UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE EDUCATION INSURANCE COMPANY COMBINING FINANCIAL STATEMENTS JUNE 30, 2013

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE EDUCATION INSURANCE COMPANY COMBINING FINANCIAL STATEMENTS JUNE 30, 2013"

Transcription

1 UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE COMBINING FINANCIAL STATEMENTS

2 UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE TABLE OF CONTENTS Page(s) Independent Auditors Report 1 2 Management s Discussion and Analysis 3 8 Combining Financial Statements Combining Statements of Net Position 9 Combining Statements of Revenues, Expenses, and Changes in Net Position 10 Combining Statements of Cash Flows 11 Notes to Combining Financial Statements Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 21 22

3 INDEPENDENT AUDITORS REPORT To the Governing Council and Board of Directors, respectively, of the University of Florida Self-Insurance Program and the University of Florida Healthcare Education Insurance Company: Report on the Financial Statements We have audited the accompanying combining financial statements of the University of Florida Self- Insurance Program (the Program, an operating unit of the Florida Board of Governors) and the University of Florida Health Education Insurance Company (the Company ), as of and for the year ended June 30, 2013, and the related notes to the combining financial statements, which collectively comprise the Program s and the Company s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements The Program s and the Company s management is responsible for the preparation and fair presentation of these financial statements in accordance with principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions

4 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Program and the Company as of June 30, 2013, and the changes in its financial position and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 3 through 10 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated August 23, 2013, on our consideration of the Program s and the Company s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Program s and the Company s internal control over financial reporting and compliance. Gainesville, Florida August 23,

5 MANAGEMENT S DISCUSSION AND ANALYSIS This discussion provides an assessment by management of the current financial position and results of operations for UF Self-Insurance Program and Healthcare Education Insurance Company. Management encourages readers to consider the information presented here in conjunction with additional information included in the accompanying financial statements and notes to the financial statements. Overview of Financial Statements This discussion and analysis is intended to serve as an introduction to the Program s basic financial statements, which consists of the balance sheets, statements of revenues, expenses, and changes in net position, and the statements of cash flows. This report also contains other supplementary information in addition to the basic financial statements. The balance sheets present information on all of the Program s assets and liabilities, with the difference between the two reported as the total net position. s or decreases in the reported net position may serve as a useful indicator of the Program s financial position. The statements of revenues, expenses and changes in net position present information showing how the Program s revenues and expenses affected the total net position during the current year. All revenue and expenses are recorded as soon as they have been incurred, regardless of the timing of related cash flows. The statements of cash flows present information regarding the cash receipts and payments that occurred throughout the year. The statements show the cash effects of operating and financing transactions during a given period. Summary of Net Position for the Self-Insurance Program (decrease) change 2011 (decrease) change Assets Cash and cash equivalents $ 4,318,176 $ 1,339,234 $ 2,978, % $ 2,355,906 $ (1,016,672) (43.15)% Investments, at fair value 144,470, ,103,382 17,367, % 122,202,559 4,900, % Premiums and other receivables 1,519,476 7,738,633 (6,219,157) (80.37)% 2,887,606 4,851, % Accrued interest receivable 2,327 7,331 (5,004) (68.26)% 201,455 (194,124) (96.36)% Prepaids and other assets 106, ,950 5, % 181,261 (80,311) (44.31)% Total Assets 150,417, ,289,530 14,127, % 127,828,787 8,460, % Liabilities Unpaid losses and loss adjustment expenses 39,949,716 54,200,449 (14,250,733) (26.29)% 59,289,674 (5,089,225) (8.58)% Accounts payable and accrued expenses 1,167,076 2,618,361 (1,451,285) (55.43)% 252,010 2,366, % Investments due to HEIC 28,931,953 17,973,072 10,958, % 10,747,240 7,225, % Total Liabilities 70,048,745 74,791,882 (4,743,137) 6.34% 70,288,924 4,502, % Net position $ 80,368,514 $ 61,497,648 $ 18,870, % $ 57,539,863 $ 3,957, % - 3 -

6 MANAGEMENT S DISCUSSION AND ANALYSIS (Continued) Assets Cash and cash equivalents increased approximately $3.0 million during This is predominantly due to the billing being done earlier in the fiscal year and the timely payments made by the participants. Investments, at fair value, nearly increased by $17.4 million in 2013 primarily due to the additional $10 million that was invested in Barclays (equity), PIMCO (fixed) and Western (fixed) in May It is also a result of the returns on the investments for the year, which are reinvested in the various investment managers. Premiums and other receivables decreased approximately 80.4% during This is the result of the reduction in the administrative budget by almost $878,000 and the reduction of the outstanding premiums at the end of the fiscal year due to the timely payments made by the participants. Accrued interest receivable decreased approximately $5,000 during This is primarily due to the program no longer having any investments being held with Merrill Lynch in US treasury bills. The program was contacted in the first half of the fiscal year regarding the US treasury bills, Merrill Lynch had decided to no longer manage those types of investments and was requiring us to liquidate those investments. This change in their policy was the sole reason for the reduction in accrued interest receivable. Liabilities Unpaid losses and loss adjustment expenses decreased approximately $14 million during This decrease was related the reduction in the funding recommendation by the actuary, which can be attributed to Shands immunity and the lower case reserves for more mature years. Accounts payable and accrued expenses decreased approximately $1.5 million during This is the result of a decrease in the Program s settlement agreements that were reached but not paid prior to end of the current fiscal year. Investments due to HEIC increased approximately $11 million during The Healthcare Education Insurance Company had additional funds in the cash account with Bank of America, primarily due to the US treasury bills being settled by Merrill Lynch. The investment committee decided to commit an additional $10 million to the various investment accounts held with US Bank. This transfer to Barclays (equity), PIMCO (fixed) and Western (fixed) occurred in May Summary of Net Position for the Healthcare Education Insurance Company (decrease) change 2011 (decrease) change Assets Cash and cash equivalents $ 17,915,947 $ 18,587,107 $ (671,160) (3.61)% $ 21,234,627 $ (2,647,520) (12.47)% Investments, at fair value - 11,821,182 (11,821,182) (100.00)% 12,907,070 (1,085,888) (8.41)% Premiums and other receivables 668,933 1,893,248 (1,224,315) (64.67)% 2,406,543 (513,295) (21.33)% Accrued interest receivable ,974 (19,843) (99.34)% 17,392 2, % - 4 -

7 MANAGEMENT S DISCUSSION AND ANALYSIS (Continued) (decrease) change 2011 (decrease) change Prepaids and other assets $ 6,259 $ - $ 6, % $ - $ - - Investments due from Program 28,931,953 17,973,072 10,958, % 10,747,240 7,225, % Total Assets 47,523,223 50,294,583 (2,771,360) (5.51)% 47,312,872 2,981, % Liabilities Unpaid losses and loss adjustment expenses 16,197,745 21,665,000 (5,467,255) (25.24)% 18,381,279 3,283, % Accounts payable and accrued expenses 13,560 1,410,877 (1,397,317) (99.04)% 100,693 1,310, % Total Liabilities 16,211,305 23,075,877 (19,299,192) (29.75)% 18,481,972 4,593, % Net position $ 31,311,918 $ 27,218,706 $ 4,093, % $ 28,830,900 $ (1,612,194) (5.59)% Assets Investments, at fair value, decreased approximately $12 million due to no longer having any investments being held with Merrill Lynch in US treasury bills. The program was contacted in the first half of the fiscal year regarding the US treasury bills, Merrill Lynch had decided to no longer manage those types of investments and was requiring us to liquidate those investments. These investments were liquidated and transferred into the cash account with the Bank of America in November Premiums receivable decreased approximately 65% during This is a combination of the HEIC reinsurance and excess premiums being paid timely by participants and the recovery receivable that was settled when the wire transfer was received July Accrued interest receivable decreased approximately $20,000 during This is the result of no longer having any investments with Merrill Lynch in US treasury bills. Investments due from Program increased approximately $11 million during The Healthcare Education Insurance Company had additional funds in the cash account with Bank of America, primarily due to the US treasury bills being settled by Merrill Lynch. The investment committee decided to commit an additional $10 million to the various investment accounts held with US Bank. This transfer to Barclays (equity), PIMCO (fixed) and Western (fixed) occurred in May Liabilities Unpaid losses and loss adjustment expenses decreased approximately 25% during 2013 largely due to the funding recommendation by the actuary decreasing. This can be attributed to Shands immunity, the lower case reserves for the more mature years, and the decrease in the possibility of claims reaching the HEIC layer. Accounts payable and accrued expenses decreased approximately $1.4 million during This decrease is related to the amount due to the reinsurers related to a claims recovery that was reimbursed September

