2023 Annual Report

Global Innovation.
Inspired Collaboration.

Table of Contents
Global Innovation. Inspired Collaboration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Message from the IEEE President & CEO and the IEEE Executive Director & COO . . . . . . . . 2IEEE By the Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4IEEE Society Memberships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Collaborating on Climate Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Leading the Conversation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Thinking Globally, Acting Locally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Driving Advancements in Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Inspiring Students . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Setting the Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
A Force for Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Leading the Conversation on Tech Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
IEEE Innovates at Conferences Across the Globe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Student Engagement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Leading Innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Engaging a Global Community. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Impacting Society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Forging Global Connections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
The Driving Spirit of IEEE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Advancing the IEEE Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
Championing Diversity, Equity and Inclusion (DEI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Deploying Tech in Times of Need . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
In Support of Open Science . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
Changing the World for the Better . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Awards and Recognitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
Recognizing Historic Technology Milestones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
Celebrating Our History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30
Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
Message from the Treasurer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
Independent Auditor's Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34
Consolidated Statements of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35
IEEE Office Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61

Global Innovation.
Inspired Collaboration.
IEEE is a driver of worldwide collaboration—engaging, inspiring and leading global
communities to address critical challenges through technology. When we build
connections among people, we accelerate the transfer of knowledge, which ultimately
results in a shared inspiration to reach a common goal—advancing technology for the
benefit of humanity through global innovation.
This year, IEEE members and volunteers collaborated with leading organizations to
exchange ideas and have meaningful discussions on how we can shape a better
tomorrow. From sustainability efforts to initiatives on how to ensure artificial intelligence
applications follow industry standards, IEEE had a strong voice in how we can provide
leadership for these crucial efforts.
IEEE is a public charity with a global presence, but its impact starts at the local level,
through its members and volunteers who actively work with IEEE employees to improve
the lives of others—and advance their own professional growth. IEEE serves as the homewhere like-minded and passionate individuals join together and help push technology to
new frontiers.

1Message from the IEEE President & CEO
and the IEEE Executive Director & COO
From the organization’s earliest days, IEEE members have aspired to the Institute's mission:
advancing technology for the benefit of humanity. With 344 sections and more than 4,000
chapters worldwide, IEEE facilitates the active participation of thousands of members andvolunteers to improve the lives of others through direct participation.
Even when our members aren’t on the ground contributing to humanitarian technology
activities, they can be found conducting research and sharing knowledge that promotes
improved quality of life all over the world. From agriculture and healthcare to affordable
energy and clean technology, IEEE members are making a difference and delivering technicalsolutions to address the world’s most pressing challenges, including climate change.
A major focus throughout 2023 was to work with all members and volunteers around theworld—particularly our students, young professionals and underrepresented communities—
to make IEEE a more successful and resilient global technical organization and for it to beuniversally recognized as a force for change. It was equally important that technologists at
the local level view IEEE membership as a vehicle for professional growth and are aware of
the tremendous benefits that come with membership. These offerings include unparalleled
networking opportunities at more than 2,000 international conferences—both in person andvirtual—as well as access to the finest technical literature, resources for continuing educationand innovative collaboration opportunities with colleagues worldwide. And in 2023, ourglobal membership continued to grow, reaching an all-time high of 460,000 members inmore than 190 countries.
As the world’s largest organization of technical professionals, IEEE has both the opportunity
and the responsibility to assist in organizing the response of engineers, scientists andtechnical professionals around the world to address the causes, mitigate the impact andadapt to climate change. IEEE recognizes this global crisis and is committed to helping
alleviate the effects of climate change through pragmatic, accessible technical solutions forsustainability, and providing engineers, technologists and policy makers with a neutral spacefor discussion and action.

TOP: Saifur Rahman (right), 2023 IEEE President & CEO and Sophia Muirhead, IEEE Executive Director & COO

2

IEEE has significant ongoing, relevant efforts and expertise being brought to bear and equips
our members with the ability to speak to both technologists and a general audience on theseissues. IEEE has a climate change website, climate-change.ieee.org, to highlight technology
news and resources focused on climate change. It includes the IEEE Xplore® Climate Change
Collection, a repository of highly cited scholarly publications, conference proceedings andother materials to help foster the exchange of technical knowledge.
IEEE has also been contributing to discussions at international events, such as the Conferenceof Parties (COP28) to the United Nations Framework Convention on Climate Change,highlighting the key role technologists play in shaping the global energy landscape, as well asbuilding beneficial relationships with partners such as the International Telecommunication
Union, UNESCO, World Green Energy Organization and the World Federation of Engineering
Organizations.
IEEE is also driving important dialogue around the future of technology. IEEE has beendeveloping a wide range of standards and methods to address safety, biases, transparency,
privacy and corporate governance to ensure scientific integrity and the safety of the public.
This includes creating standards that support the growing need for digital products andservices designed with the best interest of children in mind, as well as artificial intelligenceethics and governance and sustainable design.
IEEE strives to bridge the gap between challenges and technological solutions. Through ourvast network and dedicated members and volunteers, the organization not only envisions abetter future but actively works towards it.
Building bridges between individuals and communities yields tremendous benefits. Through2023, we saw how collaboration can help push our industries and professions to newfrontiers, which creates innovative platforms to address difficult challenges. By strengthening
these connections, we ultimately accelerate the transfer of knowledge. Thanks to our global
members, volunteers and staff, IEEE continues to be a powerful force for change, embodying
its mission of advancing technology for the benefit of humanity and driving global innovation
through inspired collaboration.
Sincerely,

Saifur Rahman
2023 IEEE President and CEO

Sophia Muirhead
IEEE Executive Director and COO

3

IEEE by the Numbers
All numbers below reflect 2023 totals
IEEE Xplore Digital Library
6,162,271 Total Documents
303,921,589 Total Usage (PDF downloads and HTML Views)
244,578 New Conference Papers
91,020 New Journal and Magazine Articles
188 Standards Approved for Publication
Membership
460,709 Total Members
TOP 5 COUNTRIES FOR MEMBERS
154,137 United States
86,716 India
43,647 China
14,500 Canada
14,293 Japan
Student Members
171,056 Total Student Members
TOP 5 COUNTRIES FOR STUDENT MEMBERS
64,069 India
22,582 United States
19,791 China
6,371 Tunisia
3,223 Canada
10 Regions Worldwide
344 Sections
3,635 Student Branches
4,194 Chapters
Conferences
2,121 IEEE Sponsored
562,030 Conference Attendees

4IEEE Society Memberships
6,311
		

IEEE Aerospace and Electronic
Systems Society

42,843IEEE Power & Energy Society

13,901IEEE Power Electronics Society

10,428IEEE Antennas and Propagation Society

825IEEE Product Safety Engineering Society

1,388IEEE Broadcast Technology Society

654IEEE Professional Communication Society

14,140IEEE Circuits and Systems Society

2,975IEEE Reliability Society

34,932IEEE Communications Society

18,915IEEE Robotics and Automation Society

10,155IEEE Computational Intelligence Society

21,455IEEE Signal Processing Society

56,941IEEE Computer Society

3,087

IEEE Consumer Technology Society

8,979

IEEE Control Systems Society

11,515IEEE Solid-State Circuits Society

1,902
		

IEEE Dielectrics and ElectricalInsulation Society

5,669

IEEE Systems, Man, and Cybernetics Society

2,619
		

IEEE Technology and Engineering 			Management Society

2,198
		

IEEE Ultrasonics, Ferroelectrics, and 			Frequency Control Society

1,950
		

IEEE Society on Social Implicationsof Technology

4,154

IEEE Education Society

3,556

IEEE Electromagnetic Compatibility Society

13,365IEEE Electron Devices Society

3,166

IEEE Electronics Packaging Society

8,257

IEEE Vehicular Technology Society

12,368		IEEE Engineering in Medicine andBiology Society

391,074

TOTAL SOCIETY MEMBERSHIPS

6,229
		

IEEE Geoscience and Remote
Sensing Society

13,150IEEE Industry Applications Society

11,247IEEE Industrial Electronics Society

4,060

IEEE Information Theory Society

3,892
		

IEEE Instrumentation andMeasurement Society

2,900
		

IEEE Intelligent Transportation
Systems Society

2,638
13,527
		52.3%
of IEEE members
belonged to one ormore societies
in 2023IEEE Magnetics SocietyIEEE Microwave Theory andTechnology Society

3,297

IEEE Nuclear and Plasma Sciences Society

1,895IEEE Oceanic Engineering Society

9,591

IEEE Photonics Society5Collaborating on
Climate ChangeIEEE brings together members and volunteers from around the world todrive discussions that help advance technology for the benefit of humanity.
The IEEE community worked together to explore ways to mitigate theeffects of climate change and help build a more sustainable future.

