e11vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2009
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-6089
H&R Block Retirement Savings Plan
(Full title of the Plan)
H&R Block, Inc.
One H&R Block Way
Kansas City, Missouri 64105
(Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office)
H&R BLOCK RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
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1 |
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FINANCIAL STATEMENTS: |
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Statements of Net Assets Available for Benefits as of
December 31, 2009 and 2008 |
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2 |
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Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 2009 |
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3 |
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Notes to Financial Statements as of December 31, 2009 and 2008,
and for the Year Ended December 31, 2009 |
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4 - 11 |
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SUPPLEMENTAL SCHEDULE * |
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Form 5500, Schedule H, Part IV, Line 4i Schedule of Assets (Held at End of Year)
as of December 31, 2009 |
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12 - 13 |
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SIGNATURE |
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14 |
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EXHIBIT |
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Consent of Independent Registered Public Accounting Firm |
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15 |
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* |
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All other schedules required by Section 2520.103-10 of the Department of Labors Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974
have been omitted because they are not applicable. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Employee Benefits Committee of
the H&R Block Retirement Savings Plan
Kansas City, Missouri:
We have audited the accompanying statements of net assets available for benefits of the H&R Block
Retirement Savings Plan (the Plan) as of December 31, 2009 and 2008, and the related statement of
changes in net assets available for benefits for the year ended December 31, 2009. These financial
statements are the responsibility of the Plans management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plans internal control
over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, 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, such financial statements present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 2009 and 2008, and the changes in net assets
available for benefits for the year ended December 31, 2009, in conformity with accounting
principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule listed in the table of contents is presented for the
purpose of additional analysis and is not a required part of the basic financial statements, but is
supplementary information required by the Department of Labors Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974. This schedule is the
responsibility of the Plans management. This schedule has been subjected to the auditing
procedures applied in our audit of the basic 2009 financial statements and, in our opinion, is
fairly stated in all material respects when considered in relation to the basic financial
statements taken as a whole.
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/s/ Deloitte & Touche LLP
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Kansas City, Missouri
May 21, 2010 |
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1
H&R BLOCK RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2009 and 2008
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2009 |
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2008 |
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ASSETS: |
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Cash and cash equivalents |
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$ |
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$ |
58,361 |
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Investments, at fair value: |
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Mutual funds |
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398,194,893 |
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336,467,006 |
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H&R Block, Inc. common stock fund |
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14,704,194 |
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16,810,613 |
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Common/collective trust |
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48,646,167 |
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51,971,989 |
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Self-directed brokerage accounts |
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7,016,364 |
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10,616,867 |
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Participant loans |
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5,245,590 |
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6,558,928 |
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Total investments, at fair value |
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473,807,208 |
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422,425,403 |
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Receivables: |
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Employer contributions |
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3,334,856 |
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4,189,424 |
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Participant contributions |
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231,095 |
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426,106 |
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Total receivables |
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3,565,951 |
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4,615,530 |
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NET ASSETS AVAILABLE FOR BENEFITS AT
FAIR VALUE |
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$ |
477,373,159 |
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$ |
427,099,294 |
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ADJUSTMENTS FROM FAIR VALUE TO
CONTRACT VALUE FOR FULLY BENEFIT-
RESPONSIVE STABLE VALUE FUND
(NOTE 2) |
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2,361,826 |
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5,046,248 |
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NET ASSETS AVAILABLE FOR BENEFITS |
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$ |
479,734,985 |
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$ |
432,145,542 |
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See notes to financial statements.
2
H&R BLOCK RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2009
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For the Year Ended |
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December 31, 2009 |
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ADDITIONS: |
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Investment income: |
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Dividends and interest |
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$ |
12,323,105 |
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Net appreciation in fair value of investments |
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74,251,506 |
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Total investment income |
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86,574,611 |
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Contributions: |
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Employer |
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13,735,718 |
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Participant |
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30,117,014 |
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Rollover |
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2,056,326 |
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Total contributions |
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45,909,058 |
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Total additions |
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132,483,669 |
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DEDUCTIONS: |
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Benefits paid to participants |
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84,307,866 |
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Administrative expenses |
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586,360 |
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Total deductions |
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84,894,226 |
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Increase in net assets |
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47,589,443 |
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Net assets available for benefits: |
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Beginning of year |
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432,145,542 |
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End of year |
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$ |
479,734,985 |
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See notes to financial statements.
