Q: What is the purpose of IFAPAC?
A: IFAPAC is a separate fund that supports the campaigns of candidates for elective office who understand and influence issues important to insurance agents and financial advisors. IFAPAC’s goal is to advance the legislative and regulatory interests of the association members on the local, state and national levels. Association dues income may not be used to support candidates.
Q: Who can contribute to IFAPAC?
A: Any U.S. citizen can contribute to IFAPAC, however, only members of the Insurance and Financial Advisors associations may be solicited to do so. Contributions to the political fund must be personal, not corporate. Contributions must be voluntary.
Q: How effective is IFAPAC?
A: Of over 4,600 political action committees (PACs) registered with the Federal Election Commission, the National IFAPAC (NAIFAPAC) ranks in the top tier. In the last election cycle, NAIFAPAC contributed approximately $1.4 million to federal candidates and committees.
Q: How much or little can I give to IFAPAC?
A: The minimum annual contribution for individual recognition is $50 (Investor Club). The highest level of annual giving to the political fund is $5,000 (Capitol Club).
Q: What are the methods of contributing?
A: Individuals may contribute via automatic monthly bank draft from their personal checking account, personal check or personal VISA, American Express, MasterCard or Discover. NAIFA members can also contribute online by clicking here
Q: Should I use a bank draft system to donate to IFAPAC?
A: Yes! Bank drafts help reduce administrative costs and allow IFAPAC to have funds available throughout the year. Individuals can give as little as $5 per month on bank draft and, for only $8.50 per month, donors will be Century Club contributors. Bank draft transactions are done on or about the 10th of every month. It generally takes two business days to reach an individual’s account for withdrawal. For a new account, the first draft will be made on or about the 25th of the month, with subsequent withdrawals on or about the 10th.
Q: If I sign up for the bank draft, when am I considered a contributor?
A: As soon as your first monthly draft is drawn.
Q: How do I stop a bank draft or change the checking account from which IFAPAC withdraws?
A: Call, fax, email or write the National IFAPAC office.
Q: Can I have monthly withdrawals taken from my credit card?
A: No. Monthly withdrawals can only be facilitated through bank drafts.
Q: Should I contribute to IFAPAC in years when there are no federal elections?
A: Yes! The candidate evaluation and support processes go on all the time. PACs that have the resources to make contributions when candidates need them most are highly visible in the political arena. IFAPAC occasionally makes debt-retirement contributions following elections.
Q: Can I direct IFAPAC to send a contribution to a particular candidate?
A: No. “Earmarking” of individual contributions is prohibited. However, IFAPAC invites input regarding disbursements from all its contributors. NAIFAPAC has a special candidate questionnaire that should be used. Members should also communicate their preferences to their state and local IFAPAC chairs.
Q: Is my contribution to IFAPAC deductible on my federal income tax return?
A: No. Congress eliminated the tax credit for all political contributions many years ago.
Q: Who decides where the funds go?
A: Contributions are determined by a Candidate Selection Group, which is comprised of ten NAIFA members appointed by the Executive Committee of NAIFA. In addition, input from state and local association officers and contributors is vital to IFAPAC’s ability to make informed decisions regarding which candidates should receive campaign support.
Q: What is the address for sending contributions?
A: The fastest way to send a contribution to IFAPAC is to contribute online.
Checks and credit card contributions can be mailed to the bank lockbox at: IFAPAC; PO Box 759063; Baltimore, MD 21275-9063. Bank draft enrollments, changes and upgrades can be mailed to IFAPAC, 2901 Telestar Court, Falls Church, VA 22042.