ICRMA's financial information is readily available allowing members to access important financial data and make informed decisions.
The comprehensive budget outlines the strategic initiatives of the Board, giving members insight into how their contributions are being allocated to support the organization's goals. It also includes an actuarially determined estimate for loss funding, ensuring that sufficient resources are set aside to cover expected losses and build program surplus in case of adverse loss development.
Member contributions are carefully managed and invested according to adopted policies. This ensures that funds are maximized and generate returns until they are needed for claim and expense payments. By investing contributions, ICRMA aims to grow its financial resources and provide long-term stability for its members.
The annual external audit conducted by an independent audit firm further strengthens the credibility of ICRMA's financial statements. This audit verifies the accuracy and reliability of the financial information presented, giving members and stakeholders confidence in the organization's financial management practices.