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 [Fee Required]
For the fiscal year ended December 31, 1993
or
[ ] Transition Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 [No Fee Required]
For the transition period from ________________ to _________________
Commission File Number 1-5057
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
BOISE CASCADE CORPORATION
RETIREMENT SAVINGS PLAN (RSP)
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
BOISE CASCADE CORPORATION
One Jefferson Square
P.O. Box 50
Boise, Idaho 83728-0001
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Boise Cascade Corporation:
We have audited the accompanying combined statements of participants'
equity and net assets available for plan benefits of the Boise Cascade
Corporation Retirement Savings Plan (RSP) as of December 31, 1993, 1992, and
1991, and the related combined statements of changes in participants' equity
and net assets available for plan benefits for the years then ended. These
financial statements and the schedules referred to below are the
responsibility of Boise Cascade Corporation. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 signifi-
cant 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 combined financial position of the
Boise Cascade Corporation Retirement Savings Plan (RSP) as of December 31,
1993, 1992, and 1991, and the combined changes in participants' equity and
net assets available for plan benefits for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules I, II, III,
IV, and V are presented for purposes of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974 and/or the Securities and Exchange Commission rules and regulations under
the Securities Exchange Act of 1934. Such schedules have been subjected to
the auditing procedures applied in the audits of the basic financial state-
ments and, in our opinion, are fairly stated, in all material respects, in
relation to the basic financial statements taken as a whole.
Boise, Idaho
April 15, 1994 ARTHUR ANDERSEN & CO.
BOISE CASCADE CORPORATION
RETIREMENT SAVINGS PLAN (RSP)
COMBINED STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS (Note 2)
December 31
1993 1992 1991
Assets
Investments, at current value
(Note 1) $28,098,355 $17,091,900 $ 9,068,516
Cash 10,359 10,247 2,285
Short-term securities at cost,
which approximates market 186,093 160,449 50,000
Interest and dividends receivable 18,977 12,949 4,648
Due from participants 2,737 397 54
Company contributions receivable 148 241 -
Due from other of the Plan's funds - 14,561 197
Other 571 - -
___________ ___________ ___________
28,317,240 17,290,744 9,125,700
___________ ___________ ___________
Liabilities
Due to participants 83 65 7
Due to Company - 22,803 -
Due to other of the Plan's funds - 14,561 197
Accounts payable - - 35,100
Other 5,399 3,179 1,638
___________ ___________ ___________
5,482 40,608 36,942
___________ ___________ ___________
Participants' equity and net assets
available for plan benefits at
end of the year $28,311,758 $17,250,136 $ 9,088,758
COMBINED STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS (Note 2)
December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 986,453 $ 627,605 $ 337,230
Dividend income and mutual
fund distributions 894,377 162,482 87,264
Contributions
Participants' contributions 8,450,002 6,675,622 4,436,755
Company contributions 1,179,592 1,007,507 836,513
Forfeitures (Note 1) (7,633) (6,031) (4,207)
Appreciation (depreciation) of
investments, net (Note 1) (68,071) (127,261) 389,085
Amounts transferred from other
plans (Note 1) 90,501 65,409 43,279
Payments to participants (Note 1) (463,599) (243,955) (124,848)
___________ ___________ ___________
Increase in participants' equity
and net assets 11,061,622 8,161,378 6,001,071
Participants' equity and net assets
available for plan benefits at
Beginning of the year 17,250,136 9,088,758 3,087,687
___________ ___________ ___________
End of the year $28,311,758 $17,250,136 $ 9,088,758
The accompanying notes are an integral part of these Financial Statements.
BOISE CASCADE CORPORATION
RETIREMENT SAVINGS PLAN (RSP)
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PLAN DESCRIPTION. The Boise Cascade Corporation Retirement Savings Plan
(RSP) (the "Plan") is a defined contribution plan and is administered by
Boise Cascade Corporation. At December 31, 1993, 3,672 U.S. hourly employees
who are covered by collective bargaining agreements and 69 former employees
at selected locations of Boise Cascade Corporation, its U.S. subsidiaries,
and certain affiliates (collectively the "Company") were participating in the
Plan.
