UNITED STATES
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 |
For the fiscal year ended December 31, 2018
OR
[ ] | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___________ to ______________
Commission file number 0-24960
A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
COVENANT TRANSPORTATION GROUP
401(K) & PROFIT SHARING PLAN
(formerly the Covenant Transport, Inc. 401(k) & Profit Sharing Plan)
B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
Covenant Transportation Group, Inc.
400 Birmingham Highway
Chattanooga, Tennessee 37419
COVENANT TRANSPORTATION GROUP 401(K)
& PROFIT SHARING PLAN
& PROFIT SHARING PLAN
Table of Contents
Page | |
Reports of Independent Registered Public Accounting Firms | |
Statements of Net Assets Available for Benefits as of December 31, 2018 and 2017 | |
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2018 | |
Notes to Financial Statements | |
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) – December 31, 2018 | |
EXHIBITS | |
Exhibit 23.1 Consent of Independent Registered Public Accounting Firm - Mauldin & Jenkins, LLC | |
Exhibit 23.2 Consent of Independent Registered Public Accounting Firm - LBMC, PC | Exhibit 23.2 |
To the Plan Administrator and Plan Participants
Covenant Transportation Group 401(k) & Profit Sharing Plan
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of the Covenant Transportation Group 401(k) & Profit Sharing Plan (the “Plan”) as of December 31, 2018, and the related statement of changes in net assets available for benefits for the year ended December 31, 2018, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018, and the changes in net assets available for benefits for the year ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
1
Supplemental Information
The supplemental information contained in the accompanying schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. 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, 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/ Mauldin & Jenkins, LLC
We have served as the Plan's auditor since 2018.
Chattanooga, Tennessee
2
Report of Independent Registered Public Accounting Firm
To Plan Administrator and Plan Participants of the
Covenant Transportation Group 401(k) & Profit Sharing Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of the Covenant Transportation Group 401(k) & Profit Sharing Plan (the “Plan”) as of December 31, 2017. In our opinion, the financial statement presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
This financial statement is the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.
/s/ LBMC, PC
We have served as the Plan’s auditor from 2005 to 2017.
Brentwood, Tennessee
June 1, 2018
3
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN |
December 31, 2018 and 2017 |
2018 | 2017 | |||||||
Assets: | ||||||||
Non-interest bearing cash | $ | 17,936 | $ | 35,987 | ||||
Investments | 45,563,202 | 39,223,100 | ||||||
Notes receivable from participants | 1,565,379 | 1,195,697 | ||||||
Participants' contribution receivable | 108,766 | 67,104 | ||||||
Company contribution receivable | 43,115 | 13,093 | ||||||
Other receivable | 3,969 | 75 | ||||||
Net assets available for benefits | $ | 47,302,367 | $ | 40,535,056 |
See accompanying notes to financial statements.
4
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN |
Year Ended December 31, 2018 |
Additions: | ||||
Investment income: | ||||
Interest and dividends | $ | 729,951 | ||
Net depreciation in fair value of investments | (4,244,555 | ) | ||
Net investment loss | (3,514,604 | ) | ||
Interest on notes receivable from participants | 65,503 | |||
Contributions from participants | 4,892,215 | |||
Rollovers from participants | 333,994 | |||
Contributions from Company | 1,323,969 | |||
Total additions | 3,101,077 | |||
Deductions: | ||||
Participants' benefits | 4,607,552 | |||
Administrative fees | 322,164 | |||
Total deductions | 4,929,716 | |||
Net decrease in net assets available for benefits | (1,828,639 | ) | ||
Transfer of assets into the plan | 8,595,950 | |||
Net assets available for benefits at beginning of year | 40,535,056 | |||
Net assets available for benefits at end of year | $ | 47,302,367 |
See accompanying notes to financial statements.
5
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
(1) | Summary of Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Covenant Transportation Group 401(k) & Profit Sharing Plan (the “Plan”), in preparing its financial statements:
(a) | Basis of Presentation |
The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting and present the net assets available for benefits and changes in those net assets.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
(b) | Investments and Investment Income |
Investments in cash, mutual funds, common stock, and the collective trusts are stated at fair value based on quoted market prices or as determined by State Street Bank & Trust Company (the “Trustee”).
Realized and unrealized gains and losses are included in net depreciation in fair value of investments in the statement of changes in net assets available for benefits. 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 an accrual basis.
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market volatility and credit 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 financial statements and supplemental schedule.
(c) | Notes Receivable From Participants |
The Plan records participant loans as notes receivable from participants. They are valued at the unpaid principal balances plus accrued interest. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the plan document.
Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses was recorded as of December 31, 2018 or 2017.
