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LOUISIANA SHERIFFS^ RISK MANAGEMENT PROGRAM

FINANCIAL STATEMENTS AUGUST 3 1 . 2008

Under provisions of state law, this report is a public document. Acopy ofthe report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clerk of court. Release Date, ^ '

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LOUISIANA SHERIFFS' RISK MANAGEMENT PROGRAM FINANCIAL STATEMENTS AUGUST 3L 2008

LOUISIANA SHERIFFS' RISK MANAGEMENT PROGRAM TABLE OF CONTENTS

Page Accountants* Compilation Report Financial Statements Statement of Net Assets Statement ofKevenues, Expenses and Changes in Net Assets Statement of Cash Flows Limited Note to the Financial Statements 3 4 5 2 1

Postlethwaite & Netterville

A Profeuional Accounting Corporation A U O C J O I K J Officm In P r t n c ^ l Clil«* of >h* Unit«d Slates

www.pncpa.com

ACCOUNTANTS' COMPILATION REPORT

Board of Managers Louisiana Sheriffs* Risk Management Program Baton Rouge, Louisiana We have compiled the accompanying statement of net assets of Louisiana Sheriffs' Risk Management Program (a quasi-public organization) (the Program) as of August 31, 2008, and the related statements of revenues, expenses and changes in net assets, and cash flows for the year then ended, which collectively comprise the Program^s basic financial statements as listed in the table of contents, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management of Louisiana Sheriffs' Risk Management Program. We have not audited or reviewed the accompanying basic financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they mig^t influence the user's conclusions about the Program's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. Management has also not presented the management's discussion and analysis information that the Govemmental Accounting Standards Board has determined is required to supplement, although not required to be a part of, the basic financial statements. The accompanying financial statements have been prepared assuming that the Program will continue as a going concern. The Program has a significant net asset deficit and no sources of revenues which raise substantial doubt about the Program's ability to meet its obligations and to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Baton Rouge, Louisiana November 10,2008

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8550 United Plaza Blvd, Suite 1001 · Baton Rouge, LA 70809 · Tel: 225.922.4600

· Fox: 225.922.4611

LOUISLVNA SHERIFFS' RISK MANAGEMENT PROGRAM STATEMENT OF NET ASSETS AUGUST 3L 2008 (SEE ACCOUNTANTS' COMPILATION REPORT)

ASSETS Cash Due from Louisiana Sheriffs' Law Enforcement Program $ 118.068 4,527 142,595

$

L I A B I L I T I E S AND NET A S S E T

DEFICIT

Liability for unpaid claims Net asset deficit

$

350,000 (207,405)

$

142,595

2-

LOUISIANA SHERIFFS' RISK MANAGEMENT PROGRAM STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS YEAR ENDED AUGUST 31.2008 rSEE ACCOUNTANTS' COMPILATION REPORT)

REVENUES EXPENSES Claims expense Total operating expenses OPERATING INCOME NON-OPERATTNG INCOME Investment income - net Total non-operating income CHANGE IN NET ASSETS NET ASSET DEFICIT - BEGINNING OF YEAR NET ASSET DEFICIT - END OF YEAR $ (203,234) (203,234) 203,234

5,134 5,134 208.368 (415,773) (207,405)

LOUISIANA SITF.Rn?ffS' RISK MANAGEMENT PROGRAM STATEMENT OF CASH FLOWS YEAR ENDED AUGUST 31.2008 (SEE ACCOUNTANTS' COMPILATION REPORT)

CASH FLOWS FROM OPERATING ACnVFTIES: Cash paid for: Claims and claims expenses Net cash used in operating activities CASH FLOWS FROM INVESTMENT ACTIVITIES:

(86,766) (86,766)

5,134 Investment income received Net cash provided by investing activities NET CHANGE IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR Reconciliation of change in net assets to net cash used in operating activities: Change in net assets Investment income received Operating income Adjustments to reconcile operating income to net cash provided by operating activities: Change m unpaid claims liability Net cash used in operating activities

$

5,134 (81,632) 219,700 138,068

$

208,368 (5,134)

203,234

(290,000) (86,766)

LOUISLVNA SHERIFFS' RISK MANAGEMENT PROGRAM BATON ROUGE. LOUISIANA LIMITED NOTE TO FINANCIAL STATEMENTS

LIABILTTY FOR UNPAID CLAIMS The Louisiana Sheriffs' Risk Management Program (the Program), regularly establishes claims liabilities based on estimates ofthe ulthnate cost of claims (including future claim adjustment expenses) that have been reported but not settled. The length of time for which such costs must be estimated vanes depending on the coverage involved. Estimated amounts of reinsurance recoverable on unpaid claims are deducted from the liability for impaid claims. Because actual claims costs depend on such complex factors as inflation, changes in doctrines of legal liability, and damage awards, the process used in computing claims liability does not necessarily result in an exact amount, particularly for coverages such as general liability. Claims liabilities are recon^uted periodically using a variety of actuarial and statistical techniques to produce current estimates that reflect recent settlements, claims frequency, and other economic and social factors. A provision for inflation in the calculation of estimated future claims costs is implicit in the calculation becaitse reliance is placed both on actual historical data that reflects past inflation and on other factors that are considered to be appropriate modifiers of past experience. Adjustments to claims liabilities are charged or credited to expense in flie period in which they are made.

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