-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, DJgUupAV1sNyI3gQ/r0abpO59mm+BQDJlVudzsl1oJ6nWTKACL4ySBMrUsLTapxj JVLy1wpgn0N62dIalPVUTA== 0000040730-94-000012.txt : 19940701 0000040730-94-000012.hdr.sgml : 19940701 ACCESSION NUMBER: 0000040730-94-000012 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: 3711 IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00143 FILM NUMBER: 94536827 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135565000 11-K 1 SAVINGS STOCK PURCHASE PLAN l:\secfiles\11-K\gmssp\salemp93.doc 11 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549-1004 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, 1993 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 2-14960 ------- GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES ---------------------------------------------- (Full title of the plan) General Motors Corporation 767 Fifth Avenue, New York, New York 10153-0075 3044 West Grand Blvd., Detroit, Michigan 48202-3091 --------------------------------------------------- (Name of issuer of the securities held pursuant to the plan and the address of its principal executive offices) Registrant's telephone number, including area code (313)-556-5000 Notices and communications from the Securities and Exchange Commission relative to this report should be forwarded to: David J. FitzPatrick Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - 2 FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES Page No. ------------------------------------------------------ -------- General Motors Savings-Stock Purchase Program for Salaried Employees in the United States: Independent Auditors' Report. . . . . . . . . . . . . . . 3 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1993 and 1992 4 Statements of Net Assets Available for Benefits, December 31, 1993 and 1992. . . . . . . . . . . . . . . 8 Notes to Financial Statements . . . . . . . . . . . . . . 12 Supplemental schedules: Item 27a-Schedule of Assets Held for Investment Purposes, December 31, 1993 . . . . . . . . . . . . . 18 Item 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1993. . . . . . . . . . . . . 20 Supplemental schedules not listed above are omitted because of the absence of the conditions under which they are required. (b) EXHIBIT ------- Exhibit 23 - Consent of Independent Auditors. . . . . . . . . 21 SIGNATURE The Program. Pursuant to the requirements of the Securities Exchange Act of 1934, the President's Council of General Motors Corporation has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. General Motors Savings-Stock Purchase Program for Salaried Employees in the United States ----------------------------- (Name of plan) Date June 29, 1994 By: s/John F. Smith, Jr. ----------------------------- (John F. Smith, Jr., Chairman President's Council) - 2 - 3 INDEPENDENT AUDITORS' REPORT - ---------------------------- General Motors Savings-Stock Purchase Program for Salaried Employees in the United States: We have audited the accompanying statements of net assets available for benefits of the General Motors Savings-Stock Purchase Program for Salaried Employees in the United States (the "Program") as of December 31, 1993 and 1992, 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 Program's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Program at December 31, 1993 and 1992 and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund is presented for purposes of additional analysis of the basic financial statements rather than to present net assets available for benefits and changes in net assets available for benefits of the individual funds. The supplemental schedules of assets held for investment purposes and reportable transactions for the year ended December 31, 1993 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. The supplemental information by fund and the supplemental schedules are the responsibility of the Plan's management. Such information has been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, is fairly stated when considered in relation to the basic financial statements taken as a whole. s/DELOITTE & TOUCHE DELOITTE & TOUCHE Detroit, Michigan June 24, 1994 - 3 - 4 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, l993
Supplemental Information By Fund ------------------------------------------------ U.S. Diversified Government U.S. Government GM Common Stock Total* Savings Bonds Securities $1-2/3 Par Value -------------- ------------- --------------- ---------------- INVESTMENT INCOME: Dividends . . . . . . . . . . . . . . . . . . . $97,591,555 $- $- $66,625,916 Interest. . . . . . . . . . . . . . . . . . . . 235,039,750 404,381 20,822,354 379,391 ------------- --------- ----------- ------------- Total investment income . . . . . . . . . . 332,631,305 404,381 20,822,354 67,005,307 ------------- --------- ----------- ------------- NET APPRECIATION (DEPRECIATION) ON ASSETS HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS. . . 2,003,438,120 - (4,408,519) 1,939,432,919 ------------- --------- ----------- ------------- SAVINGS AND CONTRIBUTIONS: Employee after-tax savings . . . . . . . . . . 87,566,052 1,044,540 4,736,198 37,744,289 Tax deferred contributions . . . . . . . . . . 211,605,548 504,371 8,451,567 81,107,407 Employer contributions. . . . . . . . . . . . . 43,804,598 - - 43,804,598 ------------- --------- ----------- ------------- Total savings and contributions . . . . . . 342,976,198 1,548,911 13,187,765 162,656,294 ------------- --------- ----------- ------------- DISTRIBUTIONS TO PARTICIPANTS (net of forfeitures and portion of employer contributions and earnings thereon which were not earned out by withdrawing employees). . . . (362,598,110) (1,371,407) (15,540,063) (165,100,649) ------------- --------- ----------- ------------- TRANSFERS BETWEEN INVESTMENT OPTIONS. . . . . . . - - (5,853,801) (886,362,957) ------------- --------- ----------- ------------- NET INCREASE (DECREASE) . . . . . . . . . . . . . 2,316,447,513 581,885 8,207,736 1,117,630,914 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF THE YEAR . . . . . . . . . . . . . . . . . . 7,033,677,601 6,043,144 279,171,459 3,022,950,192 ------------- --------- ----------- ------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF THE YEAR . . . . . . . . . . . . . . . . . . $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106 ============= ========= =========== ============= * Includes amounts shown on page 5. Reference should be made to the Notes to Financial Statements.