Participants who are employees of the Company may contribute to the Plan in
whole percentages of their compensation for each pay period. The Company's
contributions to the Plan and amounts that may be contributed by participants
vary by covered locations. In addition, amounts that participants may
contribute to the Plan are subject to limitations set forth in the Internal
Revenue Code (the "Code").
The Plan provides that participants may contribute to the Plan in accordance
with Section 401(k) of the Code. These participants defer income taxes by
reducing their current taxable income for federal and most state income tax
purposes by the amount of their contributions. The contributions, including
associated net earnings on investments, become subject to taxation at the
time the participant withdraws them from the Plan (see Note 3). Participants
may also elect to contribute to the Plan without deferring income taxes on
amounts contributed. Taxation of net earnings on such contributions is
deferred until the earnings are distributed from the Plan. Participants may
make pretax and after-tax contributions. Participants' contributions are
recorded in either a "Before-Tax Contribution Account" or an "After-Tax
Contribution Account" as appropriate.
INVESTMENTS. At December 31, 1993, the Plan had investment funds consisting
of: a Fixed Income Fund that invests primarily in bank and insurance
investment contracts that provide a fixed interest rate; a Diversified Common
Stock Fund that invests primarily in mutual funds that invest in common
stocks or securities that are convertible into common stocks; and a Boise
Cascade Corporation Common Stock Fund that invests primarily in the Company's
$2.50 par value common stock. Investments in these funds are made in
accordance with guidelines in the Master Trust Agreement for Defined
Contribution Plans between State Street Bank and Trust Company, as trustee,
and the Company (the "Trust") and are apportioned among the funds as directed
by each participant. The Plan also had a Participants' Loan Fund (see
Note 2).
The following table sets forth rates of return experienced by each of the
Plan's funds for the periods indicated:
Year Ended December 31
1993 1992 1991
Fixed Income Fund 7.41% 8.30% 8.93%
Diversified Common Stock Fund 9.12 (4.35) 49.91
Boise Cascade Corporation
Common Stock Fund 14.19 (1.78) (9.59)
The detail of the investments of each fund is as follows:
Shares Held Current
at the End Cost of Value at End
of the Period Each Item of the Period
1993
Fixed Income Fund
State Street Bank and Trust
Company (Pooled Investments) $16,434,948 $16,434,948
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 172,143 $ 3,913,220 $ 3,856,008
Select Fund 99,320 4,000,919 3,919,167
___________ ___________
$ 7,914,139 $ 7,775,175
Boise Cascade Corporation
Common Stock Fund 124,608 $ 2,737,859 $ 2,928,288
Participants' Loan Fund $ 959,944 $ 959,944
1992
Fixed Income Fund
State Street Bank and Trust
Company (Pooled Investments) $10,450,589 $10,450,589
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 91,860 $ 2,010,413 $ 2,237,709
Select Fund 57,376 2,239,050 2,221,599
___________ ___________
$ 4,249,463 $ 4,459,308
Boise Cascade Corporation
Common Stock Fund 84,776 $ 1,839,748 $ 1,790,893
Participants' Loan Fund $ 391,110 $ 391,110
1991
Fixed Income Fund
State Street Bank and Trust
Company (Pooled Investments) $ 5,941,905 $ 5,941,905
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 47,668 $ 903,987 $ 1,231,256
Select Fund 26,846 1,027,411 1,138,275
___________ ___________
$ 1,931,398 $ 2,369,531
Boise Cascade Corporation
Common Stock Fund 31,409 $ 798,835 $ 698,850
Participants' Loan Fund $ 58,230 $ 58,230
The following schedule sets forth the number of employee participants making
contributions to the Plan's investment funds:
Number of Employee Participants
Making Contributions at December 31
Title of Fund 1993 1992 1991
Fixed Income Fund 1,614 1,460 1,125
Diversified Common Stock Fund 606 469 227
Boise Cascade Corporation Common
Stock Fund 144 135 61
Participants contributing to more
than one fund 1,070 844 499
_____ _____ _____
Total 3,434 2,908 1,912
FORFEITURES. Contributions that are made by participants are fully vested
at the time they are made. Participants' interest in contributions that the
Company has made on their behalf become vested at the earlier of the time the
participant reaches age 65, or (pursuant to definitions in the Plan) the
participant has made contributions to the Plan for 36 months, or has five
years of credited service with the Company. Vesting also occurs upon the
death of the participant, if termination of employment occurs due to total
disability, or if the Company terminates the Plan. Unvested amounts that
have been forfeited will generally be restored to the participant if
reemployment occurs within a five-year period, as defined by the Plan.
