7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Financial Instruments Carried at Other Than Fair Value

	Carrying Value	Level 1	Level 2		Level 3		Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$62,961,706	$-	$-		$67,122,262		$67,122,262
Residential construction	33,817,195	-	-		33,817,195		33,817,195
Commercial	37,344,872	-	-		38,610,972		38,610,972
Mortgage loans, net	$134,123,773	$-		$-		$139,550,429		$139,550,429
Policy loans	6,666,500	-	-		6,666,500		6,666,500
Insurance assignments, net	32,856,652	-	-		32,856,652		32,856,652
Short-term investments	28,346,922	-	-		28,346,922		28,346,922
Liabilities
Bank and other loans payable	$(61,546,973)	$-	$-		$(61,546,973)		$(61,546,973)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2016:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$57,132,082	$-	$-	$61,357,393	$61,357,393
Residential construction	40,700,003	-	-	40,700,003	40,700,003
Commercial	51,349,493	-	-	53,299,800	53,299,800
Mortgage loans, net	$149,181,578	$-	$-	$155,357,196	$155,357,196
Policy loans	6,694,148	-	-	6,694,148	6,694,148
Insurance assignments, net	32,477,246	-	-	32,477,246	32,477,246
Short-term investments	27,560,040	-	-	27,560,040	27,560,040
Liabilities
Bank and other loans payable	$(53,715,240)	$-	$-	$(53,715,240)	$(53,715,240)