- 4 - 5 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES FOR THE YEAR ENDED DECEMBER 31, l993
Supplemental Information By Fund ------------------------------------------------------------------------------------------ GM Class E GM Class H Income Equity Guaranteed Participant Common Stock Common Stock Fund Index Fund Income Contracts Loans ------------ ------------ ------------ ------------- ---------------- ------------ INVESTMENT INCOME: Dividends...................... $6,752,737 $3,733,789 $- $20,479,113 $- $- Interest....................... 90,560 24,329 183,978,162 90,928 1,137,174 28,112,471 ----------- ----------- ------------- ----------- ---------- ----------- Total investment income.... 6,843,297 3,758,118 183,978,162 20,570,041 1,137,174 28,112,471 ----------- ----------- ------------- ----------- ---------- ----------- NET APPRECIATION (DEPRECIATION) ON ASSETS HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS....(52,485,963) 69,740,958 - 51,158,725 - - ----------- ----------- ------------- ----------- ---------- ----------- SAVINGS AND CONTRIBUTIONS: Employee after-tax savings..... 6,969,330 2,101,326 23,197,376 11,772,993 - - Tax deferred contributions..... 24,498,545 7,130,336 51,956,326 37,956,996 - - Employer contributions......... - - - - - - ----------- ----------- ------------- ----------- ---------- ----------- Total savings and contributions........... 31,467,875 9,231,662 75,153,702 49,729,989 - - ----------- ----------- ------------- ----------- ---------- ----------- DISTRIBUTIONS TO PARTICIPANTS (net of forfeitures and portion of employer contributions and earnings thereon which were not earned out by withdrawing employees).....................(20,508,037) (6,529,011) (115,221,760) (30,985,323) (502,724) (6,839,136) ----------- ----------- ------------- ----------- ---------- ----------- TRANSFERS BETWEEN INVESTMENT OPTIONS........................ 71,138,604 8,979,616 731,047,854 86,123,293 (6,559,786) 1,487,177 ----------- ----------- ------------- ----------- ---------- ----------- NET INCREASE (DECREASE).......... 36,455,776 85,181,343 874,957,958 176,596,725 (5,925,336) 22,760,512 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF THE YEAR.................... 515,409,111 134,166,268 2,010,744,727 649,166,146 13,750,840 402,275,714 ----------- ----------- ------------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF THE YEAR....................$551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226 =========== =========== ============= =========== ========== =========== Reference should be made to the Notes to Financial Statements.
- 5 - 6 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, l992
Supplemental Information By Fund ------------------------------------------------ U.S. Diversified Government U.S. Government GM Common Stock Total* Savings Bonds Securities $1-2/3 Par Value -------------- ------------- --------------- ---------------- INVESTMENT INCOME: Dividends . . . . . . . . . . . . . . . . . . . $154,465,343 $- $- $127,183,244 Interest. . . . . . . . . . . . . . . . . . . . 204,933,495 535,742 20,915,883 372,247 ------------- ---------- ----------- ------------- Total investment income . . . . . . . . . . 359,398,838 535,742 20,915,883 127,555,491 ------------- ---------- ----------- ------------- NET APPRECIATION (DEPRECIATION) ON ASSETS HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS. . . 509,242,278 - (3,878,951) 401,368,829 ------------- ---------- ----------- ------------- SAVINGS AND CONTRIBUTIONS: Employee after-tax savings. . . . . . . . . . . 104,379,564 1,407,102 5,976,048 45,579,988 Tax deferred contributions. . . . . . . . . . . 233,970,172 616,835 10,340,120 93,471,889 Employer contributions. . . . . . . . . . . . . 49,818,699 - - 49,818,699 ------------- ---------- ----------- ------------- Total savings and contributions . . . . . . 388,168,435 2,023,937 16,316,168 188,870,576 ------------- ---------- ----------- ------------- DISTRIBUTIONS TO PARTICIPANTS (net of forfeitures and portion of employer contributions and earnings thereon which were not earned out by withdrawing employees). . . . (384,022,602) (6,842,064) (20,574,028) (157,001,011) ------------- ---------- ----------- ------------- TRANSFERS BETWEEN INVESTMENT OPTIONS. . . . . . . - - (18,045,024) (302,918,205) ------------- ---------- ----------- ------------- NET INCREASE (DECREASE) . . . . . . . . . . . . . 872,786,949 (4,282,385) (5,265,952) 257,875,680 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF THE YEAR . . . . . . . . . . . . . . . . . . 6,160,890,652 10,325,529 284,437,411 2,765,074,512 ------------- ---------- ----------- ------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF THE YEAR . . . . . . . . . . . . . . . . . . $7,033,677,601 $6,043,144 $279,171,459 $3,022,950,192 ============= ========== =========== ============= * Includes amounts shown on page 7. Reference should be made to the Notes to Financial Statements.
