0001085869-11-000021.txt : 20110524 0001085869-11-000021.hdr.sgml : 20110524 20110523181853 ACCESSION NUMBER: 0001085869-11-000021 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110524 DATE AS OF CHANGE: 20110523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERFICIENT INC CENTRAL INDEX KEY: 0001085869 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 742853258 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15169 FILM NUMBER: 11866293 BUSINESS ADDRESS: STREET 1: 520 MARYVILLE CENTRE DRIVE STREET 2: SUITE 400 CITY: SAINT LOUIS STATE: MO ZIP: 63141 BUSINESS PHONE: 3145293600 MAIL ADDRESS: STREET 1: 520 MARYVILLE CENTRE DRIVE STREET 2: SUITE 400 CITY: SAINT LOUIS STATE: MO ZIP: 63141 11-K 1 form11k.htm PERFICIENT, INC. FORM 11-K form11k.htm
 





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 
FORM 11-K

[x]       ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2010

OR


[_]       TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to __________

Commission file number 001-15169

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

The Perficient, Inc. 401(k) Employee Savings Plan

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

Perficient, Inc.
  520 Maryville Centre Drive, Suite 400
Saint Louis, Missouri 63141
 
 
 

 

The Perficient, Inc. 401(k) Employee Savings Plan
Financial Statements and Supplemental Schedules
Years ended December 31, 2010 and 2009

Table of Contents

       
       
Report of Independent Registered Public Accounting Firm
   
1
 
         
Financial Statements
       
         
Statements of Net Assets Available for Benefits
   
2
 
Statement of Changes in Net Assets Available for Benefits
   
3
 
Notes to Financial Statements
   
4-9
 
         
Supplemental Schedules*
       
         
Delinquent Participant Contributions
   
10
 
Schedule of Assets (Held at End of Year)
   
11
 
         
Signatures
   
12
 
         
Exhibit Index
   
13
 

* Other schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
  
 
i

 
 
 
Report of Independent Registered Public Accounting Firm

 
To Participants and Administrator of
The Perficient, Inc. 401(k) Employee Savings Plan

We have audited the accompanying statements of net assets available for benefits of The Perficient, Inc. 401(k) Employee Savings Plan (the Plan) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. 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 audit 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.  The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included 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 audit provides 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 Perficient, Inc. 401(k) Employee Savings Plan as of December 31, 2010 and 2009, and the changes in its net assets available for benefits for the year ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets (held at end of year) and delinquent participant contributions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are 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. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.
 

 
/s/ Brown Smith Wallace, L.L.C.
St. Louis, Missouri
May 23, 2011
 
 
1

 
 
 
The Perficient, Inc. 401(k) Employee Savings Plan
Statements of Net Assets Available for Benefits
As of December 31, 2010 and 2009


   
2010
   
2009
 
             
Investments, at fair value (Notes 3 and 4)
 
$
47,868,500
   
$
39,473,221
 
                 
Receivables:
               
Employer contributions
   
57,829
     
--
 
Participant contributions
   
172,108
     
--
 
Notes receivable – participants
   
546,349
     
503,142
 
Total receivables
   
776,286
     
503,142
 
                 
Net assets available for benefits, at fair value
   
48,644,786
     
39,976,363
 
Adjustments from fair value to contract value for fully benefit-responsive investment contract (Note 5)
   
200,666
     
187,023
 
Net assets available for benefits
 
$
48,845,452
   
$
40,163,386
 

The accompanying notes are an integral part of these financial statements.
   
 
2

 

 
The Perficient, Inc. 401(k) Employee Savings Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2010


Additions to net assets attributed to:
       
  Contributions:
       
    Participant
 
 $
5,777,561
 
    Employer
   
1,652,351
 
    Rollover
   
952,539
 
  Total contributions
   
8,382,451
 
         
  Net appreciation in fair value of investments (Note 3)
   
6,418,685
 
  Interest and dividend investment income
   
714,697
 
  Participant loan interest
   
30,916
 
Total additions
   
15,546,749
 
         
Deductions from net assets attributed to:
       
  Benefits paid to participants
   
6,846,162
 
  Administrative expenses
   
18,521
 
Total deductions
   
6,864,683
 
         
  Net increase
   
8,682,066
 
         
Net assets available for benefits at beginning of year
   
40,163,386
 
         
Net assets available for benefits at end of year
 
$
48,845,452
 

The accompanying notes are an integral part of these financial statements.
   
