2018 was a dynamic year for the NCIGF and its member state guaranty associations. Not only did several legacy careers conclude but it marked the dawn of a new era in receiver relations, communications and the multi-state coordinating committee process.
Tabs show Financial Position, Statements of Activities and Statements of Cash Flows for the years ended December 31, 2018 and 2017 have been prepared on an accrual and consolidated basis.
- Cash and Cash Equivalents and Investments as of December 31, 2018 were $2,970,503 and a decrease of $4,306,408 from December 31, 2017.The decrease in cash was primarily due to closing out the escrow account established in November 2017 for guaranty fund indemnity prepayments for the Guarantee Insurance Company (GIC) insolvency. The balance as of December 31, 2018 and December 31, 2017 was $0 and $4,584,567, respectively. NCIGF monitored the prepayments wired from guaranty funds into the escrow account and funding requests and release of funds submitted to the Florida Department of Financial Services for GIC indemnity payments. The prepayment agreement and reconciliation process were completed during fourth quarter 2018.
- The Contingency Fund balance as of December 31, 2018 was $2,454,630, an increase of $245,400 from the prior year. The Contingency Fund balance as of December 31, 2018 and 2017 was 60% and 57%, 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, 2018 were $2,060,299, an increase of $417,380 from the prior year.
- Results (Excess Operating Income over Expenses) for the year ending December 31, 2018 were under budget by $23,988 (.5%).
- In 2018, Guaranty Support Inc. (“GSI”), a wholly-owned subsidiary of NCIGF, completed its third 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, 2018 and 2017 of $7,613 and 6,189, respectively.
Consolidated Statements of Financial Position December 31, 2018 and 2017
Consolidated Statements of Activities For the Years Ended December 31, 2018 and 2017
Consolidated Statements of Cash Flows For the Years Ended December 31, 2018 and 2017