REVENUES |
YEAR END |
12 / 31 / 21 |
3 / 31 / 22 |
12 / 31 / 21 |
12 / 31 / 21 |
12 / 31 / 21 |
Premiums earned |
$ 9,456,128 |
$ 2,325,270 |
$ 3,189,212 |
$ 2,110,640 |
$ 1,259,270 |
|
Investment income |
563,692 |
417,875 |
188,982 |
435,588 |
94 |
|
Realized capital gain ( loss ) Other income |
156,119 |
|||||
Total Revenues |
10,175,939 |
2,743,145 |
3,378,194 |
2,546,228 |
1,259,364 |
|
EXPENSES Incurred losses / wc claims |
6,124,171 |
520,181 |
1,121,168 |
1,358,795 |
1 |
|
Claims adjustment |
251,819 |
- |
||||
Claims management fees |
271,082 |
|||||
Administration |
662,762 |
254,508 |
1,176,393 |
|||
Agent commissions |
931,409 |
|||||
Premium taxes |
203,537 |
( 10,303 ) |
||||
Insurance taxes Excess insurance prem . |
828,738 |
225,666 |
232,956 |
161,270 |
||
Other underwriting exp . |
191,872 |
687,275 |
||||
Other expenses |
1,822,258 |
277,182 |
||||
Total Expenses |
9,910,113 |
1,660,428 |
2,061,283 |
2,484,522 |
1,176,394 |
|
Net income ( loss ) pre dividends & tax |
265,826 |
1,082,717 |
1,316,911 |
61,706 |
82,970 |
|
Dividends Paid Members |
532,000 |
400,004 |
900,000 |
|||
Net Income before tax |
( 266,174 ) |
682,713 |
416,911 |
61,706 |
82,970 |
|
Provisions for income tax |
20,409 |
77,700 |
9,763 |
|||
NET INCOME ( LOSS ) |
( 245,765 ) |
682,713 |
339,211 |
51,943 |
82,970 |
|
Change in nonad . assets |
27,866 |
( 254,522 ) |
18,258 |
|||
Change in reins . provisions Change in net deferred inc . tax |
( 176,301 ) |
( 11,300 ) |
||||
Refund of contributions Change in net investments |
1,129,649 |
423,235 |
45,886 |
( 10,260 ) |
||
|
Prepaid exp ./ prem . assess .
Extraordinary taxes prior
|
( 1 ) |
|||||
Prior period adjustment Fund balance transfer FUND BALANCE beginning yr |
8,658,303 |
6,131,021 |
2,988,237 |
4,336,239 |
( 362,164 ) |
|
FUND BALANCE end yr |
$ 9,393,752 |
$ 6,982,447 |
$ 3,362,034 |
$ 4,396,180 |
$( 279,195 ) |
|