3
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
1. |
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DESCRIPTION OF THE PLAN |
The following description of the H&R Block Retirement Savings Plan (the Plan) is
provided for general information purposes only. Participants should refer to the Plan
document for more complete information.
General
The Plan is a defined contribution plan sponsored by H&R Block Management, LLC, which
is a wholly owned subsidiary of H&R Block, Inc. (the Company or Plan Sponsor) for its
employees and the employees of certain of its affiliates. The Plan became effective on
January 1, 1985 and is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
The Plan provides for selection of an administrative committee, a plan administrator and a
trustee by the members of H&R Block Management, LLC. The administrative committee is
responsible for the general administration of the Plan and the interpretation of its
provisions. The plan administrator is responsible for the reporting and disclosure
requirements under ERISA. Fidelity Management Trust Company (Fidelity) is the Plans
recordkeeper and trustee.
Effective January 1, 2008, Sand Canyon Corporation (SCC, formerly Option One Mortgage
Corporation (Option One)) employees transferred out of the Plan into a new 401(k) plan.
As a result of the transaction, participant balances of $150,572,399 were transferred to the
new plan. Due to the wind-down and sale of Option One in April 2008, the assets of the
Option One Mortgage 401(k) Plan (the Option One Plan) were transferred back into the Plan
on December 31, 2008. As a result of the transaction, participant balances of $55,738,575
were transferred back into the Plan.
Eligibility
The timing of an employees eligibility for participation in the Plan depends on
whether the employee is classified as a nonseasonal employee or seasonal employee. With
respect to participant contributions and employer discretionary matching contributions: (a)
nonseasonal employees are automatically enrolled in the Plan beginning the first day of the
month following or coinciding with the date they complete 90 Days of Service, as such term
is defined in the Plan, and (b) seasonal employees are automatically enrolled in the Plan
beginning with the first participation date (January 1 or July 1) following or coinciding
with the date they complete a Year of Service, as such term is defined in the Plan. With
respect to employer discretionary profit sharing contributions, both nonseasonal and
seasonal employees are eligible to participate beginning the first day of the Plan year that
immediately precedes or is coincident with the date the employee completes a Year of
Service.
Contributions
Participants may make pre-tax contributions up to seventy-five percent of their
compensation, subject to Internal Revenue Code (IRC) limitations. Participants
4
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
age 50 and over may make pre-tax contributions from zero to one-hundred percent of their
compensation, subject to IRC limitations. The Company may make discretionary matching
contributions of up to one hundred percent of a participants contributions, not to exceed
five percent of the participants compensation. The Company may also elect to make
discretionary profit sharing contributions, which would be allocated among participant
accounts based on the participants eligible compensation. For the year ended December 31,
2009, the Company contributed $13,735,718 for the discretionary matching contribution. No
discretionary profit sharing contributions were made during the year ended December 31,
2009.
Vesting
Participant contributions, employer discretionary matching contributions, employer
discretionary profit sharing contributions, and earnings thereon, are fully vested and
nonforfeitable at all times.
Participant Accounts
Individual accounts are maintained for each Plan participant. Each participants
account is credited with the participants contribution, the employers discretionary
matching contribution, if any, and allocations of employer discretionary profit sharing
contributions, if any, and Plan earnings, and charged with withdrawals and an allocation of
Plan losses and administrative expenses. Allocations are based on participant earnings or
account balances, as defined. The benefit to which a participant is entitled is the benefit
that can be provided from the participants vested account.
Investments
Participants direct the investment of their contributions, employer discretionary
matching contributions and employer discretionary profit sharing contributions into various
investment options offered by the Plan. The Plan currently offers twenty mutual funds, a
Company common stock fund, a self-directed brokerage account, and a common/collective trust
fund as investment options for participants. Participants have purchased shares of mutual
funds and money market funds through the self-directed brokerage account.
Participant Loans
Participant loans must be at least $1,000 and are limited to the lesser of $50,000 less
the highest outstanding loan balance in the previous 12 months or fifty percent of the
participants vested account balance. The loans are secured by the balance in the
participants account and bear interest equal to the prime lending rate established by the
Federal Reserve on the first business day of the month in which the loan is requested plus
1%. Interest rates on participant loans range from 4.0% to 10.5%. Loans are payable over
one to five years except for loans for the purchase of a residence, which may be longer.
