| |
|
 |
| Consolidated Statements of Cash Flows |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiary |
| |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
Year
Ended Dec. 31, 2005 |
|
|
Year
Ended Dec. 31, 2004 |
|
|
|
| |
|
Net (Loss) Income |
|
$(4,133,703) |
|
|
$1,225,827 |
|
|
|
| |
|
Add (deduct) items not affecting cash |
|
|
|
|
|
|
|
|
| |
|
 Net
realized losses (gains) of investments |
|
132,958 |
|
|
(458,954) |
|
|
|
| |
|
Net
amortization of bond premiums and discounts |
|
338,301 |
|
|
205,714 |
|
|
|
| |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
Accounts
receivable |
|
- |
|
|
456,849 |
|
|
|
| |
|
Premiums
receivable |
|
493 |
|
|
407,451 |
|
|
|
| |
|
Reinsurance
receivable on paid losses |
|
(2,011,045) |
|
|
807,882 |
|
|
|
| |
|
Reinsurance
recoverable on case reserves |
|
(4,043,031) |
|
|
3,760,261 |
|
|
|
| |
|
Reinsurance
recoverable on IBNR reserves |
|
(777,887) |
|
|
(8,899,333) |
|
|
|
| |
|
Prepaid
reinsurance program |
|
(958,821) |
|
|
(553,146) |
|
|
|
| |
|
Accrued
interest |
|
(57,216) |
|
|
(57,708) |
|
|
|
| |
|
Deferred
policy acquisition costs |
|
(10,312) |
|
|
(33,588) |
|
|
|
| |
|
Other
assets |
|
(5,690) |
|
|
6,073 |
|
|
|
| |
|
Losses
and loss adjustment expense |
|
14,476,372 |
|
|
9,034,168 |
|
|
|
| |
|
Unearned
premiums |
|
974,259 |
|
|
1,037,746 |
|
|
|
| |
|
Reinsurance
balances payable |
|
(1,454,692) |
|
|
1,634,010 |
|
|
|
| |
|
Premium
taxes payable |
|
(5,498) |
|
|
(4,306) |
|
|
|
| |
|
Deferred
ceding commissions |
|
77,158 |
|
|
50,827 |
|
|
|
| |
|
Other
liabilities |
|
29,275 |
|
|
(292,345) |
|
|
|
| |
|
NET CASH PROVIDED BY OPERATING
ACTIVITIES |
|
2,570,921 |
|
|
8,327,368 |
|
|
|
| |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| |
|
Purchased
investments |
|
(14,710,680) |
|
|
(35,381,128) |
|
|
|
| |
|
Proceeds
from sales and maturities of investments |
|
13,772,164 |
|
|
30,549,891 |
|
|
|
| |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(938,516) |
|
|
(4,831,237) |
|
|
|
| |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| |
|
Capital contributions |
|
2,780 |
|
|
7,677 |
|
|
|
| |
|
NET CASH PROVIDED BY FINANCING
ACTIVITIES |
|
2,780 |
|
|
7,677 |
|
|
|
|
| |
|
NET CHANGE IN CASH AND CASH
EQUIVALENTS |
|
1,635,185 |
|
|
3,503,808 |
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR |
|
8,694,566 |
|
|
5,190,758 |
|
|
|
| |
|
CASH AND CASH EQUIVALENTS, END
OF YEAR |
|
$10,329,751 |
|
|
$8,694,566 |
|
|
|
| Note: Johnson Lambert & Co., Certified
Public Accountants has audited the financial statements
of The National Catholic Risk Retention Group, Inc. for
the years ended December 31, 2005 and 2004 prepared in
conformity with generally accepted accounting principles
in the United States, and issued an unqualified opinion
on such financial statements in their report dated February
8, 2006. The auditor's report applies to the complete
financial statements which are not presented.
These consolidated balance sheets, consolidated
statements of operations and comprehensive income, consolidated
statements of changes in shareholders’ equity and
consolidated statements of cash flows of The National
Catholic Risk Retention Group, Inc. for the years ended
December 31, 2005 and 2004 were derived from the audited
financial statements. The complete audited financial statements
may be obtained from The National Catholic Risk Retention
Group, Inc. at 801 Warrenville Road, Suite 175, Lisle,
IL 60532-4334.
|
|
|
|
