dowc presentation
TRANSCRIPT
Domestic onshore vehicle whereby you the Dealer has total control and captures the highest percentage of underwriting profit and investment income, available to the Dealer market, while providing the highest quality product to your customers.
WHAT IT IS
Page 2
Gives you the dealer, greater overall return of premium capital due to: Long Term Tax Deferral Elimination of fees and taxes Greater Investment returns DOWC qualifies for insurance company treatment for federal tax purposes, allowing for taxation only on investment income if net written premium is less than $1.2 million. $0 Tax on underwriting profit with small insurance company status
WHAT IT DOES
Page 3
You, the Dealer, are set up in your own Admin Obligor (AO) DOWC, which is
perfect for your needs, goals and growth.
You retain 100% of the underwriting profit and investment income.
All of the cash remains in your control, and all of the investment decisions
are made by you.
You decide ownership, and all DOWC decisions are retained by you. There is
no co-mingling of funds and you receive all of the benefits with no risk.
Collectively we will design your program, customizing rates, coverages
(better than factory if you so choose) and marketing materials.
We never touch/control your cash. YOU send YOUR money to YOUR
investment account, monthly or weekly.
HOW IT’S DONE
Page 4
We control 100% of the administration including claims and accounting.
You have immediate claims override authority.
Reports are online daily, password protected. Monthly, we do a balance sheet
and income statement for your company along with a myriad of
detailed/customized reports.
USWC has been vetted by AutoNation, Toyota, National City Bank, Key bank
and some of the most prestigious and successful dealers in the US.
We currently do business with all of the above and are 100% transparent and
willing to share any of our financial info with you the dealer and/or your
representatives.
HOW IT’S DONE
Page 5
Significant cash flow Wealth building tool Estate planning-wealth transfer You keep 100% of underwriting profit and investment income Future Growth Total Return- 25-50% more return than other available options in
the dealer market Total control of investment decisions Total control of design including rates, coverages, marketing
materials and DOWC name Long term tax deferral due to insurance company treatment Distributions treated as dividends
Page 6
Assets outside of the dealerships which assumes the obligation of the service contract Separate entity with no tie to dealership capital or dealers
personal assets “Crystal Ball” look forward CLP provided by Allstate Capital loans “no loan fees or handling charges”
Loans back to dealership to buy own floor plan Capital improvements Acquisitions Rainy day fund
Investment income and underwriting profit far outpace other programs available to the automotive market
USWC handles all of the day to day operations of your DOWC
Page 7
Extremely lower Admin costs No ceding fees No premium taxes No excise taxes No annual maintenance fees No loss adjustment fees No claims fees No segregated cell fees No trust fees No run-off fees No “just because” fees No hidden fees
You the dealer will know where every dollar is every day
TOTAL TRANSPARENCY
Page 8
$2,500.00$1,000.00$1,500.00
Earnings Year 1 Year 2 Year 3 Year 4 Year 5$500 $500 $500 $500 $500
F&I CommissionExpense <$1500> <$1450> <$950> <$450> <$300>
<$950> <$450> $50 *$200Admin FeeExpense <$150>
Dealer PackExpense <$300>
Claim Expense <$_______> <$_______> <$_______> <$350>(Franchise Specific)
Total Expenses <$1950> <$300>$500
<$1450>* As policies layer on top of each
other, DOWC normally becomes taxable in years 8-12
TAX DEFERRALAssumptions:
Taxable Income
Selling Price (Retail Premium)F&I CostF&I Profit (Commission)
Taxable Income
Estimated 5 Year Claims
Page 9
10 YEAR - PROFORMA ASSUMPTIONS
10Capitalization $0Interest Rate Compounded Annually 5.00%Federal Income Tax 32.20%State Income Tax 6.50% 1 $6,368
Term
Policies Written
AnnuallyAverage Premium
Gross Written Premium Term
Policies Written
AnnuallyAverage Premium
Gross Written Premium Term
Policies Written
AnnuallyAverage Premium
Gross Written Premium
12 $0 12 $024 $0 24 $036 636 $1,700 $1,081,200 36 $0 36 $048 $0 48 $0 48 $060 240 $1,700 $408,000 60 $0 60 $072 240 $1,700 $408,00084 660 $1,700 $1,122,000
120 300 $1,700 $510,0002,076 $1,700 $3,529,200 0 $0 0 $0
Annual Increase Contracts Written (%) Annual Increase Contracts Written (%) Annual Increase Contracts Written (%)59.00%13.00%
ENTER $$ $150 ENTER $$ ENTER $$OR % OR % OR %
Projected Loss Ratio Projected Loss RatioAdministration Fee - Include CLI for Non-Florida Business
Administration Fee - Include CLI for Non-Florida Business
Administration Fee - Include CLI for Non-Florida Business
Assumes $300 pack$700 F&I Profit/Commission
Automotive Group
VEHICLE SERVICE CONTRACT PRE-PAID MAINTENANCE
How Many Years of Writing?
