STATEMENT OF REVENUES & EXPENSES
& CHANGES IN FUND NET POSITION
For the Fiscal Years Ended September 30, 2018 and 2017
As of
As of
9/30/18
9/30/17
Members’ Assessments — MLC Coverage
Members’ Assessments — Cyber Coverage
Members’ Assessments — WCPP Insurance
Other Operating Revenues
12,480,319
102,264
2,658,361
75,770
11,301,412
113,662
2,729,335
156,308
150,000
Member Services - Revenues
150,000
TOTAL OPERATING REVENUES
15,466,714
14,450,717
OPERATING EXPENSES
Current Year’s “SIR” Reserves
1,096,921
4,350,000
(215,940)
(261,275)
(246,730)
(40,000)
4,570,539
102,264
2,508,363
81,078
2,054,632
1,083,493
4,350,000
13,889
(329,529)
107,328
(20,000)
Current Year’s “Corridor” Reserves
Adjustment in Prior Years’ “SIR” Reserves
Adjustment to Prior Years’ “1st/2nd Layers’ Corridor” Reserves
Adjustment in Reserve for ULAE
Adjustment of Prior Year’s 8x2 10% Quota Share” Reserve
MLC/Excess Reinsurance Premiums
Cyber Premiums
4,405,630
113,662
2,614,484
76,593
WCPP Insurance Premiums
Depreciation Expense
Operating Expenditures
2,069,178
TOTAL OPERATING EXPENSES
13,999,852
14,484,728
OPERATING INCOME (LOSS)
1,466,862
(34,012)
NON OPERATING REVENUES (EXPENSES)
Interest and Investment Income
Rental Income
374,604
46,263
285,939
39,889
Rental Expense
(5,940)
(5,122)
Fair Value Adjustment on Investments
Gain (Losses) on Capital Assets Disposition
Total Nonoperating Revenues (Expenses)
CHANGES IN NET POSITION
TOTAL NET POSITION, Beginning of Year
TOTAL NET POSTION, End of Year
(188,646)
8,713
234,995
1,701,857
18,148,322
19,850,179
(111,771)
208,935
174,923
17,973,399
18,148,322
The accompanying notes are an integral part of this financial statements
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WCRP MISSION STATEMENT
“To provide comprehensive and economical risk coverage,
reduce the frequency and severity of losses, and decrease
costs incurred in the managing and litigation of claims.”
SERVICE PARTNERS
INDEPENDENT ACTUARY: PricewaterhouseCoopers
PRODUCER/BROKER SERVICES: Gallagher
INDEPENDENT INVESTMENT ADVISOR: Chandler Asset Management