6

Leading the Conversation
With the diverse expertise of its members, volunteers and staff, IEEE
serves an important role of enabling collaboration between technology
and engineering professionals, policymakers and other organizations tofoster a dialogue on sustainable energy policies and practices.
IEEE Shares Commitment to Climate Change Efforts at COP28
2023 IEEE President Saifur Rahman led an IEEE delegation at the 28th
Conference of Parties (COP28) to the United Nations Framework Convention
on Climate Change, held in Dubai, United Arab Emirates. Through anumber of panel discussions, IEEE shared insights about initiatives acrossthe organization, and how technology plays a key role in helping shape theglobal energy landscape and in tackling climate change challenges.
Organizations that IEEE collaborated with on Climate Change:• American Institute of Chemical Engineers• American Society of Civil Engineers• American Society of Mechanical Engineers• American Society of Mining Engineers• Chinese Society of Electrical Engineers• Dubai Electricity and Water Authority• European Union Commission for Energy and Environment• Institution of Engineering and Technology (IET)• Institute of Electrical and Telecommunication Engineers – IETE (India)• International Renewable Energy Agency (IRENA)• Korean Society of Electrical Engineers• Rotary International• Royal Society of Engineering (UK)• South African Institute of Electrical Engineers – SAIEE• UNESCO• US National Academy of Engineering

TOP RIGHT: IEEE President Saifur Rahman speaking at COP28

7

The IEEE Technology Center for Climate, based in the IEEE Vienna Global Office, wasestablished in July 2023 to support partnerships, collaboration and knowledge sharing
with leading institutions as they explore and implement technology to address climatechange. One of its inaugural activities was teaming up with Reuters to produce four
webinars featuring IEEE member insights on electrification, frontier tech for climate,green digital and workforce for a sustainable future.

Thinking Globally, Acting Locally
The impactful work of IEEE volunteers from around the globe took center
stage in 2023. This included the development of an IEEE climate change
inventory of activities, designed to consolidate and identify opportunities
for further collaboration within IEEE and with other organizations.
At IEEE Sections Congress, which brought together over 1,000 attendees
from IEEE Sections across the globe, a Climate Change Pavilion showcased
projects being executed locally by Sections, Societies, IEEE Young
Professionals and more in support of sustainability efforts. IEEE showcasedover 50 climate change stories on how volunteers made an impact. Staff
collaborated with volunteers to help shape the stories at the pavilion.

200+
items in the IEEE
climate change
inventory

The "Net Zero Warriors" initiative was launched by IEEE President Saifur Rahman
during his visit to India in July to motivate and facilitate engineers, young professionals
and entrepreneurs to undertake key innovation and technology challenges in energy
transition, which can enable decarbonization across the energy spectrum, globally.
The IEEE Climate Change community on IEEE Collabratec® also engaged
thousands of IEEE members and non-members in these important discussions.

TOP: IEEE India agreement signing8

Driving Advancements in Sustainability
IEEE scholarly publications, conference proceedings, technical standards and other materials help
foster the exchange of technical knowledge and information for the critical climate issues that ourplanet faces.
• The IEEE Climate Change website helped tell the IEEE story. The site also instituted a monthly
newsletter to help audiences stay current on the latest articles on clean tech trends featuring
insights from IEEE members.
• Papers were regularly added to the IEEE Climate Change Collection, which features articles
addressing the causes of climate change along with strategies to mitigate and adapt to it.

Inspiring Students
Providing teachers with tools to integrate sustainability themes into their lessons is key toencouraging students to enter into these fields. IEEE TryEngineering, a website featuringa collection of lesson plans and activities, added a section dedicated to climate change
resources to make it easier to teach these important topics.

TOP LEFT: IEEE's electric vehicle charging at the Operations Center in New Jersey
TOP RIGHT: IEEE TryEngineering Summer Institute students soldering

9IEEE TryEngineering 2023 at a Glance

18,000Volunteers

1,500
Events60

Countries

130,000
School-Aged
Students
ParticipatedSetting the Standard
The IEEE Standards Association continued to develop its growing collection of standards forsustainability, climate change and social responsibility solutions. Here are some examples:IEEE STANDARDS:IEEE 1547
Series of standards covering the interconnection of distributed energy
resources with electric power systems
IEEE 1680.1
Standard for Environmental and Social Responsibility Assessment ofComputers and Displays
IEEE 1801
Standard for Design and Verification of Low-Power, Energy-Aware
Electronic Systems
IEEE 1888
Standard for Ubiquitous Green Community Control Network Protocol
IEEE P2030.5
Standard for Smart Energy Profile Application Protocol
IEEE P7802
Standard for Measurement and Verification of Reduction of Greenhouse
Gases for Climate Action Project and Solutions

10

A Force for Change

In 2023, IEEE was privileged to collaborate with individuals,organizations and governments committed to shaping a moresustainable, compassionate and prosperous world. Their support
strengthened IEEE, and together we made great strides in imagininga brighter future and actively working to make it a reality.

11

Leading the Conversation on Tech Ethics
IEEE leaders addressed the European Commission and the United Nations Human
Rights Council on the urgent need to protect children in the digital age. The IEEE
Standard for Age Appropriate Digital Services (IEEE 2089™), which supports thegrowing need for designing digital products and services with the best interests ofchildren in mind, has served as the foundation for laws in the UK and other regions.
This standard is part of a new program providing free access to artificial intelligence(AI) ethics and governance standards that provide guidance and considerations
toward trustworthy AI. Under the IEEE GET Program, selected standards are madeavailable, free of charge, to encourage adoption and use of standards that contributeto advancing technology for humanity in key areas.
Also in 2023, the IEEE TechEthics website continued to provide access to technology
ethics resources and information from across IEEE. This includes education modules,
articles, session recordings and ethics frameworks.
IEEE Drives AI Policy in the U.S.
IEEE-USA was also extremely active on artificial intelligence issues in 2023,
hosting three separate meetings with the Congressional AI caucus, where it
shared insights on AI technology and workforce issues. IEEE-USA worked
directly with federal regulators and congressional offices to help craft the rulesthat will govern AI technology in the United States.

TOP: Photos from ICRA 2023

12

IEEE Innovates at Conferences Across the Globe
In 2023, IEEE conferences not only showcased the latest groundbreaking research,
they also implemented fresh strategies to promote sustainability. The popularity ofthese events underscores a steadfast commitment to innovation, exploration andcollaboration within the technical community.

2,000+IEEE sponsoredconferences

560K+
attendees• ICASSP 2023 Returns to In-Person (Rhodes Island, Greece)
The 2023 IEEE International Conference on Acoustics, Speech and Signal Processing(ICASSP) celebrated the return to an in-person experience. The interest in this year’s
ICASSP broke records in participation, including a nearly 50% increase in submitted andaccepted papers and more than 4,000 participants. This unprecedented increase reflects
the central role of signal processing in the development and success of AI.
• EMBC 2023 Unites Innovators (Sydney, Australia)
The 45th annual International Conference of the IEEE Engineering in Medicine andBiology Society (EMBC), provided networking opportunities for engineers, clinicians,
scientists and entrepreneurs, as well as for students and young professionals.
• IGARSS 2023 Showcases Advancements in Geoscience (Pasadena, California)
The 43rd annual International Geoscience and Remote Sensing Symposium (IGARSS)
provided a platform for sharing knowledge and experience on recent advancements
in geoscience and remote sensing technologies, particularly in the context of earth
observation, disaster monitoring and risk assessment.
• Malaysia Plays Host to Two Major Conferences (Kuala Lumpur, Malaysia)
The International Conference on Image Processing (ICIP), a premier technicalconference focused on image and video processing and computer vision, showcased
world-class speakers, exhibits, industry sessions and a women-in-engineering event.
GLOBECOM 2023, the flagship conference of the IEEE Communications Society, played
host to more than 2,000 participants including researchers, academicians, engineers andindustry players from telecommunication fields across the globe.