Dealer Commission Dealer Commission Dealer Commission
NOTES
ROAD HAZARD PROTECTION PLAN
Projected Loss Ratio
Page 10
1st YEAR 2nd YEAR 3rd YEAR 4th YEAR 5th YEAR 6th YEAR 7th YEAR 8th YEAR 9th YEAR 10th YEAR
Description Model Model Model Model Model Model Model Model Model Model SummaryDeferred Acq. Cost 2,169,485 3,849,971 5,041,458 5,855,409 6,424,553 6,774,265 6,955,682 7,043,610 7,096,948 7,115,696Unearned Premium Reserve 3,198,720 5,676,453 7,433,199 8,633,300 9,472,454 9,988,075 10,255,559 10,385,201 10,463,843 10,491,485
Earned Premium 330,480 1,051,467 1,772,454 2,329,099 2,690,046 3,013,580 3,261,715 3,399,558 3,450,558 3,501,558 24,800,515 35,292,000Investment Income 27,315 80,968 132,618 182,697 232,298 282,155 332,647 384,408 438,145 494,236 2,587,487 6,801,109
Total Income 357,795 1,132,435 1,905,072 2,511,796 2,922,344 3,295,735 3,594,362 3,783,966 3,888,703 3,995,794 27,388,001 42,093,109
Claims 42,962 136,691 230,419 302,783 349,706 391,765 424,023 441,943 448,573 455,203 3,224,067 4,587,960Dealership Commission (Amortized) 194,983 620,366 1,045,748 1,374,168 1,587,127 1,778,012 1,924,412 2,005,739 2,035,829 2,065,919 14,632,304 20,822,280Override Commission 0 0Salaries/Bonuses/Overhead 0 0Administration Fee (Amortized) 29,160 92,777 156,393 205,509 237,357 265,904 287,798 299,961 304,461 308,961 2,188,281 3,114,000
Total Expenses 267,106 849,833 1,432,560 1,882,460 2,174,190 2,435,682 2,636,233 2,747,643 2,788,863 2,830,083 20,044,651 28,524,240
Profit Before Taxes 90,690 282,603 472,512 629,336 748,154 860,053 958,128 1,036,324 1,099,840 1,165,711 7,343,350 13,568,869
Taxable Income 0 0 0 0 0 0 0 0 0 1,152,492 1,152,492 13,568,869
Federal Income Taxes @ 32.20% 0 0 0 0 0 0 0 0 0 371,102 371,102 4,369,176State Income Taxes @ 6.50% 0 0 0 0 0 0 0 0 0 74,912 74,912 881,977
Profit After Taxes 90,690 282,603 472,512 629,336 748,154 860,053 958,128 1,036,324 1,099,840 719,697 6,897,336 8,317,717
Cumulative Profit After Taxes 90,690 373,292 845,804 1,475,140 2,223,294 3,083,347 4,041,475 5,077,799 6,177,639 6,897,336
Less: Dividends Paid 0 0 0 0 0 0 0 0 0 0
Net Worth (Includes Initial Capital) 90,690 373,292 845,804 1,475,140 2,223,294 3,083,347 4,041,475 5,077,799 6,177,639 6,897,336
Investable Balance for Investment Income Calculation 1,119,925 2,199,774 3,237,545 4,253,031 5,271,195 6,297,157 7,341,352 8,419,390 9,544,534 10,273,125
Admitted Net Worth 90,690 373,292 845,804 1,475,140 2,223,294 3,083,347 4,041,475 5,077,799 6,177,639 6,897,336 Less: Net Worth Required 159,936 283,823 743,320 863,330 947,245 998,807 1,025,556 1,038,520 1,046,384 1,049,149 Cash or Loans Available for Distribution - 89,470 102,484 611,810 1,276,048 2,084,540 3,015,919 4,039,279 5,131,254 5,848,187
20,760 # of Service Co Years =$8,317,717 Profit After Tax Years Production = IBT IAT IAT IBT$400.66 20,822,280 20,822,280 Dealer Commissions 59% 59%
0 0 Override Commissions 0% 0%0 0 Other Distributions 0% 0%
13,568,869 8,317,717 Profit (Und. + Inv. Inc.) 24% 38%34,391,149 29,139,997 Total Return 83% 97%
Tax Effected
FULLY EARNED
SUMMARY
The assumptions and methods, set forth in a separate portion of this proforma, are an integral part of the proforma and should be read in connection with a study of the proforma. Actual activity and experience could differ from the assumptions and methods used in this proforma.
