In 2015, the Ohio School Plan (OSP) did something for the first time in our history: We gave back $500,000 to our members in the form of a one-time dividend. As a board member at the time, I remember the excitement in the room as the decision was made to reward our members. This was something we were all excited about and thankful to each of you for your commitment to the OSP. Your support over the years, which has allowed us to increase and improve our product offerings and services, has been humbling to say the least.
As a board, we recognize the importance of each of our members and our commitment is to each of you. Being fiscally responsible is something that we pride ourselves on and we continuously review our financials to ensure that we remain financially strong. I am pleased to say that we are as financially strong as we have ever been with a member's equity of over $6.6 million. Because of our financial position and our desire to reward our members for their commitment to us, I am pleased to announce that on April 25, 2017, the board of directors once again unanimously approved a one-time dividend. This time, the dividend amount will be $650,000!
All members who have been with the OSP for the last two or more consecutive years and who remain active members on September 1, 2017, will be eligible for the dividend. The dividend will be based on your years of membership, premium contributions and loss history. Many of you have been longtime members and have contributed to the OSP's success and growth. We are excited that our current financial position allows us another way to thank you for your commitment.
I believe I speak for my fellow board members when I express my excitement to make this announcement and my gratitude to each of you. Your Ohio School Plan representative will be able to share your portion of the dividend once the calculations have been completed. Again, thank you for your commitment and support of the Ohio School Plan.
Chairperson of the Board
Ohio School Plan