- 6 - 7 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES FOR THE YEAR ENDED DECEMBER 31, l992
Supplemental Information By Fund ------------------------------------------------------------------------------------------ GM Class E GM Class H Income Equity Guaranteed Participant Common Stock Common Stock Fund Index Fund Income Contracts Loans ------------ ------------- ------------ ------------- ---------------- ------------ INVESTMENT INCOME: Dividends.................... $5,532,534 $3,901,609 $- $17,847,956 $- $- Interest..................... 43,752 14,704 154,069,357 73,516 1,133,865 27,774,429 ----------- ----------- ------------- ----------- ---------- ----------- Total investment income.... 5,576,286 3,916,313 154,069,357 17,921,472 1,133,865 27,774,429 ----------- ----------- ------------- ----------- ---------- ----------- NET APPRECIATION (DEPRECIATION) ON ASSETS HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS.. 26,742,928 57,782,374 - 27,227,098 - - ----------- ----------- ------------- ----------- ---------- ----------- SAVINGS AND CONTRIBUTIONS: Employee after-tax savings... 7,892,765 2,371,414 27,587,212 13,565,035 - - Tax deferred contributions... 24,374,060 6,636,590 58,967,053 39,563,625 - - Employer contributions....... - - - - - - ----------- ----------- ------------- ----------- ---------- ----------- Total savings and contributions......... 32,266,825 9,008,004 86,554,265 53,128,660 - - ----------- ----------- ------------- ----------- ---------- ----------- DISTRIBUTIONS TO PARTICIPANTS (net of forfeitures and portion of employer contributions and earnings thereon which were not earned out by withdrawing employees) (21,574,862) (5,354,270) (132,139,781) (32,140,167) (620,596) (7,775,823) ----------- ----------- ------------- ----------- ---------- ----------- TRANSFERS BETWEEN INVESTMENT OPTIONS...................... 93,265,391 (17,856,520) 195,047,356 9,648,362 (400,448) 41,259,088 ----------- ----------- ------------- ----------- ---------- ----------- NET INCREASE (DECREASE)........ 136,276,568 47,495,901 303,531,197 75,785,425 112,821 61,257,694 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF THE YEAR.................. 379,132,543 86,670,367 1,707,213,530 573,380,721 13,638,019 341,018,020 ----------- ----------- ------------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF THE YEAR.................. $515,409,111 $134,166,268 $2,010,744,727 $649,166,146 $13,750,840 $402,275,714 =========== =========== ============= =========== ========== =========== Reference should be made to the Notes to Financial Statements.
- 7 - 8 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND DECEMBER 31, 1993
Supplemental Information By Fund ------------------------------------------------ U.S. Diversified Government U.S. Government GM Common Stock Total* Savings Bonds Securities $1-2/3 Par Value -------------- ------------- --------------- ---------------- ASSETS: INVESTMENTS: General Motors common stock, $1-2/3 par value, at quoted market value (73,881,598 shares; cost $2,810,199,828). . . . . . . . . . . . . $4,086,575,889 $- $- $4,086,575,889 General Motors Class E common stock, $0.10 par value, at quoted market value (18,732,789 shares; cost $415,566,633). 549,104,878 - - - General Motors Class H common stock, $0.10 par value, at quoted market value (5,538,382 shares; cost $140,114,678) . 216,689,196 - - - United States Government Savings Bonds at scheduled redemption value (cost $4,932,913). 6,553,117 6,553,117 - - Diversified United States Government Securities at market value (principal amount $264,732,785; cost $283,170,276). . . . . . . 281,978,212 - 281,978,212 - Guaranteed Investment Contracts stated at cost plus accumulated interest . . . . . . . . . . 2,906,222,412 - - - Equity Index Fund at estimated market value (cost $530,357,701) . . . . . . . . . . . . . 823,866,061 - - - Loans to Participants . . . . . . . . . . . . . 425,036,226 - - - ------------- --------- ----------- ------------- Total investments . . . . . . . . . . . . . 9,296,025,991 6,553,117 281,978,212 4,086,575,889 ACCRUED INTEREST RECEIVABLE . . . . . . . . . . . 5,557,866 - 5,557,866 - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS. . . . . . . . . . . . . . . - - (1,996,798) 17,038,902 CASH. . . . . . . . . . . . . . . . . . . . . . . 69,286,167 71,912 1,839,915 52,105,493 ------------- --------- ----------- ------------- TOTAL ASSETS. . . . . . . . . . . . . . . 9,370,870,024 6,625,029 287,379,195 4,155,720,284 LIABILITIES: LOAN OUTSTANDING. . . . . . . . . . . . . . . . . 20,744,910 - - 15,139,178 -------------- --------- ------------ -------------- NET ASSETS AVAILABLE FOR BENEFITS . . . . . . . . $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106 ============= ========= =========== ============= *Includes amounts shown on page 9. Reference should be made to the Notes to Financial Statements.
