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Presentation transcript:

Presented by David Becker, CPA Partner James Marta & Company LLP Certified Public Accountants Accounting, Auditing, Consulting, and Tax California Housing Workers’ Compensation Authority December 31, 2014 Audit Results This presentation covers the audit, management letter. Presented by David Becker, CPA Partner

James Marta & Company LLP Certified Public Accountants Audit Results Audit opinion is unmodified (Pg 1-3) Financial statements are fairly stated Report on Internal Controls No material weaknesses James Marta & Company LLP Certified Public Accountants

James Marta & Company LLP Certified Public Accountants Report Overview Management’s Discussion & Analysis (Pg 4-15) Provides financial highlights, important trends and issues facing CHWCA. Basic Financial Statements (Pg 15-17) Notes to the financial statements (Pg 18-27) Claims Development Information (Pg 28) Claims Graph (Pg 30) James Marta & Company LLP Certified Public Accountants

James Marta & Company LLP Certified Public Accountants Financial Highlights Member contributions up $286K (7%) Total expenses down $177K (4%) Claims expense down $387K (15%) Dividend of $160K vs $0 in prior year Net position increased $808K (11%) James Marta & Company LLP Certified Public Accountants

Statement of Net Position James Marta & Company LLP Certified Public Accountants

James Marta & Company LLP Certified Public Accountants Statement of Changes in Net Position James Marta & Company LLP Certified Public Accountants

James Marta & Company LLP Certified Public Accountants Key Expenses James Marta & Company LLP Certified Public Accountants

Claims Reconciliation

Letters Along with the audit report, there are 2 corresponding letters Report on Internal Control over Financial Reporting No material weaknesses Communication to those Charged with Governance Audit conducted as planned Significant estimates & disclosures: Claim Liabilities No difficulties or disagreements No audit adjustments New pronouncements – No impact

James Marta & Company LLP Certified Public Accountants Conclusion CHWCA strengthened its financial position Net position has grown $7.2M over the last 10 years. CHWCA has given back over $7M to members in that time frame James Marta & Company LLP Certified Public Accountants