SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
FORM 11-K
 
 
 
[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
   OF THE SECURITIES EXCHANGE ACT OF 1934
For the calander year ended December 31, 2010
 
or
 
[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
   OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from __________ to __________
 
 

 
Commission file number 001-007763
 
 
 

A.  Full title of the plan and address of the plan, if different from that of the issuer named below:

Met-Pro Corporation Retirement Savings Plan
 
 

 
B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Met-Pro Corporation
160 Cassell Road
PO Box 144
Harleysville, PA 19438
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 

 















 
MET-PRO CORPORATION

RETIREMENT SAVINGS PLAN

FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
MET-PRO CORPORATION

RETIREMENT SAVINGS PLAN

CONTENTS  

 

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 









REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Participants and Administrator
Met-Pro Corporation
Retirement Savings Plan

We have audited the accompanying statements of net assets available for benefits of the Met-Pro Corporation Retirement Savings Plan as of December 31, 2010 and 2009, and the related statements of changes in net assets available for benefits for the years then ended.  These financial statements are the responsibility of the Plan’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Met-Pro Corporation Retirement Savings Plan as of December 31, 2010 and 2009, and the changes in its net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedule of assets (held at end of year) as of December 31, 2010 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  The supplemental schedule is the responsibility of the Plan’s management.  The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.



 
 
/ s/ Marcum LLP       
   
Marcum LLP  
Bala Cynwyd, PA
 
June 29, 2011  
 
 
 

 
1

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2010 AND 2009


   
2010
 
2009
 
           
Assets
         
Investments, at fair value:
         
Mutual funds
 
$10,684,614
 
$  9,711,607
 
Met-Pro Corporation common stock
 
3,413,952
 
2,910,893
 
Common collective trust fund
 
1,111,592
        
1,131,156
 
   
15,210,158
 
13,753,656
 
           
Receivables:
         
Notes receivable from participants
 
    161,637
 
     175,751
 
           
Net Assets Reflecting all Investments
         
at Fair Value
 
15,371,795
 
13,929,407
 
           
Adjustments from fair value to contract value
         
for fully-benefit responsive investment contracts
 
       (24,506
)
          2,837
 
           
Net Assets Available for Benefits
 
$15,347,289
 
$13,932,244
 














 
 

 






The accompanying notes are an integral part of these financial statements .

 
2

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


     
2010
   
2009
 
             
Additions
           
Investment Income :
           
Dividends and interest
 
$228,935
    
$160,576
 
Unrealized appreciation / (depreciation):
           
Mutual funds
 
992,626
   
1,979,805
 
Met-Pro Corporation common stock
 
352,926
   
(554,956
)
Common collective trust fund
 
(13,437
)
 
 24,860
 
Realized gain (loss):
           
Mutual funds
 
32,862
   
354,254
 
Met-Pro Corporation common stock
 
(1,131
)
 
(58,483
)
Common collective trust fund
 
1,908
   
1,582
 
             
Total Investment Income
 
1,594,689
   
1,907,638
 
             
Interest income on notes receivable from participants
 
7,856
   
8,355
 
             
Contributions:
           
Employees
 
1,024,943
   
1,054,122
 
Employer
 
678,853
   
682,106
 
             
Total Contributions
 
1,703,796
   
1,736,228
 
             
Total Additions
 
3,306,341
   
3,652,221
 
             
Deductions
           
Benefits paid to beneficiaries
           
and terminated employees
 
1,869,840
   
388,363
 
Administration and other expenses
 
21,456
   
21,868
 
             
Total Deductions
 
1,891,296
   
410,231
 
             
             
Net Increase
 
1,415,045
   
3,241,990
 
             
Net Assets Available for Benefits
           
Beginning of year
 
13,932,244
   
10,690,254
 
             
End of year
 
$15,347,289
   
$13,932,244
 
 
 
 
The accompanying notes are an integral part of these financial statements.

 
3

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


Note 1 - Description of the Plan

The following description of the Met-Pro Corporation Retirement Savings Plan (“the Plan”) is provided for general information purposes only.  Participants should refer to the plan agreement for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering substantially all U.S. employees of Met-Pro Corporation (“the Company”).  Employees become eligible to be participants in the Plan upon completing six months or 500 hours of employment and having attained the age of 21.