- 8 - 9 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES DECEMBER 31, 1993
Supplemental Information By Fund ------------------------------------------------------------------------------------------ GM Class E GM Class H Income Equity Guaranteed Participant Common Stock Common Stock Fund Index Fund Income Contracts Loans ------------ ------------ ----------- ---------- ---------------- ----------- ASSETS: INVESTMENTS: General Motors common stock, $1-2/3 par value, at quoted market value (73,881,598 shares; cost $2,810,199,828) $- $- $- $- $- $- General Motors Class E common stock, $0.10 par value, at quoted market value (18,732,789 shares; cost $415,566,633)......... 549,104,878 - - - - - General Motors Class H common stock, $0.10 par value, at quoted market value (5,538,382 shares; cost $140,114,678)......... - 216,689,196 - - - - United States Government Savings Bonds at scheduled redemption value (cost $4,932,913)................ - - - - - - Diversified United States Government Securities at market value (principal amount $264,732,785; cost $283,170,276)......... - - - - - - Guaranteed Investment Contracts stated at cost plus accumulated interest....... - - 2,892,502,032 - 13,720,380 - Equity Index Fund at estimated market value (cost $530,357,701)........ - - - 823,866,061 - - Loans to Participants........ - - - - - 425,036,226 ----------- ----------- ------------- ----------- ---------- ----------- Total investments........ 549,104,878 216,689,196 2,892,502,032 823,866,061 13,720,380 425,036,226 ACCRUED INTEREST RECEIVABLE.... - - - - - - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS... (577,635) 2,335,125 (9,951,053) (912,254) (5,936,287) - CASH........................... 6,520,600 2,746,066 3,151,706 2,809,064 41,411 - ----------- ----------- ------------- ----------- ---------- ----------- TOTAL ASSETS........... 555,047,843 221,770,387 2,885,702,685 825,762,871 7,825,504 425,036,226 LIABILITIES: LOAN OUTSTANDING............... 3,182,956 2,422,776 - - - - ----------- ----------- ------------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS..................... $551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226 =========== =========== ============= =========== ========== =========== Reference should be made to the Notes to Financial Statements.
- 9 - 10 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND DECEMBER 31, 1992
Supplemental Information By Fund ------------------------------------------------ U.S. Diversified Government U.S. Government GM Common Stock Total* Savings Bonds Securities $1-2/3 Par Value -------------- ------------- --------------- ---------------- ASSETS: INVESTMENTS: General Motors common stock, $1-2/3 par value, at quoted market value (94,961,740 shares; cost $3,529,688,020).......................... $3,074,386,333 $- $- $3,074,386,333 General Motors Class E common stock, $0.10 par value, at quoted market value (17,470,230 shares; cost $350,379,373).. 573,241,922 - - - General Motors Class H common stock, $0.10 par value, at quoted market value (5,746,999 shares; cost $122,256,680)... 146,189,287 - - - United States Government Savings Bonds at scheduled redemption value (cost $4,692,300).. 6,021,478 6,021,478 - - Diversified United States Government Securities at market value (principal amount $233,481,785; cost $248,846,156).............. 251,590,389 - 251,590,389 - Guaranteed Investment Contracts stated at cost plus accumulated interest..................... 2,026,703,505 - - - Equity Index Fund at estimated market value (cost $399,050,158)........................... 643,208,703 - - - Loans to Participants........................... 402,275,714 - - - ------------- --------- ----------- ------------- Total investments........................... 7,123,617,331 6,021,478 251,590,389 3,074,386,333 ACCRUED INTEREST RECEIVABLE....................... 6,622,922 - 6,622,922 - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS.............................. - - (3,944,193) 10,944,641 CASH.............................................. 35,688,882 21,666 24,902,341 562,887 ------------- --------- ----------- ------------- TOTAL ASSETS.............................. 7,165,929,135 6,043,144 279,171,459 3,085,893,861 LIABILITIES: ADVANCE FROM GENERAL MOTORS CORPORATION........... 132,251,534 - - 62,943,669 ------------- --------- ----------- ------------- NET ASSETS AVAILABLE FOR BENEFITS................. $7,033,677,601 $6,043,144 $279,171,459 $3,022,950,192 ============= ========= =========== ============= *Includes amounts shown on page 11. Reference should be made to the Notes to Financial Statements.
- 10 - 11 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES DECEMBER 31, 1992
Supplemental Information By Fund ----------------------------------------------------------------------------------------- GM Class E GM Class H Income Equity Guaranteed Participant Common Stock Common Stock Fund Index Fund Income Contracts Loans ------------ ------------- ------------- ------------ ---------------- ----------- ASSETS: INVESTMENTS: General Motors common stock, $1-2/3 par value, at quoted market value (94,961,740 shares; cost $3,529,688,020) $- $- $- $- $- $- General Motors Class E common stock, $0.10 par value, at quoted market value (17,470,230 shares; cost $350,379,373).......... 573,241,922 - - - - - General Motors Class H common stock, $0.10 par value, at quoted market value (5,746,999 shares; cost $122,256,680)............... - 146,189,287 - - - - United States Government Savings Bonds at scheduled redemption value (cost $4,692,300)................. - - - - - - Diversified United States Government Securities at market value (principal amount $233,481,785; cost $248,846,156)............... - - - - - - Guaranteed Investment Contracts stated at cost plus accumulated interest........ - - 2,012,925,925 - 13,777,580 - Equity Index Fund at estimated market value (cost $399,050,158)......... - - - 643,208,703 - - Loans to Participants......... - - - - 402,275,714 ----------- ----------- ------------- ----------- ---------- ----------- Total investments......... 573,241,922 146,189,287 2,012,925,925 643,208,703 13,777,580 402,275,714 ACCRUED INTEREST RECEIVABLE..... - - - - - - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS.... 52,688 (898,635) (9,904,994) 3,782,561 (32,068) - CASH............................ 297,982 - 7,723,796 2,174,882 5,328 - ----------- ----------- ------------- ----------- ---------- ----------- TOTAL ASSETS............ 573,592,592 145,290,652 2,010,744,727 649,166,146 13,750,840 402,275,714 LIABILITIES: ADVANCE FROM GENERAL MOTORS CORPORATION................... 58,183,481 11,124,384 - - - - ----------- ----------- ------------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS...................... $515,409,111 $134,166,268 $2,010,744,727 $649,166,146 $13,750,840 $402,275,714 =========== =========== ============= =========== ========== =========== Reference should be made to the Notes to Financial Statements.
