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News & Developments
PACE annual reports show continued strength
Since its formation in 2006, PACE has continued to grow and remains
strong and well-funded. The financial year 2009-2010 saw a jump in
investments as the remaining account balances of Oregon School Boards
Association’s Property and Casualty Trust (PACT) were merged with PACE.
Contributions to the pooled program remained strong – over $21 million in
2009-10 (the last completed audit). During the same period, total assets
increased 34.6 percent and net (unrestricted) assets increased 30 percent.
This level of unrestricted assets means the pooled program remains well over
the 95 percent confidence level.
The 2010-11 fiscal year final audit report is expected sometime in October
and all indications are that there is continued good news for Oregon schools
and districts as assets grow and services to members expand. As the state’s
largest property and liability risk pool for public education, PACE is
unmatched in its pre-loss legal services, grant programs, occurrence-based
liability coverage and additional defense coverage.
“Our goal is to keep rates stable. We continue to seek out reinsurers that
can offer PACE the best, most comprehensive coverage. We do everything we
can to keep prices affordable for our members,” says Frank Stratton, PACE
manager.
The PACE board of trustees is composed of K-12 and community college risk
managers, facility managers, business managers, superintendents and board
members.
|
|
2007-08 |
2008-09 |
2009-10 |
|
Assets |
|
|
|
|
Cash |
$12,913,292 |
$7,331,234 |
$555,596 |
|
Accounts receivable |
2,946,782 |
1,421,012 |
1,026,958 |
|
Prepaid expenses |
- |
- |
36,601 |
|
Interest receivable |
- |
123,541 |
194,310 |
|
Investments |
|
10,736,721 |
24,595,120 |
|
Total Assets |
$15,860,074 |
$19,612,508 |
$26,404,585 |
|
Liabilities |
|
|
|
|
Accounts payable |
42,825 |
495,102 |
148,575 |
|
Deferred revenue |
636,241 |
561,513 |
572,477 |
|
Claims payable |
8,254,744 |
9,632,355 |
10,995,730 |
|
Total Liabilities |
$8,933,810 |
$10,688,970 |
$11,716,782 |
|
Net Assets |
|
|
|
|
Restricted surplus |
- |
- |
3,085,450 |
|
Unrestricted |
6,926,264 |
8,923,538 |
11,602,353 |
|
Total Net Assets |
$6,926,264 |
$8,923,538 |
$14,687,803 |
|
Total Liabilities & Net Assets |
$15,860,074 |
$19,612,508 |
$26,404,585 |