Principal and interest is paid ratably through payroll deductions.
5
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
Payment of Benefits
Generally, distributions may not be made to a participant, or in the case of death, a
participants beneficiary, until administratively feasible following the earliest of the
participants death, disability, retirement or severance from employment. Distributions are
in the form of a lump sum cash payment, unless the participant elects to defer payment.
Forfeited Accounts
At December 31, 2009 and 2008, forfeited accounts totaled $1,820 and $8,670
respectively. These accounts are to be used first to reduce administrative expenses of the
Plan, then to reduce employer discretionary matching contributions and then to reduce
employer discretionary profit sharing contributions. During the year ended December 31,
2009, forfeited nonvested accounts of $26,365 were used to pay Plan expenses.
2. |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, and changes therein and
disclosure of contingent assets and liabilities. Actual results could differ from those
estimates.
Risks and Uncertainties
The Plan invests in various investment instruments, including a Company common stock
fund, mutual funds, a self-directed brokerage account and a common/collective trust fund.
Investment securities, in general, are exposed to various risks such as interest rate risk,
credit risk, and overall market volatility. 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 the amounts reported in the financial statements.
Investment Valuation and Income Recognition
The Plans investments are stated at fair value. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Shares of mutual funds and money market funds,
including those in self-directed brokerage accounts, are valued at quoted market prices,
which represent the net asset value of shares held by the
Plan at year-end. Fair value of the H&R Block, Inc. common stock fund is
determined by the trustee based on the fair market value of the underlying
6
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
investments within the fund. The common/collective trust fund is stated at fair value as
determined by the issuer of the common/collective trust fund based on the fair market value
of the underlying investments. The SEI Stable Asset Fund (the Trust) is a common
collective trust fund that is considered to be a stable value fund with underlying
investments in benefit-responsive investment contracts and is valued at the fair value of
the underlying investments and then adjusted by the issuer to contract value. Fair value of
the stable value fund is the net asset value of its underlying investments and contract
value is principal plus accrued interest. Participant loans are valued at the outstanding
loan balances, which approximate fair value.
The H&R Block, Inc. common stock fund, which is made up of Company common stock and a money
market fund, and the Trust are maintained on a unit value basis. Participants do not have
beneficial ownership in the specific underlying securities or other assets in the funds,
but do have an interest therein represented by units valued daily. The funds earn dividends
and interest which are automatically reinvested in additional units. Generally,
contributions to and withdrawal payments from each fund are converted to units by dividing
the amounts of such transactions by the unit values as last determined, and the
participants accounts are charged or credited with the number of units properly
attributable to each participant.
The Trust is a stable value fund formed to provide for the collective investment of assets
of participating tax qualified pension and profit sharing plans and related trusts and
governmental plans (or the assets of a governmental unit used to satisfy its obligations
under a governmental plan) in guaranteed investment contracts and readily marketable assets
in accordance with the investing criteria established by the Declaration of Trust. The
Trust primarily invests in a variety of investment contracts such as guaranteed investment
contracts (GICs) issued by insurance companies and other financial institutions and other
investment products (separate account contracts, synthetic GICs and collective investment
trusts) with similar characteristics. Participants may ordinarily direct the withdrawal or
transfer of all or a portion of their investment at contract value. Contract value
represents contributions made to the fund, plus earnings, less participant withdrawals.
In accordance with Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) Topic 962, Plan Accounting Defined Contribution Plans (formerly AICPA
Statement of Position No. 94-4, Reporting of Investment Contracts Held by Health and Welfare
Benefit Plans and Defined-Contribution Pension Plans), as amended, the statements of net
assets available for benefits present the stable value fund at fair value, as well as an
additional line item showing an adjustment of the fully benefit-responsive stable value fund
from fair
value to contract value. The statement of changes in net assets available for benefit is
presented on a contract value basis.
7
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
In 2009, FASB Staff Position 157-4, Disclosures Determining Fair Value When the Volume and
Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying
Transactions That Are Not Orderly (FSP 157-4), was issued and later codified into ASC Topic
820, Fair Value Measurements and Disclosures (ASC Topic 820), which expanded disclosures and
required that major category for debt and equity securities in the fair value hierarchy
table be determined on the basis of the nature and risks of the investments.