- 11 - 12 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES NOTES TO FINANCIAL STATEMENTS PROGRAM DESCRIPTION General Motors Corporation (the "Corporation"), established the General Motors Savings-Stock Purchase Program for Salaried Employees in the United States (the "Program") on October 1, 1955. The Finance Committee of the Corporation's Board of Directors acts as the Program fiduciary and, along with various officers, employees and committees, with authority delegated by the Program fiduciary, controls and manages the operation and administration of the Program subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Certain assets of the Program are held by various Investment Managers under the direction of a Trustee. The Program provides eligible salaried employees with pre-tax and after-tax voluntary savings opportunities. Employee savings are matched, in part, by Corporation contributions credited to the Program. The following brief description of the Program is provided for general information purposes only. Refer to the "Complete Text" of the Program for a comprehensive description (as amended through July 1, 1992). Participation ------------- Regular salaried employees in the United States with at least six months of employment are eligible to participate in the Program. Persons classified as leased employees or employees of any directly or indirectly wholly-owned or substantially wholly-owned subsidiary of the Corporation acquired or formed on or after March 1, 1984 are not eligible to participate except as approved by the Corporation's Board of Directors. Employee Contributions --------------------- Employees may elect to contribute to the Program in several ways: o Employees may contribute up to 15% of eligible salary on an after- tax basis whereby the contributions are included in the employee's taxable income in the period of contribution ("regular after-tax savings"). o Employees may contribute up to 15% of eligible salary or $8,994 in 1993, whichever is less, on a tax-deferred basis whereby the contributions are excluded from the employee's taxable income until such amounts are distributed to the employee from the Program ("tax deferred savings"). In 1992, up to 15% of eligible salary or $8,728 could be contributed by an employee on a tax-deferred basis. o Employees may elect to contribute to the Program 100% of their distribution from the General Motors Profit Sharing Plan for Salaried Employees in the United States ("Profit Sharing Amount"). Such contributions are also tax-deferred savings. o Newly hired employees are permitted to make a rollover contribution equal to the taxable portion of cash proceeds received from a previous employer's qualified savings plan ("Rollover Savings"). Corporation Contributions ------------------------- Basic Savings is defined as savings which do not exceed 6% of eligible salary. Basic Savings excludes (1) Profit Sharing Amounts and (2) Rollover Contributions. During 1993 and 1992, the Corporation matched 25% of Basic Savings. The Corporation's matching contribution to the Program is being funded via an immediate allocation employee stock ownership plan. Forfeitures of any previously allocated employer matching contributions are used to reduce current employer contributions. - 12 - 13 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES A salaried employee hired on or after January 1, 1993 who becomes eligible to participate in the Program will automatically have a Corporation contribution amount equal to 1% of the employee's eligible salary (1% GM Benefit Contribution) allocated monthly to the employee's account. The 1% GM Benefit Contribution amount is provided to such new hires since they receive different benefit treatment than salaried employees hired prior to January 1, 1993. Investment Options ------------------ The following Investment Options are available under the Program: o "United States Government Savings Bonds" consists of Series EE United States Government Savings Bonds. The Federal government guaranteed the interest rate on Series EE bonds issued prior to March 1, 1993 at the greater of 6.0% or 85% of the aggregate average return on five-year United States Treasury securities, compounded semi-annually, provided the Bonds are held at least five years from issue date. Bonds purchased as of March 1, 1993 earn a minimum rate of 4%. o "Portfolio of Diversified United States Government Securities" consists of bonds, notes or bills issued under the full faith and credit of the United States Government. o General Motors common stock, $1-2/3 par value. o "Income Fund" consists of investment contracts issued by insurance companies or financial institutions. The insurance companies or financial institutions, selected each year, agree to provide a specific net interest rate over a specified period of time. The annual rates of return, contract maturity dates, fund managers, and investment contracts are as follows: Annual Rate Investment of Return Maturity Date Fund Manager Contracts --------- ----------------- --------------------- -------------- 8.87% December 31, 1993 Metropolitan Life $59,977,095 8.95% December 31, 1993 Metropolitan Life 55,633,654 7.35% December 31, 1995 Metropolitan Life 324,812,795 6.79% January 1, 1994 Metropolitan Life 549,446,764* 6.73% January 1, 1994 Metropolitan Life 549,258,140* 6.86% December 31, 1993 New York Life 275,114,649 7.41% December 31, 1996 New York Life 144,193,063 6.85% December 31, 1996 New York Life 70,501,498 8.75% January 3, 1995 New York Life 48,387,202 8.68% December 31, 1994 Prudential Management 230,418,680 8.90% December 31, 1993 Prudential Management 148,183,780 9.11% December 31, 1996 Prudential Management 30,574,818 9.22% December 31, 1996 Prudential Management 237,497,858 8.45% December 31, 1996 Provident National 37,110,726 3.50% January 3, 1995 