Employee Contributions

The Plan provides employees with an option to enter into a salary reduction agreement with the Company, whereby a portion of the employee’s compensation may be deferred by having the Company contribute such amount on the employee’s behalf to the Plan.  The maximum amount which an employee may elect to defer with respect to any plan year is subject to limitations as provided by the Internal Revenue Code.

Employer Contributions

The Company may elect to contribute a matching percentage of one-half the participant’s eligible contributions for the plan year up to 4% of eligible compensation.

The Company makes a discretionary contribution for all employees ranging from 2% to 4% depending on the age of the participant and years of service.  Total discretionary contributions for 2010 and 2009 totaled approximately $434,000 and $417,000, respectively.

Forfeitures

Forfeitures by terminated employees of amounts not vested are reallocated against plan administration fees or employer contributions.  Employee forfeited, nonvested amounts were approximately $26,000 and $29,000 for the years ended December 31, 2010 and 2009, respectively.

Investment Options

Participants can direct their allocable balances into mutual funds, a common collective trust fund and sponsor corporate stock managed by PNC Advisors.
 
 
 
 
 

 
 
4

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


Note 1 - Description of the Plan (continued)

Participant Accounts

Each participant’s account is credited with his or her salary deferral contribution, employer contributions, if any, and an allocation of net investment income and charged with an allocation of administrative expenses.  Allocations are based on the participant’s earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.  Participants may change their investment options at any time.
 
For terminated employees with vested balances over $1,000, but not over $5,000, an automatic rollover to a qualified retirement plan is performed.  Any terminated employee with less than $1,000 vested will receive a distribution representing his or her vested account balance less applicable income tax withholding, unless instructed to rollover such amount to either an IRA or another qualified retirement plan.

Participant Loans

Participants may borrow from their fund accounts up to a maximum of $50,000 or 50% of their vested balance, whichever is less.  The loans are collateralized by the balance in the participant’s account and bear interest at rates ranging from 4.25% to 9.25%, which are commensurate with local prevailing rates as determined by the plan administrator.  Principal and interest is paid ratably through monthly payroll deductions.

Vesting

Participants are immediately vested in their voluntary contribu­tions.  Participants are 100 percent vested upon reaching three years of credited service. Prior to January 1, 2007, participants vested using a six-year graded scale.  Contributions for participants who became eligible prior to January 1, 2007 vest using the scale which is more beneficial to the participant.

Plan Termination

Although it has not expressed an intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.
 
 
 
 
 
 
 

 
 
5

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 2 - Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements have been prepared on the accrual basis of accounting except for participant benefit payments.

Fully benefit-Responsive Investment Contracts

Investment contracts held by a defined contribution plan are required to be reported at fair value.  However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan.  As required by the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 962-205-45-3, the Statements of Net Assets Available for Benefits present the fair value of the investment contracts, as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value.  The Statements of Changes in Net Assets Available for Benefits are prepared on a contract value basis.

Contributions

Employer matching, employer discretionary and employee salary deferral contributions are included in the income of the Plan in the period for which the contribution is being made.  The participants designate what percentage of their contribution, along with the employer match, is allocated to the various investment options.

Payments of Benefits

Benefits are recorded when paid.

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value.  Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end.  Common stock is valued at quoted market prices.  The common collective trust fund with underlying investments in investment contracts is valued at fair market value of the underlying investments and then adjusted by the issuer to contract value.

Purchases and sales of securities are recorded on a trade-date basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the ex-dividend date.
 
 
 
 
 
6

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 2 - Summary of Significant Accounting Policies (continued)

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.  Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.

Concentrations of Credit Risk

At December 31, 2010 and 2009, the Plan maintained 100% of its investments with PNC Advisors.

Use of Estimates

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures , provides the framework for measuring fair value.  That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The three levels of the fair value hierarchy under ASC 820 are described as follows:

 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
7

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 2 - Summary of Significant Accounting Policies (continued)

Level 1 Fair Value Measurements

Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The Plan uses the market approach valuation technique to value its investments. The market approach uses prices and other pertinent information generated from market transactions involving identical or comparable assets or liabilities. The types of factors that the Plan may take into account in fair value pricing the investments include available current market data, including relevant and applicable market quotes. The Plan’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The fair value of mutual funds is based on quoted net asset values of the shares held by the Plan at year end.  The fair value of the Met-Pro Corporation common stock is based on quoted market prices.