8 MANAGEMENT S DISCUSSION AND ANALYSIS (Continued) Combined Summary of Net Position (decrease) change 2011 (decrease) change Assets Cash and cash equivalents $ 22,234,123 $19,926,341 $ 2,307, % $ 23,590,533 $ (3,664,192) (15.53)% Investments, at fair value 144,470, ,924,564 5,545, % 135,109,629 3,814, % Premiums and other receivables 2,188,409 9,631,613 (7,443,204) (77.28)% 5,279,075 4,352, % Accrued interest receivable 2,458 27,305 (24,847) (91.00)% 218,847 (191,542) (87.52)% Prepaids and other assets 113, ,218 11, % 196,335 (95,117) (48.45)% Investments due from Program 28,931,953 17,973,072 10,958, % 10,747,240 7,225, % Total Assets 197,940, ,584,113 11,356, % 175,141,659 11,442, % Liabilities Unpaid losses and loss adjustment expenses 56,147,461 75,865,449 (19,717,988) (25.99)% 77,670,953 (1,805,504) (2.32)% Accounts payable and accrued expenses 1,180,636 4,029,238 (2,848,602) (70.70)% 352,703 3,676, % Investments due to HEIC 28,931,953 17,973,072 10,958, % 10,747,240 7,225, % Total Liabilities 86,260,050 97,867,759 (11,607,709) (11.86)% 88,770,896 9,096, % Net position $ 111,680,432 $88,716,354 $ 22,964, % $ 86,370,763 $ 2,345, % Summary of Revenues, Expenses, and Changes in Net Position for the Self-Insurance Program (decrease) change 2011 (decrease) change Operating Revenue Earned premiums, net $ 14,717,421 $ 14,879,696 $ (162,275) (1.09)% $ 15,190,248 $ (310,552) (2.04)% Investment income 9,392,720 5,054,908 4,337, % 12,039,312 (6,984,404) (58.01)% Other income 483, , , % 680,594 (342,496) (50.32)% Total operating revenues 24,593,325 20,272,702 4,320, % 27,910,154 (7,637,452) (27.36)% Operating Expenses Losses and loss adjustment expenses 115,905 8,516,454 (8,400,549) (98.64)% 7,564, , % General and administrative expenses 5,606,554 7,798,463 (2,191,909) (28.11)% 6,642,336 1,156, % Total operating expenses 5,722,459 16,314,917 (10,592,458) (64.93)% 14,206,789 2,108, % (decrease) in net position 18,870,866 3,957,785 14,913, % 13,703,365 (9,745,580) (71.12)% Net position, beginning of year 61,497,648 57,539,863 3,957, % 43,836,498 13,703, % Net position, end of year $ 80,368,514 $ 61,497,648 $ 18,870, % $ 57,539,863 $ 3,957, % - 6 -

9 MANAGEMENT S DISCUSSION AND ANALYSIS (Continued) Total operating revenues increased by approximately $4.3 million during 2013 as compared to This change is in part because of the increase in unrealized gains for BlackRock, which were substantially higher in 2013 compared to This increase is also the result of the program charging more to the emerging self-insurance programs for their management fees as a result of the 2012 financial audit. Total operating expenses decreased by approximately $10.6 million during 2013 as compared to This decrease is attributable in part because of a decrease in IBNR reserve during The general expenses also decreased during the current year, which is largely related to the decrease in staffing and the related fringe benefits being eliminated. Summary of Revenues, Expenses, and Changes in Net Position for the Healthcare Education Insurance Company (decrease) change 2011 (decrease) change Operating Revenue Earned premiums, net $ 980,977 $ 1,206,664 $ (225,687) (18.70)% $ 6,588,084 $ (5,381,420) (81.68)% Investment income 962, , , % 1,360,220 (773,758) (56.88)% Total operating revenues 1,943,171 1,793, , % 7,948,304 (6,155,178) (77.44)% Operating Expenses Losses and loss adjustment expenses (2,436,475) 3,283,719 (5,720,194) (174.20)% (249,999) 3,533,718 ( )% General and administrative expenses 286, , , % 70,825 50, % Total operating expenses (2,150,041) 3,405,320 (5,555,361) (163.14)% (179,174) 3,584,494 ( )% (decrease) in net position 4,093,212 (1,612,194) 5,705,406 (353.89)% 8,127,478 (9,739,672) (119.84)% Net position, beginning of year 27,218,706 28,830,900 (1,612,194) (5.59)% 20,703,422 8,127, % Net position, end of year $ 31,311,918 $ 27,218,706 $ 4,093, % $ 28,830,900 $ (1,612,194) (5.59)% Total operating revenues increased by approximately 8% during 2013 as compared to This change is a result of the increase in unrealized gains for BlackRock, which were substantially higher in 2013 compared to Total operating expenses decreased approximately $5.6 million from 2012 to This is the outcome of the reduction in IBNR reserves for the current year

10 MANAGEMENT S DISCUSSION AND ANALYSIS (Continued) Combined Summary of Revenues, Expenses, and Changes in Net Position (decrease) change 2011 (decrease) change Operating Revenue Earned premiums, net $ 15,698,398 $ 16,086,360 $ (387,982) (2.41)% $ 21,778,332 $ (5,691,972) (26.14)% Investment income 10,354,914 5,641,370 4,713, % 13,399,532 (7,758,162) (57.90)% Other income 483, , , % 680,594 (342,496) (50.32)% Total operating revenues 26,536,496 22,065,828 4,470, % 35,858,458 (13,792,630) (38.46)% Operating Expenses Losses and loss adjustment expenses (2,320,570) 11,800,173 (14,120,743) (119.67)% 7,314,454 4,485, % General and administrative expenses 5,892,988 7,920,064 (2,027,076) (25.59)% 6,713,161 1,206, % Total operating expenses 3,572,418 19,720,237 (16,147,819) (81.89)% 14,027,615 5,692, % (decrease) in net assets 22,964,078 2,345,591 20,618, % 21,830,843 (19,485,252) (89.26)% Net assets, beginning of year 88,716,354 86,370,763 2,345, % 64,539,920 21,830, % Net assets, end of year $ 111,680,432 $ 88,716,354 $ 22,964, % $ 86,370,763 $ 2,345, % Next Year Operating revenue for the Program and HEIC are expected to decrease in the next year. It is anticipated that the program s primary premiums and the HEIC retained and excess related premiums will each decrease by about 25% for the subsequent year. Operating expenses should remain closely related to the Program s size, volume of activity, and other adjustments consistent with the rate of future growth. Although the University of Florida is giving an across the board raise of 3.5% to employees that is effective October 1, 2013, the program still expects to keep the employee salary and fringe related expenses fairly stable with the previous year. Contacting Management This financial narrative is designed to provide the reader with a general overview of the University of Florida Self-Insurance Program and Healthcare Education Insurance Company s finances. If you have questions about this report or need additional information, please contact: UF Self-Insurance Program P.O. Box Gainesville, FL (352)

11 UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE COMBINING STATEMENTS OF NET POSITION University of University of Florida Healthcare Florida Self- Education Insurance Insurance Company Program Combined Assets Cash and cash equivalents $ 17,915,947 $ 4,318,176 $ 22,234,123 Investments, at fair value - 144,470, ,470,442 Premiums and other receivables 668,933 1,519,476 2,188,409 Accrued interest receivable 131 2,327 2,458 Prepaids and other assets 6, , ,097 Investments due from Program 28,931,953-28,931,953 Total assets 47,523, ,417, ,940,482 Liabilities Unpaid losses and loss adjustment expenses 16,197,745 39,949,716 56,147,461 Accounts payable and accrued expenses 13,560 1,167,076 1,180,636 Investments due to HEIC - 28,931,953 28,931,953 Total liabilities 16,211,305 70,048,745 86,260,050 Net position Net position - unrestricted $ 31,311,918 $ 80,368,514 $ 111,680,432 The accompanying notes to the financial statements are an integral part of these statements

12 UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE COMBINING STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION FOR THE YEAR ENDED University of Florida Healthcare University of Education Florida Self- Insurance Insurance Company Program Combined Operating revenues Earned premiums, net $ 980,977 $ 14,717,421 $ 15,698,398 Investment income 962,194 9,392,720 10,354,914 Other income - 483, ,184 Total operating revenues 1,943,171 24,593,325 26,536,496 Operating expenses Losses and loss adjustment expenses (2,436,475) 115,905 (2,320,570) General and administrative expenses 286,434 5,606,554 5,892,988 Total operating expenses (2,150,041) 5,722,459 3,572,418 in net position 4,093,212 18,870,866 22,964,078 Net position, beginning of year 27,218,706 61,497,648 88,716,354 Net position, end of year $ 31,311,918 $ 80,368,514 $ 111,680,432 The accompanying notes to the financial statements are an integral part of these statements