(d) | Events Occurring After Reporting Date |
Plan management has evaluated events and transactions that occurred between December 31, 2018 and the issuance of the report for possible recognition or disclosure in the financial statements.
6
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
(2) | Description of the Plan |
The following description of the Plan provides only general information. Participants should refer to the plan document for a more complete description of the Plan’s provisions.
(a) | General |
The Plan is a defined contribution plan that covers substantially all employees of Covenant Transportation Group, Inc., and certain subsidiaries (collectively, the “Company”). The Plan provides for retirement savings to qualified active participants through both participant and Company contributions and is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Employees are eligible to participate in the Plan at the beginning of a calendar month after the completion of six months of service. The Plan does not include auto enrollment.
During the 2018 plan year, the Plan Sponsor acquired Landair Holdings, Inc., Landair Transport, Inc., Landair Logistics, Inc., and Landair Leasing., Inc. (collectively, "Landair"). Participants in the Landair 401(k) plan had the option to rollover their accounts into the plan. Additionally, the Plan provided for direct transfer of participant loans from the Landair 401(k) plan into the Plan. Total assets transferred amounted to $8,595,950.
(b) | Contributions |
Contributions to the Plan may be made by both participants and the Company. Participants may contribute both pre-tax and after-tax Roth contributions up to a maximum of 85% of their annual compensation subject to the limitations of the Internal Revenue Code (IRC) Section 415(c)(3). The Company may make discretionary matching contributions to the Plan not to exceed 5% of each employee’s compensation and may make other types of discretionary contributions. Annual additions to a participant’s account during any Plan year, when combined with the total annual additions to the accounts of the participant under any other qualified defined contribution Plan maintained by the Company, cannot exceed certain levels established under IRC Section 402(g). The Company made matching contributions equal to 50% of each participant’s contribution up to 5% of the participant’s cash compensation during 2018.
(c) | Participant Accounts |
The plan document requires that the assets of the Plan be accounted for separately as to participant and employer contributions and valued daily, allocating to each participant his or her share of income and losses. Company voluntary contributions are allocated to all eligible employees based on the employees’ contributions for the period. Participant accounts may be invested in one or more of the investment funds available under the Plan at the direction of the participant. As of December 31, 2018, there are various mutual fund and collective trust fund options as well as the Covenant Transportation Group, Inc. 401(k) Unitized Stock Fund (“Unitized CVTI Fund”) option.
The Unitized CVTI Fund invests principally in the common stock of Covenant Transportation Group, Inc. and holds cash or liquid short term investments to allow participants to buy or sell units in the fund without the usual trade period for stock transactions. Typically, the Unitized CVTI Fund holds three percent of its value in cash or liquid short-term investments. Participants may elect to transfer all or a portion of their balances in the Unitized CVTI Fund to any of the various fund alternatives at any time. Each participant is entitled to exercise voting rights attributable to the Company common stock allocated to his or her account and is notified by the Trustee prior to the time that such rights are to be exercised.
7
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
(d) | Notes Receivable From Participants |
Subject to approval, a participant can secure a loan from the Plan against his/her account balance for a minimum of $1,000 up to the lesser of 50% of the vested account balance or $50,000. Loans may generally be repaid over one to five years. Loans must be repaid through automatic payroll deductions unless otherwise provided for by the plan administrator. A participant may only have one loan outstanding at a time. The interest rate is the prime rate plus 1% and is fixed over the life of the loan. Individuals with loans may choose to continue to participate in the Plan.
(e) | Payment of Benefits |
Upon retirement, death, disability, or termination of service, a participant (or participant’s beneficiary in the event of death) may elect to receive a lump-sum distribution equal to the value of the participant’s vested account balance.
Benefits are recorded when paid.
(f) | Hardship Withdrawals |
The Plan permits distributions in the event of a hardship once a participant furnishes proof of hardship, as defined in the plan agreement. These distributions are taxable and subject to a tax penalty equal to 10% of the hardship distribution amount if the participant is younger than 59 ½. Hardship withdrawals are limited to the participant’s elective account balance. Participants with a hardship withdrawal are not allowed to make contributions to the Plan for six months after the withdrawal.
(g) | Vesting |
Participants are immediately vested in their contributions and the investment earnings (losses) thereon. Participants vest in employer contributions 20% after one year of credited service, 40% after two years of credited service and 100% after three years of credited service.
(h) | Forfeited Accounts |
Amounts forfeited by participants who terminate from the Plan prior to being 100% vested are applied first, to restore participant accounts when a participant is rehired after a break in service, as defined in the plan document, then to reduce subsequent Company contributions to the Plan, and finally, any remaining amounts are used to pay Plan expenses. Participants forfeited $113,487 and $194,288 was utilized during the year ended December 31, 2018. Forfeitures of $21,988 and $101,459 were unallocated at December 31, 2018 and 2017, respectively.