Aetna Life & Casualty 35,030,072 8.73% December 31, 1993 Aetna Life & Casualty 96,361,238 ------------- $2,892,502,032 ============= *Represents 5% or more of Net Assets Available for Benefits. Certain investment contracts are with Metropolitan Life who served as the Recordkeeper for the Program through June 30, 1992. Effective July 1, 1992, the recordkeeping function of the Program was assumed by Bankers Trust Company. - 13 - 14 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES o "Equity Index Fund" consists of a portfolio of common stocks which is designed to match the performance of the "Standard and Poor's 500 Index". o General Motors Class E common stock, $0.10 par value. o General Motors Class H common stock, $0.10 par value. Investment Contracts Employees may elect to invest up to 100% of -------------------- their Profit Sharing Amounts in an investment contract issued by an insurance company. The insurance company agrees to provide a specific interest rate that is to be earned over a specified period. The specified annual rates of return and the contract periods are as follows: Annual Rate Class of Return Contract Period ----- ----------- ------------------------------------ 1989 8.77% January 1, 1989 to December 31, 1993 1986 8.84% January 1, 1990 to December 31, 1994 1985 8.85% January 1, 1989 to December 31, 1993 1984 8.28% January 1, 1992 to December 31, 1997 Under the Program, 50% of the employee's Basic Savings must be invested, in 25% increments, in any one or more of the Corporation's common stocks: (1) $1-2/3 par value common stock; (2) Class E, $0.10 par value common stock; or (3) Class H, $0.10 par value common stock. The remaining 50% of Basic Savings, and any Additional Savings, may be invested in up to four of the above listed Program Investment Options at the employee's election in 25% increments. The Corporation's contributions to the Program are invested in $1-2/3 par value common stock. Vesting ------- Employee contributions and the related Corporation matching contributions, the 1% GM Benefit Contribution, and earnings thereon vest immediately, except for employees with less than five years of credited service. For those employees, Corporation matching contributions, the 1% GM Benefit Contribution, and earnings thereon vest the earlier of (1) June 30 of the third year following the Year of Formation of the Class, or (2) attainment of five years of credited service. Distributions ------------- Employees may withdraw their tax deferred savings after they reach age 59- 1/2 or for Financial Hardship, as defined in the Program's "Complete Text". Regular after-tax savings assets may be withdrawn at any time upon employee request after the completion of the Required Retention Period. During the Required Retention Period, regular after-tax savings assets may be withdrawn only once during any two consecutive calendar years. A terminating employee may elect to leave all assets, with a market value of greater than $3,500, in the Program until the earlier of (1) April 1 of the year after the Participant reaches the age of 70-1/2, or (2) upon voluntary withdrawal of assets. A retiring employee may elect to defer continuously the distribution of all Program assets. The assets will remain in the Program until a subsequent election is submitted by the Participant. Any assets remaining in the Program beyond the Participant's attainment of age 70-1/2 are subject to Federal minimum distribution requirements. In the event a distribution to an employee or his beneficiary cannot be made because the identity or location cannot be determined after reasonable efforts, and the settlement remains undeliverable for a period of one year from the processing date, the assets will be liquidated and deposited into the trust fund. All liability for payment thereof shall thereupon terminate. Any undeliverable assets liquidated will be (1) - 14 - 15 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES paid to the employee or beneficiary if the identity or location is subsequently determined, or (2) applied to reduce Corporation matching contributions made pursuant to Section 4 of Article I of the Complete Text. The amounts of distributions payable to participants included in net assets available for benefits were $20,582,936 and $9,309,814 as of December 31, 1993 and 1992, respectively. Transfers --------- Participants may transfer funds between Investment Options (except for United States Government Savings Bonds) up to six times per year. Employees may not transfer savings required to be invested in Corporation common stocks, except between stock funds, until completion of the Required Retention Period. Corporation matching contributions and the 1% GM Benefit Contribution required to be invested in $1-2/3 par value common stock may not be transferred until completion of the Required Retention Period. Participants may also transfer that portion of Profit Sharing Amounts invested in the Investment Contracts to other Investment Options, once each year. No transfers into the Investment Contracts are allowed. Loans ----- Employees may borrow once per year from both their tax deferred and after- tax savings assets, except for (1) Assets invested in United States Government Savings Bonds, (2) Profit Sharing Investment Contracts, and (3) Corporation matching contributions, and the 1% GM Benefit Contribution, and earnings thereon, subject to the Required Retention Period. Assets purchased with current year contributions may be borrowed and assets in United States Government Savings Bonds and vested ESOP Corporation Match, and the 1% GM Benefit Contribution subject to the Required Retention Period may be used to secure loans. The amount and terms of the loans are limited under the Program. The loan interest rate will be established once each quarter at a rate equal to the prevailing prime lending rate on all new loans. Interest paid on the loans is credited back to the borrowing employee's account in the Program. The amounts of authorized new but not disbursed loans included in net assets available for benefits were $3,649,233 and $3,856,371 as of December 31, 1993 and 1992, respectively. Termination of the Program -------------------------- Although it has not expressed any intent to do so, the Corporation has the right under the Program to discontinue its contributions at any time and to terminate the Program subject to the provisions of ERISA. