Re: Water, Willow, thank you!
The most likely situation is that it may be a bit less effective.
As was mentioned, ground/dried/powdered culinary spices are good for several years, they just become less intense in flavor. When dried/ground herbs are stored airtight in a cool/dark place, they're definitely good for a year or more (some will stay potent for even longer). But when stored through a summer/heat still in a plastic bag...???...well ground grains & seeds do oxidize or become rancid. So if you have ground flax in your IF#2, make sure it passes the 'smell test' before you ingest it (rancid flax smells like skunk).
Personally, I don't keep ANY ground grains/seeds for more than a year no matter what I store them in (unless they're in the freezer).
I'd test it if I were you, but since (it appears?) you haven't yet used any IF#2, I don't know what you'd have to compare it against to know what level of effectiveness you're getting.
Blessings always,
Uny