2021 Treasurer’s Report shows that the Code Council continues to grow and thrive

Looking back on a year of solid financial growth and success during 2020 and 2021, International Code Council Board Secretary/Treasurer Michael Wich, CBO, told Annual Business Meeting attendees that the association is well-positioned to maintain a stable economic environment for its members, employees and other stakeholders throughout 2021 as he presented the annual Treasurer’s Report. “Financial stability is the foundation of a healthy, productive association,” said Wich while giving the annual report. “Because of our strong financials, we can continue providing the exceptional products and services our members and customers have come to expect.”

“At the core of every decision we make is our mission to provide the codes, tools and resources that members rely on and that ensure the construction of safe, sustainable and affordable structures,” said Wich. “Your board of directors is committed to our mission and our membership. We know that sustaining our financial success in the months and years to come is integral to the health of our association.”

Below are Wich’s full remarks during the Annual Business Meeting on Sept. 20, 2021, in Pittsburgh, Pennsylvania.

As your secretary and treasurer, I am happy to report that the financial health of the International Code Council is strong. We emerge from the challenges of the pandemic a more agile, adaptable and digital organization. The association has continued to grow and thrive from our consistent financial management, focus on long-term strategic planning, ability to adapt to a digital-first environment and a well-thought-out diversification strategy.

Over the past few years, our financial performance has exceeded expectations. This year is no exception.

In 2021, we expect revenue from the sale of goods and services to again surpass our budget revenue and operating profit targets. This continued financial success has allowed us to enhance member benefits, build our cash reserves, maintain our unique code development process and successfully hold the first-ever virtual code hearings.

One of our key financial strategies — diversification — helps to spread risk, reduce volatility, and create stability and predictability. This year, after a process of due diligence, the board approved the acquisition of Progressive Engineering, also known as PEI. This acquisition expands the Code Council’s offerings into new areas and markets.

Financial stability is the foundation of a healthy, productive association. Because of our strong financials, we can continue providing the exceptional products and services our members and customers have come to expect.

We have made many solid strides during this pandemic year, and we should all be proud of our team’s ability to adapt so swiftly. The COVID-19 pandemic has sped up our digital transformation, for example, through the virtual code hearings and the ICC Learn Live online training events.

We expanded our investment in our customer service initiative and enhanced our testing, training and technical services to better serve you.

We have invested more than $5 million in technology and digitization to ensure the Code Council remains the leader in innovation for the future.

We have remained steadfast in our focus on promoting the importance of building safety in our communities and encouraged the adoption and enforcement of modern codes worldwide.

At the core of every decision we make is our mission to provide the codes, tools and resources that members rely on and that ensure the construction of safe, sustainable and affordable structures.

Your board of directors is committed to our mission and our membership. We know that sustaining our financial success in the months and years to come is integral to the health of our association.

There will always be challenges ahead. The economic forecasts for the next year are mixed. Attacks on our intellectual property continue, but our association is well-positioned to maintain a stable environment for our members, employees and other stakeholders throughout 2022 and beyond as we are guided by the Vision 2025 Strategic Plan.

Thank you. It has been my honor serving as secretary and treasurer.