TOP: IGARSS 2023 attendees13• IEEE Power & Energy Society Debuts Grid Edge Technologies ConferenceThis year, IEEE hosted several new conferences including the IEEE Power & Energy
Society (PES) Grid Edge Technologies Conference and Exposition in San Diego, CA
which brought together a variety of organizations essential to delivering enhanced
productivity, efficiency and interoperability to the grid. The event featured: A fireside chat featuring IEEE President Saifur Rahman and IEEE PES
President Jessica Bian
 An exhibit hall featuring 30 start up companies
 Onsite tours of San Diego Gas and Electric• ICRA Sets Attendance Record (London, England)
The IEEE International Conference on Robotics and Automation (ICRA) set an
all-time attendance record with 6,000 participants. The packed program featured
the most influential and innovative figures in the world of robotics and automationdelivering plenary speeches, workshops, business talks and more.
IEEE Conferences Embrace Net Zero
Sustainability has long been an interest of the events industry. IEEE and its staff havedeveloped innovative ways to reduce the environmental impact of its conferences. As
a part of those efforts, IEEE signed on as a four-year sponsor of the Net Zero Carbon
Events Initiative, a leading industry initiative to address climate change. Underscoring
the organization’s innovative approach to conferences, IEEE President Saifur Rahman
utilized holographic technology to “beam into” the 2023 IEEE Convene event, theannual gathering of IEEE conference leadership and partners from around the world.

ABOVE: IEEE President Saifur Rahman as a hologram at IEEE Convene in Panama City, Panama

14

All-time attendance
record with

6,000
participants

Student Engagement
330 Students Gain Hands-On Experience
This year’s IEEE TryEngineering Summer Institute gave teens anopportunity to explore engineering disciplines through hands-on design
challenges, field trips and more. For their final group challenge, thestudents participated in an activity called Real World, Real Solutions,creating a prototype using the engineering design process.
On campus venues:
University of Pennsylvania, Rice University (Texas),
University of San Diego
Rising Stars Connects Students and Young Professionals

330
students

31

received full scholarships
thanks to giving to theIEEE Foundation

The IEEE Rising Stars Conference is where students and young
professionals from all over the world gather to get inspired, network
and advance their careers. Over the course of three days, attendees
gained perspective into potential career paths as they heard from morethan 40 expert speakers, learned about emerging technologies andconnected with industry professionals and executives.
NearlySTEM Grant Program Supports Volunteer Efforts
The IEEE TryEngineering Pre-university Grant Program, which aims to
support IEEE volunteers in their STEM outreach initiatives, funded over
40 programs. The grant recipients were announced in April during IEEE
Education Week.

$40,000
was granted to fundprograms; included
contributions from theIEEE Foundation
TryEngineering Fund

Leading Innovation
IEEE Future Directions, which identifies opportunities for emerging technology areas,
added three new initiatives in 2023. IEEE Wireless Power Technologies champions
breakthrough wireless power initiatives by researchers and scientific communities
around the world. IEEE Metaverse fosters technology exchange and global awarenessof both the benefits and risks of the Metaverse. IEEE SusTech addresses thetechnologies that affect climate change.
TOP: Students from IEEE TryEngineering Summer Institute held at the University of Pennsylvania, in Philadelphia, got a behind-the-scenes look at the Boeing
aerospace facility in nearby Ridley Park

15

Engaging a Global
Community
Whether through collaborations with international organizations or technologists
across the globe, IEEE intensified its efforts to take part in meaningful activities
that can help shape the world. Additionally, there was a deliberate effort to reachout to underrepresented communities, helping forge a sense of contribution
to our core purpose of advancing technology for the benefit of humanity.

16

Impacting Society
Bridging the Digital Divide and More
The COVID-19 pandemic exposed the digital divide like never before.
Those who had broadband access thrived while those without
meaningful access struggled.
IEEE is working side by side with other key stakeholders to help
bridge this accessibility gap. One example of this effort is IEEE’s
growing partnership with the International Telecommunication
Union (ITU), a U.N. agency that helps set policy related
to information and communication technologies.
SIGHT Supports Global Humanitarian Initiatives
In 2023, the IEEE Humanitarian Technologies Board and Special Interest
Group on Humanitarian Technology (SIGHT) funded numerous
life-changing programs across the globe. Key projects include:

The Digital Divide

45%of global households do
not have access to theinternet (Source: UNESCO)

1.3BN

children between theages of three and 17 lackinternet access at home.
(Source: UNICEF)• IEEE Argentina Section set up a community garden, cheese
production operations and refrigeration system to empower residents
to engage in new income-generating activities.
• IEEE Ecuador Section used its funding to implement a smart
irrigation system to improve land production of crops, benefiting morethan 350 people in the rural community of Cruz Loma.
• IEEE Malaysia Section designed and deployed an integrated
solar lighting and camera surveillance system for a fishing village of
200 residents, to allow better understanding of crocodiles and their
behavior in the area.
• IEEE Uganda Section installed a solar system comprised of six solar
panels, two batteries, one inverter and a charging port to provide
sustainable and clean energy to the Nyakinengo Health Centre, directly
benefiting over 500 current patients and their families.

TOP LEFT: IEEE Argentina Section members and students by their newly planted community garden
TOP MIDDLE: IEEE Malaysia Section volunteers deploy a solar lighting and crocodile surveillance system
TOP RIGHT: Member of the IEEE Uganda Section aids in the installation of a solar power system for a community health center

17Forging Global Connections
IEEE President Saifur Rahman spoke at prominent climate events in 2023, including COP28
in the United Arab Emirates, EU Green Week, European Sustainable Energy Week and theEuropean Parliament in Brussels. Such engagements highlight how IEEE’s global community ofengineers and technologists is using its expertise to help address critical climate change issues.
India and Bangladesh Collaborate on WIE Conference
The IEEE Bangladesh Section and IEEE Kerala Section jointly organized the 9th IEEE International
Women in Engineering (WIE) Conference in Kerala, India, bringing together leading academic
researchers and scholars to exchange and share their experiences and research with their peers.
IEEE REACH Presents at the U.N.
IEEE REACH, IEEE’s K-12 history program, was invited to present at the United Nations in
New York during the Science, Technology and Innovation Forum for the Sustainable Development
Goals. The presentation was part of an event titled “Uncovering Gender Disparities in STEM andHigher Education in Southern Africa.”

The Driving Spirit of IEEE
IEEE Day Inspires Over 700 Global Events
IEEE Day, which celebrates the first time engineers and IEEE members
gathered to share their technical ideas in1884, inspired more than 700
worldwide events across all10 Regions.

200
sections240

student branches
participated

TOP LEFT: IEEE President Saifur Rahman at the European Parliament in Brussels, Belgium
TOP RIGHT: IEEE Women in Engineering (WIE) Day participants in Kerala, India
ABOVE: IEEE Day participants

18

Shaping the Future
IEEE Sections Congress, the triennial gathering of IEEE Section leadership,brings together hundreds of delegates from all 10 IEEE Regions to
network, learn and collectively shape the future of IEEE. Sections Congress
2023, held in Ottawa, Canada, centered on the theme of “Enabling
Leaders to Build a Sustainable Future.” The event featured a Climate
Change Pavilion highlighting what each section is doing to combat global
warming. Watch a video with highlights from Sections Congress 2023.

1,096

attendees from 95
countries and
303 Sections acrossthe globe

IEEE Education Week Spurs Technical Advancement
IEEE members, employees and local communities joined
together for the second annual IEEE Education Week, designed
to highlight the diverse educational opportunities available
through IEEE that help advance technical careers.

180+

events and 125+ resources,
special offers and more

75+

operating units

154

volunteer ambassadorsfrom around the world

TOP: IEEE Sections Congress participants
BOTTOM: The IEEE Education Week events hosted by the IEEE Sri Lanka Section featured panel discussions, talks, and workshops that attracted hundreds ofuniversity students and teachers

19

IEEEXtreme Enjoys Record Participation
IEEEXtreme is a global challenge in which thousands of teamsof IEEE student members—advised and proctored by an IEEE
member—compete in a 24-hour time span to solve a set of realworld programming problems. This year’s IEEEXtreme 17.0 set newparticipation records, with more than 7,000 team registrations.

