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Financial Management Information Report for SETECH

Detailed financial report presented by Hesam Fayaz outlining funding, investments, claims, net assets, and budget variances for SETECH. Includes program year calculations and claim liabilities analysis.

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Financial Management Information Report for SETECH

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  1. FINANCIAL MANAGEMENT INFORMATION REPORT Presented by: Hesam Fayaz December 2, 2011 SETECH (Service Enhancement Technologies)

  2. 10/11 Funding $ 751,703 Investment Income 12,636 Claims Paid 10/11 (368,311) Statement of Net Assets (Page 1)

  3. 10/11 Claim Ultimates $ 619,996 Deferred Revenue 65,290 Decrease Ult PY 09/10/Prior (53,062) Utilization in Due to Members (83,845) Net Claims Paid 10/11 (368,311) Statement of Net Assets (Page 1)

  4. Decrease ULAE 09/10 Prior $ 257,269 Prior Year Adjustments 71,011 Decrease Ult PY 09/10/Prior 53,062 Interest Income 12,636 Net Deficit in PY 10/11 (129,405) Statement of Net Assets (Page 1) Net Assets $ 898,152 Capital Target - 90% Probability (193,396) - Additional (200,000) Net Assets in Excess 504,756

  5. Additional Endorsements $ 22,387 Prior Year Member Contribution (1,336) Investment Income 1,636 Adopted Budget Versus Actual (Page 2)

  6. Administrative $ (221,442) ReLiEF/Other Ins 22,387 Claims Pd/Chng Liab 35,581 Adopted Budget Versus Actual (Page 2)

  7. Calculation of Net Assets/(Deficit) by Program Year – Pg 4

  8. Actual Costs as a % of Original Net Contributions – Pg 5 Overall – 76.98% 10 Year – 84.23%

  9. Estimated Ultimate Incurred by Program Year – Pg 12 Incurred but not reported Actuarial estimate above incurred Difference between incurred and paid claims Paid claims within EBSIG level Total Discounted Claim Liabilities - $1,082,563 IBNR – $442,996 - 40.92% Unpaid Reserves – $639,567 - 59.08%

  10. Schedule of Discounted Claim Liabilities – Pg 13

  11. Questions ? Thank you from the Team

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