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
________________________________
(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, 1996
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 No. 000-24484
A. Full title and address of the plan, if different from that of the
issuer named below:
ACCUSTAFF INCORPORATED
EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST
6440 ATLANTIC BOULEVARD
JACKSONVILLE, FLORIDA 32211
(904) 725-5574
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
ACCUSTAFF INCORPORATED
6440 ATLANTIC BOULEVARD
JACKSONVILLE, FLORIDA 32211
(904) 725-5574
REQUIRED INFORMATION
The following financial statements and schedules have been prepared in
accordance with the financial reporting requirements of the Employee Retirement
Income Security Act of 1974, as amended:
1. Statements of Net Assets Available for Benefits as of December 31, 1996
and 1995.
2. Statements of Changes in Net Assets Available for Benefits for the Years
Ended December 31, 1996 and 1995.
SIGNATURES
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 on this 9th day of October, 1997.
ACCUSTAFF INCORPORATED
EMPLOYEE SAVINGS AND PROFIT SHARING
PLAN AND TRUST
BY: ACCUSTAFF INCORPORATED
(Plan Administrator)
BY: /s/ Robert P. Crouch
----------------------------------
Robert P. Crouch, VP & Controller
ACCUSTAFF INCORPORATED
EMPLOYEE SAVINGS AND PROFIT SHARING
PLAN AND TRUST
REPORT ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
TABLE OF CONTENTS
PAGES
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-10
Supplemental Schedules:
Item 27a-Schedule of Assets Held for Investment Purposes 11
Item 27d-Schedule of Reportable Transactions 12
REPORT OF INDEPENDENT ACCOUNTANTS
Administrator of the AccuStaff Incorporated
Employee Savings and Profit Sharing Plan and Trust
We have audited the accompanying statements of net assets available for benefits
of AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust
(the Plan) as of December 31, 1996 and 1995, 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 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 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 AccuStaff
Incorporated Employee Savings and Profit Sharing Plan and Trust as of December
31, 1996 and 1995, and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of AccuStaff
Incorporated Employee Savings and Profit Sharing Plan and Trust 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's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedules
have been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Jacksonville, Florida
September 8, 1997
1
ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1996 and 1995
1996 1995
Assets:
Investments at fair value:
Money market funds $ 77,450 $ 72,165
Common stock 470 624
Limited partnerships 22,200 41,000
Insurance company general accounts - 128,433
Insurance company pooled separate accounts - 438,607
Mutual fund pooled accounts 2,613,908 -
Participant notes receivable 6,779 -
------------------ ------------------
Total investments 2,720,807 680,829
Uninvested cash - 190
Contribution receivable from employees 46,775 1,344
Accrued interest 18,063 2,884
------------------ ------------------
Total assets 2,785,645 685,247
Liabilities:
Due to AccuStaff Incorporated 4,061 4,228
------------------ ------------------
Net assets available for benefits $ 2,781,584 $ 681,019
================== ==================
The accompanying notes are an integral part of these financial statements.
2
ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the years ended December 31, 1996 and 1995
1996 1995
Additions to net assets attributed to:
Investment income:
Interest, dividends and realized gains/losses $ 135,819 $ 13,649
Net unrealized appreciation (depreciation) in fair value of investments (53,451) 55,131
---------------- ----------------
82,368 68,780
Employee rollovers from other plans 21,118 -
Employee benefit plans merged 1,536,195 -
Employee contributions 595,681 190,970
---------------- ----------------
Total additions 2,235,362 259,750
Deductions from net assets attributed to:
Benefits paid to participants 126,111 116,341
Administrative expenses 8,686 6,561
---------------- ----------------
Total deductions 134,797 122,902
---------------- ----------------
Net increase 2,100,565 136,848
Net assets available for benefits:
Beginning of year 681,019 544,171
---------------- ----------------
End of year $ 2,781,584 $ 681,019
================ ================
The accompanying notes are an integral part of these financial statements.