13 UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE COMBINING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED University of Florida Healthcare University of Education Florida Insurance Self-Insurance Company Program Combined Cash flows from operating activities Revenue collected: Earned premiums $ 2,205,292 $ 20,936,578 $ 23,141,870 Investment income 291,653 2,397,142 2,688,795 Other income - 483, ,184 Payments for expenses: Losses and loss adjustment expenses (3,030,780) (14,366,638) (17,397,418) General and administrative expenses (1,690,010) (7,058,723) (8,748,733) Net cash provided by (used in) operating activities (2,223,845) 2,391, ,698 Cash flows from investing activities Purchases of investments - (18,147,622) (18,147,622) Proceeds from sales of investments 11,311,566 7,476,140 18,787,706 Proceeds from maturities of investments 1,200, ,000 1,500,000 Change in investments due from Program (10,958,881) - (10,958,881) Change in investments due to HEIC - 10,958,881 10,958,881 Net cash provided by investing activities 1,552, ,399 2,140,084 Net increase (decrease) in cash and cash equivalents (671,160) 2,978,942 2,307,782 Cash and cash equivalents, beginning of year 18,587,107 1,339,234 19,926,341 Cash and cash equivalents, end of year $ 17,915,947 $ 4,318,176 $ 22,234,123 Reconciliation of increase in net position to net cash provided by (used in) operating activities: in net position $ 4,093,212 $ 18,870,866 $ 22,964,078 Adjustments to reconcile increase in net position to net cash provided by (used in) operating activities: Amortization of bond premiums and discounts 14,058 3,572 17,630 Net realized gains on sales of investments (37,387) (439,279) (476,666) Net increase in fair value of investments (667,055) (6,559,871) (7,226,926) Changes in assets and liabilities: Premiums and other receivables 1,224,315 6,219,157 7,443,472 Accrued interest receivable 19,843 5,004 24,847 Prepaids and other assets (6,259) (5,888) (12,147) Unpaid losses and loss adjustment expenses (5,467,255) (14,250,733) (19,717,988) Accounts payable and accrued expenses (1,397,317) (1,451,285) (2,848,602) Total adjustments (6,317,057) (16,479,323) (22,796,380) Net cash provided by (used in) operating activities $ (2,223,845) $ 2,391,543 $ 167,698 The accompanying notes to financial statements are an integral part of these statements

14 NOTES TO THE COMBINING FINANCIAL STATEMENTS (1) Organization and Significant Accounting Policies: The following is a summary of the more significant accounting policies of The University of Florida Self-Insurance Program (the Program ) and Healthcare Education Insurance Company ( HEIC ) which affect significant elements of the accompanying financial statements: (a) Organization The Florida Board of Regents, succeeded by the Florida Board of Governors (the Board ), pursuant to Section (originally Section ) of the Florida Statutes, created the University of Florida ( UF or the University ) J. Hillis Miller Health Center/Self- Insurance Program ( Gainesville ) and the UF J. Hillis Miller Health Center/Jacksonville Self- Insurance Program ( Jacksonville ), collectively the UF Self-Insurance Program. Effective July 1, 2006, the Board revised Regulation 6C (1) to combine the Gainesville and Jacksonville Programs (the Program ). The Program s purpose is to provide comprehensive general liability and professional liability (malpractice) coverage for UF and affiliated teaching hospitals that are providing education in health care or veterinary services. The Program s Council administers the Program as authorized by Florida Statutes on behalf of the Board. The Program is a component unit (for accounting purposes only) of UF. The net position of the program can only be used to pay claims and administrative expenses of the Program, based upon Florida Statute (3). Prior to October 1, 2011, the Program provided the Board and the Trustees with protection of $100,000 per claim and $200,000 for all claims arising from a single occurrence; $100,000 per claim and $200,000 for all claims arising from the acts and omissions of students of the colleges protected by the Program engaged in assigned activities at affiliated hospitals or other healthcare affiliates, and this student professional liability coverage may be increased subject to a $1,000,000 limit per occurrence if higher limits of liability are required by an affiliated hospital or healthcare affiliate; $2,000,000 per occurrence in the event that the personal immunity to tort claims as described in Section (9), Florida Statutes, is inapplicable as to an employee or agent of Trustees while such employee or agent functions within the course and scope of his or her employment or agency; and $500,000 for employees who act as a Good Samaritan or are engaged in approved Community Service. The Program also provides $2,000,000 per occurrence to protected entities not subject to the immunities of s , Florida Statutes. However, effective July 1, 2011, the Program had no non-immune protected entities, for as of that date, Shands Teaching Hospital and Clinics, Inc., and Shands Jacksonville Medical Center, Inc., were statutorily recognized as entitled to sovereign immunity. In response to the Florida Legislature increasing the limits of liability contained in s , Florida Statutes, effective October 1, 2011, the limits of protection for sovereign immune entities rose to $200,000 per claim and $300,000 for all claims arising from a single occurrence. In the event the Florida Legislature approves a claims bill payable by a protected entity, the Program provides coverage of $1,000,000, inclusive of any payments made pursuant to the waiver of immunity limits (i.e. $200,000/$300,000). Under this claimsincurred policy written directly with the Program participants, protection is provided against claims that arise from incidents occurring during the term of the policies irrespective of the time the claim is asserted

15 NOTES TO THE COMBINING FINANCIAL STATEMENTS (1) Organization and Significant Accounting Policies: (Continued) In 1994, the then Board of Regents promulgated Rule 6C (4) of the Florida Administrative Code (now Board of Governors Regulation (2)), which authorized the formation of the UF Healthcare Education Insurance Company ( HEIC ). HEIC is wholly owned by the Board and is domiciled in Vermont. HEIC writes coverage for the participants in the Program for loss exposure above the Program s retention. HEIC obtains excess loss reinsurance coverage (claims-made basis) from commercial insurance carriers (Note 4) for certain layers of exposure. Pursuant to HEIC s corporate bylaws, there is a prohibition on the payment of dividends. (b) Basis of reporting The financial statements of the Program and HEIC are presented combined because the Program, as an operating unit of the Board, combines investments from both the Program and from HEIC to achieve the highest maximum return. Because the Program maintains financial records separately for each of the Program and HEIC, it is important to distinguish and separately report investment ownership while still reporting the combined investments, as all funds are the property of the Board. The Program and HEIC distinguish operating revenues and expenses from non-operating items. Operating revenues are those revenues that are generated from the primary operations of the Program and HEIC, including investment income. All other revenues are reported as non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the Program and HEIC. All other expenses are reported as non-operating expenses. For the year ended June 30, 2013, all revenues and expenses of the Program and HEIC were considered to be operating revenues and operating expenses. The Program and HEIC follow GASB Statement No. 34, Basic Financial Statements - and Management s Discussion and Analysis - for State and Local Governments, which establishes financial reporting standards for state and local governments, including states, cities, towns, villages, and special-purpose governments such as school districts and public utilities and GASB Statement No. 35, Basic Financial Statements - and Management s Discussion and Analysis - for Public Colleges and Universities, an amendment of GASB Statement No. 34 for public colleges and universities to allow the use of the guidance for special-purpose governments engaged only in business-type activities, engaged only in government activities, or engaged in both governmental and business-type activities in their separately issued reports. The Program and HEIC are not regulated by the Florida Office of Insurance Regulation and, accordingly, do not report on the basis of statutory accounting practices. HEIC is domiciled in the State of Vermont and is regulated by and files an annual report with the State of Vermont Department of Financial Regulation. (c) Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, money market funds, and deposits with original maturity dates of 90 days or less when purchased. (d) Investments The Program follows the provisions of GASB No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, for the accounting and reporting for investments in marketable equity securities and for all investments in debt securities. GASB No. 31 requires investments in debt and marketable equity securities to be

16 NOTES TO THE COMBINING FINANCIAL STATEMENTS (1) Organization and Significant Accounting Policies: (Continued) recorded at fair value with unrealized gains and losses included as a component of investment income. Investment transactions are accounted for on a trade date basis. The cost of investments sold is determined by specific identification. The Program does not have any derivative investments. The Program s and HEIC s governing council has adopted an investment policy that identifies various authorized investment instruments, issuer diversification, and liquidity parameters. The Program and HEIC may be invested with no limitation in any security described in either Section 17.57(2) or Section (1), Florida Statutes. Subject to the investment percentage limitations described therein, the Program may be invested in the securities described in Section (2), (3), (4), (5), and (6), Florida Statutes. All holdings of investment must be of sufficient size in issues actively traded to ensure marketability and liquidity to facilitate transactions at minimum cost and to permit accurate market valuations. (e) Investments due to HEIC or due from Program The Program Council and the HEIC Board of Directors have approved a program whereby HEIC may contribute cash to the Program in exchange for a participation in the investment return of the investment portfolio held by the Program. HEIC s participation percentage can fluctuate when either HEIC or the Program contributes to, or withdraws from, the Program s investment portfolio. HEIC s share of realized gains and losses, interest income, and fluctuations in unrealized gains and losses are calculated monthly and are recorded as increases in or decreases to the related investments due to (from) accounts on the combining balance sheet and are reflected in investment income, net on the combining statement of revenues, expenses and changes in net position. (f) Premiums and other receivables Premiums written directly, net of premiums ceded pursuant to reinsurance agreements, are earned ratably over the terms of the underlying policies. All renewal policies are written for a one-year term and expire on June 30 of each year. Premiums receivable includes premiums due from the participants. (g) Reinsurance Reinsurance recoverable on unpaid losses represents amounts owed to HEIC from its reinsurers for incurred and unpaid losses and loss adjustment expenses. HEIC insures the participants in the program and is reinsured by other insurance companies. Amounts recoverable from reinsurers pursuant to reinsurance agreements have been estimated using actuarial assumptions consistent with those used in establishing the liability for losses and LAE, as described above. Management believes the reinsurance recoverable as recorded represents its best estimate of such amount; however, as changes in the estimated ultimate liability for losses and LAE are determined, the estimated ultimate amount recoverable from reinsurers may also change. Accordingly, the ultimate recoverable could be significantly in excess of or less than the amount indicated in the financial statements. As adjustments to these estimates become necessary, such adjustments are reflected in current operations

