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8): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 9 Months Ended
Sep. 30, 2014
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

 $       50,016,281

 $             -

 $             -

 $       53,242,830

 $       53,242,830

Residential construction

          29,532,524

                -

                -

          29,532,524

          29,532,524

Commercial

          43,216,761

                -

                -

          45,167,199

          45,167,199

Mortgage loans, net

 $     122,765,566

 $             -

 $             -

 $     127,942,553

 $     127,942,553

Policy loans

            7,294,962

                -

                -

            7,294,962

            7,294,962

Other loans

          25,921,120

                -

                -

          25,921,120

          25,921,120

Short-term investments

          25,024,278

                -

                -

          25,024,278

          25,024,278

Liabilities

Bank and other loans payable

 $       22,104,020

 $             -

 $             -

 $       22,104,020

 $       22,104,020

 

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, 2013:

 

 

Carrying Value

 

Level 1

 

Level 2

 

Level 3

 

Total Estimated Fair Value

Assets

Mortgage loans:

Residential

 $       48,503,639

 $             -

 $             -

 $       51,537,154

 $       51,537,154

Residential construction

          12,812,359

                -

                -

          12,812,359

          12,812,359

Commercial

          41,465,880

                -

                -

          42,441,268

          42,441,268

Mortgage loans, net

 $     102,781,878

 $             -

 $             -

 $     106,790,781

 $     106,790,781

Policy loans

            7,520,376

                -

                -

            7,520,376

            7,520,376

Other loans

          12,203,630

                -

                -

          12,203,630

          12,203,630

Short-term investments

          12,135,719

                -

                -

          12,135,719

          12,135,719

Liabilities

Bank and other loans payable

 $       18,231,128

 $             -

 $             -

 $       18,231,128

 $       18,231,128