How it works…

All membership dues and donations are deposited into the IFRA fund. We provide financial disclosure via a real-time feed of the fund’s status at all times.

Using an actuarial model our fund computes the budgetary reserves necessary to ensure adequate coverage for our membership (including suitable reserves).

The remaining funds are allocated for providing honorary memberships to persons and families in need.

An Example:

A family membership comprises a male (45-year-old), his spouse (42-year-old) and three children of ages 10, 8 and 4.

Using statistical data, the model projects the probability of a death occurring in this family this year is 0.61%. Therefore the fund must reserve 0.6% of $3,500 (the current budgeted cost of providing funeral services — including the costs of the plot, coffin, and so on), or about $21, to cover the possibility of death in this family this year. In addition the fund may reserve an overall aggregate contingency amount per year (of which the unused portion will roll over to the next year). If this amount is $15 per family (say), the fund would reserve a total of $36 for this family, allowing $64 to be allocated for honorary (free) memberships for those in need.

Ages of family members 45 42 10 8 4
Annual contribution $100.00
Pd 0.003297 0.002439 0.000082 0.000115 0.000172
Est. own death benefits/ann $21.37
# add’l beneficiaries covered 6.81

Honorary member data is also factored into the actuarial model to ensure that the fund’s sufficiency is maintained.

Each year, funds permitting, additional honorary member applications may be accepted.

Each honorary member is accorded full death benefits that are accorded to regular members.


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