Total Return of Premium# of Service Contracts Written Over 10 Years =Profit After Taxes on 10 Years Production =Additional Profit per Service Contract Sold =
Page 11
$35,292,000.00 Net Written Premium 100.00%
-$20,822,280.00 Dealership Commission Expense 59.00%
$14,469,720.00 41.00%
-$3,114,000.00 Administration Expense 8.82%
$11,355,720.00 32.18%
-$4,587,960.00 Claims 13.00%
$6,767,760.00 Underwriting Profit 19.18%
$6,801,109.30 Investment Income 19.27%
-$5,251,152.42 Federal and State Taxes 14.88%
$8,317,716.88 Total Back-End Profit 23.57%
Total Return of Premium
$20,822,280.00 Dealership Sale Commission 59.00%
$8,317,716.88 Back-End Profit 23.57%
$29,139,996.88 Total Return 82.57%
Tax Effected
Automotive Group - Profit & Loss Model173 Contracts Per Month
Page 12
During warehouse period: Dealer forms Corporation and decides ownership
Coverage and Form Creation USWC’s compliance department handles all DOWC licensing and state/lender approvals,
as needed In conjunction with USWC, you the dealer will decide on coverage and rate structures for
VSC, pre-paid Maintenance, Road Hazard and Etch and Combo products “4 in 1”
Set kick off date USWC team conducts thorough and comprehensive Kick Off involving F&I, Sales, Service and back
office.
Accounting Decide on investment banker/strategy Retain and control 100% of reserves/underwriting profits/investment income Determine ownership: Estate Planning, Golden Handcuffs, Wealth Building, etc. Upon licensing, 100% ceding less claims and admin fees Rates and Underwriting Establish guidelines and eligibility; determine policy goodwill Determine transmittal process- E Contracting/Online Entry/USPS Establish dealer cost, any packs, commissions
Page 13
Claims Decide claims parameters: part costs & labor
rates, pre-existing conditions, good will and approval guidelines
Establish claim payment guidelines Parts – Cost plus, List less Labor – Factory (recommended) All Data, Mitchell
Establish parameters for the use of third party inspectors for questionable claims
Establish transient claim guidelines USWC currently returns 87.6% of all claim dollars back to selling
dealer/group.
Page 14
Lower admin costs Elimination of fees and taxes
NO ceding fees, claims fees, premium taxes, excise taxes, annual maintenance fees, loss adjustment expenses and/or claims fees, segregated cell fees, trust expenses, etc…
Long term Tax Deferral and Tax Advantages Taxation only on investment income $0 Tax of underwriting profit Templates customized to dealers needs/wishes
Greater Investment Returns Estate planning-wealth building-capital acquisitions
Total Dealer Control Customize service contract programs including 3/3-Lifetime, Pre-Paid Maintenance, Etch, Tire & Wheel and
Combo Products Full suite of monthly Financial Reports (including balance sheet and income statement) online 24/7, password
protected Dealer knows where every dollar is every day
USWC will compile a comprehensive side by side analysis against your current program, resulting in 25-50% overall greater returns/savings.
