Having a strong financial foundation is imperative for IMPA to continue supplying low-cost, reliable, and environmentally-responsible power, and no other department has more to do with achieving this than the Accounting and Finance team. From overseeing the day-to-day accounting, to financial reporting and managing the Agency’s cash flow, the staff members of this department are constantly working behind the scenes to keep IMPA running. In the past year, the Accounting and Finance team has undergone significant changes, striving for continuous improvement and responsible financial stewardship.

As IMPA grows and evolves, so do the systems that support its daily operations. Recently, Accounting modernized financial operations by implementing its new accounting software that helps the team automate and manage income and expenses. The updated system now supports continuous improvement and streamlines financial processes. This change became necessary when IMPA’s previous accounting software entered into an end-of-life cycle in which no further improvements would be made and the program would be discontinued in the near future. While converting all reports and reconciliations to new account numbers is tedious work, the new accounting system offers improved opportunities and efficiencies moving forward. This will continue to aid the Accounting team in maintaining financial internal controls to safeguard the Agency’s assets and liabilities.

To protect the Agency’s financial strength into the future, IMPA Accounting staff members plan annual trips to meet with rating agencies in New York alongside the Agency’s management and Executive Committee. Strong credit ratings help the Agency secure favorable financing terms for future capital projects, ultimately helping IMPA provide reliable, cost-effective service to member utilities. This annual trip maintains the strong relationship between IMPA and its rating agencies, and allows the Agency to demonstrate its financial health, long-term planning, governance, and excellent operational performance.

 “IMPA is unique in that we take our Executive Committee members with us to meet with rating agencies each year,” said Chris Rettig, IMPA Chief Financial Officer. “In doing so, the rating agencies have the opportunity to see first-hand the strong support that the Agency has from our Board of Commissioners. The Executive Committee members all have an opportunity to share the value that IMPA brings to their communities and to answer any questions that the rating agency analysts have about their respective communities. These in-person meetings help the rating agencies better assess IMPA’s management team and staff, Board members, and communities beyond the numbers, which are vital factors when they determine what ratings they assign to IMPA.”

While Accounting often happens behind-the-scenes, its impact reaches every corner of IMPA. The team’s ongoing tracking, recording, and reporting of financial transactions ensures that staff fully understand where their department is compared to budget, ensuring that IMPA manages costs and maintains stable rates. Each of the recent initiatives undertaken by the department show this team’s commitment to continued improvement and efficiency. Like all IMPA departments, the work of the Accounting and Finance staff provides invaluable contributions to all 61 member communities in Indiana and Ohio.