2021-052A - Laserfiche WebLink

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P, DICKERSON FLORIDA., INC. (A Wholly-owned Subsidiary of The Dickerson Group, Inc.) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 20.19 and 2018 (5) Employee Benefit Plans The Company participates in a defined contribution plan., which covers all eligible employees, and is sponsored by the parent company. An employee becomes eligible for the plan from the date of hire. Employees may defer up to 15% of their salary. The Company currently matches 50% of employee deferrals up to 496 of salary. Employees are 100% vested after 5 years. Contributions amounted to $44,102 and $18,419.in 2019 and 2018, respectively. (6) Related Party Transactions At December 31, 2019, the Company has amounts due from its parent of $31.,847,373. Such amounts are expected to be satisfied from cash proceeds from the sale of real estate by the parent company and other affiliates and related distributions of those .proceeds to the Company. The parent company provides general and administrative services for which the Company incurs a management fee. It addition, the parent company allocates a portion of its insurance costs to the Company based on estimates of actual losses incurred: (7) Contingencies The Company is involved in various legal proceedings incidental to its normal business activities. It is the opinion of management, the disposition of these legal proceedings will not have a material adverse effect on the Company's financial condition.. (8) Risks and Uncertainties As described under the accounting policies disclosures, the Company is engaged in highway construction in Fort Pierce, .Florida and surrounding areas. The Company's primary source of revenues is derived from highway construction contracts with governmental entities. The Company is subject to the risk associated with the general economic conditions relating to highway construction within its geographic region of: operations (18) (continued)