FARM CREDIT SYSTEM INSURANCE 

CORPORATION

McLean, Virginia 

FINANCIAL STATEMENTS 

December 31, 2011 and 2010 
TABLE OF CONTENTS 

PAGE 

INDEPENDENT AUDITOR’S REPORT ....................................................................................... 1 

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER 

FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS 

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN 

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS .......................................... 3

FINANCIAL STATEMENTS ......................................................................................................... 5

Statements of Financial Condition .......................................................................................... 6 

Statements of Income and Expenses and Changes in Insurance Fund ................................. 7 

Statements of Cash Flows ...................................................................................................... 8 

Notes to the Financial Statements .......................................................................................... 9 

SUPPLEMENTAL INFORMATION ............................................................................................ 15 

Schedule of Income and Expenses by Year ......................................................................... 16 
1

CliftonLarsonAllen LLP 

www.cliftonlarsonallen.com 

Independent Auditor’s Report

To the Board of Directors 

Farm Credit System Insurance Corporation 

McLean, Virginia 

We have audited the accompanying statements of financial condition of the Farm Credit System 

Insurance Corporation (the Corporation) as of December 31, 2011 and 2010, and related 

statements of income and expenses and changes in insurance fund, and statements of cash 

flows for the years then ended. These financial statements are the responsibility of the 

Corporation’s management. Our responsibility is to express an opinion on these financial 

statements based on our audits. 

We conducted our audits in accordance with auditing standards generally accepted in the 

United States of America and the standards applicable to financial audits contained in 

Government Auditing Standards, issued by the Comptroller General of the United States. Those 

standards require that we plan and perform the audit to obtain reasonable assurance about 

whether the financial statements are free of material misstatement. An audit includes examining, 

on a test basis, evidence supporting the amounts and disclosures in the financial statements. 

An audit also includes assessing the accounting principles used and significant estimates made 

by management, as well as evaluating the overall financial statement presentation. We believe 

that our audits provide a reasonable basis for our opinion. 

In our opinion, the financial statements referred to above present fairly, in all material respects, 

the financial position of the Corporation as of December 31, 2011 and 2010, and the results of 

its operations and cash flows, for the years then ended in conformity with accounting principles 

generally accepted in the United States of America. 

In accordance with Government Auditing Standards, we have also issued our report dated 

April 24, 2012, on our consideration of the Corporation’s internal control over financial reporting 

and on our tests of its compliance with certain provisions of laws, regulations, contracts and 

grant agreements and other matters. The purpose of that report is to describe the scope of our 

testing of internal control over financial reporting and compliance and the results of that testing, 

and not to provide an opinion on the internal control over financial reporting or on compliance. 

That report is an integral part of an audit performed in accordance with Government Auditing 

Standards and should be considered in assessing the results of our audit. 
2

Our audits were conducted for the purpose of forming an opinion on the financial statements as 

a whole. The accompanying schedule of income and expenses by year is presented for 

purposes of additional analysis and is not a required part of the financial statements. Such 

information is the responsibility of management and was derived from and relates directly to the 

underlying accounting and other records used to prepare the financial statements. The 

information has been subjected to the auditing procedures applied in the audits of the financial 

statements and certain additional procedures, including comparing and reconciling such 

information directly to the underlying accounting and other records used to prepare the financial 

statements or to the financial statements themselves, and other additional procedures in 

accordance with auditing standards generally accepted in the United States of America. In our 

opinion, the information is fairly stated in all material respects in relation to the financial 

statements as a whole. 

Calverton, Maryland 

April 24, 2012 
3

CliftonLarsonAllen LLP 

www.cliftonlarsonallen.com 

Independent Auditor’s Report on Internal Control Over Financial 

Reporting and on Compliance and Other Matters Based on an Audit of Financial 

Statements Performed in Accordance with Government Auditing Standards

To the Board of Directors 

Farm Credit System Insurance Corporation 

McLean, Virginia 

We have audited the financial statements of the Farm Credit System Insurance Corporation (the 

Corporation) as of and for the year ended December 31, 2011, and have issued our report 

thereon dated April 24, 2012. We conducted our audit in accordance with auditing standards 

generally accepted in the United States of America and the standards applicable to financial 

audits contained in Government Auditing Standards, issued by the Comptroller General of the 

United States. The management of the Corporation is responsible for maintaining effective 

internal control over financial reporting and for compliance with laws and regulations. 