Innovative package of aggressively priced, customized F&I and front end products, as well as in store training and income development capital.
Dividend treatment of distributions Capital loans available Fully supported by a 40 year old company which invented and specializes in DOWC’s
Page 15
USW150
TIME: 21:27:09 CONSOLIDATED CLAIMS REGISTER DATE: 6/05/15
FOR MONTH ENDING 5/31/15
68995
WARR --------- CAR ---------- R.O. R.O. DATE CUSTOMER CLAIM TOTAL TYPE OF MILES DAYS
WARR # CLM # DATE YR MAKE MODEL VIN TERMS DATE RECD PAID PAID AMOUNT R.O. PAYEE/REPAIRER CLAIM OUT OUT
GE6808211 05 07/27/10 07 MAZD CX-7 107808 72/100 05/15/15 05/28/15 05/29/15 .00 50.70 50.70 GARRETT/NEIL HUFFMAN VOLKSWAGEN UNKN 24180 1753
GE6808211 02 07/27/10 07 MAZD CX-7 107808 72/100 04/20/15 05/22/15 05/29/15 217.00 1725.15 1942.15 SWOPE NISSAN EMI/VALVE; EGR CONTROL ( 23552 1728
GE6814125 06 04/19/12 12 NISS JUKE S/S 102813 60/ 60 05/05/15 05/06/15 05/08/15 .00 52.09 52.09 SWOPE NISSAN MA /LOF; REGULAR 41308 1111
GE6814071 02 01/21/12 10 CHEV EQUINOX 367118 60/100 05/15/15 05/22/15 05/29/15 108.58 1842.43 1951.01 Mast/HERB JONES CHEV CADILLAC BUI AC /COMPRESSOR; AC 74235 1210
GE6808211 03 07/27/10 07 MAZD CX-7 107808 72/100 05/18/15 05/27/15 05/29/15 144.59 1143.15 1287.74 Mast/NEIL HUFFMAN VOLKSWAGEN ENG/CHAIN; TIMING (NO FA 24180 1756
GE6811499 01 09/03/11 09 FORD FLEX SEL A37063 72/100 03/13/15 05/11/15 05/15/15 424.77 1143.00 1567.77 BOB SWOPE FORD /ROMANS CHA/HEATED SEAT ELEMENT 66664 1287
GE6808211 04 07/27/10 07 MAZD CX-7 107808 72/100 05/18/15 05/20/15 05/22/15 .00 90.00 90.00 ACCURATE MECHAN/GARRETT MSC/INSPECTION; MECHANIC 24180 1756
GE6814071 03 01/21/12 10 CHEV EQUINOX 367118 60/100 05/15/15 05/20/15 05/22/15 .00 90.00 90.00 WARRANTY INSPEC/COBLE MSC/INSPECTION; MECHANIC 74235 1210
GE6811476 08 08/12/11 11 NISS ROGUE S/ 310308 60/ 60 05/20/15 05/21/15 05/22/15 2.86 52.09 54.95 SWOPE NISSAN /CARTWRIGHT MA /LOF; REGULAR 35540 1377
GE6813659 04 08/24/12 12 NISS MURANO S 119584 60/ 60 04/27/15 04/27/15 05/01/15 2.86 52.09 54.95 SWOPE NISSAN /ESTES MA /LOF; REGULAR 55032 976
GEG000940 02 12/07/13 13 INFI JX35 BAS 333731 24/ 24 05/08/15 05/09/15 05/15/15 .00 30.00 30.00 SWOPE NISSAN /LYVERS MA /LOF & TIRE ROTATION 13783 517
GEG000965 03 11/29/13 12 NISS ARMADA S 610447 24/ 24 05/01/15 05/01/15 05/08/15 .00 30.00 30.00 SWOPE NISSAN /PAYNE MA /LOF & TIRE ROTATION 18722 518
GEG000992 03 12/23/13 13 NISS FRONTIER 756745 24/ 24 05/21/15 05/21/15 05/22/15 .00 30.00 30.00 SWOPE NISSAN /HIGHLEY MA /LOF & TIRE ROTATION 15152 514
GEG001000 03 12/27/13 10 TOYO RAV4 039703 24/ 24 05/05/15 05/06/15 05/08/15 .00 30.00 30.00 SWOPE NISSAN /JACKSON MA /LOF & TIRE ROTATION 16015 494
