Finances

The finances of the IPA are an important and complex matter. Before the pandemic it appeared that the IPA should finally raise its dues, something it had not done for over 10 years. During those ten years the staff and the Board had worked hard to reduce costs and made heavy use of technology as it became available. But we had to use our reserves to balance the budget and were at risk of using reserves beyond a prudent level. In January 2020 the Board voted to raise dues. Then the pandemic struck just two months later. Economic difficulties were experienced internationally and particularly in countries where governments were making decisions that worsened their citizens’ circumstances. Members’ practices were impacted. Devaluation of currencies inflated the cost of dollars and therefore the amount of dues since they are calculated in dollars. Recognizing these circumstances, the Dues Advisory Committee will review dues reduction policies and the Board will consider an extension of the 2020 Covid-19 Extraordinary Emergency Fund that offered dues relief to societies where members were unable to pay increased dues. I will propose an ad hoc committee of the Board be established at the first new Board meeting charged with recommending guidelines for a 2-year extension of the Emergency Fund and reviewing membership responses to a minimum dues requirement for IPA membership.