| NORTH CAROLINA SELF-INSURANCE SECURITY ASSOCIATION | ||||||||||||
| SELECTED FINANCIAL DATA | ||||||||||||
| Year ended | ||||||||||||
| 12/31/2006 | 12/31/2005 | 12/31/2004 | 12/31/2003 | 12/31/2002 | 12/31/2001 | 12/31/2000 | 12/31/1999 | |||||
| Summary Income Statements: | (audited) | (audited) | (audited) | (audited) | (audited) | (audited) | (audited) | (audited) | ||||
| Income: | ||||||||||||
| Assessments | $ | 428,711 | 754,613 | 470,367 | 837,367 | 822,651 | 173 | 405,209 | 8,564 | |||
| Proceeds from insolvencies | 3,291,142 | 4,019,495 | 1,301,883 | 2,286,040 | 455,404 | 1,375,732 | 2,444,869 | 3,386,400 | ||||
| Investment income (losses) | 458,229 | 217,451 | 242,802 | 173,814 | 163,914 | (290,349) | 381,667 | 374,850 | ||||
| 4,178,082 | 4,991,559 | 2,015,052 | 3,297,221 | 1,441,969 | 1,085,556 | 3,231,745 | 3,769,814 | |||||
| Expenses: | ||||||||||||
| Claims and related expenses | 3,786,997 | 3,927,030 | 2,132,302 | 1,755,484 | 1,257,677 | 1,440,881 | 3,064,651 | 3,393,782 | ||||
| Legal and accounting | 547,768 | 565,299 | 593,790 | 346,720 | 251,196 | 229,575 | 209,674 | 116,498 | ||||
| Other | 232,866 | 44,703 | 30,231 | 99,828 | 31,313 | 171,806 | 9,475 | 15,557 | ||||
| 4,567,631 | 4,537,032 | 2,756,323 | 2,202,032 | 1,540,186 | 1,842,262 | 3,283,800 | 3,525,837 | |||||
| Net | $ | (389,549) | 454,527 | (741,271) | 1,095,189 | (98,217) | (756,706) | (52,055) | 243,977 | |||
| Net change, excluding investment income | (847,778) | 237,076 | (984,073) | 921,375 | (262,131) | (466,357) | (433,722) | (130,873) | ||||
| Summary Balance Sheets: | ||||||||||||
| Assets: | ||||||||||||
| Total investments, fair value | $ | 8,938,079 | 5,054,321 | |||||||||
| Other assets | 1,327,033 | 476,508 | ||||||||||
| Total assets | 10,265,112 | 5,530,829 | ||||||||||
| Liabilities: | ||||||||||||
| Estimated future claims and related costs | 6,186,796 | 4,833,930 | ||||||||||
| Deferred revenue | 3,787,259 | - | ||||||||||
| Other liabilities | 99,035 | 115,328 | ||||||||||
| Total liabilities | 10,073,090 | 4,949,258 | ||||||||||
| Net assets | 192,022 | 581,571 | ||||||||||
| Total liabilities and net assets | $ | 10,265,112 | 5,530,829 | |||||||||
| Note: | Effective January 1, 2006, the Association converted to the accrual basis of accounting whereby, among other things, | |||||||||||
| investments are recorded at fair market value and estimated future liabilities for claims and claims related expenses are recorded. | ||||||||||||
| Accordingly, the summary balance sheets are reflected on the accrual basis of accounting as of December 31, 2006 and 2005, | ||||||||||||
| and the income statement for the year ended December 31, 2006. | ||||||||||||
| The Association prepared its financial statements on the basis of recorded cash | ||||||||||||
| receipts and disbursements through 2005 which differs from accounting principles generally | ||||||||||||
| accepted in the United States of America in that no consideration is given | ||||||||||||
| to revenue or expense accruals which may exist at year end. | ||||||||||||