GE6811363 04 12/14/11 12 NISS ALTIMA S 138151 60/ 60 05/23/15 05/23/15 05/29/15 .00 27.14 27.14 SWOPE NISSAN /GREENWALL MA /LOF; REGULAR 29716 1256
GE6812386 09 08/01/11 12 NISS ALTIMA S 412648 60/ 60 05/06/15 05/07/15 05/08/15 .00 27.14 27.14 SWOPE NISSAN /DANIELS MA /LOF; REGULAR 23747 1374
GE6813654 09 08/18/12 12 NISS QUEST S/ 048310 60/ 60 05/02/15 05/02/15 05/08/15 .00 27.14 27.14 SWOPE NISSAN /RYAN MA /LOF; REGULAR 57534 987
GE6813696 08 08/30/12 12 NISS SENTRA/S 750021 60/ 60 05/08/15 05/09/15 05/15/15 .00 27.14 27.14 SWOPE NISSAN /DAUGHERTY MA /LOF; REGULAR 59999 981
GEG000983 04 12/13/13 14 NISS ALTIMA 2 115239 24/ 24 05/21/15 05/21/15 05/22/15 .00 25.00 25.00 SWOPE NISSAN /BREY MA /LOF & TIRE ROTATION 20509 524
GEG000989 02 12/20/13 13 NISS SENTRA S 772364 24/ 24 05/05/15 05/06/15 05/08/15 .00 25.00 25.00 SWOPE NISSAN /TERRY MA /LOF & TIRE ROTATION 13218 501
---------------------------------
TOTAL CLAIMS 900.66 6519.26 7419.92
TOTAL NUMBER OF CLAIMS 20
Issuing Dealer 14
Issuing Company 1
AVERAGE COST CLAIMS PAID $325.96
AVERAGE R.O. COST $370.99
TOTAL CLAIMS LAST MONTH 14 $573.86
TOTAL CLAIMS YTD 92 $10,618.52
Page 16
USW370
Time: 09:49:27 Income and Expense / Trend Analysis Date: 1/26/15
12/31/14
00000 - 99999 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER YTD
------- -------- ----- ----- --- ---- ---- ------ --------- ------- -------- -------- ---
NET WRITTEN PREM 124347.52 69746.57 131432.46 85448.08 123779.07 112886.51 104256.82 87807.12 148995.51 106286.49 121768.24 118943.68 1335698.07
---------------
INCOME
------
PREMIUM EARNED - MAINTENANCE 30737.89 31723.56 32170.78 31489.20 32183.15 32026.93 33129.29 34443.81 31865.96 33859.65 55981.32 33865.43 413476.97
PREMIUM EARNED 144115.34 143534.91 141287.33 142283.34 140103.69 138940.58 136272.13 139301.62 135767.93 136017.51 240305.73 130307.22 1768237.33
INTEREST INCOME 8164.68 7075.60 7353.29 7165.54 7040.49 5517.40 4883.39 4590.24 4400.94 5752.23 4327.81 4277.15 70548.76
INTEREST INCOME SWOPE REAL ESTATE .00 .00 .00 .00 5507.60 1093.10 1090.27 1087.42 .00 .00 .00 5394.15 14172.54
CAPITAL GAINS/LOSSES .00 490.18 58.93 .00 .00 13.88 .00 .00 .00 .00 .00 65609.47 66172.46
REALIZED GAIN/(LOSS) ON INVESTMENT ( 400.00) 8225.07 2059.41 9899.50 .00 ( 13784.26) 667.52 16889.72 ( 3474.84) 7414.46 ( 35601.17) 1996.94 ( 6107.65)
DIVIDEND INCOME 3965.19 3505.82 5931.66 3440.79 3350.67 8420.54 3284.93 3933.00 8318.06 4210.97 4006.66 23796.50 76164.79
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL INCOME 186583.10 194555.14 188861.40 194278.37 188185.60 172228.17 179327.53 200245.81 176878.05 187254.82 269020.35 265246.86 2402665.20
------------
EXPENSES
--------
BROKERAGE FEES 9663.00 .00 .00 8745.00 ( 84.00) .00 9090.00 .00 .00 9141.00 .00 .00 36555.00
