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
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2001
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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 000-31821________
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
Savings Bank of the Finger Lakes 401(k) Savings Plan
B: Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Finger Lakes Bancorp, Inc.
470 Exchange Street
Geneva, New York 14456-0353
SUMMARY ANNUAL REPORT
FOR SAVINGS BANK OF THE FINGER LAKES, FSB 401(K) SAV PLAN
This is a summary of the annual report for the SAVINGS BANK OF THE FINGER LAKES,
FSB 401(k) SAVINGS PLAN, EIN 16-1455201, Plan No. 002, for the period January 1,
2001 through December 31, 2001. The annual report has been filed with the
Pension and Welfare Benefits Administration, U.S. Department of Labor, as
required under the Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided through a trust fund. Plan expenses were
$133,952. These expenses included $133,200 in benefits paid to participants and
beneficiaries and $752 in other expenses. A total of 88 persons were
participants in or beneficiaries of the plan at the end of the plan year,
although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$797,614 as of December 31, 2001, compared to $777,347 as of January 1, 2001.
During the plan year the plan experienced an increase in its net assets of
$20,267. This increase includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $154,219 including employee contributions of $101,823 and earnings
from investments of $49,039.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request. The items listed below are included in that report:
1. financial information;
2. insurance information, including sales commissions paid by insurance
carriers; and
3. information regarding any common or collective trusts, pooled
separate accounts, master trusts or 103-12 investment entities in
which the plan participates.
To obtain a copy of the full annual report, or any part thereof, write or call
SAVINGS BANK OF THE FINGER LAKES, FSB, 470 EXCHANGE STREET, GENEVA, NY
14456-0353, (315) 789-3838.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, or a statement of income and expenses of the plan and
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report.
You also have the legally protected right to examine the annual report at the
main office of the plan (SAV BANK OF THE FINGER LAKES, FSB, 470 EXCHANGE STREET,
GENEVA, NY 14456-0353) and at the U.S. Department of Labor in Washington, D.C.,
or to obtain a copy from the U.S. Department of Labor upon payment of copying
costs. Requests to the Department should be addressed to: Public Disclosure
Room, Room N1513, Pension and Welfare Benefits Administration, U.S. Department
of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
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.
SAVINGS BANK OF THE FINGER LAKES
401(k) SAVINGS PLAN
Date: June 27, 2002 By: /s/ Terry L. Hammond
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Name: Terry L. Hammond
Title: Executive Vice President
& CFO