Frequently Asked Questions
|How many PACs does IBAT have?||
There are two PACs:
|How are funds collected for these two PACs?||
Funds for the IBAT PAC will be collected through the PAC Auctions, Dream Vacation, Best of 100 tickets, Annual Bike Ride and direct contributions.
Funds for the IBAT FedPAC will be collected through direct mail solicitations and voluntary contributions.
|May I use a corporate check when giving to either of the PACs?||NO!|
|If I am a sole proprietor, may I use a business check?||YES!|
|Can my bank or another corporation contribute an item to the PAC Auction?||This can get tricky. Yes, ONLY if the auction raises two times the cost of all the items contributed. For example, we have an auction with 5 items and all 5 of those items have been contributed by 5 banks at a total cost of $1,000. Then the auction has to raise $3,000 to offset the corporate donations. Otherwise, the PAC has to make up the difference. This is why we try to discourage this practice because we cannot always depend on items going for their list price or higher. However, a bank may contribute funds to offset the cost of the auction itself: food, drink, etc.|
|Can my bank give directly to the candidates?||NO, unless your bank has its own PAC.|
|Is there a limit to what I can give to the PACs?||
State PAC: NO
IBAT FedPAC: YES. An individual may contribute up to $5,000 to any one federal trade association PAC per calendar year or aggregate $25,000 per year to candidates, political committees and PACs.
|Can two or more banks go together and split the cost of an ad on the issue or proposition||ONLY if the banks register as a PAC.|
|Why is it important that I sign an Authorization Form for the FedPAC?||
Federal election regulations require that a federal trade association PAC (such as IBAT FedPAC) obtain written approval from its member corporations before solicitation of individuals affiliated with those entities can take place for each year.
Since IBAT is a affiliated with the national organization, ICBA, individuals may contribute to both federal PACs.
|What activities are associated with “solicitation”?||Solicitation includes communication to the membership through IBAT Federal PAC articles in association publications, IBAT Federal PAC functions at association and state meetings and direct initiatives.|
|Does signing a solicitation authorization form commit anyone to contribute?||NO, it simply permits IBAT FedPAC to solicit your employees.|
|Who has the authority to sign the authorization form?||Federal election regulations require that the request for solicitation authorization be signed by a representative of the bank or state affiliate with whom the trade association (IBAT) normally conducts activities. This can be the bank president, office manager, etc.|
|What if I sign the authorization form today and decide to rescind this authorization in the future?||Simply write a letter stating your decision and we will discontinue solicitation.|