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Auditors’ Report Balance Sheet Financial Statements Notes to Financial Statements Schedule of Revenue &  Expenses Statement of Cash Flow Statement of Comprehensive Income (Loss) Statement of Accumulated Other Comprehensive Loss Statement of Operations and Unappropriated Members’ Surplus
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Consolidated Statement of Cash Flows

For the year ended December 31
2009
2008
Cash provided by (used in)

Operating activities
Net Income for the year
$5,544
$1,761,903
Adjustments to convert earnings to cash basis: Amortization of bond discounts
37,367
24,254
Amortization of capital assets
190,141
214,185
Amortization of intangible assets
30,000
-
Increase in accounts payable and accured liabilities
1,375,630
156,786
Increase in income taxes payable
75,871
-
Increase in unpaid claims
114,510
7,203,643
Increase in unearned premiums
1,536,957
146,034
Decrease (increase) in accounts receivable
557,626
(8,509,258)
Decrease (increase) in corporate income taxes recoverable
1,016,907
(681,369)
Decrease (increase) in prepaid expenses
(74,745)
38,217
Increase in deferred policy acquisition expense
(337,106)
(50,477)
(Increase) decrease in future income tax asset
(66,000)
129,000
(Gain) loss on disposal of capital assets
3,549
(5,945)
Loss on disposal of investments, net
71,939
892,697
Writedown of investments
-
562,000
Income tax effect on other comprehensive (loss) income
(707,430)
827,190
 
3,830,760
2,708,860
 

Investing activities
Proceeds on sale of investments
4,812,839
6,846,335
Purchase of investments
(4,206,956)
(8,473,446)
Acquisition of capital assets
(1,262,186)
(656,315)
Proceeds on disposal of capital assets
26,000
23,726
Construction in progress
(1,048,337)
(330,855)
 
(1,678,640)
(2,590,555)
 

Increase in cash during the year
2,152,120
118,305
Cash and equivalents, beginning of year
2,881,984
2,763,679
Cash and equivalents, end of year
5,034,104
2,881,984
     

The accompanying notes are an integral part of these financial statements