All IMPAC Officers, co-opted Members and Committee
Members give their time freely. IMPAC's income is derived from annual subscriptions and donations from Members. It is wholly independent from our
sponsoring Company ITL. The National Treasurer has overall responsibility for controlling overheads, investing and managing the funds, ensuring a working balance between deposits and cash on hand. IMPAC’s financial year is January 1st to December 31st. The Annual Balance with a Finance Report is prepared, audited and presented at the National AGM in May. The Fund does not enjoy charity status and is not VAT registered. National Officers and Regional Committee Members are reimbursed for any out of pocket expenses,
including travel using nationally approved expense guidelines. Financial security is maintained by the requirement of three signatures on any outgoing transactions. Regional Treasurers can apply for funds to meet Regional outgoings. Both National and Regional Treasurers submit balance sheets for annual audit and these are presented at National and Regional AGMs. Regional Committees have their own bank accounts and systems to regulate expenditure. Although IMPAC's funds are modest, the cost of meeting any major legal expenses over a length of time would probably require additional donations from the membership. Insight into the nature and running of National and Regional expenses can be obtained from the appropriate Treasurers or by attending National or Regional AGMs. IMPAC has no capital expenditure therefore annual costs are principally administrationIMPAC's FINANCES