Purchases and sales of investments are recorded on a trade-date basis. Interest income is
recorded on an accrual basis. Dividend income is recorded on the ex-dividend date.
Management fees and operating expenses charged to the Plan for investments in mutual funds,
the common/collective trust fund, the self-directed brokerage account and the Company common
stock fund are deducted from income earned on a daily basis and are not separately
reflected. Consequently, management fees and operating expenses are reflected as a
reduction of investment return for such investments.
Administrative Expenses
All administrative expenses incurred by the Plan are paid by the Plan, except to the
extent paid by the Company. To the extent forfeitures are not used to pay administrative
expenses of the Plan, such expenses are covered using participant account balances.
Payment of Benefits
Benefit payments to participants are recorded upon distribution. Amounts allocated to
accounts of persons who have elected to withdraw from the Plan but have not yet been paid
were $109,705 and $322,488 at December 31, 2009 and 2008, respectively.
3. |
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FAIR VALUE MEASUREMENTS |
The fair values of investments are classified based on the lowest level significant
inputs. The Plan used the following methods to determine fair value:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities
that the Plan has the ability to access on the report date.
Level 2 Inputs (financial matrices, models, valuation techniques), other than quoted
market prices included in Level 1, that are observable for the asset or liability, either
directly or indirectly. If the asset or liability has a specified
(contractual) term, a Level 2 input must be observable for substantially the full term of
the asset or liability.
Level 3 Inputs (such as professional appraisals, quoted prices from inactive markets that
require adjustment based on significant assumptions or data that is
8
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
not current, data from independent sources) that are unobservable for the asset or
liability.
The methods described may produce a fair value calculation that may not be indicative of net
realizable value or reflective of future fair values. Furthermore, although the Plan
believes its valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value
of certain financial instruments could result in a different fair value measurement at the
reporting date.
The following table provides the amounts and their corresponding level of hierarchy for our
investments that are measured at fair value:
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At December 31, 2009 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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ASSETS: |
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Mutual Funds: |
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Small Cap |
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$ |
13,620,268 |
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$ |
13,620,268 |
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Mid Cap |
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23,081,879 |
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23,081,879 |
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Large Cap |
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125,404,358 |
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125,404,358 |
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International |
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36,251,720 |
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36,251,720 |
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Retirement Income |
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72,770,194 |
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72,770,194 |
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Balanced Moderate Allocation |
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92,099,851 |
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92,099,851 |
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Income |
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34,966,623 |
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34,966,623 |
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Total Mutual Funds |
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398,194,893 |
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H&R Block, Inc. common stock fund |
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14,704,194 |
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14,704,194 |
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Self-directed brokerage accounts |
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7,016,364 |
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7,016,364 |
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Common/collective trust |
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48,646,167 |
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|
|
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48,646,167 |
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Participant loans |
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5,245,590 |
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5,245,590 |
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$ |
473,807,208 |
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$ |
398,194,893 |
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$ |
75,612,315 |
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$ |
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At December 31, 2008 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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ASSETS: |
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H&R Block, Inc. common stock fund |
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$ |
16,810,613 |
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$ |
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$ |
16,810,613 |
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$ |
|
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Mutual fund |
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336,467,006 |
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|
336,467,006 |
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|
|
|
|
|
|
|
|
Self-directed brokerage accounts |
|
|
10,616,867 |
|
|
|
|
|
|
|
10,616,867 |
|
|
|
|
|
Common/collective trust |
|
|
51,971,989 |
|
|
|
|
|
|
|
51,971,989 |
|
|
|
|
|
Participant loans |
|
|
6,558,928 |
|
|
|
|
|
|
|
6,558,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
422,425,403 |
|
|
$ |
336,467,006 |
|
|
$ |
85,958,397 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
During the year ended December 31, 2009, the Plans investments (including gains and
losses on investments bought, sold, and held during the year) appreciated (depreciated) in
fair value as follows:
|
|
|
|
|
H&R Block, Inc. common stock fund |
|
$ |
(323,801 |
) |
Self-directed brokerage accounts |
|
|
1,275,057 |
|
Mutual funds |
|
|
73,300,250 |
|
|
|
|
|
Net appreciation in fair value of investments |
|
$ |
74,251,506 |
|
|
|
|
|
The Plans investments that represented five percent or more of the Plans net assets
available for benefits as of December 31, 2009 and 2008 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
2008 |
|
Amercian Funds EuroPacific Growth Fund R5 |
|
$ |
36,251,720 |
|
|
$ |
30,292,542 |
|
American Funds Growth Fund of America Class R5 |
|
|
24,463,468 |
|
|
|
22,273,524 |
|
Dodge & Cox Stock Fund |
|
|
52,824,204 |
|
|
|
45,028,278 |
|
Vanguard Institutional Index Fund |
|
|
48,116,686 |
|
|
|
40,604,049 |
|
Vanguard Wellington Fund |
|
|
92,099,851 |
|
|
|
126,123,200 |
|
SEI Stable Asset Fund |
|
|
48,646,167 |
|
|
|
51,971,989 |
|
PIMCO Total Return Fund |
|
|
34,966,623 |
|
|
|
30,046,758 |
|
5. |
|
EXEMPT PARTY-IN-INTEREST TRANSACTIONS |
Certain plan investments are shares of mutual funds managed by Fidelity. Fidelity is
the recordkeeper and trustee as defined by the Plan and, therefore, these transactions
qualify as exempt party-in-interest transactions. In addition, the H&R Block, Inc. common
stock fund includes an investment in the common stock of H&R Block, Inc., and therefore,
these transactions also qualify as exempt party-in-interest transactions.