17 NOTES TO THE COMBINING FINANCIAL STATEMENTS (1) Organization and Significant Accounting Policies: (Continued) Management evaluates the financial condition of its reinsurers and monitors concentrations of credit risk to minimize its exposure to significant losses from reinsurer insolvencies. Reinsurance contracts do not relieve HEIC from its obligations to policyholders. The Program and HEIC remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations. (h) Reserves for losses and loss adjustment expenses The reserves for unpaid losses and loss adjustment expenses include case basis estimates of reported losses, plus supplemental amounts for incurred but not reported losses ("IBNR") calculated based upon loss projections utilizing certain actuarial assumptions and studies of the Program s and HEIC's historical loss experience and industry statistics. Management believes that its aggregate liability for unpaid losses and LAE at year-end represents its best estimate of the amount necessary to cover the ultimate cost of claims based upon an actuarial analysis prepared by a consulting actuary. Considerable uncertainty and variability are inherent in such estimates, and accordingly, the subsequent development of these reserves may not conform to the assumptions inherent in the determination. In addition, both general and medical professional liability are long-tail lines of insurance subject to considerable loss variability attributable to social, economic and legal considerations that are not directly quantifiable. Accordingly, the ultimate liability could be significantly in excess of or less than the amount indicated in the financial statements. As adjustments to these estimates become necessary, such adjustments are reflected in current operations. (i) Income taxes The Program and HEIC are operating units of the Board of Governors, the State University System of Florida. Accordingly, they are exempt from Federal income taxes. Any taxable income is aggregated at the University level and taxes paid, if any, are paid by the University. (j) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenues and expenses during the reporting period, accordingly, results could differ from those estimates. (k) Common stock HEIC has common stock, par value $100,000 per share; one share authorized, issued and outstanding. The common stock is included in net position on the combining statements of net position. (l) Significant concentrations Information related to significant concentrations of revenues and credit risk for financial instruments owned by the Program and HEIC, except as otherwise disclosed, is as follows: (i) Cash and cash equivalents The Program and HEIC have demand deposits held at financial institutions which are secured up to FDIC limits. Amounts over FDIC limits are secured by collateral held by the financial institution that is pledged to the State of Florida Public Deposits Trust Fund. These deposits amounted to $22,234,123 as of June 30,

18 NOTES TO THE COMBINING FINANCIAL STATEMENTS (1) Organization and Significant Accounting Policies: (Continued) (2) Investments: (ii) Premiums and other receivables The Program and HEIC have premiums and accounts receivables of $2,188,409 at June 30, The Program and HEIC have no policy requiring collateral or other security to support these amounts. Investments at June 30, 2013, are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Program Equity mutual fund $ 28,695,022 $ 21,226,681 $ - $ 49,921,703 Bond mutual funds 93,198,724 1,838,357 (488,342) 94,548,739 Totals $ 121,893,746 $ 23,065,038 $ (488,342) $ 144,470,442 Equity mutual fund investments consist only of shares owned in Barclays Bank U.S. Equity Market Fund. Bond mutual fund investments consist of shares owned in Putnam Intermediate U.S. Investment Grade Fund, LLC, Western Asset Intermediate Bond Index Fund and Pimco Moderate Duration Fund. Proceeds from sales of investments during 2013 were $7,476,140 and $11,311,566 for the Program and HEIC, respectively, and proceeds from maturities of investments during 2013 were $300,000 and $1,200,000 for the Program and HEIC, respectively. Gross gains of $439,279 and $37,387 for the Program and HEIC, respectively, were realized on those sales in There were no gross losses recognized during 2013 for the Program or HEIC. The following risks apply to the Program s and HEIC s investments: Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The Program and HEIC do not have any investments subject to interest rate risk disclosure as of June 30, Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Obligations of the United States government or obligations explicitly guaranteed by the United States government are not considered to have credit risk (by the GASB) and do not require disclosure of credit quality. At June 30, 2013, the Program held bond mutual funds which have underlying investments with quality ratings by nationally recognized rating agencies as shown below. HEIC does not have any investments subject to credit risk disclosure as of June 30, Fair Value AAA/Aaa AA/Aa A/Ba Less Than A/Ba or Not Rated Bond mutual funds $ 94,548,739 $ 25,483,658 $ 55,319,635 $ 8,399,131 $ 5,346,314

19 NOTES TO THE COMBINING FINANCIAL STATEMENTS (2) Investments: (Continued) Custodial Credit Risk Custodial credit risk is the risk that in the event of the failure of the counterparty to a transaction, the Program and HEIC will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. Exposure to custodial credit risk relates to investment securities that are held by someone other than the Program and HEIC and are not registered in the Program s or HEIC s name. The Program and HEIC have not identified any investments falling into this category as of June 30, Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of the Program s and HEIC s investments in a single issuer. The Program and HEIC place no limit on the amount it may invest in any one issuer. Investments that consist of more than 5% of the Program s investments at June 30, 2013 are shown below. HEIC does not have any investments subject to concentration of credit risk disclosure as of June 30, Fair Value of Program s Total Investments Putnam Intermediate U.S. Investment Grade Fund, LLC $ 45,816,147 32% Pimco Moderate Duration Fund 23,652, Western Asset Intermediate Bond Index 25,079, Barclays Bank U.S. Equity Market Fund 49,921, $ 144,470, % The Program s and HEIC s formal investment policy in place does not specifically address any of the types of risks identified above. The significant components of net investment income for the year ended June 30, 2013 are summarized as follows: Program HEIC Combined Interest income $ 2,397,142 $ 271,810 $ 2,668,952 Amortization of bond premiums and discounts, net (3,572) (14,058) (17,630) Net realized gains on sales of investments 439,279 37, ,666 Net increase in fair value of investments 6,559, ,055 7,226,926 Investment income, net $ 9,392,720 $ 962,194 $ 10,354,

20 NOTES TO THE COMBINING FINANCIAL STATEMENTS (2) Investments: (Continued) The Program and HEIC incurred investment expenses of approximately $152,000 and $16,000, respectively for 2013, included in operating expenses in the combining statement of revenues, expenses, and changes in net position. The calculation of realized gains (losses) is independent of the calculation of the net increase (decrease) in fair value of investments. Realized gains (losses) on investments held for more than one fiscal year and sold in the current year were included as a change in the fair value of investments reported in the prior years and the current year. (3) Insurance Activity: Premium activity for the year ended June 30, 2013 is summarized as follows: Direct and Assumed Ceded Net Program Premiums written $ 14,717,421 $ - $ 14,717,421 Premiums earned $ 14,717,421 $ - $ 14,717,421 HEIC Premiums written $ 2,749,433 $ 1,768,456 $ 980,977 Premiums earned $ 2,749,433 $ 1,768,456 $ 980,977 The following table provides a reconciliation of the beginning and ending reserve balances for losses and LAE: Program HEIC Combined Gross balances at July 1 $ 54,200,449 $ 48,631,143 $ 102,831,592 Less: Reinsurance recoverable on unpaid losses - 26,966,143 26,966,143 Net balances at July 1 54,200,449 21,665, ,797,735 Incurred related to: Current year 9,763, ,999 10,273,638 Prior years (9,647,734) (2,946,474) (12,594,208) Total incurred losses and LAE 115,905 (2,436,475) (2,320,570) Paid related to: Current year 627, ,101 Prior years 13,739,538 3,030,780 16,770,318 Total paid losses and LAE 14,366,639 3,030,780 17,397,419 Net balances at June 30 39,949,716 16,197,745 56,147,461 Plus: Reinsurance recoverable on unpaid losses - 14,531,523 14,531,523 Gross balances at June 30 $ 39,949,716 $ 30,729,268 $ 70,678,