Forfeited Company contributions are used to offset amounts that the Company
will contribute to the Plan in the future.
PAYMENTS TO PARTICIPANTS. The Plan pays amounts due to participants who are
withdrawing part or all of their interest in the Plan approximately 25 days
after the end of the month during which the participant informs the Plan's
administrator of his or her intention to make the withdrawal.
APPRECIATION (DEPRECIATION) OF INVESTMENTS. Appreciation (depreciation) of
investments in the Diversified Common Stock Fund and the Boise Cascade
Corporation Common Stock Fund are recognized based on quoted market prices.
The cost of investments sold or distributed is based on average cost. The
following table sets forth that portion of the total net appreciation
(depreciation) that was realized through sale or distribution in each of
these funds during the years ended December 31, 1993, 1992, and 1991:
Boise
Cascade
Diversified Corporation
Common Common
Stock Fund Stock Fund Combined
1993
Current value $668,169 $ 50,860 $719,029
Average cost 631,752 45,823 677,575
________ ________ ________
Net appreciation realized $ 36,417 $ 5,037 $ 41,454
1992
Current value $783,481 $ - $783,481
Average cost 733,584 - 733,584
________ ________ ________
Net appreciation realized $ 49,897 $ - $ 49,897
1991
Current value $137,669 $ - $137,669
Average cost 127,097 - 127,097
________ ________ ________
Net appreciation realized $ 10,572 $ - $ 10,572
The changes in the unrealized portion of the net appreciation (depreciation)
of investments during the years were as follows:
Boise
Cascade
Diversified Corporation
Common Common
Stock Fund Stock Fund Combined
Balance at December 31, 1990 $ (34,887) $ (5,478) $(40,365)
Unrealized net appreciation
(depreciation) 473,020 (94,507) 378,513
_________ ________ ________
Balance at December 31, 1991 438,133 (99,985) 338,148
Unrealized net appreciation
(depreciation) (228,288) 51,130 (177,158)
_________ ________ ________
Balance at December 31, 1992 209,845 (48,855) 160,990
Unrealized net appreciation
(depreciation) (348,809) 239,284 (109,525)
_________ ________ ________
Balance at December 31, 1993 $(138,964) $190,429 $ 51,465
EXPENSES. The Plan provides that all expenses of administration of the Plan
may be paid out of the assets of the Plan. Expenses not paid by the Plan
will be paid by the Company. In 1993, the Company paid all administration
expenses of the Plan, except for brokerage fees and related taxes on security
transactions. Investment management fees incurred by the investment funds
of the Plan are paid from the assets of the fund to which they relate.
TRANSFERS FROM OTHER PLANS. During the years ended December 31, 1993, 1992,
and 1991, certain participants transferred their account balances from other
tax-qualified profit sharing/401(k) benefit plans sponsored by previous
employers into the Plan.