Level 2 Fair Value Measurements

Inputs to the valuation methodology include
 
   
quoted prices for similar assets or liabilities in active markets;
   quoted prices for identical or similar assets or liabilities in inactive markets;
  inputs other than quoted prices that are observable for the asset or liability;
    inputs that are derived principally from or corroborated by observable market data by correlation or other means.
 
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

The fair value of the common collective trust fund held by the Plan is based on this methodology.

Level 3 Fair Value Measurements

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.  The Plan does not maintain Level 3 assets.
 

 
 

 
 
8

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 2 - Summary of Significant Accounting Policies (Continued)

Fair Value Measurements (continued)

The following table provides fair value measurement information for the Plan’s major categories of financial assets measured on a recurring basis.  During 2010 and 2009, there were no transfers of financial assets or liabilities between levels within the fair value hierarchy.
 
 
           
Fair Value Measurements at Reporting Date Using
             
                  Quoted Prices for      
          Quoted Prices in   Similar Assets in    
Significant
   
Fair Value
    Active Markets for   Active or Non-active    
Unobservable
  December 31,   Identical Assets    
Markets
      Inputs
   
2010
     
(Level 1)
     
(Level 2)
     
(Level 3)
                               
Assets
                             
   Investments:
                             
      Mutual funds:
            
 
           
 
        
 
 
      Growth
 
$  4,701,927
     
$  4,701,927
     
$             --
     
$           --
 
      Index
 
1,090,037
     
1,090,037
     
--
     
--
 
      Fixed income
 
439,199
     
439,199
     
--
     
--
 
      Balanced
 
4,452,395
     
4,452,395
     
--
     
--
 
      Other
  1,056        1,056      
--
     
--
 
        Total mutual funds
  10,684,614       10,684,614      
--
     
--
 
    
                 
--
     
--
 
Met-Pro Corporation
 common stock
 
3,413,952
     
3,413,952
     
--
     
--
 
    Common collective trust
         fund
 
1,111,592
     
--
     
1,111,592
     
--
 
                               
   
$15,210,158
     
$14,098,566
     
$1,111,592
     
$           --
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
9

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 2 - Summary of Significant Accounting Policies (Continued)

Fair Value Measurements (continued)

           
Fair Value Measurements at Reporting Date Using
             
                  Quoted Prices for      
          Quoted Prices in   Similar Assets in    
Significant
   
Fair Value
    Active Markets for   Active or Non-active    
Unobservable
  December 31,   Identical Assets    
Markets
     
Inputs
   
2009
     
(Level 1)
     
(Level 2)
     
(Level 3)
                               
Assets
                             
   Investments:
                             
      Mutual funds:
            
 
           
 
        
 
 
      Growth
 
$  4,310,594
     
$  4,310,594
     
$             --
     
$           --
 
      Index
 
772,840
     
772,840
     
--
     
--
 
      Fixed income
 
336,845
     
336,845
     
--
     
--
 
      Balanced
 
4,290,237
     
4,290,237
     
--
     
--
 
       Other
  1,091       1,091      
--
     
--
 
        Total mutual funds
  9,711,607       9,711,607      
--
     
--
 
    
                 
--
     
--
 
Met-Pro Corporation
 common stock
 
2,910,893
     
2,910,893
     
--
     
--
 
    Common collective trust
         fund
 
1,131,156
     
--
     
1,131,156
     
--
 
                               
   
$13,753,656
     
$12,622,500
     
$ 1,131,156
     
$           --
 
 

Recently Issued Accounting Pronouncements

In September 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-25, “Plan Accounting - Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans".  This ASU applies to any defined contribution pension plan that allows participant loans.  The amendments in this ASU require that participant loans be classified as notes receivable from participants, which are segregated from plan investments and measured at their unpaid principal balance, plus any accrued but unpaid interest.  The amendments in this ASU are effective for fiscal years ending after December 15, 2010, and are applied retrospectively to all prior periods presented.  The adoption of this standard did not have a material impact on the Plan’s financial statements.
 

