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    SEC Form 11-K filed by J & J Snack Foods Corp.

    6/20/25 4:45:37 PM ET
    $JJSF
    Specialty Foods
    Consumer Staples
    Get the next $JJSF alert in real time by email
    11-K 1 jjsf20241231_11k.htm FORM 11-K jjsf20241231_11k.htm

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

     

    FORM 11-K

     

     

    ☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE

    SECURITIES EXCHANGE ACT OF 1934

     

    For the Fiscal Year ended December 31, 2024

     

    OR

     

    ☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF

    THE SECURITIES EXCHANGE ACT OF 1934

     

    For the transition period from __________ to __________

     

    Commission file number 0-14616

     

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

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

     

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

     

     

    J & J Snack Foods Corp.

    350 Fellowship Rd

    Mt. Laurel, NJ 08054

     

     

     

     

     

    Financial Statements and Report of Independent Registered Public Accounting Firm

     

     

    J&J Snack Foods Corp. 401(k) Profit Sharing Plan

    December 31, 2024 and 2023

     

     

     

     

     

    C O N T E N T S

     

     

     

     

     Page
       

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    4
       

    FINANCIAL STATEMENTS

     
       

    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 2024 AND 2023

    5
       

    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 2024

    6
       

    NOTES TO FINANCIAL STATEMENTS

    7
       

    SUPPLEMENTAL INFORMATION

     

    Schedule H, LINE 4a - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS FOR THE YEAR ENDED DECEMBER 31, 2024

    15

       

    Schedule H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2024

    16
       

    EXHIBIT INDEX

    17
       
    SIGNATURE 18

     

     

     
     

     

    Report of Independent Registered Public Accounting Firm

     

    Plan Administrator and Plan Participants

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

     

    Opinion on the financial statements

     

    We have audited the accompanying statements of net assets available for benefits of J&J Snack Foods Corp. 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

     

    Basis for opinion

     

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

     

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

     

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

     

    Supplemental information

     

    The supplemental information in the accompanying schedules of delinquent participant contributions for the year ended December 31, 2024 and of assets (held at end of year) as of December 31, 2024 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

     

     

    /s/ GRANT THORNTON LLP

     

    We have served as the Plan’s auditor since 1992.

     

    Philadelphia. Pennsylvania

    June 20, 2025

     

    4

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

    As of December 31, 2024 and 2023

     

     

     

    2024

       

    2023

     
    ASSETS:                
                     

    Investments, at fair value

      $ 158,234,086     $ 148,663,149  

    Investments, at contract value

        12,939,526       10,793,357  

    Total Investments

      $ 171,173,612     $ 159,456,506  
                     

    Receivables:

                   

    Contributions receivables from participants

        -       117,637  

    Contributions receivables from employer

        -       47,449  

    Notes receivable from participants

        4,857,261       3,983,253  

    Total Receivables

      $ 4,857,261     $ 4,148,339  
                     

    NET ASSETS AVAILABLE FOR BENEFITS

      $ 176,030,873     $ 163,604,845  

     

    The accompanying notes are an integral part of these statements.                                                                                                                                                 

     

    5

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

    Year ended December 31, 2024

     

    Additions

           

    Additions to net assets attributed to

           

    Investment income

           

    Net appreciation in fair value of investments

      $ 11,063,370  

    Interest and dividend income

        6,680,217  

    Total investment income

        17,743,587  
             

    Interest income on notes receivable from participants

        318,138  
             

    Contributions

           

    Employer

        3,522,424  

    Participants

        8,182,550  

    Participant rollovers

        907,702  
             

    Total contributions

        12,612,676  
             

    Total additions

        30,674,401  
             
             

    Deductions

           

    Deductions from net assets attributed to

           

    Benefits paid to participants

        (17,699,605 )

    Administrative expenses

        (548,768 )
             

    Total deductions

        (18,248,373 )
             
             
             
             

    NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS

        12,426,028  
             

    Net assets available for benefits

           

    Beginning of year

        163,604,845  
             

    End of year

      $ 176,030,873  

     

    The accompanying notes are an integral part of this statement.

     

    6

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    NOTES TO FINANCIAL STATEMENTS

    December 31, 2024 and 2023

     

    NOTE A - DESCRIPTION OF THE PLAN

     

    The following description of J & J Snack Foods Corp. 401(k) Profit Sharing Plan (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

     

    1. General

    The Plan is a defined contribution plan covering all employees of J & J Snack Foods Corp. (the Company) who have one month of service and are age 21 or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

     

    2. Contributions

    Each year, participants may make a pretax contribution deferring no less than 2% or more than 25% of total compensation, as defined by the Plan, subject to Internal Revenue Code (“IRC”) limitation. For 2024, a participant’s tax-deferred contribution was limited to $23,000. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. In addition, in 2024, the Plan was updated to allow for a post-tax Roth 401(k) deferral option as well.