 
3

 

 
The Perficient, Inc. 401(k) Employee Savings Plan
Notes to Financial Statements

1.  
Description of Plan
 
The following description of The Perficient, Inc. 401(k) Employee Savings Plan (the “Plan”) is provided for general information purposes only.  Participants should refer to the Plan Document for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering all full-time United States employees of Perficient, Inc. (the “Company”) who are age 21 or older, except contracted and leased employees, or any employee that is a non-resident alien.  Employees may participate in the Plan on the first day of the month on or after they are determined to meet these conditions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Contributions

For 2010, participants could contribute from 1% to 100% of their pre-tax annual compensation to any of the investment funds up to a maximum of $16,500, subject to Internal Revenue Service (“IRS”) Rules and Regulations.  Participants have attained age 50 before the end of the year were eligible to make catch-up contributions of an additional $5,500.  Participants could also contribute amounts representing distributions from other qualified defined benefit or contribution plans.

The Company made matching contributions of 50% (25% in cash and 25% in Company stock) of the first 6% of eligible compensation deferred by the participant.

Participant Accounts

Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and an allocation of Plan earnings.  Allocations are based on participant 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 vested account.

Vesting

Participants are vested immediately in their contributions plus actual earnings thereon. The Company contributions plus earnings thereon vest based on years of service as follows:

 
Years of Service
Non-forfeitable
Percentage
Less than 1
0
1
33
2
66
3 or more
100

Notes Receivable – Participants

Upon written application of a participant, the Plan may make a loan to the participant.  Participants may borrow no less than $1,000 and no greater than the lesser of 50% of the participant’s vested account balance or $50,000.  The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local rates for similar plans.  Loans are amortized over a maximum of 60 months unless used to purchase the participant’s principal residence and repayment is made through payroll deductions.  Participant loans are measured at the unpaid principal balance plus any accrued but unpaid interest.  Participant loans outstanding were $546,349 and $503,142 at December 31, 2010 and 2009, respectively.

Payment of Benefits

Participants are entitled to receive benefit payments at the normal retirement age of 65, participant’s death or disability, in the event of termination, or if the participant reaches age 70½ while still employed.  Benefits may be paid in a lump-sum distribution or installment payments.
 
 
4

 
 
 
Forfeitures

As of December 31, 2010 and 2009, forfeitures not utilized to offset employer contributions were $9,967 and $26,034, respectively.  In accordance with the Plan provisions, forfeitures are used to reduce employer contributions.  During the years ended December 31, 2010 and 2009, employer contributions were reduced by forfeitures of $99,985 and $54,195, respectively, which included account balances forfeited during the year.

Participant-Directed Investments

All assets of the Plan are participant-directed investments.

Participants have the option of directing their account balance to one or more different investment options.  The investment options include various mutual funds, a guaranteed investment contract, and Company common stock.

2.  
Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan have been prepared on the accrual basis of accounting.

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 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.  The Statements of Net Assets Available for Benefits present the fair value of the investment contract as well as the adjustment of the fully benefit-responsive investment contract from fair value to contract value.  The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

Use of Estimates

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Investment Valuation and Income Recognition

The Plan’s investments are reported at fair value.  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The fully benefit-responsive investment contract is valued at contract value.  See Note 4 for discussion of fair value measurement.

Purchases and sales of investments and realized gains and losses are accounted for on the trade date. Interest income is recorded as earned and dividend income is recorded on the ex-dividend date.  Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Payment of Benefits

Benefits are recorded when paid.

Expenses

Operating expenses of maintaining the Plan are paid by the Company.  Administrative expenses for participant-directed transactions are paid by the Plan.
 
 
5

 
 
 
New Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06, Improving Disclosures about Fair Value Measurements (Topic 820) - Fair Value Measurements and Disclosures (“ASU 2010-06”).  This update requires: (a) separate disclosures for significant transfers between Level 1 and Level 2 and the reasons for the transfers; (b) separate disclosure of purchases, sales, issuances, and settlements in the reconciliation of activity within Level 3; (c) the use of judgment in determining the appropriate classes of assets and liabilities; and (d) a description of 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, except for the disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years.  The Plan adopted ASU 2010-06 for the year ended December 31, 2010 except for the provisions that are not effective until the year ended December 31, 2011. The Plan is currently evaluating the impact of the provisions of ASU 2010-06 that are not effective until the year ended December 31, 2011 on its financial statements.