21 NOTES TO THE COMBINING FINANCIAL STATEMENTS (3) Insurance Activity: (Continued) The estimate of the liability for losses and loss adjustment expenses by loss year is subject to change until all claims for each loss year are closed. As a result of changes in estimates and insured events in prior years, the net loss and loss adjustment expenses incurred decreased due to refinements to prior years' ultimate loss projections. The favorable development related to previously established reserves primarily for years 2008, 2009, 2011, and 2012 is due to decreased estimates of claims frequency and severity related to those years. The components of the liability for gross losses and LAE are as follows: Program HEIC Combined Case-basis reserves $ 11,657,609 $ - $ 11,657,609 Supplemental reserves 28,292,107 30,729,268 59,021,375 Total $ 39,949,716 $ 30,729,268 $ 70,678,984 Losses and a pro-rata share of allocated LAE on such losses are reinsured under a primary excess of loss reinsurance contract. The insurance coverage provided to the participants of the Program is subject to certain retention levels by the Program which are summarized in Note 1. In excess of these limits, HEIC provides excess of loss coverage directly to the participants in the Program. (4) Reinsurance: HEIC provides excess loss coverage, including third party reinsurance, for medical professional liability, patient general liability and managed care errors and omissions liability for the period July 1, 2012 through June 30, 2013 on a claims-made basis. The first excess layer provides $4,000,000 for each loss with no aggregate limit for immune participants, $3,000,000 for each loss with no aggregate limit for non-immune participants. The limit of liability for each medical incident loss or managed care incident is $5,000,000 when combined with that paid by the Program. The second excess layer provides $10,000,000 for each loss and in the aggregated in excess of the first excess layer. The third excess layer provides $15,000,000 for each loss and in the aggregate in excess of the second excess layer. The fourth excess layer provides $25,000,000 for each loss and in the aggregate in excess of the third excess layer. HEIC also provides excess loss coverage to the FSUSIP, the FIUSIP, the FAUSIP and the UCFSIP for medical professional liability, patient general liability and managed care errors and omissions liability in excess of the retained $1,000,000 per occurrence by the for the period from July 1, 2012 to June 30, 2013 on a claims-made basis as follows: $5,000,000 each loss and in the aggregate separately for the FSUSIP, the FIUSIP, the FAUSIP and the UCFSIP; $10,000,000 in the aggregate for the FSUSIP, the FIUSIP, the FAUSIP and the UCFSIP combined. By action of HEIC s Board of Directors at its September 20, 2011 meeting, liabilities that are retained by HEIC will, effective July 1, 2011, be underwritten on a claims-incurred basis. Coverage that is reinsured will continue to be underwritten on a claims-made basis. In preparing financial statements, management makes estimates of amounts receivable from reinsurers expected to be uncollectible based on an assessment of factors including the creditworthiness of the reinsurers. Management evaluated the creditworthiness of its reinsurers and determined that no specific valuation allowance was required at the balance sheet date. At June 30, 2013, management did not believe there was a material risk of loss in its reinsurance program.

22 NOTES TO THE COMBINING FINANCIAL STATEMENTS (5) Related Party Transactions: The Program and HEIC provide insurance coverage to related parties, including Shands Jacksonville, Shands Gainesville and the UF College of Medicine. Total primary premiums and the Neurological Injury Compensation Association fees from these entities with respect to this coverage for Program for the year ended June 30, 2013 were approximately $4,118,000, $6,548,000 and $3,648,000, respectively. Total retained premiums, brokerage fees, excess premiums and premium taxes received from these entities with respect to this coverage for HEIC for the year ended June 30, 2013 were approximately $1,346,000, $988,000 and $299,000, respectively. UF is the pay source for the Program s employees. Total salaries and benefits paid, which are included in operating expenses in the combining statement of revenues, expenses and changes in net position, totaled $4,214,432 for the year ended June 30, The Program also maintains a cash account with UF for these payments, included in cash and cash equivalents in the combining balance sheet, which had a balance of $152,121 as of June 30,

Prince William Self-Insurance Group Workers Compensation Association. Financial Report June 30, 2013

Prince William Self-Insurance Group Workers Compensation Association. Financial Report June 30, 2013 Prince William Self-Insurance Group Workers Compensation Association Financial Report June 30, 2013 Contents Report of Independent Auditor 1-2 Management s Discussion and Analysis (Unaudited) 3-6 Basic

More information

GATORCARE HEALTH MANAGEMENT CORPORATION FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013

GATORCARE HEALTH MANAGEMENT CORPORATION FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013 GATORCARE HEALTH MANAGEMENT CORPORATION FINANCIAL STATEMENTS TABLE OF CONTENTS Page(s) Independent Auditors Report 1 2 Required Supplementary Information Management s Discussion and Analysis 3 5 Financial

More information

CAWCD INSURANCE COMPANY, INC. (A Component Unit of Central Arizona Water Conservation District) Phoenix, Arizona

CAWCD INSURANCE COMPANY, INC. (A Component Unit of Central Arizona Water Conservation District) Phoenix, Arizona (A Component Unit of Central Arizona Water Conservation District) Phoenix, Arizona FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS...

More information

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2012 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance

More information

Financial Statements June 30, 2015 and 2014 Medical Facility Infrastructure Loan Program

Financial Statements June 30, 2015 and 2014 Medical Facility Infrastructure Loan Program Financial Statements June 30, 2015 and 2014 Medical Facility Infrastructure Loan Program MEDICAL FACILITY INFRASTRUCTURE LOAN PROGRAM Table of Contents Exhibits Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT

More information

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc.

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc. Statutory Financial Statements and Report of Independent Certified Public Accountants Massachusetts Catholic Self-Insurance Group, Inc. Contents Page Report of Independent Certified Public Accountants

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

Financial Statements. Florida Birth-Related Neurological Injury Compensation Association

Financial Statements. Florida Birth-Related Neurological Injury Compensation Association Financial Statements Florida Birth-Related Neurological Injury Compensation Association Year ended June 30, 2013 with Report of Independent Auditors Financial Statements Year ended June 30, 2013 Contents

More information

MARYLAND ECONOMIC ADJUSTMENT FUND (MEAF) (AN ENTERPRISE FUND OF THE STATE OF MARYLAND) Financial Statements Together with Report of Independent

MARYLAND ECONOMIC ADJUSTMENT FUND (MEAF) (AN ENTERPRISE FUND OF THE STATE OF MARYLAND) Financial Statements Together with Report of Independent (AN ENTERPRISE FUND OF THE STATE OF MARYLAND) Financial Statements Together with Report of Independent Public Accountants For the Years Ended JUNE 30, 2013 AND 2012 CONTENTS REPORT OF INDEPENDENT PUBLIC

More information

THE FLORIDA INTERNATIONAL UNIVERSITY ACADEMIC HEALTH CENTER HEALTH CARE NETWORK FACULTY GROUP PRACTICE, INC.

THE FLORIDA INTERNATIONAL UNIVERSITY ACADEMIC HEALTH CENTER HEALTH CARE NETWORK FACULTY GROUP PRACTICE, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2011 CONTENTS Independent Auditors Report... 1-2 Management Discussion and Analysis... 3-7 Basic Financial Statements Statement of Net Assets...8 Statement

More information

CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013

CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 TABLE

More information

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT FACULTY ASSOCIATES, INC. GAINESVILLE, FLORIDA JUNE 30, 2011

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT FACULTY ASSOCIATES, INC. GAINESVILLE, FLORIDA JUNE 30, 2011 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT JUNE 30, 2011 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT JUNE 30, 2011 TABLE OF CONTENTS Independent Auditors' Report... 1-2 Management's

More information

Protected Self Insurance Program of the Diocese of Rockville Centre

Protected Self Insurance Program of the Diocese of Rockville Centre Protected Self Insurance Program of the Diocese of Rockville Centre Independent Auditors Report and Financial Statements As of and for the Years Ended August 31, 2013 and 2012 Independent Auditors Report

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements of Revenues,

More information

BALTIMORE CITY COMMUNITY COLLEGE WBJC-FM Radio. Financial Statements Together with Report of Independent Public Accountants

BALTIMORE CITY COMMUNITY COLLEGE WBJC-FM Radio. Financial Statements Together with Report of Independent Public Accountants WBJC-FM Radio Financial Statements Together with Report of Independent Public Accountants For the Years Ended June 30, 2013 and 2012 1. JUNE 30, 2013 AND 2012 CONTENTS REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

More information

FAU Finance Corporation (A component unit of Florida Atlantic University) Financial Report For the Year Ended June 30, 2014

FAU Finance Corporation (A component unit of Florida Atlantic University) Financial Report For the Year Ended June 30, 2014 (A component unit of Florida Atlantic University) Financial Report For the Year Ended Contents Independent Auditor s Report on the Financial Statements 1 2 Management s Discussion and Analysis (unaudited)

More information

CHICO PUBLIC FINANCING AUTHORITY. Chico, California. Component Unit Financial Report

CHICO PUBLIC FINANCING AUTHORITY. Chico, California. Component Unit Financial Report Chico, California Component Unit Financial Report Independent Auditors' Report, Financial Statements and Required Supplementary Information Table of Contents Page(s) Independent Auditors' Report... 1 Management

More information

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Combined Financial Statements and Additional Information for the Year Ended June 30, 2000, and Independent Auditors Report

More information

Special Purpose Financial Statements. Clerk of the Circuit Court Madison County, Florida

Special Purpose Financial Statements. Clerk of the Circuit Court Madison County, Florida Special Purpose Financial Statements Clerk of the Circuit Court Madison County, Florida Year Ended September 30, 2010 with Independent Auditors' Report Clerk of the Circuit Court Madison County, Florida

More information

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001 Contents Report of Independent Accountants 1 Part 1 Consolidated Financial Statements Consolidated Balance Sheet 2 Consolidated Statement of Activities 3 Consolidated Statement of Cash Flows 4 Part 2 Summary

More information

PERRIS HOUSING AUTHORITY FINANCIAL STATEMENTS. Year Ended June 30, 2014

PERRIS HOUSING AUTHORITY FINANCIAL STATEMENTS. Year Ended June 30, 2014 PERRIS HOUSING AUTHORITY FINANCIAL STATEMENTS Financial Statements TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1-2 BASIC FINANCIAL STATEMENTS Statement of Net Position 3 Statement of Revenues,

More information

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE Statutory Basis Financial Statements and Supplementary Information Years Ended December 31, 2010 and 2009 with Independent