Internal Control Over Financial Reporting 

Management of the Corporation is responsible for establishing and maintaining effective internal 

control over financial reporting. In planning and performing our audit, we considered the 

Corporation's internal control over financial reporting as a basis for designing our auditing 

procedures for the purpose of expressing our opinion on the financial statements, but not for the 

purpose of expressing an opinion on the effectiveness of the Corporation's internal control over 

financial reporting. Accordingly, we do not express an opinion on the effectiveness of the 

Corporation's internal control over financial reporting. 

A deficiency in internal control exists when the design or operation of a control does not allow 

management or employees, in the normal course of performing their assigned functions, to 

prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or 

combination of deficiencies, in internal control, such that there is a reasonable possibility that a 

material misstatement of the entity's financial statements will not be prevented, or detected and 

corrected on a timely basis. 

Our consideration of internal control over financial reporting was for the limited purpose 

described in the first paragraph of this section and would not necessarily identify all deficiencies 

in internal control over financial reporting that might be deficiencies, significant deficiencies or 

material weaknesses. We did not identify any deficiencies in internal control over financial 

reporting that we consider to be material weaknesses, as defined above. 
4

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Corporation's financial statements 

are free of material misstatement, we performed tests of its compliance with certain provisions 

of laws, regulations, contracts, and grant agreements, noncompliance with which could have a 

direct and material effect on the determination of financial statement amounts. However, 

providing an opinion on compliance with those provisions was not an objective of our audit, and 

accordingly, we do not express such an opinion. The results of our tests disclosed no instances 

of noncompliance or other matters that are required to be reported under Government Auditing 

Standards. 

This report is intended solely for the information and use of Corporation’s Board of Directors and 

management, and is not intended to be and should not be used by anyone other than these 

specified parties. 

Calverton, Maryland 

April 24, 2012 
5

FINANCIAL STATEMENTS
6 

Farm Credit System Insurance Corporation 

Statements of Financial Condition 

As of December 31, 2011 and 2010 

(Dollars in thousands)

 

2011 2010

Assets 

 

 

 Cash and cash equivalents $ 1,101 $ 149,831

 Investments in U.S. Treasury Obligations (Note 3) 3,266,285 2,974,341

 Accrued interest receivable 26,264 21,544

 Premiums receivable (Note 4) 98,699 79,969

Total assets $ 3,392,349 $ 3,225,685

Liabilities and Insurance Fund 

 Accounts payable and accrued expenses (Note 6) $ 385 $ 339

Total liabilities 385 339

 Farm Credit Insurance Fund 

 

 Allocated Insurance Reserves Accounts 

 

 Allocated in 2011 221,851 0

 Unallocated Insurance Fund Balance 3,170,113 3,225,346

 

Total Insurance Fund 3,391,964 3,225,346

Total liabilities and Insurance Fund $ 3,392,349 $ 3,225,685

(The accompanying notes are an integral part of these financial statements.)
7 

Farm Credit System Insurance Corporation 

Statements of Income and Expenses and Changes in Insurance Fund 

For the years ended December 31, 2011 and 2010 

(Dollars in thousands)

 

 

 

2011 2010

Income 

 

 Premiums (Note 4) $ 97,257 $ 79,648

 Interest income 72,616 66,438

 

 Gain or (Loss) on the disposition of investments 0 14

 

Total income $ 169,873 $ 146,100

 

Expenses 

 

 Administrative operating expenses (Note 6) $ 3,255 $ 3,130

Total Expenses $ 3,255 $ 3,130

Net Income $ 166,618 $ 142,970

Farm Credit Insurance Fund – beginning of year $ 3,225,346 $ 3,287,696

 

Payments to AIRAs Accountholders $ 0 $ (205,320)

Farm Credit Insurance Fund – end of year $ 3,391,964 $ 3,225,346

 

(The accompanying notes are an integral part of these financial statements.)
8 

Farm Credit System Insurance Corporation 

Statements of Cash Flows 

For the years ended December 31, 2011 and 2010 

(Dollars in thousands)of Contents 

2011 2010

Cash flows from operating activities 

 

 Net income $ 166,618 $ 142,970

 Adjustments to reconcile net income to net cash 

 provided by operating activities: 