3
ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN:
The following description of the AccuStaff Incorporated Employee Savings and
Profit Sharing Plan and Trust (the Plan) provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
GENERAL - The Plan is a defined contribution plan covering substantially all
employees of AccuStaff Incorporated and subsidiaries (the Company) who are
age 21 or older and have completed at least one year of service with a
minimum of 1,000 hours. To continue to share in Company contributions, a
participant must work at least 500 hours each year. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
CONTRIBUTIONS - Employer contributions to the Plan are at the discretion of
the Company and are a discretionary matching percentage of the participants'
contributions. Company contributions are allocated to participants in
proportion to their annual compensation. There were no employer contributions
for the years ended December 31, 1996 and 1995.
Participants may elect to defer and contribute to the Plan up to 15% of their
annual compensation, within the limitations prescribed by law, and under the
provisions of the Plan. Individual participants' contributions are limited to
an annual IRS maximum amount ($9,500 for the plan year ended December 31,
1996).
SELF DIRECTED CONTRIBUTIONS - Under the provisions of the Plan, participants
may direct their contributions to be invested in various pooled accounts of
the Strong mutual fund company. Contributions may be invested in one account
or allocated among different accounts. Changes in allocation of contributions
among accounts are permitted pursuant to contract provisions.
Accounts available to participants and the related investment objective are
summarized as follows:
. The Strong Money Market Fund - This Fund seeks current income, a stable
share price, and daily liquidity. The Fund primarily invests in corporate,
bank, and government instruments that present minimal credit risk.
. The Strong Asset Allocation Fund - This Fund seeks high total return
consistent with reasonable risk over the long term. The Fund allocates its
assets globally among a diversified portfolio of equity securities, bonds,
and short-term, fixed-income securities.
. Strong Common Stock Fund - This Fund seeks capital growth. The Fund
invests at least 80% of its net assets in equity securities. It currently
emphasizes small companies that the advisor believes are under-researched
and attractively valued.
. Strong Government Securities Fund - This Fund seeks total return by
investing a high level of current income with a moderate degree of share-
price fluctuation. The Fund normally invests at least 80% of its total
assets in U.S. government securities.
4
NOTES TO FINANCIAL STATEMENTS, CONTINUED
1. Description of Plan, Continued:
. Strong Growth Fund - This Fund seeks capital growth. It invests
primarily in equity securities that the advisor believes have above-
average growth prospects.
. Strong International Stock Fund - This Fund seeks capital growth. It
invests primarily in the equity securities of issuers located outside the
United States.
. Strong Schafer Value Fund - This Fund's primary investment objective is
long-term capital appreciation. The Fund invests principally in common
stocks and other equity securities. Current income is a secondary
objective in the selection of investments.
. Strong AccuStaff Company Stock Fund - This Fund was created specifically
for AccuStaff employees. The fund purchases shares of AccuStaff Company
stock, which are then converted to units. The employee invests in the
units.
EARNINGS ALLOCATION - Plan earnings are allocated to participants' accounts
based upon their individual account balances as of the beginning of the
Plan's fiscal year, less any withdrawals made during the year.
FORFEITURE ALLOCATION - Forfeitures of terminated participants' accounts
related to the Plan would be allocated to the remaining participants'
accounts based upon compensation for the current plan year. Forfeitures of
terminated participants' accounts related to the provisions of the Plan would
result in a reduction of the Company's contributions in the year of such
forfeiture.
VESTING - Employee contributions plus actual earnings thereon are fully
vested at all times. Employer contributions made on behalf of each
participant are not vested until the employee completes five years of
service, at which time they become fully vested.
In the event of death or total and permanent disability while under the
Company's employment, all amounts credited to the participant's account as of
the subsequent plan anniversary date are considered fully vested.
PAYMENT OF BENEFITS - Upon retirement, death or disability, a participant or
participant's beneficiary will receive a lump sum amount equal to the value
of his or her account. In the case of termination other than death,
disability, or retirement, no distribution is required until after a 12-month
break in service occurs.
