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SEC Filings

S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
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            LA SALLE PARTNERS LIMITED PARTNERSHIP AND SUBSIDIARIES
 
       LA SALLE PARTNERS MANAGEMENT LIMITED PARTNERSHIP AND SUBSIDIARIES
 
              NOTES TO COMBINED FINANCIAL STATEMENTS--(CONCLUDED)
 
 
(9) COMPENSATION AND EMPLOYEE BENEFITS
 
 Compensation
 
  Compensation for all professional employees consists of a combination of a
salary and target bonus, which is established on an individual basis at the
beginning of the employees' compensation year. Actual bonuses are based on
individuals meeting stated objectives and other subjective criteria. These
amounts may vary in a year when the operating results of the Partnerships are
significantly above or below the year's business plan. Prior to 1996, the
general partners of DEL shared in a compensation pool which was calculated as
a percentage of net earnings before interest expense on the subordinated notes
of the Partnerships, amortization of intangible assets and other adjustments
as defined in the partnership agreements. Effective January 1, 1996, those
individuals are compensated consistent with the compensation program for all
professional employees of the Partnerships.
 
  Effective January 1, 1996, the Partnerships implemented an Employee
Ownership Program ("Program") which allows employees meeting certain criteria
to receive a portion of their compensation in ownership interests in DEL. The
Partnerships are required to reimburse DEL for the value of such ownership
interests.
 
  The accompanying Combined Statements of Earnings for the years ended
December 31, 1994, 1995 and 1996 include bonus expense of $18,184, $19,419 and
$26,683, respectively, of which $4,584 related to the Program in 1996.
 
 Retirement Plan
 
  The Partnerships have a qualified profit sharing plan which incorporates IRC
Section 401(k) for their eligible employees. Contributions under the qualified
profit sharing plan are made via a combination of employer match and an annual
contribution on behalf of eligible employees. Included in the accompanying
Combined Statements of Earnings for the years ended December 31, 1994, 1995
and 1996 are contributions of $598, $689 and $1,009, respectively.
 
  Related trust assets of the Plan are managed by trustees and are excluded
from the accompanying combined financial statements.
 
(10) TRANSACTIONS WITH AFFILIATES
 
  Certain partners of DEL have an ownership interest in Diverse Real Estate
Holdings Limited Partnership ("Diverse"). Diverse has an ownership interest in
and operates investment assets, primarily as the managing general partner of
real estate ventures. Included in the accompanying Combined Balance Sheets is
a long term receivable, net of allowance, from Diverse totaling $3,413 and
$2,413 at December 31, 1995 and 1996, respectively. A provision for the
estimated uncollectible portion of the receivable was recorded in the amount
of $1,900 and is included in the accompanying Combined Statements of Earnings
for 1995.
 
  Certain officers of the Partnerships are trustees for real estate funds
which were organized by a subsidiary. The Partnerships earn advisory and
management fees for services rendered to the funds. Included in the
accompanying combined financial statements are revenues of $15,084, $10,502
and $11,635 for 1994, 1995 and 1996, respectively, as well as receivables of
$1,247 and $1,793 at December 31, 1995 and 1996, respectively, related to such
services.
 
  The Partnerships also earn fees and commissions for services rendered to
other affiliates. These affiliates include DSA and its affiliates, real estate
ventures in which the Partnerships have an equity interest, and ventures
 
                                     F-15


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