 

 Increase (decrease) in Capital – Payment to 

 AIRAs Accountholders 

0 (205,320)

 (Increase) decrease in premium receivable (18,730) 239,317

 (Increase) decrease in accrued interest receivable (4,720) 1,969

 Net amortization and accretion of investments 26,681 26,635

 Increase (decrease) in accounts payable and 

 accrued expenses 

46 (567)

 Net cash provided by operating activities 169,895 205,004

Cash flows from investing activities 

 Payments for purchase of U. S. Treasury Obligations $ (1,291,379) $ (403,991)

 Proceeds from maturity of U.S. Treasury Obligations 972,754 314,512

 Proceeds from sale of U.S. Treasury Obligations 0 21,773

 

 Net cash used in investing activities (318,625) (67,706)

 

Net change in cash and cash equivalents (148,730) 137,298

 

Cash and cash equivalents, beginning of year 149,831 12,533

 

Cash and cash equivalents, end of year $ 1,101 $ 149,831

 

(The accompanying notes are an integral part of these financial statements.) 
9 

Notes to the Financial Statements 

Note 1 — Insurance Fund: Statutory Framework

The Agricultural Credit Act of 1987 (1987 Act) established the Farm Credit System Insurance 

Corporation (the Corporation or FCSIC) for the purpose of ensuring the timely payment of principal 

and interest on notes, bonds, debentures, and other obligations issued under subsection (c) or (d) of 

section 4.2 of the Farm Credit Act of 1971, as amended (Farm Credit Act), (insured obligations). 

Each bank in the Farm Credit System (System) participating in insured obligations is an insured 

System bank. At December 31, 2011, there were five insured System banks and 84 direct lender 

associations. 

The Corporation is managed by a board of directors consisting of the same individuals as the Farm 

Credit Administration (FCA) Board except that the Chairman of the FCA Board may not serve as 

the Chairman of the Corporation’s Board of Directors. 

The Corporation must spend the amounts necessary to: 

 1. Ensure the timely payment of interest and principal on insured obligations in the event of 

default by an insured System bank; and 

 2. Ensure the retirement of eligible borrower stock at par value under section 4.9A of the Farm 

Credit Act. 

The Corporation, in its sole discretion, is authorized to expend amounts to provide financial 

assistance to certain insured institutions. 

The balances outstanding at December 31, 2011, for each of the components of the Corporation’s 

insurance responsibilities were $184.2 billion of insured obligations, and $5 million of eligible 

borrower stock. 

If the Corporation does not have sufficient funds to ensure payment on insured obligations, System 

banks will be required to make payments under joint and several liability, as required by section 4.4 

(a)(2) of the Farm Credit Act. 

Under section 5.63 of the Farm Credit Act, the Corporation is exempt from all Federal, state, and 

local taxes with the exception of real property taxes. 

Note 2 — Summary of Significant Accounting Policies 

Accounting Principles and Reporting Practices—The accounting and reporting policies of the 

Corporation conform to accounting principles generally accepted in the United States of America 

(GAAP) and, as such, the financial statements have been prepared using the accrual basis of 

accounting. The preparation of financial statements in conformity with GAAP requires 

management to make estimates and assumptions that affect the reported amount of assets and 

liabilities and disclosure of contingent assets and liabilities at the date of the financial statements 
10 

and the reported amount of revenues and expenses during the reporting period. Actual results could 

differ from those estimates. 

Cash and Cash Equivalents—Cash and cash equivalents include investments in U.S. Treasury 

obligations with original maturities of 90 days or less. At December 31, 2011, the Corporation held 

$1 million in overnight Treasury Certificates maturing on January 3, 2012, with an investment rate 

of zero percent, and $100,763 in cash. 

Investments in U.S. Treasury Obligations—Section 5.62 of the Farm Credit Act requires that funds 

of the Corporation, not otherwise employed, shall be invested in obligations of the United States or 

in obligations guaranteed as to principal and interest by the United States. The Corporation has 

classified its investments as held to maturity in accordance with FASB ASC 320 (formerly 

Statement of Financial Accounting Standard No. 115) and carries them at amortized cost. 

Amortization of premium and accretion of discount on investments has been computed under the 

interest method since 2002. Fair value of investments is estimated based on quoted market prices 

for those or similar instruments. 