     

    Participants who have attained the age of 50 before the end of the Plan year were eligible to make an additional $7,500 catch-up contribution. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers a variety of investment options for participants, one of which is common stock of the Plan sponsor, J&J Snack Foods Corp.

     

    The Company may contribute:

     

    ●

    A discretionary matching contribution equal to a percentage of the amount of the salary reduction elected for deferral by each participant (in 2024, 60% of an employee’s salary reduction up to 5% of salary). This percentage will be determined each year by the Company.

     

    ●

    On behalf of each non-highly compensated participant, a special discretionary contribution equal to a percentage of the participant’s compensation. This percentage will be determined each year by the Company. There was no such contribution in 2024.

     

    ●

    A discretionary amount in addition to the special contribution, which will be determined each year by the Company. There was no such contribution in 2024.

     

    3. Participant Accounts

    Each participant’s account is credited with the participant’s contribution and allocation of (a) the Company’s contribution and, (b) Plan earnings net of expenses, and (c) allocation of administrative expenses. 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. Participants have the ability to make daily transfers of all or a portion of employee and employer contributions to their account from one fund to another in multiples of 5% of the fund balance.         

     

    4. Vesting

    Participants are 100% vested in their salary reduction plus actual earnings therein. Effective January 1, 2023, the Plan changed from a 6-year grading vesting schedule to a modified schedule based on years of service where 20% is vested each year for the first three years and then 40% after the fourth year.

     

    7

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    NOTES TO FINANCIAL STATEMENTS - CONTINUED

    December 31, 2024 and 2023

     

    NOTE A - DESCRIPTION OF THE PLAN – Continued

     

    5. Payment of Benefits

    Upon termination of service, retirement, death or disability, the vested portion of a participant’s account may be distributed to the participant or beneficiary by transfer to another qualified plan or through a lump sum distribution, which will be subject to income taxes and may be subject to an additional tax due to early withdrawal.

     

    In-service withdrawals of all or a portion of a participant’s vested account balance may be made by participants who have attained the age of 59 ½. As allowed under IRS rules, participants may withdraw funds from their vested accounts while employed to satisfy an immediate and heavy financial need, which is considered a hardship withdrawal. Any amount withdrawn will be subject to income taxes and may be subject to an additional tax due to early withdrawal. The Plan has an annual required minimum distribution starting at age 73 for non-employee participants and for active participants who own more than 5% of the Plan sponsor’s common stock.

     

    6. Notes Receivable from Participants

    The trustee may make loans from the Plan to participants in accordance with the Plan document. All loans bear interest rates that are commensurate with local prevailing rates at date of issuance as determined by the Plan administrator. The interest rates range from 4.25% to 9.50% with the loans having a maturity date through January 13, 2051. Participants may request loans for a minimum of $1,000 up to 50% of their vested balance with a maximum to $50,000. All loans are to be repaid within five years unless the loan is used to acquire a principal residence, in which case the term may be longer. Loans are secured by the portion of the vested balance in the participant’s account that is equal to the amount that is loaned to the participant. Principal and interest is paid ratably through monthly payroll deductions.

     

    Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable from participants are deemed to be a distribution based upon the terms of the Plan document. Participants may have up to a maximum of two loans outstanding at any one time.

     

    7. Forfeited Accounts

    Forfeitures as of December 31, 2024, and 2023 were $363,542 and $172,262, respectively. No forfeitures were used in 2024 to offset employer match contributions. Forfeitures are periodically used to pay plan expenses or offset employer contributions.

     

    8

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    NOTES TO FINANCIAL STATEMENTS - CONTINUED

    December 31, 2024 and 2023

     

    NOTE A - DESCRIPTION OF THE PLAN – Continued         

     

    8.  Plan Administration

     

    The plan incurred administrative expenses of $548,768, for the year ended December 31, 2024. The Plan sponsor has the option but not the obligation to pay any of the Plan's administrative expenses. In addition, certain administrative functions are performed by officers and employees of the Plan sponsor for which they receive no compensation from the Plan nor is the Plan charged for these services. Additionally, the Plan sponsor incurs and pays additional expenses which are not charged to the plan.

