Tabs show Financial Position, Statements of Activities and Statements of Cash Flows for the years ended December 31, 2019 and 2018 have been prepared on an accrual and consolidated basis.
- Cash and Cash Equivalents and Investments as of December 31, 2020 were $3,904,481 an increase of $456,168 from December 31, 2019.
- The Contingency Fund balance as of December 31, 2020 was $2,835,318, an increase of $231,115 from the prior year. The Contingency Fund balance as of December 31, 2020 and 2019 was 67% and 63%, respectively, of the 3-year average annual operating budget. The Contingency Fund is a board designated unrestricted fund accessible with board approval. The Contingency Fund, which is held in a separate account from the operating funds, is invested in CDs with staggered maturities of no greater than two years.
- Net Assets as of December 31, 2020 were $2,791,144, an increase of $440,094 from the prior year.
- Results (Excess Operating Income over Expenses) for the year ending December 31, 2020 were under budget by $556,750 (12.6%) primarily due to the COVID-19 pandemic. Members will receive a pro rata share of 50% of the surplus ($278,000) as a pandemic refund in 2021.
- In 2020, Guaranty Support Inc. (“GSI”), a wholly owned subsidiary of NCIGF, completed its fifth full year of operation. GSI provides core data management and support services for members and receivers to support their claims handling functions. GSI also provides services that are determined to be beyond the core services it provides to members, receivers and other entities, to the extent that their activity is consistent with GSI’s board-approved mission. GSI had net income for the year ending December 31, 2020 and 2019 of $47,509 and 12,057, respectively.
Consolidated Statements of Financial Position December 31, 2020 and 2019
Consolidated Statements of Activities for the Years Ended December 31, 2020 and 2019
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020 and 2019