BANK FEES .00 .00 .00 .00 84.00 .00 200.00 .00 .00 75.00 .00 .00 359.00
FOREIGN TAX 77.14 .00 .00 85.74 .00 169.23 86.33 .00 .00 83.09 .00 44.02 545.55
ACCOUNTING & AUDITING EXPENSE .00 .00 2455.65 .00 .00 .00 .00 .00 .00 .00 .00 .00 2455.65
LICENSES AND FEES .00 15.00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 15.00
BOND PREMIUM AMORTIZATION .00 .00 379.65 .00 ( 1951.50) .00 .00 .00 .00 .00 .00 .00 ( 1571.85)
COMM PD DEALERSHIP (EARNED) 66704.72 67040.04 65694.22 66471.77 62238.21 65106.67 64357.53 65728.54 64076.63 64289.45 112554.81 61919.83 826182.42
ADMINISTRATIVE EXPENSE 20948.07 21206.90 20420.19 21196.50 21481.54 20573.45 20350.79 21155.65 20791.75 19855.42 35028.26 19721.20 262729.72
CLAIMS EXPENSE 11626.68 9126.18 7064.25 11330.65 11943.30 1427.22 11942.04 22700.65 8229.24 10283.31 10372.95 10559.66 126606.13
CLAIMS INCURRED - NOT YET PAID .00 .00 1769.40 .00 .00 1739.41 .00 .00 404.10 .00 .00 ( 2746.47) 1166.44
COMMISSION EXPENSE - MAINTENANCE 13014.85 8974.45 8423.61 8218.67 6912.08 7900.07 7931.46 7849.82 7022.23 7559.98 13253.22 6928.62 103989.06
ADMIN EXPENSE - MAINTENANCE 4744.03 5180.26 4999.81 4804.20 5247.52 5273.41 5247.96 5727.55 6106.34 5781.51 8872.69 5775.90 67761.18
CLAIM EXPENSE - MAINTENANCE 16329.56 11580.28 15583.63 15062.64 19506.68 17200.22 17583.45 22042.39 17396.15 16271.65 17374.76 13638.87 199570.28
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL EXPENSES 143108.05 123123.11 126790.41 135915.17 125377.83 119389.68 136789.56 145204.60 124026.44 133340.41 197456.69 115841.63 1626363.58
--------------
BEFORE TAX PROFIT 43475.05 71432.03 62070.99 58363.20 62807.77 52838.49 42537.97 55041.21 52851.61 53914.41 71563.66 149405.23 776301.62
------------------
-----------------
CLAIM EXPENSE - MAINTENANCE .00 .00 .00 ( 124663.00) .00 .00 .00 .00 .00 .00 .00 .00 124663.00
-----------------
FEDERAL TAXES PAID .00 .00 .00 .00 .00 .00 .00 .00 .00 ( 18150.00) .00 .00 18150.00
NET PROFIT 43475.05 71432.03 62070.99 183026.20 62807.77 52838.49 42537.97 55041.21 52851.61 72064.41 71563.66 149405.23 919114.62
------------------
CUM NET PROFIT 43475.05 114907.08 176978.07 360004.27 422812.04 475650.53 518188.50 573229.71 626081.32 698145.73 769709.39 919114.62 919114.62
--------------
LOSS RATIO 14.21% 14.12% 14.03% 13.97% 13.92% 13.79% 13.74% 13.77% 13.70% 13.64% 13.49% 13.45%
----------
Page 17
USW310 TIME: 09:49:27 Consolidated Statement of Income DATE: 1/26/15 12/31/14 Dealers 00000 - 99999 Income CURRENT Y-T-D
PREMIUM EARNED - MAINTENANCE 33,865.43 413,476.97 PREMIUM EARNED 130,307.22 1,768,237.33 INTEREST INCOME 4,277.15 70,548.76 INTEREST INCOME SWOPE REAL ESTATE 5,394.15 14,172.54 CAPITAL GAINS/LOSSES 65,609.47 66,172.46 REALIZED GAIN/(LOSS) ON INVESTMENT 1,996.94 ( 6,107.65) DIVIDEND INCOME 23,796.50 76,164.79 ---------------- ---------------- ** TOTAL INCOME 265,246.86 2,402,665.20
