North Dakota › Wholesale trade › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Apr 2024 to 31 Mar 2025
Border States Industries, Inc. Employee Stock Ownership Plan
Sponsored by Border States Industries, Inc., Fargo, ND
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.
Border States Industries, Inc. Employee Stock Ownership Plan is an employee stock ownership plan sponsored by Border States Industries, Inc. of Fargo, North Dakota. For the plan year ending 31 Mar 2025 it reported 3,586 participants, 3,196 of them active, and net assets of $1.27B.
Net assets came to $354,707 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 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.
The employer contributed $43.0M during the year, or $13,446 per active participant against a same-size median of $2,045; participants contributed —. Benefits paid out totalled $91.5M.
Schedule C lists 3 service provider organisations paid $5,000 or more, with reported compensation of $283K: $78.93 per participant, close to the same-size median of $82.08. Administrative expenses charged to the plan were $283K. 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 $171M in 2009 to $1.27B in 2024 (up 642%), and participants from 1,274 to 3,586 (up 181%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $354,707 | $50,295 | $65,557 | $53,102 |
| Employer contributions per active participant | $13,446 | $2,045 | $2,107 | $2,175 |
| Schedule C compensation per participant | $78.93 | $82.08 | $153 | $123 |
| Schedule C compensation, share of net assets | 0.02% | 0.17% | 0.27% | 0.26% |
| Administrative expenses per participant | $78.93 | $82.20 | $147 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 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 |
|---|---|---|---|---|---|---|
| 2024 | 3,586 | $1.27B | $354,707 | $43.0M | — | $283K |
| 2023 | 3,218 | $1.12B | $348,952 | $42.3M | — | $268K |
| 2022 | 2,808 | $1.05B | $373,594 | $51.0M | — | $257K |
| 2021 | 2,609 | $777M | $297,913 | $39.1M | — | $252K |
| 2020 | 2,589 | $578M | $223,145 | $24.4M | — | $260K |
| 2019 | 2,873 | $469M | $163,228 | $28.1M | $0 | $234K |
| 2018 | 2,743 | $643M | $234,548 | $27.7M | $0 | $172K |
| 2017 | 2,566 | $560M | $218,219 | $24.3M | $0 | $159K |
| 2016 | 2,216 | $504M | $227,492 | $21.0M | $0 | $137K |
| 2015 | 1,944 | $468M | $240,683 | $19.9M | $0 | $177K |
| 2014 | 1,933 | $528M | $272,972 | $18.3M | $0 | $167K |
| 2013 | 1,639 | $509M | $310,824 | $15.8M | $0 | $155K |
| 2012 | 1,485 | $465M | $312,801 | $14.8M | $0 | $138K |
| 2011 | 1,398 | $352M | $251,584 | $13.3M | $0 | $73K |
| 2010 | 1,311 | $237M | $180,645 | $10.8M | $0 | $125K |
| 2009 | 1,274 | $171M | $134,553 | $7.4M | $0 | $126K |
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$1,122,929,022
- Employer contributions$42,972,859
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$42,972,859
- Total income, including investment results$245,448,393
- Benefits paid$91,511,936
- Administrative expenses$283,026
- Total expenses$93,117,980
- Net income$152,330,413
- Net transfers−$3,281,814
- Net assets, end of year$1,271,977,621
Participants
- Active participants3,196
- Retired or separated, receiving benefits6
- Retired or separated, entitled to future benefits376
- Participants with account balances3,577
- Total participants, end of year3,586
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Financial Group | Recordkeeping and information management | $141,526 | $0 |
| Summit Fiduciary Group | Trustee (directed) | $120,000 | $0 |
| Grant Thornton Llp- Audit Fee | Accounting (including auditing) | $21,500 | $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
- Recordkeeping fees$141,526
- Trustee and custodial fees$120,000
- IQPA audit fees$21,500
- Total administrative expenses$283,026
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$1.32B · 99.8%
- Cash (interest and non-interest bearing)$3.2M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmGrant Thornton LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $3,000,000
- 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
2IStock bonus2PLeveraged ESOP2QThe employer maintaining this ESOP is an S corporation3HPlan sponsor(s) is (are) a member(s) of a controlled group3IPlan requiring that all or part of employer contributions be invested and held in employer securities
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 423600: Household Appliances and Electrical & Electronic Goods.
Other plans of Border States Industries, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Border States Electric Supply 401(k) Plan | 4,244 | $254M |
Similar plans in North Dakota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Border States Electric Supply 401(k) Plan | Border States Industries, Inc. | 4,244 | $254M | $59,805 |
| Brandt Holdings Company 401(k) Plan | Brandt Holdings Company | 2,008 | $113M | $56,244 |
| Offutt Companies 401(k) Savings Plan | R.D. Offutt Company | 6,727 | $702M | $104,389 |
| Butler Machinery Company Retirement Plan | Butler Machinery Company | 1,284 | $261M | $203,031 |
| Gooseneck Implement Company Retirement Savings Plan | Gooseneck Implement Company | 749 | $49.1M | $65,565 |
| Plains AG Retirement Plan | Plains AG, LLC | 367 | $24.5M | $66,750 |
Defined contribution plans in wholesale trade closest in size.
Questions and answers
How big is Border States Industries, Inc. Employee Stock Ownership Plan?
3,586 participants at the end of the plan year ending 31 Mar 2025, of whom 3,196 were active employees, with net assets of $1,271,977,621. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Border States Industries, Inc. contribute per participant?
The filing reports $42,972,859 in employer contributions for the year, which is $13,446 per active participant; the median for plans of the same type and size was $2,045 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $283,026 in compensation to service provider organisations, $78.93 per participant or 0.02% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $283,026. 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 Border States Industries, Inc.. Recordkeeping or administration: Principal Financial Group. Trustee or custodian: Summit Fiduciary Group. The financial statements were audited by Grant Thornton 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 Apr 2024 to 31 Mar 2025, received by the Department of Labor on 19 Dec 2025. 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 45-0275004, plan 002, received 19 Dec 2025; 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.