Real Estate Council of Ontario Schedule 2: Schedule of Insurance Program Fund Balances Year ended December 31, 2017, with comparative information for 2016 Total Insurance Premium Fund Premium Stability Fund Insurance Administration Fund 2017 2016 $ $ $ $ $ Revenue: Insurance fees recognized 28,999,512 1,068,487 1,236,680 31,304,679 28,740,126 Other income - - 160,425 160,425 120,293 28,999,512 1,068,487 1,397,105 31,465,104 28,860,419 Expenses: Legal and audit - - 32,853 32,853 16,855 Insurance staffing - - 277,454 277,454 245,343 Insurance Committee - - 11,558 11,558 16,015 Miscellaneous - - 3,480 3,480 10,957 Printing costs - - 26,329 26,329 12,788 Credit card charges and fees - - 576,927 576,927 541,374 Processing and mailing costs - - 209,847 209,847 261,965 Insurance 28,999,512 - - 28,999,512 26,782,344 28,999,512 - 1,138,448 30,137,960 27,887,641 Operating income before interest income - 1,068,487 258,657 1,327,144 972,778 Interest income - 219,387 113,019 332,406 304,641 Net income - 1,287,874 371,676 1,659,550 1,277,419 Accumulated fund balances, beginning of year 54,369 18,985,614 664,165 19,704,148 18,426,729 Accumulated fund balances, end of year 54,369 20,273,488 1,035,841 21,363,698 19,704,148 INDEPENDENT AUDITORS' REPORT/RECO 2017 ANNUAL REPORT /63