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

CareComp Balance Sheets
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