Summary of Invoicing Procedures at OTRP

 

Timing: Members may pay the full amount at the beginning of the year, pay month to month or four times a year depending on your budget.

 

Numbering: The parenthesis illustrates our invoice number system. [Loss Year-(XCS)-41] Each member has a number assigned in our system 41=TARTA (This number represents a specific member).

 

For each coverage year we issue the following five invoices. These are the amounts that are budgeted in the annual budget document.

 

(XCS) - One excess invoice for coverage such as Commercial Property that must be paid up-front by the pool.

 

(LA) - Four quarterly LA invoices. LA - is Self-Insured Loss Fund and Pool Administration.

 

These five invoices equal your total Board approved contribution to the pool which tie to the budget. $XX.

 

ALL other types of invoices that might be issued from the Pool.

 

(D) – Deductible. OTRP will invoice your deductible amounts either 2 or 4 times a year.

Members are to budget these amounts through their regular budget process. You can contact staff for an estimate.

 

(MVR) - Motor Vehicle Record. This is the cost to screen all NEW employees for MVR violations. After the driver becomes your regular full-time employee, the pool pays for their monthly

screening. Members only pay their first screen.

 

(SA) – Special Assessment. This is where we were underfunded in a loss year and need to collect these amounts. They are offset by returns simultaneously. In March we issued two special assessments and one return.

 

(GRF) –General Reserve Fund. This is the OTRP account that ALL returns are given to members for any reason and where a credit sits until a member order it in writing to credit an invoice or move to Shock Loss.

 

(SL) – Shock Loss. This is required funding for your capitalization account.

 

You will note the first invoices for the current year are dated in December of the prior year. This is because OTRP’s fiscal and coverage year begins on 12-1. We do have some members who request we date the first round 1-1 for ease of audit.