More information

Montgomery County Nursing Home

Montgomery County Nursing Home County Nursing Home A Component Unit of County, Arkansas Accountants Report and Financial Statements County Nursing Home A Component Unit of County, Arkansas Contents Independent Accountants Report on

More information

Independent Auditor s Report

Independent Auditor s Report Independent Auditor s Report To the Members of the Board of Directors National Insurance Producer Registry Kansas City, Missouri Report on the Financial Statements We have audited the accompanying financial

More information

Measure M Special Revenue and Debt Service Funds Financial Statements and Required Supplementary Information. For the Fiscal Year Ended June 30, 2012

Measure M Special Revenue and Debt Service Funds Financial Statements and Required Supplementary Information. For the Fiscal Year Ended June 30, 2012 Measure M Special Revenue and Debt Service Funds Financial Statements and Required Supplementary Information Table of Contents Page Independent Auditors' Report Financial Statements Balance Sheets by Activity

More information

SOUTH CAROLINA RETIREE HEALTH INSURANCE TRUST FUND AUDITED FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 WITH INDEPENDENT AUDITORS REPORT

SOUTH CAROLINA RETIREE HEALTH INSURANCE TRUST FUND AUDITED FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 WITH INDEPENDENT AUDITORS REPORT SOUTH CAROLINA RETIREE HEALTH INSURANCE TRUST FUND AUDITED FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 WITH INDEPENDENT AUDITORS REPORT State of South Carolina RICHARD H. GILBERT, JR., CPA DEPUTY STATE

More information

OREGON HEALTH MANAGEMENT SERVICES AND SUBSIDIARY

OREGON HEALTH MANAGEMENT SERVICES AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December 31, 2014 and 2013 CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December

More information

Regional Transportation Authority Pension Plan (A Pension Trust Fund of the Regional Transportation Authority)

Regional Transportation Authority Pension Plan (A Pension Trust Fund of the Regional Transportation Authority) (A Pension Trust Fund of the Regional Transportation Authority) Financial Report Year Ended December 31, 2014 Table of Contents Page Independent Auditor s Report 1-2 Management s Discussion and Analysis

More information

CITY OF BATTLE CREEK DIRECT INVESTMENT FUNDS ADMINISTERED BY BATTLE CREEK UNLIMITED, INC.

CITY OF BATTLE CREEK DIRECT INVESTMENT FUNDS ADMINISTERED BY BATTLE CREEK UNLIMITED, INC. CITY OF BATTLE CREEK DIRECT INVESTMENT FUNDS ADMINISTERED BY BATTLE CREEK UNLIMITED, INC. Battle Creek, Michigan Financial Statements For the Year Ended June 30, 2010 CITY OF BATTLE CREEK DIRECT INVESTMENT

More information

Public Employees Individual Retirement Account Fund/Deferred Compensation Plan (A Component Unit of the State of Alabama)

Public Employees Individual Retirement Account Fund/Deferred Compensation Plan (A Component Unit of the State of Alabama) Public Employees Individual Retirement Account Fund/Deferred Compensation Plan (A Component Unit of the State of Alabama) FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2014 201 South Union

More information

AUDIT AND FINANCE COMMITTEE

AUDIT AND FINANCE COMMITTEE Item: AF: I-3c AUDIT AND FINANCE COMMITTEE Wednesday, February 16, 2011 SUBJECT: REVIEW OF THE FAU FINANCE CORPORATION FINANCIAL STATEMENTS FOR THE PERIOD AUGUST 12, 2009 THROUGH JUNE 30, 2010. PROPOSED

More information

MARICOPA COUNTY, ARIZONA RISK MANAGEMENT AND EMPLOYEE BENEFITS TRUST FUNDS Report on Audit of Financial Statements June 30, 2003

MARICOPA COUNTY, ARIZONA RISK MANAGEMENT AND EMPLOYEE BENEFITS TRUST FUNDS Report on Audit of Financial Statements June 30, 2003 , ARIZONA Report on Audit of Financial Statements Report on Audit of Financial Statements Table of Contents Page Independent Auditors Report 1 Statements of Net Assets Internal Service Funds 2 Statements

More information

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN Financial Statements of HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN KPMG LLP Telephone (204) 957-1770 Chartered Accountants Fax (204) 957-0808 Suite 2000 One Lombard Place

More information

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013 Consolidated Financial Report June 30, 2014 and 2013 Contents Independent Auditor s Report 1 2 Financial Statements Consolidated statements of financial position 3 Consolidated statements of activities

More information

The University Of California Home Loan Program Corporation (A Component Unit of the University of California)

The University Of California Home Loan Program Corporation (A Component Unit of the University of California) Report Of Independent Auditors And Financial Statements The University Of California Home Loan Program Corporation (A Component Unit of the University of California) As of and for the periods ended June

More information

STATE OF INDIANA. April 30, 2013. Board of Directors Sullivan County Community Hospital 2200 N. Section Street Sullivan, IN 47882

STATE OF INDIANA. April 30, 2013. Board of Directors Sullivan County Community Hospital 2200 N. Section Street Sullivan, IN 47882 STATE OF INDIANA AN EQUAL OPPORTUNITY EMPLOYER STATE BOARD OF ACCOUNTS 302 WEST WASHINGTON STREET ROOM E418 INDIANAPOLIS, INDIANA 46204-2765 Telephone: (317) 232-2513 Fax: (317) 232-4711 Web Site: www.in.gov/sboa

More information

Financial Statements and Supplementary Information. June 30, 2012 and 2011

Financial Statements and Supplementary Information. June 30, 2012 and 2011 Financial Statements and Supplementary Information June 30, 2012 and 2011 (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Financial Statements: Statements of

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Financial Statements MNP INDEPENDENT AUDITOR'S REPORT To the Policyholders of Grenville Mutual Insurance Company We have audited the accompanying financial statements of Grenville Mutual Insurance Company,

More information

TOWN OF MANCHESTER, MARYLAND. FINANCIAL STATEMENTS June 30, 2015

TOWN OF MANCHESTER, MARYLAND. FINANCIAL STATEMENTS June 30, 2015 FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 FINANCIAL STATEMENTS... 13 Government wide Financial Statements Statement of Net Position...14

More information

F INANCIAL S TATEMENTS. BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report

F INANCIAL S TATEMENTS. BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report F INANCIAL S TATEMENTS BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report BSFC-PRIVATE STUDENT LOAN TRUST Financial Statements Year Ended June 30, 2014 Contents Independent

More information

STATE OF ALASKA RETIREE HEALTH FUND (A Pension Trust Fund of the State of Alaska) Financial Statements. June 30, 2013 and 2012

STATE OF ALASKA RETIREE HEALTH FUND (A Pension Trust Fund of the State of Alaska) Financial Statements. June 30, 2013 and 2012 Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Management s Discussion and Analysis 3 8 Statements of Fiduciary Net Assets 9 Statements

More information

Indiana Community Business Credit Corporation

Indiana Community Business Credit Corporation Indiana Community Business Credit Corporation Financial Statements Years Ended December 31, 2006 and 2005 Strength in numbers. Contents Independent Auditors Report 1 Financial Statements Balance Sheets

More information

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro)

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro) The University of North Carolina at Greensboro (A Component Unit of The University of North Carolina at Greensboro) Financial Report June 30, 2013 Contents Independent Auditor s Report 1 2 Management s

More information

NORTHWEST OHIO EDUCATIONAL COUNCIL SELF-INSURANCE POOL PROGRAM FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2013

NORTHWEST OHIO EDUCATIONAL COUNCIL SELF-INSURANCE POOL PROGRAM FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2013 FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2013 Governing Board Northwest Ohio Educational Council Self-Insurance Pool Program 716 Askin Street Maumee, Ohio 43537 We have reviewed the Independent

More information

Central Kentucky Management Services, Inc.

Central Kentucky Management Services, Inc. Central Kentucky Management Services, Inc. FINANCIAL REPORT 2010 Central Kentucky Management Services, Inc. A Component Unit of the University of Kentucky CONTENTS PAGE Independent Accountants' Report

More information

University of Central Florida Foundation, Inc. (A Discrete Component Unit of the University of Central Florida) Financial Report June 30, 2014

University of Central Florida Foundation, Inc. (A Discrete Component Unit of the University of Central Florida) Financial Report June 30, 2014 University of Central Florida Foundation, Inc. (A Discrete Component Unit of the University of Central Florida) Financial Report June 30, 2014 Contents Independent Auditor s Report 1 Management s Discussion

More information

WEST PALM BEACH RESTATED EMPLOYEES' DEFINED BENEFIT RETIREMENT SYSTEM FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013

WEST PALM BEACH RESTATED EMPLOYEES' DEFINED BENEFIT RETIREMENT SYSTEM FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013 WEST PALM BEACH RESTATED EMPLOYEES' FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013 WEST PALM BEACH RESTATED EMPLOYEES FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013 TABLE OF CONTENTS Page No. INDEPENDENT

More information

AUTOMOBILE ACCIDENT COMPENSATION ADMINISTRATION. Financial Statements and Independent Auditors Report. June 30, 2001 and 2000

AUTOMOBILE ACCIDENT COMPENSATION ADMINISTRATION. Financial Statements and Independent Auditors Report. June 30, 2001 and 2000 AUTOMOBILE ACCIDENT COMPENSATION ADMINISTRATION Financial Statements and Independent Auditors Report Balance Sheets Assets 2001 2000 Cash and cash equivalents $ 5,175,507 $ 5,012,402 Collateral received

More information

UNIVERSITY OF COLORADO HEALTH AND WELFARE TRUST Denver, Colorado. FINANCIAL STATEMENTS June 30, 2012 and 2011

UNIVERSITY OF COLORADO HEALTH AND WELFARE TRUST Denver, Colorado. FINANCIAL STATEMENTS June 30, 2012 and 2011 Denver, Colorado FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED)... 3 BASIC FINANCIAL STATEMENTS Statements of Net Assets...

