Note 6: Workers Compensation |
The Company has two workers compensation programs in effect during the years ended August 31, 2019 and 2018. The Everest program covered corporate and worksite employees from July 1, 2017 until June 30, 2018 and the SUNZ program covered corporate and worksite employees since July 1, 2018. The following table summarizes the workers’ compensation deposit for the years ended August 31, 2019 and 2018:
|
|
Everest
Program
|
|
|
SUNZ
Program
|
|
|
Total |
|
Workers’ Comp Deposit at August 31, 2017 |
|
$ |
2,335,000 |
|
|
|
- |
|
|
$ |
2,335,000 |
|
Premiums paid |
|
|
(819,000 |
) |
|
|
- |
|
|
|
(819,000 |
) |
Paid in deposits |
|
|
- |
|
|
|
2,386,000 |
|
|
|
2,386,000 |
|
Claim losses |
|
|
- |
|
|
|
(28,000 |
) |
|
|
(28,000 |
) |
Workers’ Comp Deposit at August 31, 2018 |
|
$ |
1,516,000 |
|
|
|
2,358,000 |
|
|
$ |
3,874,000 |
|
Premiums paid |
|
|
(144,000 |
) |
|
|
- |
|
|
|
(144,000 |
) |
Paid in deposits |
|
|
- |
|
|
|
7,730,000 |
|
|
|
7,730,000 |
|
Claim losses |
|
|
(149,000 |
) |
|
|
(1,850,000 |
) |
|
|
(1,999,000 |
) |
Deposit refund |
|
|
(1,223,000 |
) |
|
|
- |
|
|
|
(1,223,000 |
) |
Workers’ Comp Deposit at August 31, 2019 |
|
$ |
- |
|
|
|
8,238,000 |
|
|
$ |
8,238,000 |
|
Less Current Amount |
|
|
- |
|
|
|
(1,957,000 |
) |
|
|
(1,957,000 |
) |
Long Term Balance at August 31, 2019 |
|
$ |
- |
|
|
|
6,281,000 |
|
|
$ |
6,281,000 |
|
The following table summarizes the accrued workers’ compensation liability for the years ended August 31, 2019 and 2018:
|
|
Everest
Program
|
|
|
SUNZ
Program
|
|
|
Total |
|
Workers’ Comp Liability at August 31, 2017 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Claim loss development |
|
$ |
572,000 |
|
|
|
662,000 |
|
|
$ |
1,234,000 |
|
Paid in losses |
|
|
- |
|
|
|
(28,000 |
) |
|
|
(28,000 |
) |
Workers’ Comp Liability at August 31, 2018 |
|
$ |
572,000 |
|
|
|
634,000 |
|
|
$ |
1,206,000 |
|
Claim loss development |
|
|
- |
|
|
|
7,129,000 |
|
|
|
7,129,000 |
|
Paid in losses |
|
|
(149,000 |
) |
|
|
(1,850,000 |
) |
|
|
(1,999,000 |
) |
Workers’ Comp Liability at August 31, 2019 |
|
$ |
423,000 |
|
|
|
5,913,000 |
|
|
$ |
6,336,000 |
|
Less Current Amount |
|
|
(159,000 |
) |
|
|
(1,798,000 |
) |
|
|
(1,957,000 |
) |
Long Term Balance at August 31, 2019 |
|
$ |
264,000 |
|
|
|
4,115,000 |
|
|
$ |
4,379,000 |
|
|