2. LOANS TO PARTICIPANTS
Participants who have made contributions to the Plan pursuant to Code
Section 401(k) may, subject to the terms of the Plan, apply for loans from
the Plan secured by such contributions. Such loans do not constitute
withdrawals from the Plan. The "Investments, at current value" account in
the Combined Statements of Participants' Equity and Net Assets Available for
Plan Benefits at December 31, 1993, 1992, and 1991, included $959,944,
$391,110, and $58,230 of outstanding loans to Plan participants. The
interest rate charged on these loans was 7.5% for 1993, 8% for 1992, and 9%
for 1991. Participant loans are reflected in the Combined Statements of
Changes in Participants' Equity and Net Assets Available for Plan Benefits
as follows:
Year Ended December 31
1993 1992 1991
Loans initiated, net of repayments
and interest $524,965 $320,019 $ 53,846
Interest income 50,317 17,386 2,356
Payments to participants (6,448) (4,525) -
________ ________ ________
Increase in participants' loans 568,834 332,880 56,202
Participants' loans:
Beginning of the year 391,110 58,230 2,028
________ ________ ________
End of the year $959,944 $391,110 $ 58,230
3. FEDERAL INCOME TAXES
The Plan obtained its latest determination letter on May 1, 1991, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code.
As so qualified, the Company is entitled, for federal income tax purposes,
to deduct its contributions to the trust fund up to the maximum amount
permitted by the Code. The Plan has been amended since receiving the
determination letter. The Company believes that the Plan is currently
designed and being operated in compliance with the applicable requirements
of the Internal Revenue Code. Therefore, the Company believes that the Plan
was qualified and the related trust was tax exempt as of the financial
statement date.
Under the Plan, as so qualified, the Company understands that a participant
is not subject to federal income tax on his or her share of employer contri-
butions, the appreciation thereon, or the appreciation on the participant's
contributions until these amounts are paid to the participant.
Schedule I EIN 82-01009
Item 27(a)
BOISE CASCADE CORPORATION
RETIREMENT SAVINGS PLAN (RSP)
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
Description of Investment Including
Name of Issue, Borrower, Maturity Date, Rate of Interest,
Lessor, or Similar Party Collateral, Par, or Maturity Value Cost Current Value
FIXED INCOME FUND
State Street Bank and Trust Company(1) Pooled Investments $16,434,948 $16,434,948
DIVERSIFIED COMMON STOCK FUND
Twentieth Century Investors, Inc. Growth Fund, 172,143 shares $ 3,913,220 $ 3,856,008
Select Fund, 99,320 shares 4,000,919 3,919,167
$ 7,914,139 $ 7,775,175
BOISE CASCADE CORPORATION COMMON STOCK FUND
Boise Cascade Corporation(1) Boise Cascade Corporation
Common Stock, 124,608 shares $ 2,737,859 $ 2,928,288
State Street Bank and Trust Company(1) Short-Term Investment Fund,
due dates and interest rates
variable $ 186,093 $ 186,093
PARTICIPANTS' LOAN FUND
Boise Cascade Corporation(1) Loans to plan participants,
due dates variable,
7.5% interest rate $ 959,944 $ 959,944
(1)Known party-in-interest.
