Finance Department

1. Overview
2. Documents
3. Staff
4. FAQ's

Overview

The Finance Department is responsible for the creation and administration of accounting, financial record-keeping and financial reporting systems to maintain the financial strength and stability that make PDRMA successful. The accounting functions include accounts payable and receivable, payroll, payment and recording of claims, and preparation of the annual budget and financial statements. An annual audit is performed and the Comprehensive Annual Financial Report (CAFR) is prepared.

PDRMA's CAFR has been submitted to the Government Finance Officers Association each year since 1990 and has been awarded the Certificate of Achievement for Excellence in Financial Reporting every year.

The department performs all cash management and investment functions, including the selection, hiring and reviewing of professional investment managers. To prepare the annual allocation of member contributions, an annual workers compensation payroll audit is performed as well as collecting member operating expenditures. To assist members with the preparation of their financial statements, individual standard footnote disclosure statements are annually prepared and distributed.

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Documents

CAFR
The finance department prepares the Comprehensive Annual Financial Report (CAFR), which includes the general purpose financial statements and the independent auditor's opinion on the financial statements, financial and statistical data for ten years or more, as well as discussions of the financial activities and highlights for the fiscal year. Each year the CAFR is submitted to the Government Finance Offers Association and since 1990 PDRMA has been awarded the prestigious Certificate of Achievement for Excellence in Financial Reporting every year.

Download 2009 CAFR (Adobe PDF 2.33 MB)

Preliminary Summary Financial Report
The summary financial report provides current member balance information by Program.

Download Preliminary Summary Financial Report (Adobe PDF 45.1 KB)

Property/Casualty Program Rates
Annual rates for the Property/Casualty Program are based on exposures and member contributions. For property, liability, and employment practices, PDRMA uses operating expenditures from member financial statements as the exposure base. For workers compensation, payrolls from the annual workers' compensation payroll audit are used as the exposure base.

Download 2010 Rates (Adobe PDF 47.6 KB)

Workers Compensation Payroll Audit
A payroll audit is performed at the end of each coverage year to properly allocate the workers compensation contribution amongst members. Click the link below for detailed information on the process and the submittal form for members.
Download Workers Compensation Payroll Audit Information and Submittal Form (Adobe PDF 60.3 KB)

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Operating Expenditures
In order to determine loss funding and reinsurance premium costs, operating expenditures from members are updated annually. The operating expenditures are used to allocate property, liability, pollution and employment practices liability member contributions.
Download Operating Expenditures Request (Adobe PDF 30.9 KB)
Download Operating Expenditures Submittal Form (Adobe PDF 969 KB)

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Staff

Martha Rademacher, Director of Finance & Programs
Jan Herlien, Accounting Manager
Johanna McFadden, Program Coordinator

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FAQ's

If I add a facility or program, how will that affect my member contributions?

A member's member contributions are based on operating expenditures and payrolls. For property, liability, employment practices, and pollution liability, PDRMA uses operating expenditures as the exposure base. Payrolls are used as the exposure base for workers compensation. The effect on member contributions will correlate with the increase in operating expenditures and payrolls with the addition of the facility or program. For a detailed explanation and illustrations, click here. (Adobe PDF 79.7 KB)

How do I calculate the amount an individual employee impacts our workers compensation member contributions?

You can multiply the employee's annual salary by the workers compensation rate. There are two categories of payrolls: maintenance and other. The maintenance rate is higher since the maintenance category includes workers such as park police, landscape workers and restaurant workers whose jobs present a greater risk of injury than office workers. For this year's rates, click here. (Adobe PDF 47.6 KB)

For the workers compensation payroll audit, how do I know if an employee should be in the "maintenance" category or the "other" category?

Examples of job titles for each category are as follows:

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