|
|
|
|
December 31, 1996 |
December
31, 1995 |
|
Assets |
|
|
Cash and cash
equivalents (see Note 4 for restrictions) |
|
|
Investment in U.S.
Treasury obligations, net (Note 3) (Market value of
investments at December 31, 1996 and December 31, 1995 was $8.7 billion and $2.8 billion,
respectively) |
8,764,092 |
2,832,91 |
Entrance and exit
fees receivable, net (Note 4) |
3,517 |
8,821 |
Interest receivable
on investment and other assets |
124,534 |
48,634 |
Receivables from
thrift resolutions, net (Note 5) |
19,266 |
51 |
Total Assets |
|
|
|
|
|
Liabilities
and the Fund Balance |
|
|
Accounts payable and
other liabilities |
|
|
Estimated liability
for anticipated failure of insured institutions (Note 6) |
4,000 |
111,000 |
Total
Liabilities |
183,367 |
228,628 |
Commitments and
contingencies (Notes 11 and 12) |
|
|
SAIF-Member
Exit Fees and Investment Proceeds Held in Escrow (Note 4) |
227,574 |
215,760 |
|
|
|
Fund Balance |
8,888,421 |
3,357,847 |
Total
Liabilities and the Fund Balance |
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements. |
|
|
|
|
For the Year Ended
December 31, 1996 |
For
the Year Ended
December 31, 1995 |
|
Revenue |
|
|
Assessments (Note 7) |
$ 5,221,560 |
$ ...970,027 |
Interest on U.S. Treasury
investments |
253,868 |
169,101
|
Other revenue (Note 8) |
26,256 |
788 |
Total Revenue |
5,501,684 |
1,139,916
|
|
|
|
Expenses and Losses |
|
|
Operating expenses |
62,618 |
39,777
|
Reduction in provision for insurance
losses |
(91,636) |
(321,000) |
Interest and other insurance
expenses |
128 |
7 |
Total Expenses and Losses |
(28,890) |
(281,216) |
|
|
|
Net Income |
5,530,574 |
1,421,132
|
|
|
|
Fund Balance - Beginning |
3,357,847 |
1,936,715
|
|
|
|
Fund Balance - Ending |
$ 8,888,421 |
$
3,357,847 |
|
|
|
The accompanying notes
are an integral part of these financial statements. |
|
|
|
|
|
For the Year Ended
December 31, 1996 |
For
the Year Ended
December 31, 1995 |
|
Cash Flows
from Operating Activities |
|
|
|
|
|
|
$ 5,293,722 |
$
1,060,829 |
|
Interest on U.S. Treasury
investments |
|
192,053 |
152,622
|
|
7,739 |
8,449 |
|
Entrance and exit fee collections (Note 4) |
|
6,000 |
29,757
|
|
Recoveries from thrift resolutions |
|
24,478 |
17,149
|
|
367 |
437 |
|
|
|
|
(78,726) |
(18,487) |
|
Reimbursements to the FSLIC
Resolution Fund for thrift resolutions |
|
(33,137) |
(15,881) |
|
Disbursements for thrift resolutions |
|
(500) |
(1,142) |
|
Miscellaneous disbursements |
|
(49) |
1 |
Net Cash
Provided by Operating Activities (Note 14) |
5,411,947 |
1,233,734
|
|
|
|
Cash Flows
from Investing Activities |
|
|
|
|
|
|
Maturity and sale of U.S. Treasury
obligations |
|
1,885,000 |
1,385,000
|
|
|
|
|
Purchase of U.S. Treasury
obligations |
|
(7,820,804) |
(1,787,124) |
Net Cash
Used by Investing Activities |
(5,935,804) |
(402,124) |
Net Increase
in Cash and Cash Equivalents |
(523,857) |
831,610
|
Cash and
Cash Equivalents - Beginning |
911,810 |
80,200
|
Cash and
Cash Equivalents - Ending |
$ .. 387,953 |
$
.. 911,810 |
|
The
accompanying notes are an integral part of these financial statements. |
|
Notes to
Financial Statements (SAIF) |