mutual defence organization - TUUM EST

Financial report
MANAGEMENT COMMENTARY
The margin notes that appear in italics on the following four pages have been
prepared by CMPA management to heighten understanding of the financial
statements. These notes are not covered by the Auditor's Report on page 13.
The balance sheet provides
a snapshot of CMPA assets
and liabilities, and the
resulting net amount
reserved for claims, on
December 31, 2000.
ASSETS
CURRENT ASSETS
While the year-end Cash position is little changed from
1999, it remains high in comparison to prior years. This
reflects continued caution around the impact of regional
fee implementation and the associated changes to
provincial reimbursement programs. Surplus cash is held
in short-term money market instruments, which in 2000
produced more than $5.2 million in interest income.
Accounts receivable in 1999 included payment of a
significant claim recoverable under the CMPA's indemnity
insurance program. This was received in 2000.
INVESTMENTS ($000s)
Market value at December 31, 1999 $1,837.4
Additional funds transferred to investment
managers in 2000 5.4
Portfolio income recognized in 2000 166.7
Market value at December 31, 2000 $2,009.5
Average time-weighted return on portfolio 9.1%
CAPITAL ASSETS include the CMPA building and land,
equipment, furniture, etc., less depreciation.
The Canadian Medical Protective Association
(Incorporated under the laws of Canada)
CONSOLIDATED BALANCE SHEET
December 31, 2000 (thousands of dollars)
ASSETS
CURRENT ASSETS
Cash and short-term investments
Accounts receivable and other
INVESTMENTS (Note 4)
CAPITAL ASSETS (Note 5)
LIABILITIES AND NETASSETS
CURRENT LIABILITIES
Accounts payable and accrued liabilities
Membership fees received in advance
ACCRUED POST-RETIREMENT BENEFITS (Note 6)
NET ASSETS
Invested in capital assets
Reserved for claims
14