Expenses CURRENT Y-T-D
BROKERAGE FEES .00 36,555.00 BANK FEES .00 359.00 FOREIGN TAX 44.02 545.55 ACCOUNTING & AUDITING EXPENSE .00 2,455.65 LICENSES AND FEES .00 15.00 BOND PREMIUM AMORTIZATION .00 ( 1,571.85) COMM PD DEALERSHIP (EARNED) 61,919.83 826,182.42 ADMINISTRATIVE EXPENSE 19,721.20 262,729.72 CLAIMS EXPENSE 10,559.66 126,606.13 CLAIMS INCURRED - NOT YET PAID ( 2,746.47) 1,166.44 COMMISSION EXPENSE - MAINTENANCE 6,928.62 103,989.06 ADMIN EXPENSE - MAINTENANCE 5,775.90 67,761.18 CLAIM EXPENSE - MAINTENANCE 13,638.87 199,570.28 ---------------- ---------------- ** TOTAL EXPENSES 115,841.63 1,626,363.58 ---------------- ---------------- *** NET PROFIT *** 149,405.23 776,301.62 ================ ================
FEDERAL TAXES PAID .00 ( 124,663.00) STATE TAX EXPENSE .00 ( 18,150.00) ---------------- ---------------- ***NET PROFIT MTD*** ***NET PROFIT Ytd*** 149,405.23 919,114.62 ================ ================
Page 18
USW311 Time: 09:49:29 Consolidated Balance Sheet Date: 1/26/15 12/31/14
Dealers 00000 - 99999
* * * * ASSETS * * * *
ASSETS
CASH 189,981.13 ACCOUNTS RECEIVABLE 64,030.68 ACCRUED INTEREST RECEIVABLE 15,843.33 NOTE RECEIVABLE (SWOPE REAL ESTATE) 302,878.58 DEFERRED ACQUISITION COSTS 2,350,863.46 DAC - MAINTENANCE 249,154.12 TD AMERITRADE INVESTMENT ACCOUNT 1,844,292.29 TD AMERITRADE RESERVE II 1,975,243.44 TD AMERITRADE INVESTMENT II 2,518,741.17 MARKET ADJUSTMENT-TD INVESTMENT 273,179.03 MARKET ADJUSTMENT TD RESERVE II 385,185.21 MARKET ADJUSTMENT TD INVESTMENT II 464,861.38 ----------------
*** TOTAL ASSETS *** 10,634,253.82
================ * * * * LIABILITIES AND NET WORTH * * * *
LIABILITIES
ACCOUNTS PAYABLE - USWC MGMT 20,353.00 CLAIMS PAYABLE/RESERVE 7,253.21 UNEARNED PREMIUM - MAINTENANCE 685,877.23 UNEARNED PREMIUM RESERVE 3,815,292.62 ---------------- *** TOTAL LIABILITIES *** 4,528,776.06
COMMON STOCK 100.00 ADDITIONAL PAID IN CAPITAL 34,400.00 RETAINED EARNINGS 4,028,637.52 UNREALIZED GAIN/(LOSS) - INVESTMENT 1,123,225.62 NET EARNINGS 919,114.62 ---------------- *** NET WORTH *** 6,105,477.76
----------------
*** TOTAL LIABILITIES AND NET WORTH *** 10,634,253.82 ================
Page 19
Mark Macek President
Office Phone: 800-432-4566 ext. 242 Cell Phone: 954-444-0904
Email: [email protected]
Randall Rabbitt Executive Vice President, National Sales Director
Office Phone: 800-432-4566 ext. 231 Cell Phone: 954-444-0905
Email: [email protected]
Jim Smolich Chief Financial Officer
Office Phone: 800-432-4566 ext. 246 Cell Phone: 954-605-1799
Email: [email protected]
Page 20