(i) | Administrative Expenses |
Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Plan service fees (Note 3), participant account maintenance charges, and fees related to the processing of distributions and the administration of notes receivable from participants are charged directly to the respective participants’ accounts and are included in administrative fees.
(j) | Plan Termination |
While it is the Company’s intention to continue the Plan, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA and the plan agreement. In the event of Plan termination, participants will become 100% vested in their accounts.
8
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
(3) | Transactions With Parties-In-Interest |
At December 31, 2018 and 2017, the Plan held investments in bank accounts, collective trust funds, and money market accounts sponsored by the Trustee or affiliated entities with current values totaling $30,874, and $24,769,403 respectively. The Plan also held shares of a unitized stock fund that includes Covenant Transportation Group, Inc. common stock with current values of $2,972,782 and $4,014,156 at December 31, 2018 and 2017, respectively. The Plan also held notes receivables from participants with interest rates ranging from 4.25% to 7.25% with a current value of $1,565,379 and $1,195,697 as of December 31, 2018 and 2017, respectively. All administrative fees of the Plan were paid to parties-in-interest.
Transamerica Retirement Solutions Corporation (TRSC) provides certain administrative services for the Plan pursuant to a Pension Services Agreement (“Agreement”). TRSC receives revenue from investment plan service fees charged to participants’ accounts as specified in the Agreement. This revenue is used to offset certain amounts owed to TRSC for its administrative services to the Plan (i.e. required revenue). Any excess of the plan service fees above the required revenue, as defined in the Agreement, is held in an unallocated Expense Budget Account and may be used to pay other Plan related expenses approved by the Company’s management or can be allocated to participants at the end of the year at the discretion of the Company’s management.
(4) | Fair Value Measurements |
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data. The three levels of the fair value hierarchy are described below:
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 is 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. |
9
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
The asset’s 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 used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The following is a description of the valuation methodologies used for asset measurement measured at fair value. There have been no changes in the methodologies used at December 31, 2018 and 2017.
(i) | Cash: Valued at its outstanding balance as reported by the Trustee. |
(ii) | Mutual funds: Valued at the net asset value (NAV) of shares held by the Plan at year-end, based on closing prices reported on the active market on which the individual securities are traded. |
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan's management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
10
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2018 and 2017:
Fair value Measurements as of |
December 31, 2018 Using the Following Inputs |
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 30,874 | $ | 30,874 | $ | - | $ | - | ||||||||
Mutual funds | 40,950,980 | 40,950,980 | - | - | ||||||||||||
Unitized CVTI fund | 2,972,782 | - | 2,972,782 | - | ||||||||||||
Total assets in the fair value hierarchy | 43,954,636 | $ | 40,981,854 | $ | 2,972,782 | $ | - | |||||||||
Investments measured at NAV as a practical expedient (a) | 1,608,566 | |||||||||||||||
Total investments at fair value | $ | 45,563,202 |
Fair value Measurements as of |
December 31, 2017 Using the Following Inputs |
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 110,583 | $ | 110,583 | $ | - | $ | - | ||||||||
Mutual funds | 10,439,541 | 10,439,541 | - | - | ||||||||||||
Unitized CVTI fund | 4,113,975 | - | 4,113,975 | - | ||||||||||||
Total assets in the fair value hierarchy | 14,664,099 | $ | 10,550,124 | $ | 4,113,975 | $ | - | |||||||||
Investments measured at NAV as a practical expedient (a) | 24,559,001 | |||||||||||||||
Total investments at fair value | $ | 39,223,100 |
(a) Certain investments are measured at NAV as a practical expedient to estimate fair value and, therefore, 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 statements of net assets available for benefits. |
11
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
Notes to Financial Statements
The following table summarizes investments for which the fair value is measured using the NAV per share practical expedient as of December 31, 2018 and 2017, respectively.
Description | Fair Value December 31, 2018 | Fair Value December 31, 2017 | Unfunded Commitments | Redemption Frequency (if Currently Eligible) | Redemption Notice Period | |||||||||||
Collective Trust Fund | $ | 1,608,566 | $ | 24,559,001 | N/A | Daily | None |
(5) | Income Tax Status |
The Company adopted a volume submitter plan, which received a favorable opinion letter from the Internal Revenue Service (IRS) on March 31, 2014, which stated that the volume submitter plan was designed in accordance with the applicable sections of the IRC. The Plan itself has not received a determination letter from the IRS stating that the Plan is qualified under Section 401(a) of the IRC. However, the plan administrator believes that the adopted volume submitter plan is designed, as amended, and is currently being operated in compliance with the applicable requirements of the IRC and is therefore, qualified and exempt from taxation.