In September 2010, the FASB issued ASU No. 2010-25, Plan Accounting – Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans (“ASU 2010-25”).  The objective of this update is to clarify how loans to participants should be classified and measured by defined contribution pension benefit plans.  ASU 2010-25 should be applied retrospectively to all prior periods presented, effective for fiscal years ending after December 15, 2010. The Plan adopted ASU 2010-25 for the year ended December 31, 2010 and applied the guidance retrospectively as required.

3.  
Investments

The following investments represented 5% or more of the Plan’s net assets:
 
   
December 31,
 
   
2010
   
2009
 
Principal Life Insurance Company:
           
Fixed Income Option 401(a)/401(k), 260,191 and 249,774 shares, respectively
 
4,013,323
   
3,740,459
 
Lifetime 2030 R5, 291,559 and 262,297 shares, respectively
   
3,373,336
     
2,678,052
 
Large Cap S&P 500 Index Institutional, 377,646 and  404,338 shares, respectively
   
3,319,511
     
3,137,664
 
Lifetime 2040 R5, 243,482 and 211,769 shares, respectively
   
2,858,483
     
2,183,344
 
Lifetime Strategic Income R5, 233,195 and 246,625 shares, respectively
   
2,469,537
     
2,424,323
 
American Funds:
               
EuroPacific Growth R4, 109,273 and 107,762 shares, respectively
   
4,445,235
     
4,131,597
 
Growth Fund of America R4, 145,075 and 153,122 shares, respectively
   
4,379,807
     
4,184,813
 
Perficient, Inc. Common Stock, 510,398 and 477,141 shares, respectively
   
6,379,969
     
4,022,302
 
Dodge & Cox Income, 200,097 shares
   
2,647,278
     
*
 
 
* Not a 5% investment in respective year.

During the year ended December 31, 2010, the Plan’s investments (including investments bought and sold, as well as held during the year) appreciated in value as follows:

Mutual funds
 
$
4,357,775
 
Employer securities
   
2,060,910
 
Net appreciation  
$
6,418,685
 

4.  
Fair Value Measurements

FASB Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”), 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 Topic 820 are described as follows:
 
 
6

 
 
 
•  
Level 1 – Quoted prices in active markets for identical assets or liabilities.
•  
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•  
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following is a description of the valuation methodologies used for assets measured at fair value.  There have been no changes in the methodologies used at December 31, 2010 and 2009.
 
Mutual Funds

Mutual funds available for investment in the Plan are valued at quoted prices available in an active market and are classified within Level 1 of the valuation hierarchy.

Common Stock

Company stock is valued at the closing price reported on the Nasdaq Global Select Market and is classified within Level 1 of the valuation hierarchy.

Investment Contract

The Principal Life Insurance Company (“Principal”) Fixed Income Option 401(a)/401(k) is a general account-backed stable value contract.  This investment guarantees principal and provides a stated rate of return.  The fair value represents the amount received upon withdrawal or transfer of funds prior to their maturity, which is the contract value less a withdrawal charge.  Since the investment is based on the provisions of the investment contract, it is classified within Level 3 of the valuation hierarchy.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value:
 
   
As of December 31, 2010
   
Quoted Prices in Active Markets for Identical Assets (Level 1)
   
Significant Observable Inputs (Level 2)
   
Significant Unobservable Inputs (Level 3)
   
Total Fair Value
 
Assets:
                       
  Mutual Funds:
                               
     Balanced Funds
 
$
11,105,448
   
$
--
   
$
--
   
$
11,105,448
 
     Fixed Income Funds
   
3,392,489
     
--
     
--
     
3,392,489
 
     Equity Funds
   
23,177,937
     
--
     
--
     
23,177,937
 
  Total Mutual Funds
   
37,675,874
     
--
     
--
     
37,675,874
 
  Company Common Stock
   
6,379,969
     
--
     
--
     
6,379,969
 
  Investment Contract
   
--
     
--
     
3,812,657
     
3,812,657
 
     Total Assets
 
$
44,055,843
   
$
--
   
$
3,812,657
   
$
47,868,500
 
 
 
7

 
 
 
 
   
As of December 31, 2009
   
Quoted Prices in Active Markets for Identical Assets (Level 1)
   
Significant Observable Inputs (Level 2)
   
Significant Unobservable Inputs (Level 3)
   
Total Fair Value
 
Assets:
                       
  Mutual Funds:
                               
