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Note 16: Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 12 Months Ended
Dec. 31, 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

 $       51,876,621

 $                  -

 $                  -

 $       55,247,638

 $       55,247,638

 Residential construction

          32,971,824

                     -

                     -

          32,971,824

          32,971,824

 Commercial

          35,201,627

                     -

                     -

          36,829,266

          36,829,266

Mortgage loans, net

 $     120,050,072

 $                  -

 $                  -

 $     125,048,728

 $     125,048,728

 Policy loans

            7,011,012

                     -

                     -

            7,011,012

            7,011,012

 Other loans

          27,114,416

                     -

                     -

          27,114,416

          27,114,416

 Short-term investments

          27,059,495

                     -

                     -

          27,059,495

          27,059,495

Liabilities

Bank and other loans payable

 $     (28,989,008)

 $                  -

 $                  -

 $     (28,989,008)

 $     (28,989,008)

 

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)