Liability for Estimated Insurance Obligations—The liability for estimated insurance obligations is 

the present value of estimated probable insurance payments to be made in the future based on the 

Corporation’s analysis of economic conditions of insured System banks. 

The insured System banks’ primary lending markets are borrowers engaged in farming, ranching, 

and producing or harvesting of aquatic products, and their cooperatives. Financial weaknesses in 

these market segments and the effect of general market conditions on the System’s borrowers could 

adversely affect the banks’ financial condition and profitability. Insured System banks also face 

risks from changing interest rate environments and the need to maintain ongoing access to financial 

markets. Adverse changes in the financial condition and profitability of insured System banks 

resulting from increased levels of credit, financial, or other risks could occur in the future which 

would have a material effect on the liability for estimated insurance obligations. 

The Corporation actively monitors the creditworthiness and financial position of the insured 

System banks. Management is not aware of any events or circumstances at this time which 

would require a liability for estimated insurance obligations to be recorded. 

Premiums—Annual premiums are recorded as revenue during the period on which the premiums 

are based. All premiums are due on or before January 31 of the year subsequent to the year in 

which they are earned. 

Retirement Plan—All permanent Corporation employees are covered by the Civil Service 

Retirement System (CSRS) or the Federal Employees Retirement System (FERS). The 

Corporation’s contribution during 2011 to the CSRS plan was 8.5 percent of base pay. For those 

employees covered by FERS, the Corporation’s contribution was 10.7 percent of base pay. In 

addition, for FERS-covered employees, the Corporation automatically contributes 1 percent of base 

pay to the employee’s Thrift Savings Plan account, matches the first 3 percent contributed by the 

employee, and matches one-half of the next 2 percent contributed by the employee. Retirement 

plan expenses amounted to $249,895 in 2011 and $240,229 in 2010. 
11 

Note 3 — Investments

In addition to the amounts referenced in Note 2, Cash and Cash Equivalents, at December 31, 2011 

and 2010, investments in U.S. Treasury obligations which are carried at amortized cost consisted of 

the following: 

($ in thousands) Amortized 

Cost 

Gross 

Unrealized 

Gains 

Gross 

Unrealized 

Losses 

Estimated 

Market 

Value 

December 31, 2011 

U.S. Treasury Notes $3,266,285 $56,045 $(581) $3,321,749 

December 31, 2010 

U.S. Treasury Notes $2,974,341 $63,402 $(7,138) $3,030,605 

The amortized cost and estimated market value of U.S. Treasury obligations at December 31, 2011, 

by contractual maturity, are shown below. 

($ in thousands) 

 

Amortized 

Cost 

Estimated 

Market 

Value 

Due in one year or less $1,706,980 $ 1,720,998 

Due after one year through five years 1,360,494 1,401,134 

Due after five years through ten years 198,811 199,617

 $3,266,285 $3,321,749
12 

Note 4—Premiums, the Secure Base Amount and Excess Insurance Fund Balances

Each System bank which issues insured obligations under subsection (c) or (d) of section 4.2 of 

the Farm Credit Act is an insured System bank and may be required to pay premiums to the 

Corporation. 

The Food, Conservation, and Energy Act of 2008 amended the Farm Credit Act of 1971 (12 

U.S.C. § 2001 et seq.) to generally assess premiums based on each bank’s pro rata share of 

insured debt (rather than on loans), aligning premiums with what FCSIC insures. The changes 

were implemented beginning July 1, 2008. Now FCSIC may collect from 0 to 20 basis points 

annually on adjusted insured debt outstanding. The amendments also authorize a risk surcharge 

of up to 10 basis points on non-accrual loans and on other-than-temporarily impaired 

investments. The amendments reduce the total insured debt on which premiums are assessed by 

90 percent of Federal government-guaranteed loans and investments and 80 percent of state 

government-guaranteed loans and investments, and deduct similar percentages of such 

guaranteed loans and investments when calculating the secure base amount (SBA). The 

amendments clarify that FCSIC may collect premiums more frequently than annually. 

