Accounting Services
While underwriting, claims, marketing, and loss control are imperative to the success of WCTI, accounting measures the success achieved by the aforementioned disciplines. From its inception, WCTI has been committed to offering Illinois manufacturers a program of exceptional quality while providing a low-cost solution for their workers’ compensation needs.
WCTI encourages similar companies to become owners of the Trust. Established in 1982, WCTI immediately became a leader in self-insured workers’ compensation solutions and a model of “membership ownership.” As a member of WCTI, your company owns 100% of the Trust’s assets, liabilities, income, expenses, and surplus.
The Board of Trustees is responsible for determining which companies will share both the benefits and costs of the Trust and reviews the membership results quarterly to determine if members are enhancing the Trust’s financial position. Various methods, including implementing and monitoring various loss control strategies, help to reduce workers’ compensation costs and improve the Trust's financial outlook.
Key Aspects of Accounting
Financial Reporting: Financial statements are prepared regularly and presented to the Board of Trustees. As owners of the Trust, all current WCTI members have access to the financial statements. The fund’s administrator and other outside firms are responsible for performing several accounting functions.
• Auditing
• Corporate tax
• Data management services
• General accounting services
• Investment accounting
• Loss reserves
• Treasury services
• Records management
• Board and committee meetings
Adjustment Billing: WCTI is a shared risked pool. As owners, all member companies must remit premium payments to the fund’s administrator. Premium payments provide funding for all claims costs and administrative expenses. An Illinois-approved investment manager conservatively invests all surplus funds. At year-end, all claims costs are allocated to the membership. This process, called adjustment billing, is an integral and unique function of WCTI. The process collects and distributes claims costs equitably among members of the Trust. Annually, a billing is sent to all current and terminated insureds. All members are liable up to their maximum claim fund.
Investment Income Rebate: WCTI invests all surplus funds. The surplus funds generate investment income. Annually, the Board of Trustees determines how much of the investment income is returned to the membership.
While underwriting, claims, marketing, and loss control are imperative to the success of WCTI, accounting measures the success achieved by the aforementioned disciplines. From its inception, WCTI has been committed to offering Illinois manufacturers a program of exceptional quality while providing a low-cost solution for their workers’ compensation needs.
WCTI encourages similar companies to become owners of the Trust. Established in 1982, WCTI immediately became a leader in self-insured workers’ compensation solutions and a model of “membership ownership.” As a member of WCTI, your company owns 100% of the Trust’s assets, liabilities, income, expenses, and surplus.
The Board of Trustees is responsible for determining which companies will share both the benefits and costs of the Trust and reviews the membership results quarterly to determine if members are enhancing the Trust’s financial position. Various methods, including implementing and monitoring various loss control strategies, help to reduce workers’ compensation costs and improve the Trust's financial outlook.
Key Aspects of Accounting
Financial Reporting: Financial statements are prepared regularly and presented to the Board of Trustees. As owners of the Trust, all current WCTI members have access to the financial statements. The fund’s administrator and other outside firms are responsible for performing several accounting functions.
• Auditing
• Corporate tax
• Data management services
• General accounting services
• Investment accounting
• Loss reserves
• Treasury services
• Records management
• Board and committee meetings
Adjustment Billing: WCTI is a shared risked pool. As owners, all member companies must remit premium payments to the fund’s administrator. Premium payments provide funding for all claims costs and administrative expenses. An Illinois-approved investment manager conservatively invests all surplus funds. At year-end, all claims costs are allocated to the membership. This process, called adjustment billing, is an integral and unique function of WCTI. The process collects and distributes claims costs equitably among members of the Trust. Annually, a billing is sent to all current and terminated insureds. All members are liable up to their maximum claim fund.
Investment Income Rebate: WCTI invests all surplus funds. The surplus funds generate investment income. Annually, the Board of Trustees determines how much of the investment income is returned to the membership.
Benefits of WCTI Membership:
- Ownership
- Loss Prevention
- Aggressive Claims Management
- Managed Care Program
- Prescription Drug Program
- Prompt Reporting
Need more information?
If you would like additional information on this successful program, please contact Angie Blakeney at 800.252.5059, ext. 1117 or e-mail Angie at ablakeney@ccmsi.com.