How we are funded
We are funded principally by its members’ contributions, although investment income is also received by the various funds.
Members’ contributions consist of three parts:-
National contributions:
These contributions provide the principal source of income for the General Fund from which is met the routine expenditure of the Institute as well as expenditure incurred in support of the professional interests of members.
A proportion of members’ contributions are allocated on a year to year basis for expenditure in support of the professional interests of members and from 1 September 2001 1.5% of these contributions have also been allocated annually to the Benevolent Fund.
Political Fund Contributions:
These contributions provide the principal source of income for the Political Fund which fund is for the furtherance of political objects as defined by legislation.
Local Contributions:
These contributions which vary from local association to local association provide the principal source of income for the local associations of the Institute. Expenditure by local associations is governed by local constitutions but is essentially similar to that met from the Institute’s General Fund. Members of Self-Governing Associations may opt out of paying these contributions.