17,000

individual team members
participated

12%of IEEE student
membership participatedin IEEEXtreme representing
more than750

student branches from69

countries

20

Advancing theIEEE Mission
In 2023, IEEE reinforced its leadership position, helping to guideinnovation in a direction that benefits humanity. In particular, we continued
to embrace members from various demographics and locations andto foster a global culture that is diverse, inclusive and respectful.

21

Championing Diversity, Equity and Inclusion (DEI)
In 2023, the IEEE Diversity & Inclusion Committee advanced its strategic plan that
focuses on further embedding DEI into procedures and processes throughout theorganization. A newly launched volunteer toolkit aimed to bolster DEI initiatives
throughout IEEE and provide support for ongoing activities in this area. Cases of IEEE
DEI efforts are outlined below.
Solving Accessibility Issues
IEEE Engineering Projects in Community Service (EPICS) organizes university andhigh-school students to work on engineering-related projects with local community
organizations. In 2023, the EPICS in IEEE Access & Abilities Competition, madepossible thanks to a bequest to the IEEE Foundation, empowered student teams
globally to deliver engineering projects that help solve accessibility issues withincommunities, enable adaptive services, redesign technology for equity and develop
assistive technologies. Projects included:• a soft exosuit for ambulatory patients with spinal muscular atrophy• a smart E-TRIKE with detachable wheels for disabled students• a self-navigating robotic walking aid for the elderly

LEFT: Members of the EPICS in IEEE Adaptive Mouse team at the University of Florida at Gainesville collaborate on product design for a mouse and keyboard allin the same device that can be used with one hand
RIGHT: EPICS in IEEE project team member Jordan Britt from North Carolina State University with the Wheelchair Electric Assist prototype

22

IEEE Celebrates Inaugural Women in Engineering Day
IEEE Women in Engineering (WIE) has taken significant steps to promote change in
the industry and enhance employment opportunities for women in technical fields.
In 2023, IEEE launched IEEE WIE Day to coincide with International Women in
Engineering Day. WIE members, staff members, affinity groups and student branches
organized more than100 events worldwide to celebrate the occasion and support anever-growing community of women in STEM.

Watch "2023—A Year in Review" showing the achievements of IEEE Women in
Engineering supporting the advancement of women in STEM this year.

TOP: IEEE Women in Engineering Day participants in Kerala, India
BOTTOM: IEEE WIE Day participants

23Deploying Tech in Times of NeedIEEE MOVE Expands InternationallySince 2016, IEEE MOVE has aided more than a quarter million natural disastervictims with communications, computers and power solutions. This year, IEEE
expanded the award-winning program to provide relief and outreach to India andthe Caribbean, which are frequently affected by severe storms. In 2023, the IEEE
MOVE team in India assembled more than 50 portable emergency solar mobile
chargers and life-saving solutions that can be easily deployed in disaster-stricken
areas throughout the country.
In the United States, IEEE MOVE also provided assistance for:• Hurricane Lee (New England)
14–18 September• Hurricane Idalia (Florida)
30 August–14 September• Mississippi Tornado (Mississippi)
26 March–5 April

In Support of Open Science
New Open Access Journals Receive First Impact Factors
This year,12 of IEEE’s new fully open access journals were accepted
for indexing by Clarivate and received their first Journal Impact
Factors. Each year, Clarivate examines the influence and impact ofscholarly research and offers an objective means to evaluate theworld’s leading journals.

TOP: IEEE Moveathon Event in India

24

30+

fully open accessjournals170+

hybrid open accessjournalsIEEE Inks 3-Year Agreements for Open Access in Greece and Spain
In 2023, IEEE reached a three-year open access agreement with
Hellenic Academic Libraries Link (HEAL-Link), a consortium of Greek
universities that includes 43 institutions, as well as with CRUE, aconsortium of Spanish universities. With these new agreements,
researchers belonging to participating Greek and Spanish institutions
are now able to publish open access articles in approximately 200
leading journals and magazines produced by IEEE, making them
instantly available and free to read by the general public.

IEEE's read and publish
relationships grew52%

from 2022 to 2023

IEEE Reaches 100,000 Open Access Articles
Achieved Milestones of 100,000 Open Access Articles Published
2012
IEEE Photonics Journal flips to open access (OA), making it IEEE's first fully OA Journal
2013
IEEE launches IEEE Access®
IEEE provides an open access hybrid option for all peer-reviewed journals
2016IEEE Access receives its first Journal Impact Factor™
2019
IEEE launches 14 new fully open access journals as part of the
Accelerated Open Access Program (now 29 journals)
2020
IEEE introduces TechRxiv™, a new preprint server
2022
IEEE achieves Plan S transformative status for its periodical portfolio,
enabling any Plan S funded author to publish OA in any hybrid title
2023
In March, IEEE reached a new milestone with over 100,000 open access articles
published and now available in the IEEE Xplore Digital Library
Articles are from IEEE's hybrid journals, 29 fully open access journals, and IEEE Access25

IEEE Access Celebrates 10th Anniversary
This year, IEEE Access celebrated its10-year publishing anniversary, with a number ofactivities marking the occasion. These included a collection of the top 10 most impactfulIEEE Access articles over the last decade, as well as a video on IEEE.tv featuring author
testimonials and commentary from the editor-in-chief.

26

Changing the Worldfor the Better
Since 1884, IEEE has actively shaped the future of technology—
and the world—by tirelessly advancing innovation and technologicalexcellence. In 2023, IEEE recognized the groundbreaking
accomplishments of its members and communities that sparked radicaltransformation and made our planet a better place for everyone.

TOP: IEEE and ITU representatives at ITU headquarters in Geneva

27

Awards and Recognitions
IEEE Life Fellow Vint Cerf Receives IEEE Medal of Honor
Sponsored by the IEEE Foundation, the Medal of Honor is IEEE’s pinnacle of recognition. In
2023, it was awarded to Vinton “Vint” Cerf, widely known as the “Father of the Internet.” Cerf
was recognized “for co-creating the Internet architecture and providing sustained leadership in
its phenomenal growth in becoming society’s critical infrastructure.” The award was presented
at the 2023 IEEE Honors Ceremony.

IEEE VIC Summit Showcases Influential Figures in Technology
The 2023 IEEE Vision, Innovation, and Challenges Summit (VICS) featured panel discussions
with several of this year’s award recipients on everything from career advice to the impact
of AI. In a “fireside chat,” IEEE Medal of Honor recipient Vint Cerf raised concerns about
the digital divide. During the Innovators Showcase session, IEEE medalists Luc Van den
hove, Melba M. Crawford and James Truchard offered advice on how to lead a successfulcompany or research lab. The “Artificial Intelligence and ChatGPT” panel featured award
recipients Carlotta Berry, Lydia E. Kavraki and Rodney Brooks discussing the ethics ofgenerative AI and how educators can successfully adapt these tools in the classroom.

Doreen Bogdan-Martin Earns IEEE President’s AwardITU Secretary-General Doreen Bogdan-Martin received the 2023 IEEE President’s Award for her“distinguished leadership and contributions to the public.” Bogdan-Martin has demonstrated
a commitment to bridging the digital divide, emphasizing the need for digital transformationto achieve economic prosperity, gender equality and socio-economic inclusion. Her
contributions also included helping to build circular economies and reduce climate impact.
David Coe, Gerald Deboy and Tatsuhiko Fujihira Awarded IEEE Medal for
Environmental and Safety Technologies
David Coe, IEEE Senior Member Gerald Deboy and IEEE member Tatsuhiko Fujihira received the2023 IEEE Medal for Environmental and Safety Technologies for “contributions to the concept andrealization of superjunction power devices that significantly improve power efficiency.” They are theinventors of the superjunction principle, which has delivered immense energy savings by significantly
reducing the power consumed by everyday electronics used by people around the world.
TOP LEFT: 2023 IEEE Medal of Honor recipient Vint Cerf
TOP RIGHT: Doreen Bodgan-Martin receiving the IEEE President’s Award from IEEE President Saifur Rahman in Geneva