BOISE CASCADE CORPORATION EIN 82-01009
RETIREMENT SAVINGS PLAN (RSP)
FIXED INCOME FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $16,434,948 $10,450,589 $ 5,941,905
Cash 8,936 5,228 2,245
Due from participants 594 368 54
Company contributions receivable 44 - -
Due from other of the Plan's funds - 115 197
Other 571 - -
___________ ___________ ___________
16,445,093 10,456,300 5,944,401
___________ ___________ ___________
Liabilities
Due to participants 83 65 7
Due to other of the Plan's funds - 14,442 -
Due to Company - 13,323 -
Other 5,049 3,074 1,638
___________ ___________ ___________
5,132 30,904 1,645
___________ ___________ ___________
Participants' equity and net assets
available for plan benefits at
end of the year $16,439,961 $10,425,396 $ 5,942,756
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 932,984 $ 607,681 $ 332,685
Contributions
Participants' contributions 4,884,328 3,903,760 3,040,999
Company contributions 780,021 672,592 613,005
Forfeitures (5,385) (4,151) (2,092)
Transfers between funds 49,071 (341,401) (149,911)
Amounts transferred from other
plans 63,131 21,628 35,129
Loans initiated, net of repayments
and interest (368,871) (210,513) (35,285)
Payments to participants (320,714) (166,956) (99,899)
___________ ___________ ___________
Increase in participants' equity
and net assets 6,014,565 4,482,640 3,734,631
Participants' equity and net assets
available for plan benefits at
Beginning of the year 10,425,396 5,942,756 2,208,125
___________ ___________ ___________
End of the year $16,439,961 $10,425,396 $ 5,942,756
BOISE CASCADE CORPORATION EIN 82-01009
RETIREMENT SAVINGS PLAN (RSP)
DIVERSIFIED COMMON STOCK FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $7,775,175 $4,459,308 $2,369,531
Cash 1,368 2,509 -
Due from participants 1,637 4 -
Company contributions receivable 98 202 -
Due from other of the Plan's funds - 14,446 -
__________ __________ __________
7,778,278 4,476,469 2,369,531
__________ __________ __________
Liabilities
Due to Company - 7,393 -
Due to other of the Plan's funds - - 197
Other - 72 -
__________ __________ __________
- 7,465 197
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $7,778,278 $4,469,004 $2,369,334
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Dividend income and mutual
fund distributions $ 828,199 $ 126,182 $ 62,987
Contributions
Participants' contributions 2,691,538 2,180,569 992,533
Company contributions 309,760 266,556 168,216
Forfeitures (1,308) (1,798) (1,972)
Appreciation (depreciation) of
investments, net (312,392) (178,391) 483,592
Transfers between funds (21,790) (195,259) 64,339
Amounts transferred from other plans 27,057 31,469 822
Loans initiated, net of repayments
and interest (107,803) (86,446) (9,128)
Payments to participants (103,987) (43,212) (19,941)
__________ _________ _________
Increase in participants' equity
and net assets 3,309,274 2,099,670 1,741,448
Participants' equity and net assets
available for plan benefits at
Beginning of the year 4,469,004 2,369,334 627,886
__________ __________ __________
End of the year $7,778,278 $4,469,004 $2,369,334
BOISE CASCADE CORPORATION EIN 82-01009
RETIREMENT SAVINGS PLAN (RSP)
BOISE CASCADE CORPORATION COMMON STOCK FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $2,928,288 $1,790,893 $ 698,850
Cash 55 2,510 40
Short-term securities at cost,
which approximates market 186,093 160,449 50,000
Interest and dividends receivable 18,977 12,949 4,648
Due from participants 506 25 -
Company contributions receivable 6 39 -
__________ __________ __________
3,133,925 1,966,865 753,538
__________ __________ __________
Liabilities
Due to Company - 2,087 -
Due to other of the Plan's funds - 119 -
Accounts payable - - 35,100
Other 350 33 -
__________ __________ __________
350 2,239 35,100
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $3,133,575 $1,964,626 $ 718,438
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Dividend income $ 66,178 $ 36,300 $ 24,277
Interest income 3,152 2,538 2,189
Contributions
Participants' contributions 874,136 591,293 403,223
Company contributions 89,811 68,359 55,292
Forfeitures (940) (82) (143)
Appreciation (depreciation) of
investments, net 244,321 51,130 (94,507)
Transfers between funds (27,281) 536,660 85,572