     

    NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     

    A summary of the Plan’s significant accounting policies consistently applied in the preparation of the accompanying financial statements follows.

     

    1. Basis of Accounting

    The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

     

    2. Use of Estimates

    The preparation of financial statements in conformity with U.S. GAAP 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 additions and deductions during the reporting period. Actual results could differ from those estimates.

     

    3. Investment Valuation and Income Recognition

    Investments are reported at fair value with the exception of the Plan’s interest in the Separate Account Guaranteed Interest Contract (“SAGIC”), a diversified bond fund, which is reported at contract value and does not differ materially from fair value.

     

    The change in fair value of investments during the year is measured by the difference between the fair value at year-end and the fair value at the beginning of the year or costs of purchases during the year and is reflected in the statement of changes in net assets available for benefits as net appreciation/depreciation in fair value of investments. See note B4 for discussion of fair value measurements.

     

    The 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. Net appreciation/depreciation includes the plan’s gains and losses on investments bought and sold as well as held during the year.

     

    9

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    NOTES TO FINANCIAL STATEMENTS - CONTINUED

    December 31, 2024 and 2023

     

    NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

     

    4.Fair Value Measurements

    The Plan’s investments (excluding the SAGIC investment referenced to above) are stated at fair value, which 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 Plan adopted accounting guidance which requires enhanced disclosures about investments that are measured and reported at fair value. That guidance 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 are described as follows:

     

    Level 1

    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.

       

    Level 2

    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.

       

    Level 3

    Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

     

    The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable input.

     

    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, 2024 and 2023.

     

    Registered Investment Company Mutual Funds: These investments are public investment securities valued at net asset value (“NAV”). The NAV is a quoted price in an active market on which the securities are traded. Shares of registered investment companies are classified as Level 1 investments.

     

    10

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    NOTES TO FINANCIAL STATEMENTS - CONTINUED

    December 31, 2024 and 2023

     

    NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

     

    J&J Snack Foods Corp Common Stock Fund: This fund represents employer securities valued at the closing price reported on the active market on which the individual securities are traded. A small portion of the fund is invested in short-term money market instruments. The money market portion of the fund provides liquidity, which enables the Plan participants to transfer money daily among all investment choices. The common stock is classified as a Level 1 investment.

     

    Common Collective Trust: These are valued as net asset value (NAV) of units held. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the Plan will sell the investment for an amount different than the reported NAV.

     

    The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future 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 tables present information about the Plan’s investments measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Plan to determine such value.

     

     

       

    Fair Value Measurements Using Input Type

     
       

    Total Fair Value as of

    December 31, 2024

       

    Level 1

       

    Level 2

       

    Level 3

     

    Common Stock Fund

      $ 17,992,176     $ 17,992,176     $ -     $ -  
    Total Mutual Funds     140,241,910       140,241,910       -       -  
    CCT’s measured at NAV     -                          

    Total investments measured at fair value

      $ 158,234,086     $ 158,234,086     $ -     $ -  

     

     

       

    Fair Value Measurements Using Input Type

     
       

    Total Fair Value as of

    December 31, 2023

       

    Level 1

       

    Level 2

       

    Level 3

     

    Common Stock Fund

      $ 20,800,588     $ 20,800,588     $ -     $ -  

    Total Mutual Funds

        127,767,509       127,767,509       -       -  

    CCT’s measured at NAV

        95,502                          

    Total investments measured at fair value

      $ 148,663,149     $ 148,568,097     $ -     $ -  

     

    The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the years ended December 31, 2024, and 2023, there were no transfers into or out of levels 1, 2 or 3.

     

    11

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    NOTES TO FINANCIAL STATEMENTS - CONTINUED

    December 31, 2024 and 2023

     

    NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

     

    5. Payment of Benefits

    Benefits are recorded when paid.         

     

    6. 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 statements of net assets available for benefits.

     

    7. Administrative Expenses

    Administrative expenses of the Plan are paid by the Plan and by the participants through an asset-based charge. There are other costs associated with the Plan that are paid by the Company.

