Over 75,500 fully paid-up IFA members are eligible to vote in the President and Deputy President election taking place next month.
528 people have cancelled their memberships since the pay scandal that rocked the IFA in November and an active programme is underway to contact 4,000 members who are overdue.
IFA forecasts show that up to the end of March this year levy incomes will decrease by 12 per cent or €564,000.
Flor McCarthy from Kenmare, who is running for IFA President, says the report is very concerning and demonstrates the scale of the challenges for the IFA to rebuild trust with farmers and re-establish itself as a strong unified organisation.
Mr McCarthy believes he is uniquely positioned because of his experience in leadership and across different farming enterprises to pull the IFA together.
He said the most important issue for farmers on the ground is farm incomes and also pledged to bring forward an alternative to the levy funding.