Amounts transferred from other plans 313 12,312 7,328
Loans initiated, net of repayments
and interest (48,291) (23,060) (9,433)
Payments to participants (32,450) (29,262) (5,008)
__________ __________ __________
Increase in participants' equity
and net assets 1,168,949 1,246,188 468,790
Participants' equity and net assets
available for plan benefits at
Beginning of the year 1,964,626 718,438 249,648
__________ __________ __________
End of the year $3,133,575 $1,964,626 $ 718,438
Schedule IV BOISE CASCADE CORPORATION EIN 82-01009
RETIREMENT SAVINGS PLAN (RSP) Item 27(d)
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
Description of Total Expense Current
Asset (Include Total Dollar Incurred Value of
Interest Rate and Number Dollar Value with Asset on
Identity of Maturity in of Trans- Value of of Sales Lease Trans- Cost of Transaction Net Gain
Party Involved Case of Loan) actions Purchases Price Rental action Asset Date or (Loss)
State Street State Street
Bank and Trust Short-Term
Company (1) Investment Fund,
interest rates and
due dates variable 44 $1,186,579 $ - $ - $ - $1,186,579 $1,186,579 $ -
State Street State Street
Bank and Trust Short-Term
Company (1) Investment Fund,
interest rates and
due dates variable 28 - 1,160,935 - - 1,160,935 1,160,935 -
Twentieth Century 92,743 shares of
Investors, Inc. Growth Fund 34 2,182,193 - - - 2,182,193 2,182,193 -
Twentieth Century 12,460 shares of
Investors, Inc. Growth Fund 21 - 299,168 - - 279,386 299,168 19,782
Twentieth Century 50,880 shares of
Investors, Inc. Select Fund 34 2,114,235 - - - 2,114,235 2,114,235 -
Twentieth Century 8,936 shares of
Investors, Inc. Select Fund 21 - 369,001 - - 352,366 369,001 16,635
Boise Cascade 41,932 shares of
Corporation (1) Boise Cascade
Corporation Common
Stock 8 943,935 - - - 943,935 943,935 -
Boise Cascade 2,100 shares of
Corporation (1) Boise Cascade
Corporation Common
Stock 1 - 50,860 45,823 50,860 5,037
(1) Known party-in-interest.
BOISE CASCADE CORPORATION
RETIREMENT SAVINGS PLAN (RSP)
SCHEDULE V
SCHEDULE OF THE PLAN'S ACTIVITY IN
THE STATE STREET BANK AND TRUST COMPANY
(POOLED INVESTMENTS)
Year Ended
December 31, 1993
Plan's proportionate share in the net investments
of the State Street Bank and Trust Company (Pooled
Investments) at beginning of the year $ 10,450,589
____________
Investments 6,049,881
Withdrawals (1,013,189)
Proportionate share of the interest income earned
on investments 947,667
____________
5,984,359
____________
Plan's proportionate share in the net investments
of the State Street Bank and Trust Company (Pooled
Investments) at end of the year $ 16,434,948
The following is a summary of the assets and liabilities of the State Street
Bank and Trust Company (Pooled Investments) and the Plan's proportionate
share in the net assets available:
December 31, 1993
Cash and cash equivalents $ 11,383,916
Fixed income securities 304,503,974
Accrued interest 1,891,890
____________
$317,779,780
Plan's proportionate share in net assets available $ 16,434,948
Changes in assets and liabilities of the State Street Bank and Trust Company
(Pooled Investments) are as follows:
Year Ended
December 31, 1993
Balance at beginning of the year $236,810,280
____________
Amounts purchased by participating plans 82,998,114
Amounts withdrawn by participating plans (23,893,523)
____________
Net amounts purchased by participating plans 59,104,591
Interest income 21,864,909
____________
Balance at end of the year $317,779,780
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.
BOISE CASCADE CORPORATION
RETIREMENT SAVINGS PLAN (RSP)
Date: June 15, 1994 By /s/ J.M. Gwartney
J.M. Gwartney
Chairman of the
Retirement Committee
BOISE CASCADE CORPORATION
INDEX TO EXHIBIT
Filed with the Report
on Form 11-K for the
Year Ended December 31, 1993
Reference Description Page Number (1)
Exhibit A Consent of Independent Public 16
Accountants Dated June 15, 1994
(1) This material appears only in the manually signed original of the
report on Form 11-K.
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incor-
poration of our report dated April 15, 1994, included in this Form 11-K for
the year ended December 31, 1993, into the Company's previously filed
registration statement on Form S-8 (File No. 33-31642).
ARTHUR ANDERSEN & CO.
Boise, Idaho
June 15, 1994