PARTICIPANT NOTES RECEIVABLE - Participants may receive loans from the Plan
within limits established by rules under the Internal Revenue Code. All loans
must be collateralized. A participant may use up to one-half of his or her
account balance under the Plan to collateralize a loan. If additional
collateral is required, a participant's principal residence may be used.
Loans require periodic payments with principal amortized over a period not to
exceed five years, except for loans to acquire a principal residence, which
require periodic payments over a reasonable period determined at the date the
loan is made, not to exceed 25 years. All loans are considered a directed
investment from a participant's account under the Plan. All payments of
principal and interest by a participant on a loan are credited to his or her
account.
5
NOTES TO FINANCIAL STATEMENTS, CONTINUED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
BASIS OF ACCOUNTING - The financial statements of the Plan are prepared under
the accrual method of accounting.
ADMINISTRATIVE EXPENSES - All expenses of administration may be paid out of
the Plan's funds or by the Company.
INVESTMENT VALUATION AND INCOME RECOGNITION - The Plan's investments are
stated at fair value based upon quoted market prices, if available.
Investments for which quoted market prices are not available, principally
limited partnerships, are carried at their estimated fair value as determined
by the limited partnership or Trustee. Shares of registered investment
companies are valued at quoted market prices, which represent the net asset
value of shares held by the Plan at year-end. Gains or losses on the sale of
investments are based on the cost or adjusted value of each specific
investment.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
USE OF ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
significant estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenue
and expenses during the reporting period. Actual results could differ from
those estimates.
RISKS AND UNCERTAINTIES - The Plan provides for various investment options in
any combination of stocks, bonds, fixed income securities, mutual funds and
other investment securities. Investment securities are exposed to various
risks, such as interest rate, market and credit. Due to the level of risk
associated with certain investment securities and the level of uncertainty
related to changes in the value of investment securities, it is at least
reasonably possible that changes in risks in the near term would materially
affect participants' account balances and the amounts reported in the
statement of net assets available for plan benefits and the statement of
changes in net assets available for plan benefits.
BENEFITS - Benefits are recorded when paid.
6
NOTES TO FINANCIAL STATEMENTS, CONTINUED
3. INVESTMENTS:
The following is a summary of investments at December 31, 1996 and 1995:
DECEMBER 31, 1996 DECEMBER 31, 1995
---------------------------------------------- ------------------------------------------
NET NET
UNREALIZED UNREALIZED
APPRECIATION APPRECIATION
(DEPRECIA- (DEPRECIA-
FAIR TION) IN FAIR TION) IN
COST VALUE FAIR VALUE COST VALUE FAIR VALUE
-------------- -------------- ------------ ------------ ------------ ------------
Money market funds $ 77,450 $ 77,450 $ - $ 72,165 $ 72,165 $ -
Common stock - 470 470 624 624 -
Limited partnerships 31,637 22,200 (9,437) 41,000 41,000 -
Insurance company
general accounts - - - 123,875 128,433 4,558
Insurance company
pooled separate
accounts - - - 388,034 438,607 50,573
Mutual fund pooled
separate accounts 2,658,392 2,613,908 (44,484) - - -
Participant notes
receivable 6,779 6,779 - - - -
-------------- -------------- ------------ ------------ ------------ ------------
$ 2,774,258 $ 2,720,807 $ (53,451) $ 625,698 $ 680,829 $ 55,131
