Scribd Logo
Upload

Welcome to Scribd!

  • 2007 MESSA Net Assets

    Uploaded by

    Rob Lawrence
    23 views1 page
    The MEA controls MESSA, an ADMINISTRATOR of a health care plan that it purchases from Blue Cross Blue Shield. It claims to be a non-profit but that does not keep it from earning money. It keeps that money on its balance sheet. It is not an insurance company so it is not required to keep reserves. This is pure political profit and it would go a long way to solving current school aid funding problems in Michigan.

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The MEA controls MESSA, an ADMINISTRATOR of a health care plan that it purchases from Blue Cross Blue Shield. It claims to be a non-profit but that does not keep it from earning money. It keeps that money on its balance sheet. It is not an insurance company so it is not required to keep reserves. This is pure political profit and it would go a long way to solving current school aid funding problems in Michigan.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    23 views1 page

    2007 MESSA Net Assets

    Uploaded by

    Rob Lawrence
    The MEA controls MESSA, an ADMINISTRATOR of a health care plan that it purchases from Blue Cross Blue Shield. It claims to be a non-profit but that does not keep it from earning money. It keeps that money on its balance sheet. It is not an insurance company so it is not required to keep reserves. This is pure political profit and it would go a long way to solving current school aid funding problems in Michigan.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 1

    MICIDGAN EDUCATION SPECIAL SERVICES ASSOCIATION

    STATEMENTS OF NET ASSETS AVAILABLE


    FOR BENEFITS AND BENEFIT OBLIGATIONS
    JUNE 30, 2007 AND 2006

    2007 2006
    ASSETS:
    Cash and cash equivalents $ 24,389,194 $ 34,612,377
    Investments (Note 3) 237,727,138 188,722,343
    Contributions receivable from or on behalf of members 11,377,113 7,464,240
    Rate stabilization reserves with underwriters (Note 4) 137,614,788 87,288,606
    Miscellaneous receivables and prepayments 1,393,476 1,114,199
    Deferred compensation deposits (Note 5) 724,468 822,963
    Property and equipment, less accumulated
    depreciation (Note 6) 17,723,280 20,340,970
    Intangible pension asset (Note 8) 655,833
    Prepaid retiree healthcare benefits (Note 9) 744,772

    TOTAL ASSETS 430,949,457 341,766,303

    LIABILITIES:

    Claims drafts outstanding 4,926,123 6,232,059


    Accounts payable 2,080,311 1,935,876
    Due to insurance companies 13,398,648 10,989,056
    Accrued payroll and related items 4,722,842 5,066,856
    Accrued claims processing expenses 1,750,500 1,750,500
    Members' contributions received in advance 23,040,693 28,065,520
    Deferred compensation payable 724,468 822,963
    Accrued pension liability (Note 8) 1,214,939 3,010,404
    Accrued retiree healthcare benefits (Note 9) 11,923,933
    Notes payable (Note 10) 7,787,500 8,645,834

    TOTAL LIABILITIES 71,569,957 66,519,068

    NET ASSETS AVAILABLE FOR BENEFITS 359,379,500 275,247,235

    BENEFIT OBLIGATIONS:

    Experience rating deficit (Note 4) 6,464,194

    NET ASSETS AVAILABLE FOR BENEFITS IN


    EXCESS OF BENEFIT OBLIGATIONS $ 359,379,500 $ 268,783,041

    See notes to financial statements. 2

    You might also like