Although the Company has not expressed any intent to do so, it has the right to
discontinue its contributions at any time and to terminate the Plan subject to the
provisions set forth in the Plan and under ERISA.
7. |
|
FEDERAL INCOME TAX STATUS |
The Internal Revenue Service (IRS) has determined and informed the Company by a
letter dated July 30, 2007, that the Plan and related trust were designed in accordance with
the applicable regulations of the IRC. The Plan has been amended since receiving the
letter. However, the plan administrator believes that the Plan is currently designed and
operated in compliance with the applicable requirements of the IRC and the Plan and related
trust continue to be tax-exempt. Therefore, no provision for income taxes has been included
in the Plans financial statements. The
10
H&R BLOCK RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31, 2009
Plan Sponsor has applied for a determination letter from the IRS for the restated plan
document dated January 1, 2009; however, the new letter has not yet been received.
8. |
|
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 |
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500 as of December 31, 2009 and 2008:
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
2008 |
|
Net assets available for benefits per
the financial statements |
|
$ |
479,734,985 |
|
|
$ |
432,145,542 |
|
Adjustments from contract value to
fair value for fully benefit-responsive
stable value fund |
|
|
(2,361,826 |
) |
|
|
(5,046,248 |
) |
Amounts allocated to withdrawing participants |
|
|
(109,705 |
) |
|
|
(322,488 |
) |
|
|
|
|
|
|
|
Total investments (current value column) per
Form 5500 schedule of assets (held at end of year) |
|
$ |
477,263,454 |
|
|
$ |
426,776,806 |
|
|
|
|
|
|
|
|
For the year ended December 31, 2009, the following is a reconciliation of net income
per the financial statements to the Form 5500:
|
|
|
|
|
Increase in net assets per the financial statements |
|
|
47,589,443 |
|
Change in fair value for fully benefit responsive stable value fund |
|
|
2,684,422 |
|
Change in amounts allocated to withdrawing participants |
|
|
212,783 |
|
|
|
|
|
Net income per Form 5500 |
|
$ |
50,486,648 |
|
|
|
|
|
For the year ended December 31, 2009, the following is a reconciliation of
distributions to participants per the financial statements to the Form 5500:
|
|
|
|
|
Total distributions to participants per the financial statements |
|
$ |
84,307,866 |
|
Add: Amounts allocated to withdrawing participants at December 31, 2009 |
|
|
109,705 |
|
Less: Amounts allocated to withdrawing participants at December 31, 2008 |
|
|
(322,488 |
) |
|
|
|
|
Total distributions to participants per the Form 5500 |
|
$ |
84,095,083 |
|
|
|
|
|
11
H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
|
|
|
|
|
(a) |
|
Description of Investment, Including |
|
(c) |
|
|
(e) |
|
Identity of Issuer or Borrower, |
|
Maturity Date, Rate of Interest, Collateral, |
|
Shares/Units |
|
|
Current |
|
Lessor or Similar Party |
|
and Par or Maturity Value |
|
Held |
|
|
Value |
|
* H&R Block, Inc.