     Balanced Funds
 
$
9,283,327
   
$
--
   
$
--
   
$
9,283,327
 
     Fixed Income Funds
   
2,397,696
     
--
     
--
     
2,397,696
 
     Equity Funds
   
20,216,460
     
--
     
--
     
20,216,460
 
  Total Mutual Funds
   
31,897,483
     
--
     
--
     
31,897,483
 
  Company Common Stock
   
4,022,302
     
--
     
--
     
4,022,302
 
  Investment Contract
   
--
     
--
     
3,553,436
     
3,553,436
 
     Total Assets
 
$
35,919,785
   
$
--
   
$
3,553,436
   
$
39,473,221
 
 
The table below sets forth a summary of changes in the fair value of the Plan’s Investment Contract classified within Level 3 of the valuation hierarchy:

   
As of December
31, 2010
Balance, Beginning of Year 
 
$
3,553,436
 
Total Gains or Losses (Realized and Unrealized)
   
(13,643
)
Purchases, Sales, Issuances, and Settlements, Net
   
272,864
 
Balance, End of Year
 
$
3,812,657
 
 
   
As of December
31, 2009
Balance, Beginning of Year 
 
$
3,311,454
 
Total Gains or Losses (Realized and Unrealized)
   
(12,735
)
Purchases, Sales, Issuances, and Settlements, Net
   
254,717
 
Balance, End of Year
 
$
3,553,436
 
 
Gains and losses (realized and unrealized) included in changes in net assets for the period above are reported in net appreciation in fair value of investments in the Statement of Changes in Net Assets Available for Benefits.

5.  
Investment Contract

The Plan has a fully-benefit responsive investment contract with Principal. Principal maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The contract is included in the financial statements at contract value as reported to the Plan by Principal. Contract value represents contributions made by participants, plus interest at a specified rate determined semiannually, less withdrawals or transfers by participants.  Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

There are no reserves against the contract value for credit risk of the contract issuer or otherwise.  The fair value of the investment contract as of December 31, 2010 and 2009 was $3,812,657 and $3,553,436, respectively.  The stated rate of return of the contract as of December 31, 2010 and 2009 was 2.90% and 3.15%, respectively.  The rate was 2.75% on January 1, 2011.

6.  
Party-In-Interest Transactions

As of December 31, 2010 and 2009, the Plan held 510,398 and 477,141 shares, respectively, of Company common stock.  Total outstanding Company common stock as of December 31, 2010, was approximately 30 million shares.
 
 
8

 
 

During the year ended December 31, 2010, the Plan had the following transactions involving Company common stock:
 
Shares purchased
  181,909  
Shares sold
    148,652  
Cost of shares purchased
  $ 1,854,794  
Cost of shares sold
  $ 1,300,518  
Net proceeds from shares sold
  $ 257,518

Certain Plan investments are managed by Principal.  Principal is the trustee and custodian as defined by the Plan; therefore, these transactions qualify as party-in-interest.

7.  
Plan Termination

Although it has not expressed any 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.  In the event of Plan termination, participants will become 100% vested in their employer contributions.

8.  
Income Tax Status
 
The Plan Administrator 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 disclosure in the financial statements.  The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes the Plan is no longer subject to examination for the years prior to 2007.

The IRS has determined and informed the Company by a letter dated November 9, 2009 that the Plan is established in accordance with applicable sections of the Internal Revenue Code (the “Code”), and therefore, the Plan qualifies as tax-exempt under Section 401(a) of the Code.

9.  
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 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.

10.  
Delinquent Participant Contributions

As reported on the Form 5500, Schedule H, Part IV, Line 4(a) – Schedule of Delinquent Participant Contributions, certain participant contributions were not remitted to the trust within the time frame specified by Department of Labor Regulation 29 CFR 2510.3-102, thus constituting non-exempt transactions between the Plan and the Company during 2010.  The Company incurred expense of $111 for the remittance of lost earnings on delinquent contributions to the Plan.

11.  
Subsequent Event

On December 10, 2010, the Company acquired speakTECH. As a result of the acquisition, the speakTECH 401(k) plan was merged into the Plan in February 2011.  The value of the plan assets transferred from the speakTECH 401(k) plan was $992,439.
 
 
9

 
 
 
Supplemental Schedule

The Perficient, Inc. 401(k) Employee Savings Plan
FEIN: 74-2853258; Plan No. 001
Delinquent Participant Contributions
For the Year Ended December 31, 2010

Form 5500, Schedule H, Part IV, Line 4(a)

Identity of party involved
Relationship to plan, employer, or
other party-in-interest
Description of transactions, including
rate of interest
 
Amount on line 4(a)
   
Lost earnings
 
Perficient, Inc.
Plan sponsor
Employee deferrals not deposited to the Plan in a timely manner
 
$
6,732
   
$
111
 

Note: The Plan sponsor corrected these contributions in 2010 outside of the Voluntary Fiduciary Correction Program.
 