More information

WHITE CLOUD AREA FIRE DEPARTMENT JOINT BUILDING AUTHORITY NEWAYGO COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013

WHITE CLOUD AREA FIRE DEPARTMENT JOINT BUILDING AUTHORITY NEWAYGO COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013 WHITE CLOUD AREA FIRE DEPARTMENT JOINT BUILDING AUTHORITY NEWAYGO COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION

More information

EITF ABSTRACTS. Title: Accounting for Claims-Made Insurance and Retroactive Insurance Contracts by the Insured Entity

EITF ABSTRACTS. Title: Accounting for Claims-Made Insurance and Retroactive Insurance Contracts by the Insured Entity EITF ABSTRACTS Issue No. 03-8 Title: Accounting for Claims-Made Insurance and Retroactive Insurance Contracts by the Insured Entity Dates Discussed: March 13 14, 1986; May 1, 1986; July 24, 1986; May 19

More information

Delaware Health Information Network. Financial Statements and Independent Auditors Report. June 30, 2015 and 2014

Delaware Health Information Network. Financial Statements and Independent Auditors Report. June 30, 2015 and 2014 Financial Statements and Independent Auditors Report June 30, 2015 and 2014 Issue Date: November 4, 2015 Table of Contents June 30, 2015 and 2014 Page No. Independent Auditors Report 1 Management s Discussion

More information

CITY OF SCOTTSDALE MUNICIPAL PROPERTY CORPORATION (A COMPONENT UNIT OF THE CITY OF SCOTTSDALE, ARIZONA) ANNUAL FINANCIAL REPORT

CITY OF SCOTTSDALE MUNICIPAL PROPERTY CORPORATION (A COMPONENT UNIT OF THE CITY OF SCOTTSDALE, ARIZONA) ANNUAL FINANCIAL REPORT CITY OF SCOTTSDALE MUNICIPAL PROPERTY CORPORATION (A COMPONENT UNIT OF THE CITY OF SCOTTSDALE, ARIZONA) ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2015 CITY OF SCOTTSDALE MUNICIPAL PROPERTY CORPORATION

More information

STATE OF NEW JERSEY SUPPLEMENTAL ANNUITY COLLECTIVE TRUST. Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)

STATE OF NEW JERSEY SUPPLEMENTAL ANNUITY COLLECTIVE TRUST. Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic Financial Statements:

More information

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006 Financial Statements PricewaterhouseCoopers LLP 1100 Bausch & Lomb Place Rochester NY 14604-2705 Telephone (585) 232 4000 Facsimile (585) 454 6594 Report of Independent Auditors To the Board of Trustees

More information

STATE OF ALASKA PUBLIC EMPLOYEES AND TEACHERS RETIREE MAJOR MEDICAL INSURANCE and HEALTH REIMBURSEMENT ARRANGEMENT EMPLOYEE BENEFIT TRUST FUNDS

STATE OF ALASKA PUBLIC EMPLOYEES AND TEACHERS RETIREE MAJOR MEDICAL INSURANCE and HEALTH REIMBURSEMENT ARRANGEMENT EMPLOYEE BENEFIT TRUST FUNDS PUBLIC EMPLOYEES AND TEACHERS Financial Statements (With Independent Auditors Report Thereon) PUBLIC EMPLOYEES AND TEACHERS Table of Contents Page Independent Auditors Report 1 Management s Discussion

More information

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014 Consolidated financial statements Contents Page Management s statement of responsibility for financial reporting 1 Independent auditor s report 2 Consolidated statement of financial position 3 Consolidated

More information

Westchester County Health Care Corporation Basic Financial Statements and Supplementary Schedules (With Management s Discussion and Analysis)

Westchester County Health Care Corporation Basic Financial Statements and Supplementary Schedules (With Management s Discussion and Analysis) Westchester County Health Care Corporation Basic Financial Statements and Supplementary Schedules (With Management s Discussion and Analysis) (With Report of Independent Certified Public Accountants) Table

More information

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 C O N T E N T S Independent Auditors Report 2-3 Statements of Financial Position 4 Statements of Activities 5 Statements

More information

North Carolina Insurance Underwriting Association

North Carolina Insurance Underwriting Association North Carolina Insurance Underwriting Association Statutory Financial Statements and Supplemental Schedules (With Independent Auditor s Report Thereon) December 31, 2014 and 2013 Contents Independent Auditor

More information

Ishpeming Area Joint Wastewater Treatment Facility Financial Statements For the Year Ended December 31, 2008

Ishpeming Area Joint Wastewater Treatment Facility Financial Statements For the Year Ended December 31, 2008 Ishpeming Area Joint Wastewater Treatment Facility Financial Statements For the Year Ended December 31, 2008 1 TABLE OF CONTENTS Independent Auditors' Report... 3 Management s Discussion and Analysis...

More information

GUARDIAN CANADIAN BOND FUND

GUARDIAN CANADIAN BOND FUND GUARDIAN CANADIAN BOND FUND FINANCIAL STATEMENTS DECEMBER 31, 2010 March 11, 2011 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto-Dominion Centre Toronto,

More information

Marshall Township Municipal Sanitary Authority

Marshall Township Municipal Sanitary Authority Marshall Township Municipal Sanitary Authority Financial Statements and Required Supplementary Information Year Ended December 31, 2015 with Independent Auditor s Report TABLE OF CONTENTS Independent Auditor's

More information

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint

More information

AERO MIAMI FX, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon)

AERO MIAMI FX, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements: Balance Sheet 2 Statements of Operations

More information

FLORIDA FUNDING I LLC. FINANCIAL STATEMENTS December 31, 2014 and 2013

FLORIDA FUNDING I LLC. FINANCIAL STATEMENTS December 31, 2014 and 2013 FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS BALANCE SHEETS... 3 STATEMENTS OF INCOME AND MEMBER S EQUITY... 4 STATEMENTS OF CASH FLOWS... 5

More information

University of Central Florida Foundation, Inc. (A Discrete Component Unit of the University of Central Florida)

University of Central Florida Foundation, Inc. (A Discrete Component Unit of the University of Central Florida) University of Central Florida Foundation, Inc. (A Discrete Component Unit of the University of Central Florida) Single Audit Report Year Ended June 30, 2015 Contents Independent Auditor s Report 1 Management

More information

UCLA ALUMNI ASSOCIATION (A NONPROFIT ORGANIZATION AFFILIATED WITH UCLA) FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2012 AND 2011

UCLA ALUMNI ASSOCIATION (A NONPROFIT ORGANIZATION AFFILIATED WITH UCLA) FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2012 AND 2011 FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2012 AND 2011 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 FINANCIAL STATEMENTS Statements of Financial Position 2 Statements of Activities 3 Statements

More information

Wells Fargo Bank, N.A. Collective Investment Funds. annual report

Wells Fargo Bank, N.A. Collective Investment Funds. annual report Wells Fargo Bank, N.A. Collective Investment Funds 2014 annual report Table of Contents Page Independent Auditors Report 1 Financial Statements: Statement of Operations 3 Statement of Changes in Net Assets

More information

Jewish Community Foundation of San Diego. Consolidated Financial Statements and Supplemental Information

Jewish Community Foundation of San Diego. Consolidated Financial Statements and Supplemental Information Jewish Community Foundation of San Diego Consolidated Financial Statements and Supplemental Information Years Ended June 30, 2015 and 2014 Consolidated Financial Statements and Supplemental Information

More information

Publication No. 140 Revised July 2015. Sample Financial Statements. for a Charter School. in North Carolina

Publication No. 140 Revised July 2015. Sample Financial Statements. for a Charter School. in North Carolina Publication No. 140 Revised July 2015 Sample Financial Statements for a Charter School in North Carolina State and Local Government Finance Division North Carolina Department of State Treasurer 35-H-1

More information

Financial Statements. Nova Scotia Association of Health Organizations (Group Insurance Fund) March 31, 2015

Financial Statements. Nova Scotia Association of Health Organizations (Group Insurance Fund) March 31, 2015 Financial Statements Nova Scotia Association of Health Organizations INDEPENDENT AUDITORS REPORT To the Members of the Nova Scotia Association of Health Organizations We have audited the accompanying financial

More information

RECREATIONAL FACILITY REVENUE BOND FUNDS IOWA STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY

RECREATIONAL FACILITY REVENUE BOND FUNDS IOWA STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY RECREATIONAL FACILITY REVENUE BOND FUNDS IOWA STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY INDEPENDENT AUDITOR'S REPORT BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2008 0961-8021-BC04

More information

SeriousFun Children's Network, Inc. and Subsidiaries

SeriousFun Children's Network, Inc. and Subsidiaries SeriousFun Children's Network, Inc. and Subsidiaries Consolidated Financial Statements and Independent Auditor's Report (With Supplementary Information) December 31, 2015 and 2014 Index Page Independent

More information

Financial Statements Years Ended September 30, 2012 and 2011. LB&B Associates Inc.