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 (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2018 and 2017, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
(6) | Subsequent Events |
None.
12
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN |
EIN 88-0320154 Plan No. 001 |
Plan Year Ended: December 31, 2018 |
(a) | (b) Identity of Issuer, Borrower, Lessor or Similar Party | (c) Description of Investment, Including Maturity Date, Rate of Interest, Par or Maturity Value | (e) Current Value | ||||||
* | State Street Bank & Trust Co. | Cash Reserve Account | $ | 30,874 | |||||
Well's Fargo | Wells Fargo Stable Return C | 1,439,441 | |||||||
Well's Fargo | Federated Capital Preservation R6 | 169,125 | |||||||
Collective Trust Total | 1,608,566 | ||||||||
American Funds | American Funds 2010 Trgt Date Retire R6 | 520,943 | |||||||
American Funds | American Funds 2015 Trgt Date Retire R6 | 1,541,586 | |||||||
American Funds | American Funds 2020 Trgt Date Retire R6 | 4,004,698 | |||||||
American Funds | American Funds 2025 Trgt Date Retire R6 | 7,147,892 | |||||||
American Funds | American Funds 2030 Trgt Date Retire R6 | 5,928,228 | |||||||
American Funds | American Funds 2035 Trgt Date Retire R6 | 3,814,560 | |||||||
American Funds | American Funds 2040 Trgt Date Retire R6 | 3,204,193 | |||||||
American Funds | American Funds 2045 Trgt Date Retire R6 | 2,631,022 | |||||||
American Funds | American Funds 2050 Trgt Date Retire R6 | 1,562,010 | |||||||
American Funds | American Funds 2055 Trgt Date Retire R6 | 1,263,948 | |||||||
American Funds | American Funds 2060 Trgt Date Retire R6 | 241,593 | |||||||
American Funds | American Funds AMCAP R6 | 1,087,655 | |||||||
American Funds | American Funds Capital World Growth & Income R6 | 209,258 | |||||||
American Funds | American Funds EuroPacific Growth R6 | 943,339 | |||||||
Dreyfus | Dreyfus/Standish Global Fixed Income Y | 239,697 | |||||||
Eaton Vance | Eaton Vance Income Fund of Boston R6 | 421,043 | |||||||
Hartford | Hartford Midcap Y | 377,334 | |||||||
Hartford | Hartford Schroders Emerging Markets Equity Y | 417,301 | |||||||
JP Morgan | JPMorgan Mid Cap Value R6 | 263,823 | |||||||
Metropolitan West | Metropolitan West Total Return Bond Plan | 1,303,102 | |||||||
MFS | MFS Value R6 | 1,232,724 | |||||||
T. Rowe Price | T. Rowe Price QM US Small-Cap Growth Equity I | 443,422 | |||||||
Vanguard | Vanguard 500 Index Adm | 772,150 | |||||||
Vanguard | Vanguard Mid Cap Index Adm | 594,534 | |||||||
Vanguard | Vanguard Small Cap Index Adm | 561,990 | |||||||
Vanguard | Vanguard Total Bond Market Index Adm | 21,874 | |||||||
Vanguard | Vanguard Total International Stock Index Adm | 7,008 | |||||||
Vanguard | Victory Integrity Small-Cap R6 | 194,053 | |||||||
Mutual Funds Total | 40,950,980 | ||||||||
* | Covenant Transportation Group, Inc. | Employer Stock Fund Total | 2,972,782 | ||||||
Employer Stock Fund Total | 2,972,782 | ||||||||
* | Participant loans | Notes Receivable with interest rates of 4.25% to 7.25% | 1,565,379 | ||||||
TOTAL | $ | 47,128,581 | |||||||
*Indicates Party-In-Interest to the Plan.
Note: Cost information has not been included in column (d) because all investments are participant directed.
13
SIGNATURE
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.
COVENANT TRANSPORTATION GROUP 401(K) & PROFIT SHARING PLAN | |||
By: | Covenant Transport, Inc., | ||
Plan Administrator | |||
By: | /s/ Richard B. Cribbs | ||
Richard B. Cribbs, | |||
Executive Vice President and Chief Financial Officer, on behalf of | |||
Covenant Transport, Inc. |
INDEX TO EXHIBITS
Exhibit Number | Description of Exhibit | |
Consent of Independent Registered Public Accounting Firm - Mauldin & Jenkins, LLC | ||
23.2 | Consent of Independent Registered Public Accounting Firm - LBMC, PC | |