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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 Schedule of Revenue and Expenses

For the year ended December 31 2009 2008

Revenue

    
Gross premiums written
$32,715,142
$30,195,330
Less reinsurance premiums cost
5,117,815
4,480,779
Net premiums written
27,597,327
25,714,551
Increase in provision for unearned premiums
(1,536,957)
(146,033)
 
26,060,370
25,568,518
Service charges
383,291
345,564
 
$ 26,443,661
$25,914,082
     

Expenses

    
Net claims incurred
$17,748,752
$14,540,852
Commissions
5,875,380
5,704,083
Salaries and directors' fees
1,655,781
1,668,472
Inspection and underwriting of risks
447,888
411,291
Other expenses (see below)
1,914,915
1,906,461
 
$27,642,716
$24,231,159
     

Other Expenses

    
Advertising 212,442 241,536
Amortization of capital assets 190,141 214,185
Association fees 147,690 189,406
Educational seminars and conventions 73,849 38,468
Employee benefits 403,745 392,016
Occupancy costs 152,377 137,217
Postage, bank charges and telephone 145,370 136,243
Printing, stationery and office 266,503 224,619
Professional 101,081 95,922
Provincial premiums tax 80,859 80,190
Travel 140,858 156,659
     
$1,914,915 $1,906,461

The accompanying notes are an integral part of these financial statements