============== ============== ============ ============ ============ ============
Investments which exceeded 5% of the Plan's net assets at December 31, 1996
and 1995 are summarized as follows:
DECEMBER 31
----------------------------------
1996 1995
Money Market funds:
Trust Funds Liquid Asset Trust $ - $ 72,165
Insurance company general accounts:
Manufacturers Life Insurance Company:
Three Year Guaranteed Interest Account - 94,330
Insurance company pooled separate accounts:
Manufacturers Life Insurance Company:
Money Market Fund - 105,732
Growth Plus Stock Fund - 134,341
Capital Growth Stock Fund - 48,006
Balanced Fund - 56,441
Mutual Fund company accounts:
Strong Mutual Fund:
Money Market Fund 907,148 -
International Stock Fund 174,112 -
Government Securities Fund 230,414 -
Schafer Value Fund 256,393 -
Growth Stock Fund 397,612 -
Common Stock Fund 455,092 -
7
NOTES TO FINANCIAL STATEMENTS, CONTINUED
3. INVESTMENTS, CONTINUED:
The following is a summary of the net assets and changes in net assets of
participants' self-directed investments for the year ended December 31, 1996:
NET ASSETS
-----------------------------------------------------------------------------------
ADDITIONS
-----------------------------------------------------------------------------------
NET
BEGINNING INVESTMENT
BALANCE OF INCOME AND
SELF-DIRECTED PARTICIPANT PARTICIPANT GAINS/
INVESTMENTS TRANSFERS CONTRIBUTIONS ROLLOVERS LOSSES TOTAL
-----------------------------------------------------------------------------------
Guaranteed Accounts:
3 Year $ 94,330 $ (482) $ 10,600 $ - $ (306) $ 104,142
5 Year 22,610 4 7,504 3 710 30,831
10 Year 11,493 (364) 5,987 451 414 17,981
---------- -------- ---------- --------- ---------- ----------
Subtotal 128,433 (842) 24,091 454 818 152,954
---------- -------- ---------- --------- ---------- ----------
Pooled Separate Accounts
Manufacturers Life
Insurance Company:
Money Market Fund 105,732 (4) 9,567 - 2,002 117,297
Growth Plus Stock Fund 134,341 (529) 15,883 - (1,853) 147,842
High Quality Bond Fund 20,360 (387) 1,926 - (678) 21,221
Capital Growth Stock Fund 48,006 (73) 8,723 451 125 57,232
Selective Growth Stock Fund 8,849 (2) 2,917 451 (248) 11,967
Balanced Fund 56,441 (739) 8,719 - (869) 63,552
Index Stock Fund 5,139 (690) 5,242 - 5 9,696
Emerging Growth Stock Fund 7,341 507 7,692 451 (1,416) 14,575
Growth Opportunities Fund 13,196 1,354 19,334 - (495) 33,389
Diversified Capital Fund 6,464 - 4,730 676 (430) 11,440
High-Yield Fund 5,577 - 8,235 451 250 14,513
Contra Fund 3,884 452 16,749 451 (512) 21,024
International Stock Fund 12,443 502 8,880 451 742 23,018
Income Fund 3,761 451 3,605 2 (34) 7,785
Growth & Income Fund 6,097 - 5,068 677 250 12,092
Foreign Fund 892 - 3,595 - 15 4,502
Short-Term Government Fund 84 - 4,868 - 14 4,966
---------- -------- ---------- --------- ---------- ----------
438,607 842 135,733 4,061 (3,132) 576,111
---------- -------- ---------- --------- ---------- ----------
$ 567,040 $ - $ 159,824 $ 4,515 $ (2,314) $ 729,065
========== ======== ========== ========= ========== ==========
-----------------------------
DEDUCTIONS NET
----------------------------- SELF-DIRECTED
BENEFITS ASSETS
BENEFITS TRANSFERRED AVAILABLE
PAID TO TO STRONG FOR BENEFITS
PARTICIPANTS FUNDS AT DECEMBER 31, 1996
-------------- ------------ --------------------
Guaranteed Accounts: $ (5,432) $ (98,710) $ -
3 Year (102) (30,729) -
5 Year (547) (17,434) -
10 Year ---------- ----------- ----------
(6,081) (146,873) -
Subtotal ---------- ----------- ----------
Pooled Separate Accounts
Manufacturers Life
Insurance Company:
(2,076) (115,221) -
Money Market Fund (5,360) (142,482) -
Growth Plus Stock Fund (13) (21,208) -
High Quality Bond Fund (3,482) (53,750) -
Capital Growth Stock Fund (231) (11,736) -
