Audited Financial Summary
|
| AUDITED STATEMENT OF INCOME AND FUND BALANCE |
|
|
|
|
|
REVENUES |
$ 5,511,427 |
$ 8,417,305 |
$ 9,908,246 |
|
Premiums |
4,921 |
17,075 |
292,348 |
|
Other income |
$ 5,516,348 |
$ 8,434,380 |
$ 10,200,594 |
|
|
|
|
|
|
EXPENSES |
$ 1,408,343 |
$ 1,567,956 |
$ 3,074,663 |
|
Losses and loss adjustment expenses |
3,095,408 |
4,269,130 |
6,139,284 |
|
Excess insurance expense |
378,328 |
1,835,636 |
819,681 |
|
Policy acquisition costs |
466,734 |
760,620 |
385,196 |
|
Other underwriting expenses |
$ 5,348,813 |
$ 8,433,342 |
$ 10,418,824 |
|
|
|
|
|
|
NET INCOME BEFORE PROVISIONS FOR INCOME TAXES |
$ 197,535 |
$ 1,038 |
$ (218,230) |
|
|
|
|
|
|
PROVISIONS FOR INCOME TAXES |
$ 94,634 |
$ 62,126 |
$ 18,297 |
|
Current income tax benefit |
(26,092) |
477 |
224,845 |
|
Deferred income tax benefit |
$ 68,542 |
$ 62,603 |
$ 243,142 |
|
|
|
|
|
|
NET INCOME |
$ 128,993 |
$ 63,641 |
$ 24,912 |
|
|
|
|
|
|
Fund balance ‐ beginning of year |
-0- |
$ 128,993 |
$ 192,634 |
|
|
|
|
|
|
FUND BALANCE ‐ END OF YEAR |
$ 128,993 |
$ 192,634 |
$ 217,546 |
|
|
|
Administered by Non-Profit Insurance Services, Inc. 
