Policy on the Disclosure of Financial Information

This policy applies to the UK IPA Company and Charity, The IPA, and to the US IPA Company and Charity, IPA Fund Inc.

Legal Requirements

1. UK law requires the IPA to provide copies of the accounts of the UK IPA company on request.  A small charge may be levied. 

2. US law requires the IPA to provide copies of the form 990 (US Internal Revenue Service tax return) on request.  A small charge may be levied.  There is no requirement for the IPA to provide copies of the accounts of the US IPA company on request.  The annual tax return of this company is in the public domain.

Policy

3. Board and Committees: the Board, the Executive Committee, the Budget and Finance Committee, the Dues Advisory Committee, and the Investment Oversight Committee have the right to all financial information they require to carry out their responsibilities.  All other Committees will be provided with financial information relevant to their responsibilities.  Requests which appear to exceed this will be referred to the Treasurer, who will consult the Executive Committee where he/she judges the issue warrants this.

4. Members: all IPA Members have the right to free copies of the accounts of both of the IPA companies on request, following their clearance by the Board in the July after the year in question.  IPA Members also have the right to free copies of the form 990 relating to the US company.  Members have the right to any financial information which can be derived from these accounts or from the form 990 or from any annual report or other sources produced for members each year.  Unusual requests for financial information from Members will be referred to the Treasurer, who will consult the Executive Committee where he/she judges the issue warrants this.

5. General public, including the press: the general public will be provided with copies of the accounts of both of the IPA companies on request, following their clearance by the Board in the July after the year in question.  The general public will also be provided with copies of the form 990 relating to the US company.  The Executive Director is delegated the right to charge a small fee for such documents at her/his discretion, but normally they will be provided free.  The general public is entitled to any other financial information which can be derived from the accounts of the two companies or from the form 990.  The general public is not entitled to any other financial information, particularly consolidated information, but may be provided with information which is not sensitive.  Where it may be beneficial to the IPA to release financial information which might otherwise be restricted (such as for certain press enquiries), the request will be referred to Treasurer, who will consult the Executive Committee where he/she judges the issue warrants this.

 

Change Log

Approved by the Executive Committee May 2000
Revisions approved by the Executive Committee March 2007

 

*This change record is for background information only and does not form part of the Procedural Code. If there is any conflict between a statement in the Procedural Code and a statement in this change record, the change record will be disregarded.