 
10

 

 
Supplemental Schedule

The Perficient, Inc. 401(k) Employee Savings Plan
FEIN: 74-2853258; Plan No. 001
Schedule of Assets (Held at End of Year)
December 31, 2010

Form 5500, Schedule H, Part IV, Line 4(i)

 
(a)
 
(b)
Identity of Issuer
(c)
Description
 
(d)
Cost
   
(e)
Current Value
 
         
                   
 
*
 
Principal Life Insurance Company:
             
     
Lifetime 2030 R5
Mutual fund
   
**
   
$
3,373,336
 
     
Large Cap S&P 500 Index Institutional
Mutual fund
   
**
     
3,319,511
 
     
Lifetime 2040 R5
Mutual fund
   
**
     
2,858,483
 
     
Lifetime Strategic Income R5
Mutual fund
   
**
     
2,469,537
 
     
Mid Cap S&P 400 Index Institutional
Mutual fund
   
**
     
1,831,500
 
     
Lifetime 2020 R5
Mutual fund
   
**
     
1,721,629
 
     
Small Cap S&P 600 Index Institutional
Mutual fund
   
**
     
1,666,162
 
     
           Mid Cap Growth R5
Mutual fund
   
**
     
928,689
 
     
Real Estate Securities R5
Mutual fund
   
**
     
745,210
 
     
Lifetime 2050 R5
Mutual fund
   
**
     
424,674
 
     
Lifetime 2010 R5
Mutual fund
   
**
     
257,789
 
     
American Funds:
                 
     
EuroPacific Growth R4
Mutual fund
   
**
     
4,445,235
 
     
Growth Fund of America R4
Mutual fund
   
**
     
4,379,807
 
     
American Mutual Fund R4
Mutual fund
   
**
     
1,869,372
 
     
Dodge and Cox Income
Mutual fund
   
**
     
2,647,278
 
     
Columbia Mid Cap Value A
Mutual fund
   
**
     
1,358,093
 
     
Delaware Small Cap Value A
Mutual fund
   
**
     
1,240,980
 
     
Fidelity Advisor Small Cap A
Mutual fund
   
**
     
1,109,198
 
     
Vanguard Wellington Admiral
Mutual fund
   
**
     
1,029,391
 
     
            Total mutual funds
     
**
     
37,675,874
 
                         
 
*
 
Perficient, Inc.
Employer securities
   
**
     
6,379,969
 
 
*
 
Principal Life Insurance Company:
                 
     
Fixed Income Option 401(a)/401(k)
Guaranteed investment contract
   
**
     
4,013,323
 
 
  *
 
Participant Loans
Interest rate of 5.25% - 11.50%
   
**
     
546,349
 
                         
     
Total investments
           
$
48,615,515
 
                         
* Party-in-interest transaction considered exempt by the Department of Labor.
         
** Cost omitted for participant-directed investments.
               
 
 
11

 

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
 
                                                         
 
   
The Perficient, Inc. 401(k) Employee Savings Plan
       
       
 Date:  May 23, 2011
 
/s/ Paul E. Martin
 
   
 Paul E. Martin
 
   
 Chief Financial Officer
 
 
 
12

 
 

EXHIBITS INDEX

Exhibit Number
 
 
Description
 
23.1
 
Consent of Brown Smith Wallace, L.L.C.
 
 
13

 
 
 
EX-23.1 2 auditorconsent.htm BSW CONSENT auditorconsent.htm
EXHIBIT 23.1



Consent of Independent Registered Public Accounting Firm
 
We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-44854), as amended (File No. 333-147730 and File No. 333-160465), of Perficient, Inc. of our report dated May 23, 2011 with respect to the statements of net assets available for benefits of The Perficient, Inc. 401(k) Employee Savings Plan as of December 31, 2010 and 2009, the related statement of changes in net assets available for benefits for the year ended December 31, 2010, and the related supplemental schedules of Schedule H, line 4i- schedule of assets (held at end of year) as of December 31, 2010 and Schedule H, line 4a- delinquent participant contributions as of December 31, 2010, which  appears in the December 31, 2010 annual report on Form 11-K of The Perficient, Inc. 401(k) Employee Savings Plan.




/s/ Brown Smith Wallace, L.L.C.
St. Louis, Missouri
May 23, 2011