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<br />SBLM ARCHITECTS, P.C. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENT <br /> <br />DECEMBER 31,2008 <br /> <br />NOTE 9 - RETIREMENT PLAN <br /> <br />The Company has a qualified 401 (K) Plan for all employees. The plan allows total <br />contributions of up to fifteen percent (15%) of the eligible employee's salary through a <br />salary reduction mechanism. The Company is not required to match any employee <br />contributions to the plan. <br /> <br />Net assets for the plan, as estimated by Merrill Lynch, were $1,919,355 at December <br />31,2008. <br /> <br />There was $7,794 pension expense for the year ended December 31,2006. <br /> <br />NOTE 10 - LEASE COMMITMENTS <br /> <br />The Company leases both its Florida and New York premises under non-cancelable <br />operating leases expiring on September 30, 2010 and December 31, 2012, <br />respectively. Both leases include a provision for additional rent based on increases <br />in expenses over the base year. Pursuant to the leases, rent expense charged to <br />operations differs from rent paid because of scheduled rent increases. Accordingly, <br />the Company has recorded deferred rent. Rent expense is calculated by allocating to <br />rental payments, including those attributable to scheduled rent increases, on a <br />straight-line basis, over the lease term. Rent expense for the year ended December <br />31.2006 was $400,371. <br /> <br />The future minimum rental commitments at December 31, 2008 are as follows: <br /> <br />Year Ended December 31, <br />2009 <br />2010 <br />2011 <br />2012 <br /> <br />$ 347,360 <br />347,360 <br />262,217 <br />289.273 <br /> <br />$1.266.250 <br />