28

Recognizing Historic Technology Milestones
Each year, the IEEE Milestones in Electrical Engineering and Computing program honors
exceptional technical achievements that occurred at least 25 years ago. In 2023,
12 Milestones were dedicated globally, including:1820-1827
The Birth of Electrodynamics
Paris, France
Stimulated by experimental reports that an electric current could deflect a compass
needle, André-Marie Ampère discovered the fundamental law of electrodynamics, thescience of interactions between electric currents.
1915-1918
Invention of Sonar
Paris, France
Paul Langevin demonstrated the feasibility of using piezoelectric quartz crystals toboth transmit and receive pulses of ultrasound and thereby detect submergedsubmarines at ranges up to 1,300 meters. The system, later called sonar, was usedsuccessfully during World War II, and led to other applications including depth sounding
and medical echography.
1978
First Demonstration of a Fibre Bragg Grating
Ottawa, Ontario, Canada
Researchers at the Communications Research Centre Canada were the first to observe
photo-induced change of refractive index in glass optical fibers and demonstrate writing
permanent refractive index gratings that act as very selective optical filters.
1981-1988
The Development of RenderMan® for Photorealistic Graphics
Emeryville, California, USA
RenderMan® software, developed at Lucasfilm and Pixar, revolutionizedphotorealistic rendering, significantly advancing the creation of 3D computer
animation and visual effects.
1988
First Robotic Control from Human Brain Signals
Skopje, Macedonia
In the Laboratory of Intelligent Machines and Bioinformation Systems, human brain
signals controlled the movement of a physical object (a robot) for the first timeworldwide, opening a new channel for communication between humans and machines.

29

Celebrating Our History
IEEE Standards Association Commemorates Numerous Milestones in 2023
• In honor of the 50th anniversary of Ethernet, IEEE celebrated the IEEE 802.3
series of standards and the many innovations shaped by these standards• 135th anniversary of the inaugural Committee on Units and Standards• 60th anniversary of the inaugural Standards Committee• 50th anniversary of the IEEE Standards Committee transitioning to theStandards Board
IEEE Foundation Commemorates 50th Anniversary
The IEEE Foundation celebrated 50 years of philanthropy. Over the years, it has
raised more than US$135 million for over 250 IEEE programs that improve accessto technology, enhance technological literacy and support education.

IEEE Signal Processing Society Celebrates 75 Years
The IEEE Signal Processing Society, the organization’s first society, has promoted
innovation and collaboration for 75 years, connecting a global community that now
numbers 23,000 members.
IEEE Aerospace and Electronic Systems Society Celebrates 50th Anniversary
For 50 years, IEEE AESS has played an essential role in the worldwide technicalcommunity and has been recognized for outstanding contributions in the fields ofaerospace and electronic systems.
IEEE Broadcast Technology Society 75th Anniversary
For 75 years the IEEE Broadcast Technology Society has served as an international
working group driving the advancement of technology in the broadcast industry.
Members Celebrate 50 Years of IEEE-USA
To foster member engagement in a fresh manner, IEEE-USA celebrated its 50th
anniversary with over 100 members on a five-day cruise featuring lightning talks andnetworking opportunities to commemorate the milestone.

30

IEEE Board of Directors

1st Row from Left:
Sophia A. Muirhead, Mary Ellen Randall, K. J. Ray Liu, Saifur Rahman, Thomas M. Coughlin,
Forrest D. Wright2nd Row from Left:
Bob G. Becnel, Kathy Herring Hayashi, Jill I. Gostin, Vickie A. Ozburn, Claudio Cañizares,
Rabab Kreidieh Ward, Yu Yuan, Cecilia Metra, ChunChe Fung, Theresa A. Brunasso, Stephanie M. White
3rd Row from Left:
Eduardo F. Palacio, Ali H. Sayed, Robert L. Anderson, Kevin L. Peterson, Greg T. Gdowski,
Sergio Benedetto, Khaled Ben Letaief, Andrew D. Lowery, Kamal Al-Haddad, John P. Verboncoeur,Vincenzo Piuri
Not Pictured:Jenifer Castillo Rodriguez, Leila De Floriani, Alistair P. Duffy, Theodore W. Hissey, Franco Maloberti,
James E. Matthews, Enrique A. Tejera*Jenifer Castillo Rodriguez (as of November), Theodore W. Hissey (through October),James E. Matthews (as of November), Enrique A. Tejera (through November),Yu Yuan (through November)

31

IEEE Management Council

Left to Right
Konstantinos Karachalios, Donna Hourican, Russell Harrison, Karen L. Hawkins, Anta Cisse-Green,
Jamie Moesch, Mary Ward-Callan, Sophia A. Muirhead, Cherif Amirat, Liesel Bell, Cecelia Jankowski,
Thomas Siegert, Steven Heffner

32

Message from the TreasurerIEEE is a public charity with a global presence and a mission toadvance technology for the benefit of humanity. IEEE upheld its
commitment to its members and volunteers, remaining agile andresponsive, while implementing creative solutions that further
strengthened connections to our worldwide communities.
I am pleased to present the audited financial reportsof IEEE. These reports indicate that the overall financial
health of the organization remains strong.
The IEEE Statement of Activities reflects total operating
revenues for 2023 of $584.0 million, an increase of $41.8
million, or 7.7%, from 2022. IEEE had total operating
expenses for 2023 of $535.2 million, an increase of $65.1
million, or 13.8%, from 2022, as further discussed below:

Crowe LLP, the independent auditors for IEEE, met with theIEEE Audit Committee to discuss the scope and results of thefinancial statement audit, to review the adequacy of IEEE’s internal
accounting controls and to examine the quality of IEEE’s financial
reporting prior to issuing its opinion on the financial statements.
IEEE received an unmodified opinion from Crowe LLP in the Reportof Independent Certified Public Accountants.
IEEE is tax exempt under Section 501(c)(3) of the Internal Revenue
Code. I submit these financial statements with confidence thatIEEE continues to be a financially sound organization.

• Periodicals and Media: Overall customer demand forIEEE products remained strong. IEEE continued its focus
on improving publication efficiency and cost reduction.
Revenues increased by $14.9 million, or 6.1%, while
expenses increased by $13.2 million, or 8.2%.
• Conferences: Increase of 14.2% in the number ofconferences, surpassing pre-pandemic activity levels.
Revenues increased by $25.7 million, or 13.5%, andexpenses increased by $31.0 million, or 21.1%.
• Membership: The number of members increased, butrevenues declined by $1.6 million or 2.8%, in part due toreduced dues rates for students and individuals from developing
economies. Expenses increased by $10.6 million, or 11.3%

Mary Ellen Randall
2023 IEEE Treasurer• Standards Association: Revenues increased by $2.1 million,
or 4.5%, while expenses increased by $5.0 million, or 11.2%.
Non-operating activities generated $112.7 million in net gain,
primarily due to $106.8 million in net gains from investments(inclusive of interest and dividends), $2.5 million in conference
related insurance claims, $3.3 million in pension related gains
and $0.1 million in unrelated business income tax income.
Total IEEE net assets increased by $161.5 to $988.1 million, or
19.5%, as of December 31, 2023.

33

Independent Auditor’s Report
To the Board of Directors of: The Institute of Electrical and Electronics Engineers, Incorporated
OpinionWe have audited the consolidated financial statements of The
Institute of Electrical and Electronics Engineers, Incorporated andsubsidiaries (collectively, the “Institute”), which comprise theconsolidated statements of financial position as of December
31, 2023 and 2022, and the related consolidated statements ofactivities and cash flows for the years then ended, and the related
notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements
present fairly, in all material respects, the financial position of theInstitute as of December 31, 2023 and 2022, and the changes intheir net assets and their cash flows for the years then ended inaccordance with accounting principles generally accepted in the
United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America (GAAS). Our
responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of theInstitute and to meet our other ethical responsibilities in accordancewith the relevant ethical requirements relating to our audits. We
believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentationof the consolidated financial statements in accordance withaccounting principles generally accepted in the United States ofAmerica, and for the design, implementation, and maintenance ofinternal control relevant to the preparation and fair presentationof consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management
is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about
the Institute’s ability to continue as a going concern for one year
from the date the consolidated financial statements are available
to be issued.