Selective Growth Stock Fund (2,824) (60,728) -
Balanced Fund (1,087) (8,609) -
Index Stock Fund (64) (14,511) -
Emerging Growth Stock Fund (4,235) (29,154) -
Growth Opportunities Fund (342) (11,098) -
Diversified Capital Fund (628) (13,885) -
High-Yield Fund - (21,024) -
Contra Fund (983) (22,035) -
International Stock Fund - (7,785) -
Income Fund (351) (11,741) -
Growth & Income Fund (16) (4,486) -
Foreign Fund (38) (4,928) -
Short-Term Government Fund ---------- ----------- ----------
(21,730) (554,381) -
---------- ----------- ----------
$ (27,811) $ (701,254) $ -
========== =========== ==========
8
NOTES TO FINANCIAL STATEMENTS, CONTINUED
3. INVESTMENTS, CONTINUED:
NET ASSETS
----------------------------------------------------------------------------------------------
ADDITIONS
----------------------------------------------------------------------------------------------
BEGINNING BENEFITS NET
BALANCE ROLLED IN INVESTMENT
OF FROM MERGED/ INCOME AND
SELF-DIRECTED TRANSFERRED PARTICIPANT GAINS/
INVESTMENTS PLANS TRANSFERS CONTRIBUTIIONS LOSSES TOTAL
------------- ------------- ------------ -------------- ---------- -----------
The Strong Mutual Funds:
Money Market Fund $ - $ 2,226,520 $ (1,358,105) $ 75,196 $ 38,143 $ 981,754
Asset Allocation Fund - - 68,174 10,721 4,244 83,139
International Stock Fund - - 149,564 28,078 (2,961) 174,681
Government Securities Fund - - 176,165 50,013 6,645 232,823
Schafer Value Fund - - 200,282 36,090 21,308 257,680
Growth Stock Fund - - 316,691 82,926 1,600 401,217
Common Stock Fund - - 359,656 68,340 32,157 460,153
AccuStaff Company Stock Fund - - 91,780 39,354 (18,914) 112,220
Loan participation - 9,789 (4,207) - 1,197 6,779
--------- ----------- ----------- --------- ---------- -----------
$ - $ 2,236,309 $ - $ 390,718 $ 83,419 $ 2,710,446
========= =========== ============ ========= ========== ===========
NET ASSETS
----------------
DEDUCTIONS NET
---------------- SELF-DIRECTED
ASSETS
BENEFITS AVAILABLE
PAID TO FOR BENEFITS
PARTICIPANTS AT DECEMBER 31, 1996
------------- ---------------------
Money Market Fund $ (74,606) $ 907,148
Asset Allocation Fund (339) 82,800
International Stock Fund (569) 174,112
Government Securities Fund (2,409) 230,414
Schafer Value Fund (1,287) 256,393
Growth Stock Fund (3,605) 397,612
Common Stock Fund (5,061) 455,092
AccuStaff Company Stock Fund (1,883) 110,337
Loan participation - 6,779
--------- -----------
$ (89,759) $ 2,620,687
========= ===========
9
NOTES TO FINANCIAL STATEMENTS, CONTINUED
4. Plan Termination:
Although it has not expressed any intent to do so, 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. In the event of plan
termination, participants will become fully vested in their accounts.
5. TAX STATUS:
The Internal Revenue Service has determined and informed the Company by
letter dated May 23, 1995, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code (IRC). The
Plan has been amended since receiving the determination letter. However, the
Plan administrator and the Plan's tax counsel believe that the Plan is
designed and is currently being operated in compliance with the applicable
requirements of the IRC.
6. FINANCIAL INSTRUMENTS:
Certain financial instruments potentially subject the Plan to concentrations
of credit risk. These financial instruments consist of money market funds,
common stocks, limited partnerships and pooled accounts with a mutual fund
company.
The Plan limits its credit risk by maintaining its money market funds, common
stocks and pooled and general accounts with what it believes to be high
quality financial institutions.
7. RELATED PARTY TRANSACTIONS:
Certain Plan expenses for accounting, legal and administrative services are
paid for by the Company. These expenses were approximately $65,000 and
$20,000 in 1996 and 1995, respectively.