     

    NOTE C – SEPARATE ACCOUNT GUARANTEED INVESTMENT CONTRACT

     

    The Plan has entered into a benefit-responsive investment contract with Mass Mutual Retirement Services Diversified Bond Separate Investment Account (the “SAGIC”). The SAGIC 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 the SAGIC. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

     

    Because the separate account guaranteed investment contract is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed investment contract. There are no reserves against contract value for credit risk of the contract issuer or otherwise. The contract value of the investment contract as of December 31, 2024 and 2023 was $12,939,526 and $10,793,357 respectively. The average crediting interest rate is calculated by dividing the annual interest credited to the participants during the plan year by the average annual fair value of the investment. The separate account guaranteed investment contract does not allow the crediting interest rate to fall below zero percent. Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan sponsor or other Plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan, or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan administrator does not believe that any events which would limit the Plan’s ability to transact at contract value with participants are probable of occurring. The separate account guaranteed investment contract does not permit the insurance company to terminate the agreement unless the Plan is not in compliance with the investment agreement. The crediting interest rate was 4.09% and 4.42% at December 31, 2024 and 2023, respectively.

     

    12

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    NOTES TO FINANCIAL STATEMENTS - CONTINUED

    December 31, 2024 and 2024

     

    NOTE D - RELATED PARTY TRANSACTIONS

     

    At December 31, 2024 and 2023, investments include 114,183 and 124,450 shares of the Corporation's unitized stock fund valued at $17,992,176 and $20,800,588 respectively. During the year ended December 31, 2024, the Plan purchased and sold $873,452 and $2,594,726, respectively, of the Corporation’s unitized stock fund. The Plan also permits notes receivable from participants. Accordingly, these transactions qualify as party-in-interest transactions and are exempt from the prohibited transaction rules.

     

    NOTE E – TAX STATUS

     

    The Plan is a Non-standardized 401(k) Profit Sharing Prototype Plan (“Prototype Plan”) sponsored by Empower and adopted by the Company. The Prototype Plan obtained its latest opinion letter on November 14, 2022 in which the IRS stated that the Prototype Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code (“IRC”). The Plan has not requested its own determination letter from the IRS. The Plan administrator believes that the Plan, as amended, is currently designed and being operated in all material respects in compliance with the applicable requirements of the IRC. Therefore, the Plan administrator believes that the Plan was qualified and that the related trust was tax exempt as of the financial statement dates.

     

    During 2024, the Company identified certain operational errors whereby salary deferrals withheld were not consistent with certain employee elections, incorrect fees were being assessed in connection with investments in the Corporation’s unitized stock fund, and errors were made in processing certain loan repayments. The Plan made a Voluntary Compliance Program (“VCP”) submission to the IRS pursuant to the IRS Employee Plans Compliance Resolution System (“EPCRS”) to correct these operational errors. On behalf of the Plan, the Company is in the process of requesting the IRS to issue a compliance statement for the Plan under the Voluntary Correction Program (VCP).

     

    U.S. GAAP requires 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, 2024 and 2023, 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 examination by the Department of Labor and the Internal Revenue Service, of which there are none presently.

     

    NOTE F - 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 accounts.

     

    NOTE G – SUBSEQUENT EVENTS

     

    The Plan Administrator has evaluated all subsequent events through June 20, 2025, the date the financial statements were available to be issued, noting no other events that would require adjustments to, or disclosure in, the Plan’s financial statements.

     

    13

     

     

     

     

     

     

     

     

    SUPPLEMENTAL INFORMATION

     

     

     

     

     

     

     

     

    14

     

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    EIN: 221935537  PN:001

    SCHEDULE H, LINE 4a – SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS

    Year Ended December 31, 2024

     

     

       

     

       

    Totals That Constitute Nonexempt Prohibited Transactions

       

     

     

    Year

     

    Participant

    Contributions

    Transferred

    Late

    to the Plan

    (Participant

    Loan

    Repayments

    are Included)

       

    Contributions

    Not Corrected

       

    Contributions

    Corrected

    Outside VFCP

       

    Contributions

    Pending

    Correction

    in VFCP

       

    Total Fully

    Corrected

    Under

    Voluntary

    Fiduciary

    Correction

    Program

    (VFCP) and

    Prohibited

    Transition

    Exemption

    2002-51

     
                                             

    2023

      $ 347,840     $ -     $ 347,840     $ -     $ -  

     

    15

     

     

     

    J & J Snack Foods Corp. 401(k) Profit Sharing Plan

    EIN: 221935537  PN:001

    SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    Year Ended December 31, 2024

     

     

    (a)

     

    (b) Identity of issue, borrower, lessor, or similar party

    ( c ) Description of investment including maturity date, rate of interest

     

    (d) Cost

       

    (e) Current Value

     
         

    Collateral, par, or maturity value

                   
                           
       

    SAGIC DIVERSIFIED BOND I

    Fixed Annuities

        **     $ 12,939,526  
       

    MassMutual US GOVERNMENT MNY MKT FD

    Holding Account - MF-G

        **       100,701  
                           
       