Auditor’s Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but is not absolute assurance andtherefore is not a guarantee that an audit conducted in accordancewith GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or theoverride of internal control. Misstatements are considered material if
there is a substantial likelihood that, individually or in the aggregate,
they would influence the judgment made by a reasonable user
based on the consolidated financial statements.
In performing an audit in accordance with GAAS, we:• Exercise professional judgment and maintain professional
skepticism throughout the audit.
• Identify and assess the risks of material misstatement of theconsolidated financial statements, whether due to fraud or
error, and design and perform audit procedures responsive
to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the
consolidated financial statements.
• Obtain an understanding of internal control relevant to the audit
in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Institute’s internal control. Accordingly,
no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used andthe reasonableness of significant accounting estimates made bymanagement, as well as evaluate the overall presentation of theconsolidated financial statements.
• Conclude whether, in our judgment, there are conditions or
events, considered in the aggregate, that raise substantial doubt
about the Institute’s ability to continue as a going concern for areasonable period of time.
We are required to communicate with those charged withgovernance regarding, among other matters, the planned scope andtiming of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.

Crowe LLPNew York, New YorkMay 21, 2024
34

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2023 and 2022
		

2023		

2022

ASSETS			CURRENT ASSETS			Cash and cash equivalents$
20,019,700$
Accounts receivable, less allowance for credit losses			
of $1,785,500 in 2023 and $1,376,500, in 2022		
64,220,400 		
Prepaid expenses and other assets		
16,364,200 		
Investments, at fair value		
1,142,975,300 		
Investments - other		
3,779,900 		
Total current assets		

19,359,5002023 ASSETSIEEE total assets as of December 31,
2023, was $1,280.6 million. Investments
comprised 90% or $1,146.8 million of thetotal assets. IEEE total assets increased
by $188.6 million from 2022, primarily
due to change in investments value.

37,219,000
15,129,900
981,250,000
3,751,800

1,247,359,500 		 1,056,710,200

NONCURRENT ASSETS			
Land, buildings and equipment, net
Right of use of assets – operating
Right of use of assets – finance

26,495,000 		
6,681,000 		
34,600 		

28,053,700
7,282,500–

Deferred tax assets		
67,600		
36,100			
Total assets$ 1,280,637,700$ 1,092,082,500

LIABILITIES AND NET ASSETS			CURRENT LIABILITIES			
Accounts payable and accrued expenses$
Current lease obligations – operating 		Current lease obligations – finance		Accrued pension and other employee benefits		
Amounts held on behalf of IEEE Foundation, Incorporated		Deferred revenue		

88,077,400$
2,087,000 		
11,700 		
676,900 		
65,109,000 		
118,661,400		

58,939,900
2,061,100–
634,100
54,106,400
128,816,700

Total current liabilities		
274,623,400 		 244,558,200
			
NONCURRENT LIABILITIES			
Lease obligations – operating		
Lease obligations – finance 		
Accrued pension and other employee benefits		

4,527,000 		
22,900 		
13,405,600		

6,313,800–
14,629,400

Total liabilities		
292,578,900 		 265,501,400			Commitments and contingencies			

2023 LIABILITIESIEEE total liabilities and net assets was$1,280.6 million. Net assets comprised
77% of the total IEEE total liabilities andnet assets. IEEE net assets increased
by $161.5 million, or 19.5%, to $988.1
million, as of December 31, 2023, from$826.6 million as of December 31, 2022.
This increase in net assets is primarily
due to gain on non-operational activities.

NET ASSETS			
Without donor restrictions			
Undesignated 		
979,431,600 		
Board-designated fund		6,032,500 		

815,690,500
8,538,300

Total without donor restrictions		
With donor restrictions		

985,464,100 		
2,594,700 		

824,228,800
2,352,300

Total net assets		

988,058,800 		

826,581,100

Total liabilities and net assets$ 1,280,637,700$ 1,092,082,500

See accompanying notes to consolidated financial statements.

35

CONSOLIDATED STATEMENT OF ACTIVITIESYear ended December 31, 2023 (with comparative total for 2022)
		Without Donor		 With Donor
		 Restrictions		 Restrictions		

Total 2023		

Total 2022

56,311,200

57,939,200

REVENUES				
Memberships$

56,311,200

$

–

$

$

Periodicals		 259,004,600 		–		 259,004,600

244,125,400

Conferences		

215,723,000 		–		

215,723,000

190,069,700

Standards		

49,016,000 		–		

49,016,000

46,918,400

Public imperatives		

3,708,500 		

190,000 		

3,898,500

3,070,100

Other income		

47,900 		–		

47,90039,700Net assets released
from restrictions		

38,700 		

(38,700)		

––151,300 		 584,001,200

542,162,500

Total revenues		 583,849,900 		

2023 REVENUES
Total operating revenues for 2023
was $584.0 million, an increase of$41.8 million, or 7.7%, from 2022. A
14.9% increase in periodicals revenue
and 25.7% increase in conference
revenue was a contributing factor.

EXPENSES				
Program services					Memberships		 104,654,600 		–		 104,654,600

94,066,400

Periodicals		 173,295,900 		–		 173,295,900

160,130,600

Conferences		 178,095,000 		–		 178,095,000

147,087,900

Standards		

49,751,600 		–		

49,751,600

44,747,000

Public imperatives		

14,534,500 		

–		

14,534,500

11,669,500

Total program services		 520,331,600 		–		 520,331,600 		

457,701,400

					Supporting services					In-Kind contribution		

1,603,400 		–		

1,603,400

1,483,700

General andadministrative		

13,246,800 		–		

13,246,800

10,896,400

Total expenses		 535,181,800 		–		

535,181,800

470,081,500

					Changes in net assets
before non-operating activities		

48,668,100 		

151,300 		

48,819,400 		

72,081,000

NON-OPERATING ACTIVITIES				Investment gain (loss), net		 106,742,400 		

3,251,500 		–		

3,251,500 		

4,760,900

Gain on insurance recoveries		

2,500,000 		–		

2,500,000 		

1,879,900

Changes in net assets before
income tax		

161,162,000 		

242,400 		

Benefit (expense) for
income taxes		

73,300 		–		Changes in net assets		

161,404,400 		 (23,940,600)
73,300 		(851,200)

161,235,300 		

242,400 		

161,477,700 		

(24,791,800)

Net assets, beginning of year		 824,228,800 		

2,352,300 		

826,581,100 		

851,372,900

Net assets, end of year

2,594,700$ 985,464,100

See accompanying notes to consolidated financial statements.

36

91,100 		 106,833,500 		 (102,662,400)

Pension and related benefits
activity other than net periodic
benefit cost		

$$ 988,058,800$

826,581,1002023 EXPENSES
Total operating expenses for 2023 of$535.2 million, an increase of $65.1
million, or 13.8%, from 2022, primarily
due to increase in membership andconference related activities.

CONSOLIDATED STATEMENT OF ACTIVITIESYear ended December 31, 2022
		Without Donor				 Restrictions		

With Donor		Restrictions		

Total

REVENUES					Memberships$

57,939,200

Periodicals		

$

244,125,400 		

57,939,200

$

–

– 		

244,125,400

Conferences		

190,069,700 		– 		

190,069,700

Standards		

46,918,400 		– 		

46,918,400

Public imperatives		

2,722,400 		

347,700 		

3,070,100

Other income		

39,700 		– 		

39,700Net assets released from restrictions		

20,200 		

(20,200)		

–Total revenues		

541,835,000		

327,500 		

542,162,500

EXPENSES					Program services					Memberships		

94,066,400 		

– 		

94,066,400

Periodicals		

160,130,600 		– 		

160,130,600

Conferences		

147,087,900 		– 		

147,087,900

Standards		

44,747,000 		– 		

44,747,000

Public imperatives		

11,669,500 		– 		

11,669,500

Total program services		

457,701,400 		– 		

457,701,400

					Supporting services					In-Kind contribution		

1,483,700 		– 		

1,483,700

General and administrative		

10,896,400 		– 		

10,896,400

Total expenses		

470,081,500 		–		

470,081,500

					Changes in net assets before non-operating activities 		

71,753,500 		

327,500 		

72,081,000

NON-OPERATING ACTIVITIES					Investment (loss) gain, net		

(102,590,000) 		

(72,400) 		

(102,662,400)

Pension and related benefits activity other than net periodic benefit cost

4,760,900 		– 		

4,760,900

Gain on insurance recoveries		

1,879,900 		– 		

1,879,900

Changes in net assets before income tax(24,195,700) 		

255,100 		

(23,940,600)(Expense) benefit for income taxes		

(851,200) 		

– 		(851,200)

Changes in net assets		

(25,046,900) 		

255,100 		

(24,791,800)

Net assets, beginning of year		

849,275,700 		

2,097,200 		

851,372,900

Net assets, end of year

824,228,800

2,352,300

826,581,100

$

$

$

See accompanying notes to consolidated financial statements.