Effective with the establishment of the Plan with the new administrator,
employees can elect to allocate their contributions to the purchase of
AccuStaff Company stock units, via the Strong AccuStaff Company Fund.
8. MERGER OF SUBSIDIARY PLAN:
During 1996, the defined contribution plans of four subsidiaries were merged
into the Plan. The four plans were subsidiaries of AccuStaff during 1996. The
following table details the subsidiary, actual date and amounts of assets
transferred into the AccuStaff plan, exclusive of participant loans.
SUBSIDIARY DATE AMOUNT
- ------------------ ---------------- ------------------
Advantage July 25, 1996 $ 42,042
Excel July 31, 1996 180,882
Matthews July 10, 1996 1,185,032
Perma Temp July 11, 1996 127,099
------------------
Total $ 1,535,055
==================
10
NOTES TO FINANCIAL STATEMENTS, CONTINUED
In addition, four other subsidiaries without a retirement plan adopted the
Company plan.
11
ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST
ITEM 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1996
NET
APPRECIATION
FAIR (DEPRECIATION)
SHARES COST VALUE IN FAIR VALUE
------------- ----------------- ----------------- ------------------
Money market funds:
Trust Funds Liquid Asset Trust $ 77,450 $ 77,450 $ -
----------------- ----------------- ------------------
Common stock:
Magnolia Foods 5,000 - 470 470
----------------- ----------------- ------------------
Limited partnerships:
Balcor Equity Pension Investors-III Tax
Exempt 100 17,450 11,400 (6,050)
Balcor Pension Investors-VII 100 14,187 10,800 (3,387)
----------------- ----------------- ------------------
31,637 22,200 (9,437)
----------------- ----------------- ------------------
Mutual Fund Insurance Company Separate Accounts:
Strong Mutual Fund:
Money Market Fund 907,148 907,148 -
Asset Allocation Fund 86,166 82,800 (3,366)
International Stock Fund 183,287 174,112 (9,175)
Government Securities Fund 227,079 230,414 3,335
Schafer Value Fund 244,296 256,393 12,097
Growth Fund 406,441 397,612 (8,829)
Common Stock Fund 475,544 455,092 (20,452)
AccuStaff Company Stock Fund 128,431 110,337 (18,094)
----------------- ----------------- ------------------
2,658,392 2,613,908 (44,484)
----------------- ----------------- ------------------
Participant notes receivable 6,779 6,779 -
----------------- ----------------- ------------------
Total investments $ 2,774,258 $ 2,720,807 $ (53,451)
================= ================= ==================
ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST
ITEM 27D-SCHEDULE OF REPORTABLE TRANSACTIONS
December 31, 1996
The following summary of reportable transactions presents each transaction or
series of transactions involving an amount in excess of five percent (5%) of the
fair value of Plan assets at the beginning of the 1996 Plan year.
NUMBER OF NUMBER OF REALIZED
TRANS- TRANS- GAINS/
PURCHASES ACTIONS SALES ACTIONS LOSSES
-------------- ------------- --------- ---------- -----------
Strong Mutual Funds:
Money Market Fund, Inc. 2,353,446 101 $ - - $ -
Strong Asset Allocation 89,023 69
International Stock Fund, Inc. 208,272 73 - - -
Government Securities Fund, Inc. 232,190 84 - - -
Schafer Value Fund 250,850 78 - - -
Funds Growth Fund 417,141 88 - - -
Common Stock Fund, Inc. 486,225 95 - - -
AccuStaff Stock Fund Qualified Plan 135,453 64 - - -
Pooled Separate Accounts
Manufacturers Life Insurance Company:
Guaranteed Accounts
3 year - - 106,961 7 -
Money Market Fund - - 118,126 7 -
Growth Plus Stock Fund - - 149,540 7 23,107
Capital Growth Stock Fund - - 57,703 7 9,092
Balanced Fund - - 64,811 8 7,375