It is always refreshing to report how the Receivable Protection Program (RPP) is working to benefit IAM Members. In this write-up, I have detailed how the Unpaid Invoice Compensation process of the RPP is sending money back to IAM Members each year. Curious about the basics of the RPP, learn more on the RPP webpage.
How Much Did IAM Pay Out to Members Last Year?
For the 2017 fiscal year, IAM compensated qualified IAM Member claimants up to the 2017 fiscal year maximum total annual distribution limit of $200,514.01 USD, which was 50% of the available funds in the RPP reserve account. As a result, $200,514.01 USD is the amount that has been carried forward into 2018 for the RPP reserve fund. The $200,514.01 USD paid by IAM to qualified claimants was equal to 86% of the total value of the unpaid invoices approved by IAM.
Relevant RPP Statistics
During the course of 2017, IAM Staff received over $1,187,511 USD in unpaid invoice claims. Below is a table showing data from both 2015 - 2017.
Total Claims Received
Total Invoices Received
Total Amount Claimed
Average Amount per Claim
Average Amount per Claimed Invoice
Total Invoices Approved
Percentage of Invoices Approved
Total Amount Approved
Percentage of Total Amount Claimed Approved
Average value of approved invoices
IAM is now beginning to have enough data to detect trends although three years still remains insufficient. While the total number of claims and total amount claimed increased 60.3% and 11.9% respectively between the 2016 and 2017 fiscal years, a number of indicators have remained steady either showing slight increases or decreases after large growth rates between the 2015 and 2016 fiscal years.
From a cumulative perspective, IAM has now compensated 96 unique IAM members in the amount of $486,101.84 USD since January 1, 2015. This constitutes almost 5% of members receiving unpaid invoice compensation through the RPP in three years.
IAM Member Usage Rate of the RPP
With 2015 serving as a launch year, it is reasonable to assume that a significant segment of the IAM Governing and Core membership was not aware of the RPP in its first year as an inclusive member benefit (Governing and Core Members receive RPP coverage as part of their membership). The consistency of statistics between the 2016 and 2017 fiscal year signifies that a considerable number of members are now actively using the RPP as a risk management solution for their business but that the usage rate has perhaps hit a natural plateau.
2018 Projected Unpaid Invoice Compensation Payment
While IAM hopes that the value of unpaid invoices approved for compensation in 2018 does not exceed the maximum annual distribution limit for the 2018 fiscal year, we are projecting that to be the case after two straight years of hitting this limitation. The maximum annual distribution limit is subject to the total amount IAM Governing and Core Members who pay their dues so this number will not be known until the end of the year. However, our budget is projecting that this number will be $233,996.49 USD.
Finally, our data indicates that the reason for surpassing the maximum annual distribution limit may have been due to the same number of IAM Members (8 companies) who went out of business in both 2016 and 2017. It is likely that this data point will serve as a useful proxy for predicting end of year compensation payments in the future.
More information on the RPP can be found at http://www.iamovers.org/rpp
I will be interested to know , how can we report a IAM member who kept dragging payment for over a year and now refuses to pay saying it was 3rd party payment from another partner who has shut operations
This is to inform that Holy Month of RAMADAN is expected to start from 17 May and continue till 15 June 0f 2018( both dates are Tentative- depends on sighting of the moon) During this month Muslims fast during the day and have only one time meal after sunset. To facilitate their fasting month the work timing is reduced to 6 hours a day working, hence slowing down the customs and clearance processes
While THE MOVERS team will be still working normal times as we have non-fasting crew and staff as well, there can be delays in clearance process on Import shipments
The Holy month ends with Eid holidays- generally 5-7 days ( as will be announced by the government around that time.)
We request all our customers and partners to p[lease keep this in mind while planning the moving during this period
Important Links :- THE MOVERS CONTACT DETAILS / THE MOVERS ANTI BRIBERY AND ANTI CORRUPTION CHARTER / THE MOVERS DATA PROTECTION POLICY / THE MOVERS GENERAL TRADING TERMS
In case of urgency you can reach me on +96896287961
Think Green. Please don't print this message unless it's really necessary. Thank you.
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