37

CONSOLIDATED STATEMENTS OF CASH FLOW
Years ended December 31, 2023 and 2022
		

2023		

2022

CASH FLOWS FROM OPERATING ACTIVITIES			
Changes in net assets$

161,477,700$(24,791,800)

8,336,600 		

10,940,300

Adjustments to reconcile changes in net assets to net cash provided by operating activities
Depreciation and amortization
Finance lease amortization

11,300 		

–(79,722,900) 		

120,802,100

Noncash operating lease expense

968,000 		

1,086,400

Credit loss expense (recovery)		

1,121,400		

(57,600)

Realized and unrealized (gains) losses on investments		

Changes in assets and liabilities			Change in operating lease liability(2,127,400)		

(21,300)

Accounts receivable		(28,122,800) 		

(2,317,800)

Prepaid expenses and other assets(1,234,300)		

(3,050,600)

Deferred tax assets(31,500) 		

878,400

Accounts payable and accrued expenses

28,927,800 		

3,829,600

Accrued pension and other employee benefits(1,181,000)		

(5,361,300)

Amounts held on behalf of IEEE Foundation, Incorporated		

11,002,600 		

(8,913,300)

Deferred revenue(10,155,300) 		

6,059,500

89,270,200 		

99,082,600

514,546,900 		

746,160,300(596,577,400)		

(839,045,400)(6,777,900)		

(4,023,300)(88,808,400)		

(96,908,400)

Change in cash overdraft

209,700 		

(225,500)

Payment of finance lease obligations		

(11,300)		

–Net cash used in (provided by) financing activities		

198,400 		

(225,500)

Net increase in cash and cash equivalents		

660,200 		

1,948,700

Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES			
Proceeds from sales of investments
Purchases of investments		
Purchase of land, buildings and equipment
Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES						Cash and cash equivalents, beginning of year		

19,359,500 		

17,410,800

Cash and cash equivalents, end of year$

20,019,700$

19,359,500$

209,700$–$

366,400$–

SUPPLEMENTAL DATA			
Purchases of fixed assets included in accounts payable and accrued expenses
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES			Recognizing of right of use of assets and lease liabilities under ASC 842

See accompanying notes to consolidated financial statements.

38

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
December 31, 2023 and 2022

NOTE 1: THE INSTITUTE OF ELECTRICAL AND
ELECTRONICS ENGINEERS, INCORPORATEDNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe objectives of The Institute of Electrical and Electronics Engineers,
Incorporated (the “Institute,” or “IEEE”) are (a) scientific and educational,
directed toward the advancement of the theory and practice of electricalengineering, electronics engineering, computer engineering, computersciences, and the allied branches of engineering and related arts andsciences and (b) professional, directed toward the benefit of theengineering community and the general public.

The Institute’s consolidated financial statements are presented inconformity with accounting principles generally accepted in the UnitedStates of America (“GAAP”) and have been prepared on the accrualbasis of accounting. All intercompany accounts and transactions havebeen eliminated in the accompanying consolidated financial statements.

Implementation of the Institute’s objectives is performed by members
and volunteer communities organized as regions, sections, chapters,societies, and councils, none of which are separately incorporated, andtheir financial results are incorporated in the Institute’s accompanying
consolidated financial statements. These units are aligned to serve thetechnical interests of members and to coordinate local activities of thesections and the broader activities of the Institute. The societies andcouncils promote the technical interests of their members throughsymposia, conferences, various publications, and the developmentof standards.

Cash and cash equivalents are defined as cash balances held in bankaccounts and highly liquid short-term investments held by the Institutefor operating use with original maturities of three months or less fromthe date of purchase.

The consolidated financial statements include the accountsof IEEE, Inc., Global IEEE Institute for Engineers, Inc., IEEE Global LLC,
IEEE International LLC, IEEE Europe GmbH, IEEE Latin America SA,
IEEE Broadcast Technology Convention LLC, IEEE Worldwide Limited,
IEEE Asia-Pacific Limited, and IEEE Technology Center GmbH.

Basis of Presentation

Cash and Cash Equivalents

Investments
Investments in publicly traded debt and equity securities are recorded
at fair value determined on the basis of quoted market prices as of thereporting date. Investments in alternative investments (e.g., commingled
funds) that are not readily marketable are reported at fair value as
determined by the respective investment manager as of the reporting
date. The Institute follows guidance on measuring the fair value ofalternative investments, which offers investors a practical expedient formeasuring the fair value of investments in certain entities that calculate
net asset value (“NAV”). Under this practical expedient, entities are
permitted to use NAV without adjustment for certain investments which:(a) do not have a readily determinable fair value and (b) prepare theirfinancial statements consistent with the measurement principles of aninvestment company or have the attributes of an investment company.
Additionally, the Institute follows guidance that removes the requirement
to categorize, within the fair value hierarchy, all investments for which thefair value is measured using NAV.
Such valuations involve assumptions and methods that are reviewed by
the Institute and have been concluded to be reasonable and appropriate.
Because such investments are not readily marketable, their estimated fairvalue is subject to uncertainty and, therefore, may differ from the valuethat would have been used had a ready market for such investments
existed. Such difference could be material. However, the risk to theInstitute is limited to the amount of the Institute’s investment in each of
the respective funds with respect to its ownership interests.
Purchases and sales of securities are reflected on a trade-date basis.
Gains and losses on sales of securities are determined on an average
cost basis and are recorded on the consolidated statements of activities
in the period in which the securities are sold. Dividends and interest arerecognized as earned.

Investments – Other
Investments — other consist of certificates of deposit held to maturity
with original maturities greater than three months that are not debt
securities and are carried at amortized cost.

39

Fair Value Measurements

Accounts Receivable and Allowance for Credit Losses

The Institute follows guidance that defines fair value, establishes aframework for measuring fair value, and expands disclosures about fairvalue measurements. This guidance provides a consistent definition offair value, which focuses on an exit price between market participantsin an orderly transaction. The guidance also prioritizes the use ofobservable inputs and minimizes the use of unobservable inputs byrequiring that observable inputs be used when available to determine
the fair value of an instrument as of the reporting date.

Accounts receivable are stated at the amount the Institute expects
to collect on outstanding balance. In general, the Institute reviews acustomer’s credit history before extending credit. The Institute maintains
allowances for credit losses against certain billed receivables based upon
the latest information available regarding whether the receivables areultimately collectible. Assessing the collectability of customer receivables
requires management’s judgment. The Institute determines its allowancefor credit losses by specifically analyzing individual accounts receivable,
historical collection information, customer creditworthiness, current
economic conditions, and accounts receivable aging trends. Valuation
reserves are periodically re-evaluated and adjusted as more information
about the ultimate collectability of accounts receivable becomes
available. Upon determination that a receivable is uncollectible, therespective receivable balance and any associated reserve are written off.
Any payments subsequently received on such receivables are recorded
as income in the period received. The Institute believes that all accounts
receivable balance at December 31, 2023 and 2022 are collectible
within one year.

Observable inputs are inputs that market participants would use
in pricing the asset or liability based on market data obtained fromindependent sources. Unobservable inputs reflect assumptions thatmarket participants would use in pricing the asset or liability based on
the best information available in the circumstances. The hierarchy isbroken down into three levels based on the transparency of inputs
as follows:
Level 1:	Quoted prices are available in active markets for identicalassets or liabilities as of the measurement date. A quoted
price for an identical asset or liability in an active market
provides the most reliable fair value measurement
because it is directly observable to the market.
Level 2:	Pricing inputs are other than quoted prices in active
markets, which are either directly or indirectly observable
as of the measurement date. The nature of thesesecurities includes investments for which quoted prices
are available but traded less frequently and investmentsthat are fair valued using other securities, the parametersof which can be directly observed.
Level 3:	Securities that have little to no pricing observability as ofthe measurement date. These securities are measured
using management’s best estimate of fair value, where
the inputs into the determination of fair value are notobservable and require significant management judgment
or estimation.