    PIMCO DIVERSIFIED INC FUND

    Registered Investment Company Mutual Fund

        **       1,203,029  
       

    VANGUARD LIFESTRATEGY CON GR FD

    Registered Investment Company Mutual Fund

        **       12,296,469  
       

    VANGUARD LIFESTRATEGY MOD GR FD

    Registered Investment Company Mutual Fund

        **       8,723,461  
       

    VANGUARD LIFESTRATEGY GROWTH FD

    Registered Investment Company Mutual Fund

        **       22,412,316  
       

    VANGUARD LIFESTRATEGY INCOME FD

    Registered Investment Company Mutual Fund

        **       5,155,103  
       

    VANGUARD TARGET RTRMNT 2055 FD

    Registered Investment Company Mutual Fund

        **       2,490,919  
       

    VANGUARD TARGET RTRMNT 2060 FD

    Registered Investment Company Mutual Fund

        **       1,599,079  
       

    AMERFUNDS INVST CO OF AMER FD

    Registered Investment Company Mutual Fund

        **       8,065,600  
       

    VANGUARD VALUE INDEX FUND

    Registered Investment Company Mutual Fund

        **       5,034,352  
       

    VANGUARD SMALL CAP INDEX FUND

    Registered Investment Company Mutual Fund

        **       3,425,990  
       

    VANGUARD MID CAP INDEX FUND

    Registered Investment Company Mutual Fund

        **       1,589,772  
       

    VANGUARD GROWTH INDEX FUND

    Registered Investment Company Mutual Fund

        **       18,336,135  
       

    VANGUARD INTERM-TRM BND INDX FD

    Registered Investment Company Mutual Fund

        **       4,699,283  
       

    AMERICAN FUNDS CAP INC BLDR FD

    Registered Investment Company Mutual Fund

        **       1,276,959  
       

    VICTORY SYCAMORE ESTAB VAL FD

    Registered Investment Company Mutual Fund

        **       1,831,164  
       

    VANGUARD 500 INDEX FUND

    Registered Investment Company Mutual Fund

        **       6,102,779  
       

    VANGUARD TARGET RTRMNT INCOME FD

    Registered Investment Company Mutual Fund

        **       277,986  
       

    VANGUARD TARGET RTRMNT 2020 FD

    Registered Investment Company Mutual Fund

        **       1,043,787  
       

    VANGUARD TARGET RTRMNT 2025 FD

    Registered Investment Company Mutual Fund

        **       2,409,309  
       

    VANGUARD TARGET RTRMNT 2030 FD

    Registered Investment Company Mutual Fund

        **       8,814,853  
       

    VANGUARD TARGET RTRMNT 2035 FD

    Registered Investment Company Mutual Fund

        **       6,560,780  
       

    VANGUARD TARGET RTRMNT 2040 FD

    Registered Investment Company Mutual Fund

        **       4,244,830  
       

    VANGUARD TARGET RTRMNT 2045 FD

    Registered Investment Company Mutual Fund

        **       4,056,236  
       

    VANGUARD TARGET RTRMNT 2050 FD

    Registered Investment Company Mutual Fund

        **       3,038,313  
       

    AMERICAN FUNDS CAP WLD GR AND IN FD

    Registered Investment Company Mutual Fund

        **       5,452,705  
    *  

    J&J Snack Foods Corp Company Stock

    Employer Securities

        **       17,992,176  
       

    Total Investments

                171,173,612  
                           
                           
    *  

    NOTES RECEIVABLE FROM PARTICIPANTS

    Maturity Dates from January 2025 to January 2051 and Low-High Interest Rates from 4.25% - 9.50%

                4,857,261  
                           
                           
                        176,030,873  

     

    *

    Party-in-Interest

    **

    Cost Omitted all investments are participant directed

     

    16

     

     

    EXHIBIT INDEX

     

     

           

    Exhibit

    Number

    Description
       
    23.1* Consent of Independent Registered Public Accounting Firm

         

    *         Filed herewith.

     

    17

     

     

    SIGNATURES

     

     

    Pursuant to the requirements of the Securities Exchange Act of 1934, the J & J Snack Foods Corp. Employee Benefits Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

     

     

     

    J & J Snack Foods Corp.

    401(k) Profit Sharing Plan

       
       
    Date: June 20, 2025 /s/ Shawn Munsell
       
       
     

    Shawn Munsell

    Authorized Committee Member

     

    18
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