 
 
 

 
 
10

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 2 - Summary of Significant Accounting Policies (Continued)

Recently Issued Accounting Pronouncements (continued)

The FASB issued ASU No. 2010-06, “Fair Value Measurements and Disclosures (Topic 820):  Improving Disclosures about Fair Value Measurements”.  This ASU requires some new disclosures and clarifies some existing disclosure requirements about fair value measurement as set forth in Accounting Standards Codification (“ASC”) Subtopic 820-10.  ASU 2010-06 amends ASC Subtopic 820-10 and now requires a reporting entity to use judgment in determining the appropriate classes of assets and liabilities and to provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements.  ASU 2010-06 is effective for interim and annual reporting periods beginning after December 15, 2009.  As this standard relates specifically to disclosures, the adoption did not have an impact on the Plan’s financial statements.

The FASB issued ASU No. 2009-12, “Fair Value Measurements and Disclosures (Topic 820) – Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent)”.  This update amends Subtopic 820-10, “Fair Value Measurements and Disclosures – Overall”, to permit a reporting entity to measure the fair value of certain investments on the basis of the net asset value per share of the investment (or its equivalent).  This update also requires new disclosures, by major category of investments, including the attributes of investments within the scope of this amendment to the ASC.  The adoption of this standard did not have a material impact on the Plan’s financial statements.


Note 3 - Tax Status

The Plan obtained its latest determination letter on October 30, 2008, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter.  However, the plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code.

 
 
 
 
 
 
 
 
 

 
 
11

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 3 - Tax Status (continued)

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan 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 Internal Revenue Service.  The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.  The Plan is subject to routine audit, however, there are currently no audits for any tax periods in progress.  The plan administrator believes that Plan is no longer subject to income tax examinations for years prior to 2007.


Note 4 - Administration of Plan Assets

The Plan’s assets, which consist principally of investments, are held by the Trustee of the Plan.  Certain fees of the Plan are paid by the Plan’s sponsor.  Certain administrative functions are performed by employees of the Company.  No employees received compensation from the Plan.


Note 5 - Investments

The following individual investments exceeded 5% of the fair value of net assets available for plan benefits at December 31:

   
2010
   
2009
Janus Balanced Class S Fund
  $1,418,347    
$1,548,240
 
Janus Forty Class S Fund
  1,764,750    
1,939,875
 
Janus Growth and Income Class S Fund
  1,030,577    
1,177,270
 
Janus Overseas Class S Fund
  1,182,909    
964,719
 
T Rowe Price Retirement 2020 R Fund
  794,776    
785,904
 
Met-Pro Corporation Common Stock
  3,413,952    
2,910,893
 
PNC Investment Contract Fund
  1,111,592    
1,131,156
 



 
 
 
 
 

 

 
12

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 6 - Investment Contract with Insurance Company

One of the investment options available in the Plan is the PNC Investment Contract Fund (“Fund”).  The Fund is a common collective trust that invests in fully benefit-responsive investment contracts which include principally short-term investments and fixed income securities.  Participants may ordinarily direct the withdrawal or transfer of all of a portion of their investment at contract value.  Contract value represents contributions made to the fund, plus earnings, less participant withdrawals.

An average yield earned by the Fund was computed by dividing the annualized one-day earnings of the Fund’s investments at year end (irrespective of the interest rate credited to unit holders in the Fund) by the fair value of the Fund’s investments on that date.

An average yield earned by the Fund as adjusted to reflect the actual interest rate credited to unit holders was computed by dividing the annualized one-day earnings credited to unit holders at year end (irrespective of the actual earnings of the investments in the Fund) by the fair value of the Fund’s investments on that date.

The average yield earned by the Plan on the Fund during the years ended December 31, 2010 and 2009 was 1.65% and 2.43% and the average interest rate credited to the participants was 2.36% and 2.19%, respectively.


Note 7 - Related Party Transactions

Certain plan investments are shares of mutual funds managed by PNC Advisors.  PNC Advisors is the custodian and trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions.  The investments with PNC Advisors were $1,111,592 and $1,131,156 at December 31, 2010 and 2009, respectively.  Purchases and sales of shares were 71,631 and 82,749 for the year ended December 31, 2010, respectively, and 87,569 and 46,598 for the year ended December 31, 2009, respectively.