In addition, the Farm Credit Act no longer specifies how the Farm Credit System banks pass 

premiums to associations and other financing institutions, although it will require that the banks 

do so in an equitable manner. This change allows the banks flexibility in allocating premium 

costs to associations. The amendments clarify that, in addition to FCSIC’s regulatory authority 

under Title V of the Farm Credit Act, FCSIC has the authority to adopt rules and regulations 

concerning provisions in Title I of the Farm Credit Act related to banks passing along the cost of 

insurance premiums. Finally, the amendments change Farm Credit Act provisions regarding 

certified statements and simplify the formula for payments from the Farm Credit Insurance Fund 

Allocated Insurance Reserves Accounts (AIRAs) to allow more immediate distribution of excess 

Insurance Fund balances to insured banks and the Farm Credit System Financial Assistance 

Corporation (FAC) stockholders. 

The Farm Credit Act sets a base amount for the Insurance Fund to achieve. The statutory SBA is 

equivalent to 2.0 percent of the aggregate outstanding insured obligations of all insured System 

banks (adjusted downward by a percentage of the guaranteed portions of principal outstanding on 

government-guaranteed loans in accrual status) or such other percentage as determined by the 

Corporation, in its sole discretion, to be actuarially sound. When the assets in the Insurance Fund 

for which no specific use has been designated exceed the SBA, the Corporation is required to 

reduce the premiums, but it still must ensure that reduced premiums are sufficient to maintain at the 

SBA the assets in the Insurance Fund for which no specific use has been designated (the unallocated 

Insurance Fund). 

Insurance premium rates are reviewed semiannually. For 2011, the Board of Directors set premium 

rates at its January 20, 2011, meeting at 6 basis points on average adjusted insured debt and 

continued the assessment of the 10 basis point premium on the average principal balance 

outstanding for nonaccrual loans and other-than-temporarily impaired investments. The Board of 

Directors again reviewed premiums at its June 21, 2011 meeting. The Board of Directors voted to 

maintain the premium accrual rate on average adjusted insured debt at 6 basis points and continued 
13 

the assessment of the 10 basis point premium on the average principal balance outstanding for 

nonaccrual loans and other-than-temporarily impaired investments for the remainder of 2011. In 

2011, outstanding insured obligations decreased by $4.13 billion (-2.2 percent). At December 31, 

2011, both of the unallocated Insurance Fund and the total Insurance Fund were 2.14 percent of 

adjusted insured obligations. 

On January 19, 2012, the Board of Directors set premium rates for 2012, decreasing the premium 

rate on adjusted insured debt outstanding from 6 basis points to 5 basis points. The Board continued 

the 10 basis point premium on the average principal outstanding for nonaccrual loans and otherthan-temporarily impaired investments. 

A 1996 amendment to the Farm Credit Act requires the Corporation to establish Allocated 

Insurance Reserves Accounts (AIRAs) for each System bank and an account for the stockholders of 

the FAC. If at the end of any calendar year the unallocated Insurance Fund is at the SBA, the 

Corporation is to segregate any excess balances into these AIRAs. In 2011, the Corporation’s 

Board revised the Policy Statement on the Secure Base Amount and Allocated Insurance Reserves 

Accounts which provides guidelines for implementing this statutory authority. If at the end of any 

calendar year, the aggregate of the amounts in the Insurance Fund exceeds the SBA, the 

Corporation shall allocate to the Allocated Insurance Reserves Accounts the excess amount less the 

amount that the Corporation, in its sole discretion, determines to be the sum of the estimated 

operating expenses and estimated insurance obligations of the Corporation for the immediately 

succeeding calendar year. At year-end 2011, this resulted in the transfer of $221.85 million to the 

AIRAs. The amount was allocated as follows: 

FAC Stockholders (10%) $ 22.18 million 

Farm Credit System Banks (90%) $ 199.67 million 

The AIRAs balances are recorded as part of the Insurance Fund until approved for payment by the 

Corporation’s Board. AIRAs balances may be used to absorb any insurance losses and claims. 

Furthermore, the Board of Directors has discretion to limit or restrict the AIRAs payments. In 

accordance with the Corporation’s policy statement, any AIRAs balances do not count in measuring 

the Insurance Fund’s compliance with the SBA. 

Note 5 — Operating Lease

On November 30, 2009, the Corporation executed a six-year lease with the Farm Credit System 

Building Association for office space. The terms of the lease provide for an annual minimum base 

rent for office space for the remaining term of $142,249 for 2012 and $146,531 for 2013. The 

Corporation recorded lease expense (including operating cost assessments) of $138,443 and 

$134,410 for 2011 and 2010, respectively. 
This information is an integral part of the accompanying financial statements. 