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies followed in the preparation of the accompanying financial statements are as follows: o Investments are stated at market value which has been determined as follows: - Diversified United States Government Securities - at the mean of the bid and asked quoted prices for Treasury Bonds and Notes, and at cost plus discount earned on Treasury Bills. - Corporation Common Stocks - at the mean of the high and low quoted market prices. - 15 - 16 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES - Guaranteed Investment Contracts - at cost plus accumulated interest as determined by the Investment Manager. - Equity Index Fund - at the quoted market prices of the assets in the fund as determined by the Investment Manager. - United States Government Savings Bonds - at scheduled redemption value. o Corporation common stocks acquired by the Trustee for purposes of the Program may be obtained by purchases on the open market or from the Corporation by subscription or purchase. Such stock acquired by the Trustee on the open market is credited to the Participants' accounts at the average per share cost of such purchases (excluding brokerage commissions, transfer taxes, etc.) made for each month. Stock obtained by the Trustee directly from the Corporation is credited to Participants' accounts either at the average per share cost to the Trustee of the open market purchases of the stock acquired for a particular month or, in those months in which the Trustee acquires no stock on the open market, at the average of the daily mean high and low market prices of the stock as reported on the Composite Tape of transactions for such month. As of December 31, 1992, the Program had a liability of $132,251,534 to the Corporation representing advances to the Program. As of December 31, 1993, this liability no longer exists. o The Program has an established line of credit with NationsBank of N.C., N.A. in the amount of $112,500,000. This line of credit is held for the purpose of funding participant settlements. All administrative costs and interest associated with the line of credit are paid by the Corporation. As of December 31, 1993, the Program has an outstanding payable to NationsBank in the amount of $20,744,910. o Net appreciation (depreciation) in value of investments held, sold, or distributed represents the change in the market value of the Program's investments during the year. o Securities transactions are recorded on the dates the trades are executed. o Investment income is recorded in the year earned. VOTING RIGHTS Voting rights are extended to Participants in proportion to their ownership interest in Corporation common stocks. FEDERAL INCOME TAXES In August 1989, the Program was determined by the Internal Revenue Service (the "IRS") to be a tax-qualified employee benefit plan, meeting the requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Trust established thereunder was determined to be exempt from United States Federal income taxes under Section 501(a) of the Code. The Program has been amended since the effective date included in the determination by the Internal Revenue Service. However, the Program's fiduciary and tax counsel believe that the Program is designed and currently being operated in compliance with the applicable requirements of the Code. The United States Federal income tax status of the employee with respect to the Program is described in the Complete Text of the Program. - 16 - 17 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES SUBSEQUENT EVENTS Several modifications have been made to the Savings-Stock Purchase Program subsequent to December 31, 1993. The principal modifications, all of which became effective January 1, 1994 unless otherwise indicated, are: . The maximum number of transfers has been changed to one per month from six per calendar year. . The maximum number of investment option changes has been increased to one per month from six per calendar year. . Loan repayment amounts on all outstanding and new loans will be allocated to the participant's account in the same investment option(s) as selected by the participant for current savings contributions. . A new investment option, "Balanced Fund," will be added to the Program effective February 1, 1994. . A new investment option, "Mutual Funds," will be added to the Program effective January 1, 1995, or as soon as practicable thereafter. . Two existing investment options, "United States Government Savings Bonds" and "Profit Sharing Investment Option," have been eliminated from the Program. . Rather than being determined annually, the 1994 specified annual interest rate for assets invested in the Income Fund Investment Option will be determined monthly and is expected to be within a range between 6.2% and 6.5% in 1994. - 17 - 18 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES Item 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1993
