BOARDS AND COMMISSIONS INFORMATION FORM

Name of Board/Commission Risk Acceptance Management Corporation (RAMCO) Board of Directors Date 03/08/2017
Authority for Creation Corporation organized under the Non-Profit Corporation Act of the State of North Carolina Articles of Incorporation within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986 or the corresponding provision of any future United States Internal Revenue law.
Purpose/Function During the insurance industry crisis for local governments in the mid-to-late- 1980s, the cost of insurance, if available at all, had increased two to three times. In 1988, the Risk Acceptance Management Corporation (RAMCO) was established as legally separate nonprofit corporation, created for the benefit of the City of Winston-Salem (the "City") to provide a funding vehicle for the payment of claims against the City. Since the City did not want to "go bare" with a self-funded risk management program, RAMCO issued financing for a $15 million reserve. The $15 million Certificates of Participation was secured by an annual contract with the City and rated AAA by Standard & Poor's Corporation. The contract provides for an annual basic payment by the City to RAMCO to cover the cost of claims and expenses. An Operating Memorandum is presented for City Council approval each year under the Contract which includes the basic payment requirements and the legal obligations of RAMCO to pay claims on the City's behalf. The risk program enabled coverage of general, automotive, public officials, employment liability, certain tort claims, and reserve funding for claims against the City.
Method of Appointment Per Corporation By-Laws, RAMCO has seven Board Members that serve until replaced.
Number of Members Not less than 3 or more than 7
Terms of Office Annual Board meetings are required by the Corporation By-laws for the election of officers.
Meeting Date and Time The meetings are open to the public and minutes are recorded. The City Attorney also attends the meetings and provides legal advice when needed.

Chief Staff Person
Lisa M. Saunders

Title
Chief Financial Officer
Telephone Number
336-747-6911
Current Membership – RAMCO Board of Directors
Name Race/Gender Term Expiration
City Council Appointments    
 Lisa M. Saunders  WF    
 William B. Rowe  WM    
 Gregory M. Turner  BM    
 Nick Webster  WM    
 Denise C. Adams  BF    
 Robert C. Clark  WM    
 Angie F. Fisher  WF    
       
       

Special Notes:

1* = Serving more than 50% of an unexpired term (more than year & one month of the term has expired).

0* = Serving less than 50% of an unexpired term (less than one year of the term has expired).

3/17

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