14 

Note 6 — Related Parties 

The Corporation purchases services from the FCA under an Interagency Agreement. These include 

examination and administrative support services. The intention of the parties as stated in the 

agreement is that specified rates and fees will reimburse the party providing services for all 

reasonable costs associated with provision of the services. The Corporation had payables due to the 

FCA of $92,330 at December 31, 2011 and $122,417 at December 31, 2010. The Corporation 

purchased services for 2011 which totaled $336,387 compared with $326,282 for 2010. 

The Corporation provides assistance to the FCA under the same Interagency Agreement, 

recognizing revenue of zero for 2011 and 2010. At December 31, 2011, and 2010, the Corporation 

did not have any receivables from the FCA. 

Note 7 — Subsequent Events 

Management evaluated subsequent events through April 24, 2012, the date the financial statements 

were available to be issued. Events or transactions occurring after December 31, 2011, but prior to 

April 24, 2012, that provided additional evidence about conditions that existed at December 31, 

2011, have been recognized in the financial statements for the year ended December 31, 2011. 

Events or transactions that provided evidence about conditions that did not exist at December 31, 

2011, but arose before the financial statements were available to be issued have not been recognized 

in the financial statements for the year ended December 31, 2011. 
15 

SUPPLEMENTAL INFORMATION 
16 

 2011 $ 97,257 $ 72,616 $ 0 $ 3,255 $166,618 

 

1

 In 1993, the FAC Trust Fund was initially considered available to pay a portion of the Insurance Corporation’s FAC obligation 

for assistance to the FLB of Jackson. 2

 In 1995, this provision was adjusted to reflect a change in the FAC Trust Fund’s investment strategy and the termination of the 

FLB Jackson receivership making available additional funds to reduce the Insurance Corporation’s related FAC obligation. 3

 In 2002, the Corporation changed its method of amortizing investment premiums and discounts from the straight line to the 

interest method. The cumulative effect on prior years of $3.2 million was included in 2002 net income. 

Income and Expenses 

 Farm Credit System Insurance Corporation By Year 

 (Dollars in thousands) 

 Income Expenses Net Income 

Year Premiums Investment Provision for 

Insurance 

Obligations 

Administrative 

and Operating 

Expenses 

Changes in 

Insurance Fund 

1989 $ 65,000 $16,041 — $ 118 $ 80,923 

1990 $ 72,000 $25,705 $ 140,000 $ 243 ($42,538) 

1991 $ 77,463 $31,483 $ 15,555 $ 953 $ 92,438 

1992 $ 73,902 $37,198 $ 12,062 $1,200 $ 97,838 

1993 $ 74,100 $41,277 $ (39,444)1

 $1,278 $153,543 

1994 $ 76,526 $46,389 $ 8,890 $1,482 $112,543 

1995 $ 79,394 $54,688 $ (14,329)2

 $1,379 $147,032 

1996 $ 85,736 $61,471 $ 8,509 $1,469 $137,229 

1997 $ 71,242 $71,088 $ 9,105 $1,511 $131,714 

1998 $ 19,972 $79,545 $ 9,743 $1,525 $ 88,249 

1999 $ 45,496 $81,719 $ 10,424 $1,631 $115,203 

2000 $ 1,040 $92,776 $ 11,154 $1,797 $ 80,878 

2001 $ 0 $94,112 $ 11,935 $2,127 $ 80,051 

2002 $ 26,355 $93,499 $ 13,643 $1,906 $107,5453

2003 $105,079 $91,405 $ 13,725 $2,218 $180,561 

2004 $ 46,520 $86,567 $ 14,686 $2,263 $116,138 

2005 $ 49,393 $81,253 $ 6,228 $2,202 $122,236 

2006 $164,417 $87,927 $ 0 $2,131 $250,213 

2007 $191,336 $98,352 $ 0 $2,740 $286,948 

2008 $242,970 $75,736 $ 0 $2,634 $316,080 

2009 $318,802 $57,326 $ 0 $3,055 $373,073 

2010 $ 79,648 $66,452 $ 0 $3,130 $142,970