Principal Market Amount Cost Value ------------ -------------- -------------- *General Motors common stock, $1-2/3 par value (73,881,598 shares).......................... $2,810,199,828 $4,086,575,889 -------------- -------------- *General Motors Class E common stock, $0.10 par value (18,732,789 shares).......... 415,566,633 549,104,878 -------------- -------------- *General Motors Class H common stock, $0.10 par value (5,538,382 shares)........... 140,114,678 216,689,196 -------------- -------------- United States Government Savings Bonds - Series EE at scheduled redemption value...... 4,932,913 6,553,117 -------------- -------------- Diversified U.S. Government Securities: Treasury Notes @ 7.750% Due 03-31-96.......... $3,000,000 3,139,219 3,214,680 Treasury Notes @ 7.875% Due 04-15-98.......... 3,000,000 3,341,719 3,320,610 Treasury Notes @ 6.750% Due 02-28-97.......... 6,000,000 6,450,938 6,363,720 Treasury Notes @ 4.125% Due 05-31-95.......... 14,000,000 14,029,531 14,030,660 Treasury Notes @ 8,875% Due 08-15-96.......... 19,300,000 21,136,588 21,064,213 Treasury Notes @ 7.375% Due 05-15-96.......... 20,000,000 21,404,688 21,331,200 Treasury Notes @ 7.250% Due 11-15-96.......... 26,415,000 28,689,330 28,313,446 Treasury Notes @ 8.500% Due 05-15-97.......... 7,905,000 8,630,392 8,818,976 Treasury Notes @ 8.625% Due 10-15-95.......... 1,500,000 1,618,594 1,613,910 Treasury Notes @ 8.875% Due 02-15-94.......... 21,590,000 22,802,566 21,731,630 Treasury Notes @ 9.250% Due 01-15-96.......... 7,203,000 7,827,769 7,894,056 Treasury Notes @ 9.375% Due 04-15-96.......... 42,440,000 47,550,668 47,009,090 Treasury Notes @ 7.875% Due 07-15-96.......... 19,400,000 20,832,016 20,985,368 Treasury Notes @ 8.250% Due 11-15-94.......... 10,000,000 10,514,453 10,387,500 Treasury Notes @ 8.500% Due 04-15-97.......... 18,650,000 21,059,008 20,771,438 Treasury Notes @ 8.500% Due 08-15-95.......... 4,275,000 4,500,105 4,568,222 Treasury Notes @ 7.875% Due 01-15-98.......... 4,541,000 5,068,771 5,013,536 Treasury Notes @ 6.875% Due 02-15-94.......... 27,535,000 28,393,317 27,651,198 Treasury Bonds Due 02-15-94.................... 3,600,000 2,838,204 3,588,480 Treasury Bonds Due 08-15-94.................... 2,581,860 1,953,539 2,529,784 Treasury Bonds Due 05-15-94.................... 1,796,925 1,388,861 1,776,495 ------------ -------------- -------------- Total Diversified U.S. Government Securities. $264,732,785 $283,170,276 $281,978,212 ------------ -------------- -------------- *Party-in-Interest
- 18 - 19 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES December 31, 1993
Principal Market Amount Cost Value --------- -------------- -------------- Insurance Contracts: Maturity Investment Manager Contract Rate Date ---------------------- ---------- ----- -------- Metropolitan Life 12834 7.35% 12/31/95 $324,812,795 $324,812,795 Metropolitan Life 9974 8.87% 12/31/93 59,977,095 59,977,095 Metropolitan Life 9973 8.95% 12/31/93 55,633,654 55,633,654 Metropolitan Life 13415 6.79% 01/01/94 549,446,764 549,446,764 Metropolitan Life 13414 6.73% 01/01/94 549,258,140 549,258,140 New York Life GA05699 8.75% 01/03/95 48,387,202 48,387,202 New York Life GA06362 7.41% 12/31/96 144,193,063 144,193,063 New York Life GA06362-002 6.85% 12/31/96 70,501,498 70,501,498 New York Life GA06691 6.86% 12/31/93 275,114,649 275,114,649 Prudential Management 6171-212 8.68% 12/31/94 230,418,680 230,418,680 Prudential Management 6171-211 8.90% 12/31/93 148,183,780 148,183,780 Prudential Management 6171-213 9.11% 12/31/96 30,574,818 30,574,818 Prudential Management 6171-214 9.22% 12/31/96 237,497,858 237,497,858 Provident National 027-04959 8.45% 12/31/96 37,110,726 37,110,726 Aetna Life & Casualty LT-13100 3.50% 01/03/95 35,030,072 35,030,072 Aetna Life & Casualty LT-13100 8.73% 12/31/93 96,361,238 96,361,238 Aetna Life & Casualty LT-13100-2 8.28% 12/31/97 6,347,542 6,347,542 Aetna Life & Casualty LT-13100 8.85% 12/31/93 4,418,675 4,418,675 Aetna Life & Casualty LT-13100-1 8.84% 12/31/94 1,382,492 1,382,492 Aetna Life & Casualty LT-13100 8.77% 12/31/93 1,571,671 1,571,671 ------------- ------------- Total Insurance Contracts....................... 2,906,222,412 2,906,222,412 ------------- ------------- Equity Index Fund.................................... 530,357,701 823,866,061 ------------- ------------- Loans to Participants................................ 425,036,226 425,036,226 ------------- ------------- Total Investments.................................... $7,515,600,667 $9,296,025,991 ============= =============
- 19 - 20 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES Item 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993 SERIES REPORTABLE TRANSACTIONS
Column A Column B Col C Col D Column E Column F Column G - --------------- ----------------- ------ ------ ------------ ------------ ---------- Total Total Identity of No. of No. of Dollar Value Dollar Value Net Gain Party/Broker Description Purch. Sales of Purchases of Sales (Loss) - --------------- ----------------- ------ ------ ------------ ------------ ---------- $ $ $ Morgan Guaranty General Motors common stock, $1-2/3 par value 43 - 803,006,634 - - *Bankers Trust General Motors common stock, $1-2/3 par value - 127 - 1,629,129,774 157,305,155 Morgan Guaranty General Motors Class E Common Stock, $0.10 par value 45 - 310,294,224 - - *Bankers Trust General Motors Class E Common Stock, $0.10 par value - 107 - 217,005,804 13,061,186 Metropolitan Life Investment Insurance Income Co. Contract 6.73% 51 1 559,895,753 12,197,341 - Metropolitan Life Investment Insurance Income Co. Contract 6.79% 51 1 560,070,394 12,197,341 - * Party-in-Interest
- 20 - EX-23 2 EXHIBIT23 L:\secfiles\11-K\gmssp23.doc1 1 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in Registration Statement No. 33- 49245 of General Motors Corporation on Form S-8 of our report dated June 24, 1994 appearing in this Annual Report on Form 11-K of the General Motors Savings-Stock Purchase Program for Salaried Employees in the United States for the year ended December 31, 1993. s/DELOITTE & TOUCHE DELOITTE & TOUCHE Detroit, Michigan June 29, 1994 - 21 - -----END PRIVACY-ENHANCED MESSAGE-----