | $ | — | $ | — | $ | 140,670 | ||||||||
Mutual Funds | ||||||||||||||||
Balanced and Lifestyle | 62,996 | — | — | 62,996 | ||||||||||||
Fixed Income | 104,413 | — | — | 104,413 | ||||||||||||
International | 132,027 | — | — | 132,027 | ||||||||||||
Large Cap Blend | 78,598 | — | — | 78,598 | ||||||||||||
Large Cap Growth | 404,838 | — | — | 404,838 | ||||||||||||
Large Cap Value | 271,157 | — | — | 271,157 | ||||||||||||
Mid Cap Growth | 36,881 | — | — | 36,881 | ||||||||||||
Small Cap Value | 115,728 | — | — | 115,728 | ||||||||||||
Specialty | 75,652 | — | — | 75,652 | ||||||||||||
Money Market Fund | — | 658,454 | — | 658,454 | ||||||||||||
Cash | 555 | — | — | 555 | ||||||||||||
Total Assets at Fair Value | $ | 1,423,515 | $ | 658,454 | $ | — | $ | 2,081,969 | ||||||||
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Retirement Savings Plan
Fair Value Measurement Using: | ||||||||||||||||
Significant | ||||||||||||||||
Quoted Prices | Other | Significant | ||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||
Markets | Inputs | Inputs | ||||||||||||||
December 31, 2008 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stock | $ | 133,467 | $ | — | $ | — | $ | 133,467 | ||||||||
Mutual Funds | ||||||||||||||||
Balanced and Lifestyle | 36,888 | — | — | 36,888 | ||||||||||||
Fixed Income | 102,456 | — | — | 102,456 | ||||||||||||
International | 75,194 | — | — | 75,194 | ||||||||||||
Large Cap Blend | 63,187 | — | — | 63,187 | ||||||||||||
Large Cap Growth | 277,858 | — | — | 277,858 | ||||||||||||
Large Cap Value | 201,559 | — | — | 201,559 | ||||||||||||
Mid Cap Growth | 19,137 | — | — | 19,137 | ||||||||||||
Small Cap Value | 68,408 | — | — | 68,408 | ||||||||||||
Specialty | 44,245 | — | — | 44,245 | ||||||||||||
Money Market Fund | — | 628,683 | — | 628,683 | ||||||||||||
Cash | 533 | — | — | 533 | ||||||||||||
Total Assets at Fair Value | $ | 1,022,932 | $ | 628,683 | $ | — | $ | 1,651,615 | ||||||||
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Retirement Savings Plan
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Retirement Savings Plan
(a) | (c) | |||||||
Party-In- | (b) | Description of | (e) | |||||
Interest | Identity of Issue | Investment | Current Value | |||||
AIM Dynamics Fund Cl A | Mutual Fund | $ | 36,881 | |||||
AIM Global Health Care Fund | Mutual Fund | 52,447 | ||||||
American Balanced Fund | Mutual Fund | 50,542 | ||||||
American Beacon Sm Cap Value | Mutual Fund | 17,045 | ||||||
American Century Sm Cap Value | Mutual Fund | 21,811 | ||||||
American Century Value Fund | Mutual Fund | 30,558 | ||||||
American Euro-Pacific Growth Fund | Mutual Fund | 3,391 | ||||||
BlackRock GNMA Fund Cls A | Mutual Fund | 27,366 | ||||||
BlackRock Managed Inc Fund Cls A | Mutual Fund | 21,982 | ||||||
* | BlackRock Money Market (PNC) | Money Market Fund | 658,454 | |||||
Federated High Income Bond Fund | Mutual Fund | 55,065 | ||||||
Federated Stock Trust | Mutual Fund | 72,609 | ||||||
Fidelity Advisor Equity Growth | Mutual Fund | 66,058 | ||||||
Fidelity Advisor Equity Income | Mutual Fund | 167,990 | ||||||
Growth Fund of America | Mutual Fund | 127,534 | ||||||
* | Healthcare Services Group | Common Stock | 140,670 | |||||
* | Healthcare Services Stock Liquidity | Cash | 555 | |||||
Income Fund of America | Mutual Fund | 58,360 | ||||||
Janus Adviser Forty Fund | Mutual Fund | 169,480 | ||||||
Janus Fund Cls S | Mutual Fund | 41,766 | ||||||
MFS Int’l New Discovery Fund | Mutual Fund | 128,636 | ||||||
MFS Core Equity Cls A | Mutual Fund | 20,238 | ||||||
MFS Technology Fund Cl A | Mutual Fund | 23,205 | ||||||
My Retire 2015 Livestrong Portfolio A | Mutual Fund | 12,292 | ||||||
My Retire 2025 Livestrong Portfolio A | Mutual Fund | 162 | ||||||
Royce Low Priced Stock Fund | Mutual Fund | 45,855 | ||||||
Royce Opportunity Fund | Mutual Fund | 31,017 | ||||||
$ | 2,081,969 | |||||||
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Healthcare Services Group, Inc. Retirement Savings Plan | ||||||
Date: June 25, 2010 | By: | /s/ Richard W. Hudson | ||||
Title: Chairman of Plan Committee |
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