Wisconsin › Wholesale trade › 100 to 249 participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
Badger Corrugating Employee Stock Ownership Plan
Sponsored by Badger Corrugating Company, La Crosse, WI
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Badger Corrugating Employee Stock Ownership Plan is an employee stock ownership plan sponsored by Badger Corrugating Company of La Crosse, Wisconsin. For the plan year ending 31 Dec 2025 it reported 144 participants, 127 of them active, and net assets of $17.0M.
Net assets came to $105,220 per participant in plan year 2024, well above the $60,185 median for defined contribution plans with 100 to 249 participants and well above the $65,557 median for defined contribution plans in wholesale trade. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 4 service provider organisations paid $5,000 or more, with reported compensation of $40K: $277 per participant, well above the same-size median of $194. Administrative expenses charged to the plan were $48K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $120K in 2013 to $17.0M in 2025 (up 14069%), and participants from 129 to 144 (up 12%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure, plan year 2024 | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $105,220 | $60,185 | $65,557 | $53,102 |
| Employer contributions per active participant | — | $2,447 | $2,107 | $2,175 |
| Schedule C compensation per participant | $286 | $194 | $153 | $123 |
| Schedule C compensation, share of net assets | 0.27% | 0.32% | 0.27% | 0.26% |
| Administrative expenses per participant | $351 | $176 | $147 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 100 to 249 participants (21,996 plans), wholesale trade (3,526) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2025 | 144 | $17.0M | $118,076 | — | — | $40K |
| 2024 | 134 | $14.1M | $105,224 | — | — | $38K |
| 2023 | 147 | $13.3M | $90,769 | — | — | $34K |
| 2022 | 171 | $11.5M | $67,088 | — | — | $38K |
| 2021 | 175 | $7.4M | $42,080 | — | — | $24K |
| 2020 | 174 | $4.4M | $25,109 | — | — | $26K |
| 2019 | 195 | $3.3M | $17,062 | — | — | $26K |
| 2018 | 180 | $3.0M | $16,417 | — | — | $23K |
| 2017 | 179 | $3.1M | $17,598 | — | — | $0 |
| 2016 | 165 | $1.8M | $10,867 | — | — | $0 |
| 2015 | 173 | $819K | $4,734 | — | — | $0 |
| 2014 | 147 | $211K | $1,435 | $94K | — | $0 |
| 2013 | 129 | $120K | $930 | $200K | — | $0 |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$14,099,506
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$3,678,744
- Benefits paid$714,543
- Administrative expenses$48,320
- Total expenses$775,366
- Net income$2,903,378
- Net transfers$0
- Net assets, end of year$17,002,884
Participants
- Active participants127
- Retired or separated, receiving benefits1
- Retired or separated, entitled to future benefits16
- Participants with account balances141
- Total participants, end of year144
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Enterprise Services DBA Esi Equity | Valuation (appraisals, etc.) | $11,900 | $0 |
| Wipfli LLP | Contract Administrator; Recordkeeping and information management | $10,822 | $0 |
| Trustpoint | Custodial (securities) | $8,627 | $0 |
| Hawkins Ash CPAS LLP | Accounting (including auditing) | $8,500 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Valuation and appraisal fees$11,900
- Recordkeeping fees$10,822
- Trustee and custodial fees$8,652
- IQPA audit fees$8,500
- Other administrative expenses$6,696
- Legal fees$1,750
- Total administrative expenses$48,320
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Employer securities$10.2M · 59.1%
- Cash (interest and non-interest bearing)$3.7M · 21.7%
- U.S. Government securities$2.2M · 12.5%
- Receivables$1.2M · 6.8%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmHawkins Ash CPAS LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $1,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2PLeveraged ESOP2QThe employer maintaining this ESOP is an S corporation
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 423300: Lumber & Other Construction Materials.
Other plans of Badger Corrugating Company
| Plan | Participants | Net assets |
|---|---|---|
| Badger Corrugating Company Profit Sharing & 401(k) Plan | 159 | $6.5M |
Similar plans in Wisconsin
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Jaeckle Wholesale, Inc. 401(k) Savings Plan | Jaeckle Wholesale, Inc. | 145 | $11.1M | $76,337 |
| Hallmark Building Supplies, Inc. Employee Stock Ownership Plan | Hallmark Building Supplies, Inc. | 143 | $36.7M | $256,949 |
| Packer City International Trucks, Inc. 401(k) Retirement Savings Plan | Packer City International Trucks, Inc. | 150 | $13.2M | $87,988 |
| Halron Lubricants Inc. 401(k) Retirement Savings Plan | Halron Lubricants Inc. | 142 | $15.3M | $107,650 |
| The Douglas Stewart Company, Inc. Employees' Benefit Plan | The Douglas Stewart Company, Inc. | 151 | $9.8M | $65,231 |
| American State Equipment Co., Inc. Employees' 401(k) Plan | American State Equipment Co., Inc. | 142 | $23.4M | $164,929 |
Defined contribution plans in wholesale trade closest in size.
Questions and answers
How big is Badger Corrugating Employee Stock Ownership Plan?
144 participants at the end of the plan year ending 31 Dec 2025, of whom 127 were active employees, with net assets of $17,002,884. Among defined contribution plans that places it in the 100 to 249 participants band, which held 21,996 plans in plan year 2024.
What does Badger Corrugating Company contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $39,849 in compensation to service provider organisations, $277 per participant or 0.23% of net assets. The same-size median among plans reporting any Schedule C compensation was $194 per participant. Administrative expenses on Schedule H were $48,320. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Badger Corrugating Company. Recordkeeping or administration: Wipfli LLP. Trustee or custodian: Trustpoint. The financial statements were audited by Hawkins Ash CPAS LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2025 to 31 Dec 2025, received by the Department of Labor on 30 Jul 2026. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 39-0142700, plan 003, received 30 Jul 2026; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.