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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
2010
2009
Cash provided by (used in)

Operating activities
Net Income for the year
$ 4,693,667
$5,544
Adjustments to convert earnings to cash basis: Amortization of bond discounts
-
37,367
Amortization of capital assets
317,697
190,141
Amortization of intangible assets
-
30,000
Increase in accounts payable and accrued liabilities
384,547
1,375,630
Increase in income taxes payable
313,201
75,871
Increase (decrease) in unpaid claims
(2,252,569)
114,510
Increase in unearned premiums
1,627,635
1,536,957
Decrease (increase) in accounts receivable
(28,491)
557,626
Decrease in corporate income taxes recoverable
-
1,016,907
Decrease (increase) in prepaid expenses
11,002
(74,745)
Increase in deferred policy acquisition expense
(43,923)
(337,106)
(Increase) decrease in future income tax asset
73,000
(66,000)
(Gain) loss on disposal of capital assets, net
(467,153)
71,939
Loss on disposal of investments, net
125,148
3,549
Pool fund distributions reinvested
(2,210,931)
(2,105,212)
Income tax effect on other comprehensive income
(355,350)
(707,430)
 
2,187,480
1,725,548
 

Investing activities
Proceeds on sale of investments
15,621,386
4,812,839
Purchase of investments
(15,320,629)
(2,101,744)
Acquisition of capital assets
(6,258,898)
(1,262,186)
Proceeds on disposal of capital assets
459,552
26,000
Construction in progress
-
(1,048,337)
 
(5,498,589)
426,572
 

Increase (decrease) in cash during the year
(3,311,109)
2,152,120
Cash and equivalents, beginning of year
5,034,104
2,881,984
Cash and equivalents, end of year
$ 1,722,995
$ 5,034,104
     

The accompanying notes are an integral part of these financial statements