Financial Statements Years Ended September 30, 2012 and 2011. LB&B Associates Inc. Financial Statements Years Ended September 30, 2012 and 2011 LB&B Associates Inc. LB&B Associates Inc. Contents Page Report of Independent Auditors 1 Financial Statements Balance Sheets 2 Statements of

More information

AUDITING PROCEDURES REPORT Issued under P.A. 2 of 1968, as amended. Filing is mandatory.

AUDITING PROCEDURES REPORT Issued under P.A. 2 of 1968, as amended. Filing is mandatory. Michigan Dept. of Treasury, Local Audit & Finance Division 496 (3-98), Formerly L-3147 AUDITING PROCEDURES REPORT Issued under P.A. 2 of 1968, as amended. Filing is mandatory. Local Government Type: City

More information

Financial Statements. August 31, 2013 and 2012. (With Independent Auditors Report Thereon)

Financial Statements. August 31, 2013 and 2012. (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Statements of Financial Position 2 Statement of Activities Year ended August 31, 2013

More information

SAMPLE LENDING U.S.A. CORPORATION INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

SAMPLE LENDING U.S.A. CORPORATION INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SAMPLE LENDING USA CORPORATION INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2012 ACME AUDITORS ---------------------------- Certified

More information

REPORT NO. 2014-104 FEBRUARY 2014 POLK STATE COLLEGE. Financial Audit. For the Fiscal Year Ended June 30, 2013

REPORT NO. 2014-104 FEBRUARY 2014 POLK STATE COLLEGE. Financial Audit. For the Fiscal Year Ended June 30, 2013 77 REPORT NO. 2014-104 FEBRUARY 2014 Financial Audit For the Fiscal Year Ended June 30, 2013 BOARD OF TRUSTEES AND PRESIDENT Members of the Board of Trustees and President who served during the 2012-13

More information

B ASIC F INANCIAL S TATEMENTS AND O THER F INANCIAL I NFORMATION

B ASIC F INANCIAL S TATEMENTS AND O THER F INANCIAL I NFORMATION B ASIC F INANCIAL S TATEMENTS AND O THER F INANCIAL I NFORMATION Kalkaska County Hospital Authority & Subsidiary Years Ended June 30, 2010 and 2009 With Reports of Independent Auditors Ernst & Young LLP

More information

PAWNEE COUNTY, KANSAS PUBLIC BUILDING COMMISSION FINANCIAL STATEMENT

PAWNEE COUNTY, KANSAS PUBLIC BUILDING COMMISSION FINANCIAL STATEMENT PAWNEE COUNTY, KANSAS PUBLIC BUILDING COMMISSION FINANCIAL STATEMENT For the Year Ended December 31, 2013 VONFELDT, BAUER & VONFELDT, CHTD. Certified Public Accountants Larned, Kansas 67550 PAWNEE COUNTY,

More information

AUDIT REPORT of DUBOIS AREA SCHOOL DISTRICT. DuBois, Pennsylvania A.U.N. 1-06-17-200-3. For The Year Ended June 30, 2013

AUDIT REPORT of DUBOIS AREA SCHOOL DISTRICT. DuBois, Pennsylvania A.U.N. 1-06-17-200-3. For The Year Ended June 30, 2013 AUDIT REPORT of DUBOIS AREA SCHOOL DISTRICT DuBois, Pennsylvania A.U.N. 1-06-17-200-3 For The Year Ended June 30, 2013-1 - TABLE OF CONTENTS Page Number Independent Auditor's Report 4 Management's Discussion

More information

The Farmers Automobile Insurance Association

The Farmers Automobile Insurance Association The Farmers Automobile Insurance Association Report on Audits of Financial Statements - Statutory Basis For the Years Ended December 31, 2015 and 2014 Table of Contents Page(s) Independent Auditor s Report...

More information

TALF LLC (A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York)

TALF LLC (A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York) (A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York) Financial Statements for the Period February 4, 2009 to December 31, 2009 and Independent Auditors Report Table of Contents

More information

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS JUNE 30, 2007 AND 2006 CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 1 FINANCIAL STATEMENTS Statements of financial

More information

AERO NASHVILLE, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon)

AERO NASHVILLE, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Page(s) Independent Auditors Report 1 Financial Statements: Balance Sheet 3 Statements of Operations

More information

ST. AUGUSTINE- ST. JOHNS COUNTY AIRPORT AUTHORITY

ST. AUGUSTINE- ST. JOHNS COUNTY AIRPORT AUTHORITY ST. AUGUSTINE- ST. JOHNS COUNTY AIRPORT AUTHORITY AUDIT REPORT SEPTEMBER 30, 2011 AND 2010 TABLE OF CONTENTS Page INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:

More information

THE SOUTH FLORIDA CHURCH OF CHRIST, INC.

THE SOUTH FLORIDA CHURCH OF CHRIST, INC. THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGES Independent Auditor s Report 1 Statement of Financial

More information

Financial Statements June 30, 2014 University Schools

Financial Statements June 30, 2014 University Schools Financial Statements University Schools www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 3 Financial Statements Government-Wide Financial Statements

More information

CHABOT-LAS POSITAS COMMUNITY COLLEGE DISTRICT GENERAL OBLIGATION BONDS FUND

CHABOT-LAS POSITAS COMMUNITY COLLEGE DISTRICT GENERAL OBLIGATION BONDS FUND CHABOT-LAS POSITAS COMMUNITY COLLEGE DISTRICT GENERAL OBLIGATION BONDS FUND Pleasanton, California FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS REPORTS TABLE OF CONTENTS Page Number Independent Auditors

More information

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012 Employees Defined Contribution Pension Plan Financial Report with Supplemental Information June 30, 2012 Contents Report Letter 1-2 Management s Discussion and Analysis 3-4 Basic Financial Statements Statement

More information

United Cerebral Palsy, Inc. Financial Report September 30, 2008

United Cerebral Palsy, Inc. Financial Report September 30, 2008 Financial Report September 30, 2008 Contents Independent Auditor s Report 1 Financial Statements Consolidated Statement Of Financial Position 2 Consolidated Statement Of Activities 3 Consolidated Statement

More information

HORSEMEN S INSURANCE ALLIANCE SPC FINANCIAL STATEMENTS DECEMBER 31, 2015

HORSEMEN S INSURANCE ALLIANCE SPC FINANCIAL STATEMENTS DECEMBER 31, 2015 HORSEMEN S INSURANCE ALLIANCE SPC FINANCIAL STATEMENTS DECEMBER 31, 2015 A Professional Accounting Corporation www.pncpa.com HORSEMEN S INSURANCE ALLIANCE SPC FINANCIAL STATEMENTS DECEMBER 31, 2015 C O

More information

BOYNTON VILLAGE COMMUNITY DEVELOPMENT DISTRICT

BOYNTON VILLAGE COMMUNITY DEVELOPMENT DISTRICT BOYNTON VILLAGE COMMUNITY DEVELOPMENT DISTRICT BASIC FINANCIAL STATEMENTS BASIC FINANCIAL STATEMENTS TABLE OF CONTENTS PAGES BASIC FINANCIAL STATEMENTS Independent Auditors' Report 1-2 Management's Discussion

More information

American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements December 31, 2014 and 2013

American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements December 31, 2014 and 2013 American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements Index Page(s) Independent Auditor s Report... 1 2 Consolidated Financial Statements Statements

More information

Basic Financial Statements. December 31, 2014 and 2013. (With Independent Auditors Report Thereon)

Basic Financial Statements. December 31, 2014 and 2013. (With Independent Auditors Report Thereon) Basic Financial Statements (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis 3 Basic Financial Statements: Balance Sheets 9

More information

Financial Statements Japan P&I Club Annual Report

Financial Statements Japan P&I Club Annual Report Financial Statements Report of the Independent Auditors Income and Expenditure Accounts Balance Sheets Statements of Cash Flows Notes to the Financial Statements Reserves Policy Year Statements 16 2016

More information

NORTHERN MICHIGAN LAW ENFORCEMENT TRAINING GROUP AUDITED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2009

NORTHERN MICHIGAN LAW ENFORCEMENT TRAINING GROUP AUDITED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2009 NORTHERN MICHIGAN LAW ENFORCEMENT TRAINING GROUP AUDITED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2009 NORTHERN MICHIGAN LAW ENFORCEMENT TRAINING GROUP TABLE OF CONTENTS Independent Auditor s Report...

More information

Financial Statements

Financial Statements Financial Statements 121 REPORT OF INDEPENDENT AUDITORS To the Board of Trustees of The Andrew W. Mellon Foundation: In our opinion, the accompanying balance sheets and the related statements of activities

More information