As a result of the bankruptcy proceedings, the Trust was established as a publicly reporting entity. That means the Trust has to submit a quarterly report of its operations to the SEC and those filings are public records. Their content and format is regulated entirely by the SEC and as result they largely don’t make much sense to the average person but they have to be filed anyway. For the first, second and third calendar quarters of each year the report filed is called a 10-Q. For the fourth calendar quarter of each year, the report is called a 10-K, and it is much more detailed than the 10-Qs but the format is mostly the same. The Trust is required to file the Form 10-Q with the SEC 45-days after the quarter ends and is required to file the Form 10-K with the SEC 90-days after the year end. For example, the 10-Q for the first quarter ending March 31 must be filed by May 15. Historically, we usually file the report a week or so before the deadline. All of the reports are prepared in accordance with what is known as GAAP which means Generally Accepted Accounting Principles. The numbers provided are on an accrual basis as opposed to a cash basis so it causes them to be somewhat confusing.
As you might imagine, the process of preparing and filing the reports is complicated and time consuming and requires the efforts of a number of people. NorthStar Client Services in Waco prepares some of the information as does the Trust’s Chief Accounting Officer, Natalie Eilat and Chief Financial Officer, Nauman Poonja. With respect to the 10-Qs, our outside auditors – Plante Moran, PLLC – perform a review but do not formally audit the numbers. As to the 10-K the auditors perform a full-blown audit of all the numbers in accordance with the standards for providing an audit.
You can click on each of the 10-Q or 10-K reports filed to date to review the actual report filed with the SEC. As these reports are filed they will be posted below.
The Trust is also required by the SEC to file what is called an 8-K whenever something occurs which the SEC would believe is “material” such as a change of a member of the Governing Board or a new contract entered into by the Trust with a vendor. There is no regular schedule for when the 8-Ks are filed. Each of the 8-Ks filed to date are posted below.
View SEC Filings
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