News

2010-11 Annual report shows another strong performance

The PACE insurance program turned in another strong performance in 2010-11. Services grew, membership remained affordable, more districts joined, and financial results were positive.

More services for members

PACE added more in-person training opportunities and launched an online training program called SafeSchools. All PACE members now have free access to 18 online training sessions for their employees. So far, 247 districts have enrolled in the program, and more than 40,000 employees have signed up for classes. PACE also added free identity theft coverage for members who experience security breaches involving sensitive information.

Premiums remain level

Average premiums for member districts increased by just one percent, and the PACE board authorized the return of $725,000 of surplus from previous years to members. The board consists of K-12 and community college risk managers, facility managers, business managers, superintendents and board members.

Revenue, assets are up

On the financial front, revenue from premiums increased two percent, while total assets increased 16 percent to $30.6 million. Net assets increased four percent to $15.3 million, after a 30-percent jump in 2009-10. Overall, PACE enhanced its position as the state’s largest property and liability risk pool for public education.

 

2008-09

2009-10

2010-11

Assets

 

 

 

Cash

$7,331,234

$555,596

$635,130

Accounts receivable

1,421,012

1,026,958

897,561

Prepaid expenses

0

36,601

54,910

Interest receivable

123,541

194,310

196,419

Investments

10,736,721

24,595,120

28,843,495

Total Assets

$19,612,508

$26,404,585

$30,627,515

Liabilities

 

 

 

Accounts payable

495,102

148,575

76,585

Deferred revenue

561,513

572,477

1,046,373

Claims payable

9,632,355

10,995,730

14,166,364

Total Liabilities

$10,688,970

$11,716,782

$15,289,322

Net Assets

 

 

 

Restricted surplus

0

3,085,450

3,293,757

Unrestricted

8,923,538

11,602,353

12,044,436

Total Liabilities & Net Assets

$19,612,508

$26,404,585

$30,627,515

Annual Report - June 30, 2011 (120k This file is in Adobe Acrobat PDF format.)