ICPA Monthly Insider June 2017

Report from the Treasurer

It has been a long time coming but…the ICPA is doing very well again. We can credit this remarkable renaissance to the 90 members, of which 63 are cast polymer manufacturers and 27 suppliers who contribute to our industry with product innovation and unmatched service. Most of all, allow me to express our gratitude to your executive director Jennifer Towner who continues to visit cultured marble plants and suppliers across the country, tirelessly promoting the association as the go to source for all your questions and concerns.

POLYCON 2017 had more attendants than any other ICPA event in the past 10 years. While it cost money to produce an event of this scale, the ICPA is financially strong as ever before: there is a $400,000 reserve fund “for the rainy day”, sufficient funds in the bank to pay all current bills and with the projection of showing a modest profit at the end of the fiscal year (June 30 2017).

Beyond that, we are now in phase III of our agreement with the ACMA which calls for 2 profitable years in a row for the ICPA to see the last of its reserves returned to your association by Fall 2018 (approximately $200,000). It is not the purpose of any trade association to stockpile funds: your board is formulating a new reserve policy to outline how much an association of our size should have in reserves and how some of the excess funds can be used towards industry training, regulatory standards updates, and quality initiatives.

Your association’s reserves are held by a major financial institution that has nearly One Trillion Dollars of America’s savings under management. J Thompson Ross Investments in Woodstock, GA directs the investment of these reserves in safe, conservative instruments of the American Funds Family. Because of the size of our reserves, we are enjoying these investment services at minimal cost to the ICPA.  Your executive committee meets quarterly to review the performance of these investments and to ensure that they still meet the ICPA’s needs of capital preservation, modest return and very low risk. CPA Rick Palmer, specialized in not for profit accounting, ensures that our taxes are filed on time and that monthly financials are presented to your board.

Board meetings are open to the membership, and we invite anyone who is interested to learn more about the association to attend the next in person meeting at POLYCON 2018 in the Chicago area. Any member who has any question about the ICPA financials is encouraged to field their request to Jennifer Towner, your Executive Director.

The ICPA is strong, healthy and growing. We are thankful for and counting on your continued support to keep us on this path for many more years.

Dirk De Vuyst

ICPA Treasurer.

June 2017