Certain plan investments are shares of Plan sponsor common stock.  These transactions qualify as party-in-interest transactions. The investments with Met-Pro Corporation were $3,413,952 and $2,910,893 at December 31, 2010 and 2009, respectively.  Purchases and sales of shares were 39,874 and 24,896 for the year ended December 31, 2010, respectively, and 70,596 and 19,520 for the year ended December 31, 2009, respectively.
 
 
 
 
 
13

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Note 8 - Risks and Uncertainties

The Plan invests in various investment securities.  Investment securities are exposed to various risks such as interest rate, market and credit risks.  Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the statement of net assets available for benefits.


Note 9 - Plan Amendment

On October 20, 2010 the Plan was amended to waive the new hire waiting period and provide vesting services to employees of Bio-Reaction, Industries, Inc. ("Bio Reaction") in connection with the Company's asset purchase of Bio-Reaction which occurred on October 8, 2010.


Note 10 - Subsequent events

Management evaluated subsequent events occurring through June 29, 2011, the date that the accompanying financial statements were available to be issued, to determine if there were events or transactions which require recognition or disclosure in the financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 




 
14

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN

EIN:  23-1683282
PLAN-009
SCHEDULE H - ITEM 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2010


(a)
 
(b)
 
(c)
 
(d)
 
(e)
                 
        Description of Investment        
       
Including Maturity
       
   
Identity of Issue,
 
Date, Rate of Interest,
       
   
Borrower, Lessor,
 
Collateral, Par or
     
Current
   
or Similar Party
 
Maturity Value
 
Cost
 
Value
                 
  Mutual Funds:            
   
American Century Small Cap Value
 
Mutual fund
 
$     299,990
 
$     336,865
   
BlackRock Index Equity Cls A Fund
 
Mutual fund
 
331,843
 
364,209
   
Federated Mid-Cap Index Fund
 
Mutual fund
 
646,169
 
725,828
   
Federated Total Return Bond Fund
 
Mutual fund
 
427,205
 
439,199
   
Growth Fund of America
 
Mutual fund
 
618,675
 
720,210
   
Investment Company of America
 
Mutual fund
 
70,811
 
79,303
   
Janus Balanced Class S Fund
 
Mutual fund
 
1,251,758
 
1,418,347
   
Janus Forty Class S Fund
 
Mutual fund
 
1,498,109
 
1,764,750
   
Janus Growth and Income Class S Fund
 
Mutual fund
 
815,796
 
1,030,577
   
Janus Overseas Class S Fund
 
Mutual fund
 
839,880
 
1,182,909
   
MFS Value R3
 
Mutual fund
 
195,915
 
224,457
*
 
MPC SLF
 
Mutual fund
 
1,056
 
1,056
   
Royce Value Plus Service Fund
 
Mutual fund
 
426,931
 
495,433
   
T Rowe Ret 2010 R
 
Mutual fund
 
498,237
 
515,744
   
T Rowe Ret 2020 R
 
Mutual fund
 
759,435
 
794,776
   
T Rowe Ret 2030 R
 
Mutual fund
 
122,477
 
133,719
   
T Rowe Ret 2040 R
 
Mutual fund
 
280,653
 
299,243
   
T Rowe Ret 2050 R
 
Mutual fund
 
28,341
 
35,532
   
Washington Mutual Investors Fund
 
Mutual fund
 
123,535
 
122,457
           
9,236,816
 
10,684,614
                 
*
Met-Pro Corporation Stock
 
Common stock
 
2,451,685
 
3,413,952
                 
*
Common Collective Trust Funds:
           
    PNC Investment Contract Fund
 
Investment contract fund
 
1,018,407
 
1,111,592
                 
           
$12,706,908
 
$15,210,158
               
*
Participant loans
 
4.25% - 9.25% interest with
       
       
varying maturity dates through
       
       
September 2015
 
$               --
 
$     161,637
                 
                 
*
Party-In-Interest
           

 
 
 
 
 
15

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN



 
SIGNATURES
 

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan administrator has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.



   
Met-Pro Corporation Retirement Savings Plan
     
     
     
Date:  June 29, 2011
 
By: /s/ Gary J. Morgan
   
Gary J. Morgan
   
Senior Vice President - Finance

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16

MET-PRO CORPORATION RETIREMENT SAVINGS PLAN


 
 
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