Chairman's Message and 2011 Annual Business Balance Sheets
On behalf of the Board of Trustees, I am pleased to provide for your information and review the Fund's 2012 Comparative Balance Sheets. This report provides clear evidence that CareComp continues to build on a consistent record of performance year after year.
The Fund's success has enabled it to pay refunds to eligible members totaling $900,000 this September, bringing the total distributions returned to members since our inception to $30,758,111. These refunds represent 22.8% of the premiums paid through December 31, 2012.
R. Frank Brown, Jr.
Chairman of the Board of Trustees
September 17, 2013
December 31 |
2012 | 2011 |
---|---|---|
Assets |
||
Investments in marketable securities |
17,505,540 |
15,682,588 |
Cash and cash equivalents |
6,527,833 |
5,268,046 |
Accrued interest receivable |
89,183 |
76,765 |
Member contributions receivable |
293,771 |
279,445 |
Excess insurance receivable on paid losses |
102,911 |
88,755 |
Excess insurance recoverable on unpaid losses |
6,643,202 |
6,252,216 |
Excess reinsurance premium refund receivable |
40,315 |
43,635 |
Other assets |
23,145 |
11,338 |
Federal income tax deposit |
929,919 |
890,935 |
Deposit - Department of Industrial Relations |
200,000 |
200,000 |
Total Assets |
32,355,819 |
28,793,723 |
Liabilities and members' equity |
||
Liabilities |
||
Unpaid losses and loss adjustment expenses |
26,787,682 |
25,206,929 |
Accounts payable |
31,400 |
38,756 |
Accrued expenses |
9,662 |
9,396 |
Member contributions overpayments |
98,028 |
87,860 |
Unearned member contributions |
754,804 |
15,082 |
Dividends payable |
1,099,999 |
282,069 |
Federal income tax deposit payable |
12,150 |
13,166 |
Deferred tax liability |
1,117,575 |
1,010,731 |
Total liabilities |
29,911,300 |
26,663,989 |
Members' equity |
||
Equity |
1,957,379 |
1,871,963 |
Accumulated other comprehensive income |
487,140 |
257,771 |
Total members' equity |
2,444,519 |
2,129,734 |
Total liabilities and members' equity |
32,355,819 |
28,793,723 |