Page 72 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
20. General and administrative expenses
Salaries
Bad debt expense
Rent and utilities
Depreciation of property and equipment Professional fees
Security
Insurance
Communications
Maintenance expenses
Board of directors and committee allowances Office supplies, stationery and postage Other expenses
Computer services
Travel and subsistence
Training
Advertising
Vehicle expenses
Employees' allowances
Gain on sale of property and equipment Change in fair value of
note receivable – TCIG loan (note 8)
21. Investment expenses
Brokers’ fees on available-for-sale-financial assets UBS Financial Services Inc.
Merrill Lynch, Pierce
Fenner & Smith Incorporated
Morgan Stanley Smith Barney LLC
Wells Fargo Advisors, LLC
Bordier International Bank & Trust Ltd. Turks and Caicos Banking Company Ltd.
Salaries of NIB’s investment personnel Rental expenses in relation to
investment property (note 12)
Other investment expenses
Liquidator’s costs regarding debenture loan (note 8)
68 | The National Insurance Board of The Turks and Caicos Islands
2013 US$ 2,723,600
2012
2,737,714 210,919 417,824 375,450 350,497 158,973 154,968 162,890
88,603 129,835 143,611
74,682 28,353 88,192 27,040 60,794 51,456 92,999
(350) 335,300
5,689,750
2012
469,283
156,746 73,607 50,762 18,581
88
769,067 –
136,886 – 300,000
1,205,953 47
US$
US$
404,324 402,116 271,018 141,116 140,601 140,222 126,404 121,652 113,748 105,962 105,757
89,540 68,109 67,152 51,114 46,693 28,322
(3,875)
– 5,143,575
2013
726,309
128,572 73,732 53,513
– –
982,126 135,655
75,127 38,700 –
1,231,608
US$