Common Stock Fund: |
|
|
|
|
|
|
|
|
|
|
H&R Block, Inc. |
|
Common Stock |
|
|
635,614 |
|
|
$ |
14,377,581 |
|
Cash |
|
Cash |
|
|
326,613 |
|
|
|
326,613 |
|
|
|
|
|
|
|
|
|
|
|
Total H&R
Block, Inc. Common Stock Fund |
|
|
|
|
|
|
|
|
14,704,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds: |
|
|
|
|
|
|
|
|
|
|
American Funds Group |
|
EuroPacific Growth Fund R5 |
|
|
947,015 |
|
|
|
36,251,720 |
|
American Funds Group |
|
Growth Fund of America Class R5 |
|
|
896,755 |
|
|
|
24,463,468 |
|
Dodge & Cox Funds |
|
Dodge & Cox Stock Fund |
|
|
549,451 |
|
|
|
52,824,204 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2000 Fund |
|
|
187,221 |
|
|
|
2,124,958 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2005 Fund |
|
|
343,584 |
|
|
|
3,446,143 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2010 Fund |
|
|
507,360 |
|
|
|
6,347,073 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2015 Fund |
|
|
971,805 |
|
|
|
10,126,207 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2020 Fund |
|
|
818,407 |
|
|
|
10,271,012 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2025 Fund |
|
|
1,051,518 |
|
|
|
10,925,272 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2030 Fund |
|
|
710,562 |
|
|
|
8,803,865 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2035 Fund |
|
|
705,493 |
|
|
|
7,238,363 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2040 Fund |
|
|
789,377 |
|
|
|
5,651,937 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2045 Fund |
|
|
499,285 |
|
|
|
4,228,943 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom 2050 Fund |
|
|
160,388 |
|
|
|
1,339,241 |
|
* Fidelity Freedom Funds |
|
Fidelity Freedom Income Fund |
|
|
211,097 |
|
|
|
2,267,180 |
|
Harbor Funds |
|
Harbor Small Cap Value Fund |
|
|
833,554 |
|
|
|
13,620,268 |
|
PIMCO Funds |
|
PIMCO Total Return Fund |
|
|
3,237,650 |
|
|
|
34,966,623 |
|
(continued)
12
H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
|
|
|
|
|
(a) |
|
Description of Investment, Including |
|
(c) |
|
|
(e) |
|
Identity of Issuer or Borrower, |
|
Maturity Date, Rate of Interest, Collateral, |
|
Shares/Units |
|
|
Current |
|
Lessor or Similar Party |
|
and Par or Maturity Value |
|
Held |
|
|
Value |
|
SEI Investments |
|
SEI Institutional Mid Cap Growth Fund |
|
|
1,587,474 |
|
|
|
23,081,879 |
|
Vanguard Group |
|
Vanguard Institutional Index Fund |
|
|
471,825 |
|
|
|
48,116,686 |
|
Vanguard Group |
|
Vanguard Wellington Fund |
|
|
1,848,652 |
|
|
|
92,099,851 |
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
|
398,194,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Collective Trust Fund |
|
|
|
|
|
|
|
|
|
|
SEI Investments |
|
SEI Stable Asset Fund |
|
|
51,007,993 |
|
|
|
48,646,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self-directed brokerage accounts |
|
BrokerageLink |
|
|
|
|
|
|
7,016,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Plan participants |
|
Participant Loans, Interest range: 4.0% to 10.5%
with varying maturity dates through July 2028 |
|
|
|
5,245,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments |
|
|
|
|
|
|
|
$ |
473,807,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Column (d) omitted as cost information is not required for participant-directed assets. |
|
* |
|
Indicates party-in-interest to the Plan. |
(concluded)
13
SIGNATURE
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.
|
|
|
|
|
|
H&R Block Retirement Savings Plan
|
|
Date May 21, 2010 |
|
|
|
Jeffrey T. Brown |
|
|
Vice President and Corporate Controller
H&R Block, Inc. |
|
14
exv23w1
EXHIBIT 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-56400 on Form S-8 of
our report dated May 21, 2010, appearing in this Annual Report on Form 11-K of the H&R Block
Retirement Savings Plan for the year ended December 31, 2009.
|
|
|
|
|
/s/ Deloitte & Touche LLP
|
|
|
Kansas City, Missouri |
|
May 21, 2010 |
|
15