Company: NEOG
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0000950170-25-089430
Chunk: 9

Company: NEOGEN CORP
Filing Date: 2025-06-24
Form: 11-K
Chunk 9
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 of the Plans investment securities, it is at least reasonably possible that changes in the fair values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits and changes in net assets available for benefits. 7. Federal Income Tax Status The Plan is maintained through the adoption of a pre-approved plan that has received an opinion letter from the IRS dated June 30, 2020 , stating that the form of the plan is qualified under Section 401(a) of the Code and therefore, the related trust is tax-exempt. The Plan administrator has determined that it is eligible to, and chose to, rely on the current IRS opinion letter with respect to the qualified status of the Plan. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan is qualified and the related trust is tax-exempt. U.S. GAAP requires Plan management to evaluate and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. While the Plan may be subject to routine audits of taxing jurisdictions, there are currently no audits for any tax periods in progress.

8. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to IRS Form 5500 as of December 31, 2024 and 2023:

|                                                                | December 31, |        2024 |   |     |   |        2023 |   |
|:---------------------------------------------------------------|:-------------|------------:|:--|:----|:--|------------:|:--|
| Net assets available for benefits per the financial statements | $            | 108,133,924 |   |     | $ | 102,260,609 |   |
| Deemed distributions reported on 5500                          |              |     (47,387 | ) |     |   |     (24,332 | ) |
| Net assets available for benefits per the Form 5500            | $            | 108,086,537 |   |     | $ | 102,236,277 |   |

Deemed distributions are defaulted and unpaid participant loans of active participants that are reflected as distributions on the Form 5500