Concentration of Market and Credit Risks
Cash, cash equivalents and investments are exposed to interest rate,
market, and credit risks. The Institute maintains its cash and cash
equivalents in various bank deposit accounts that may exceed federally
insured limits at times. To minimize risk, the Institute’s excess cash
accounts are placed with high-credit quality financial institutions, andthe Institute’s investment portfolio is diversified with several investment
managers in a variety of asset classes. The Institute regularly evaluates
its depository arrangements and investments, including the performance
thereof. At December 31, 2023 and 2022, the Institute maintains
accounts with two financial institutions with balances exceeding the
FDIC limit.

40

Land, Buildings, and Equipment
Land, buildings, and equipment are stated at cost, including interest
expense capitalized during the period of construction, or period ofdevelopment, until the time that it is ready for its intended use. Additions
and improvements costing more than $5,000 and with useful lives
greater than three years are capitalized. Maintenance and repairs are
expensed as incurred.
Assets acquired under finance lease agreements are depreciated over
the term of the respective lease agreement to which they pertain.
Leasehold improvements are amortized over their useful lives or lease
period, whichever is shorter.
During fiscal year 2020, the Institute began the process of updating
its financial system and moving to an integrated, cloud-based platform
for financial recording and reporting (including contracts, banking, andexpense reporting). This implementation was completed in 2021. The
Institute capitalized implementation costs relating to such financial
system upgrade in accordance with FASB Accounting Standards Update(“ASU”) 2018-15, Customer’s Accounting for Implementation Costs
Incurred in a Cloud Computing Arrangement that is a Service Contract,and such costs are reflected in the “Software” and “Information systems
upgrade in process” lines of Note 5 for 2023 and 2022, respectively.
Depreciation and amortization are provided on a straight-line basis overthe following estimated useful lives:
Years
Buildings
20– 40
Building improvements
10–15
Furniture, equipment and vehicles
5 –10
Software and information systems
3–5
Computers
3Leases, Right of Use Assets and Lease Liabilities

Net Asset Classifications

At the inception of an arrangement, the Institute determines if anarrangement is a lease based on all relevant facts and circumstances.
Leases are classified as operating or finance leases at the leasecommencement date. Lease expense for operating leases is recognizedon a straight-line basis over the lease term. Leases with a term of 12months or less (short-term leases) are not recorded on the consolidated
statement of financial position.

The Institute’s net assets, revenues, expenses, gains, and losses
are classified based on the existence or absence of donor-imposed
restrictions. Accordingly, the net assets of the Institute and changes
therein are classified and reported as follows:

Right of use (“ROU”) assets represent the Institute’s right to use theunderlying assets for the lease term and lease liabilities represent thenet present value of the Institute’s obligation to make payments arisingfrom these leases. The lease liabilities are based on the present value of
fixed lease payments over the lease term using the implicit lease interest
rate or, when unknown, the Institute's incremental borrowing rate on
the lease commencement date or January 1, 2022 for leases thatcommenced prior to that date. If the lease includes one or more options
to extend the term of the lease, the renewal option is considered in thelease term if it is reasonably certain the Institute will exercise the options.
Operating lease expense is recognized on a straight-line basis over theterm of the lease. As permitted by ASC 842, leases with an initial termof twelve months or less ("short-term leases") are not recorded on theaccompanying balance sheet.
The Institute has lease agreements with lease and non-lease
components, which are accounted for as a single lease component
under the practical expedient provisions of the standard. The Institutehas lease agreements with terms less than one year. For the qualifying
short-term leases, the Institute elected the short-term lease recognition
exemption in which the Institute will not recognize ROU assets or leaseliabilities, including the ROU assets or lease liabilities for existing shortterm leases of those assets in upon adoption.
Variable lease payments consist primarily of common area maintenance,
utilities, and taxes, which are not included in the recognition of ROU
assets and related lease liabilities. The Institute’s lease agreements do
not contain material restrictive covenants.

Accounts Payable and Accrued Expenses
Cash overdrafts are included in accounts payable and accrued expenses.
At December 31, 2023 and 2022, cash overdrafts amounted to$209,700 and $0, respectively.

Without donor restrictions — net assets that are not subject to donorimposed stipulations. Net assets without donor restrictions may bedesignated for specific purposes by actions of the Board of Directors.
Net assets without donor restrictions can be utilized to carry out anyof the purposes of the Institute.
Included within net assets without donor restrictions are balances of$6,032,500 and $8,538,300 as of December 31, 2023 and 2022,
respectively, relating to funds that were designated by the Board of
Directors for the sole purpose of upgrading the Institute’s financial
systems and processes.
With donor restrictions — as of December 31, 2023 and 2022 net
assets with donor restrictions totaled $2,594,700 and $2,352,300,
respectively. These balances represent amounts restricted bydonors for specific activities of the Institute or to be used at somefuture date. The Institute records contributions as net assets withdonor restrictions if they are received with donor stipulations that
limit their use either through purpose or time restrictions. Whena donor restriction expires, that is, when a time restriction ends ora purpose restriction is fulfilled, net assets with donor restrictions
are reclassified to net assets without donor restrictions andreported on the consolidated statements of activities as net assets
released from restrictions. However, when restrictions on donorrestricted contributions and investment returns are met in the sameaccounting period, such amounts are reported as part of net assets
without donor restrictions.
Another portion of net assets with donor restrictions include funds
wherein donors have stipulated that the principal contributed beinvested and maintained in perpetuity. Income earned from theseinvestments is available for expenditure according to restrictions
imposed by donors and consideration of the appropriation for
expenditure criteria by the Institute pursuant to the New York
Prudent Management of Institutional Funds Act (“NYPMIFA”).

Operating Measure
The Institute classifies its consolidated statements of activities into
operating and non-operating activities. Operating activities include allincome and expenses related to carrying out the Institute’s mission.
Non-operating activities include interest and dividends, realized andunrealized gains (losses) on investments, pension and other employee
benefit related activity other than net periodic benefit cost, and otheritems considered to be unusual or of a non-recurring nature.

Revenue
In accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 606, Revenue fromContracts with Customers (“ASC 606”), the Institute recognizes
revenue when control of the promised goods or services aretransferred to the Institute’s customers in an amount that reflects
the consideration the Institute expects to be entitled to in exchange
for those goods or services, as outlined in note 3. The standard
outlines a five-step model whereby revenue is recognized as
performance obligations within which a contract is satisfied.
41

Public Imperatives
Public imperative revenues primarily consist of grants and contributions,
including unconditional promises to give. Grants and unconditional
promises to give are reported as revenues in the period received.
Conditional contributions are recorded as revenue when the conditions
on which they depend are substantially met.
Public imperatives are social good activities that are directed at the public
and not an individual or small group of individuals. They are generally
related to the promotion of the public’s understanding and appreciationof the Institute’s fields of interest and/or positioning the Institute’s
technical expertise in ways to benefit humanity. Typically, these activities
are not expected to create a financial surplus but rather are funded by
the surplus of other activities.
Public imperative revenues primarily consist of IEEE-USA Assessments,
History Center, and Foundation related activities.
Public imperative expenses consist of History Center, grants, certain
IEEE-USA activities, and educational activities, initiatives, honors
ceremonies, presentations and some Society activities.
Contributed Services (In-Kind Contribution)
Contributed services are recognized as expenses for services that create
or enhance nonfinancial assets of IEEE Foundation, Incorporated (the“IEEE Foundation”), require specialized skills, are provided by individuals
possessing those skills and typically would need to be purchased if nototherwise provided by donation. Contributed services are recorded at thefair value of the services provided and are recorded on the statement ofactivities as expenses in the period incurred. See also Note 13.
IEEE Foundation is a related organization, which works side by sidewith its donors and the Institute to unleash exciting, thoughtful andimpactful programming that advances technology for the benefit ofhumanity since 1973.

Income Taxes and Tax Statusa. Uncertain Tax Positions
The Institute is qualified under Section 501(c)(3) of theInternal Revenue Code (“Code”) as an organization exempt
from federal income tax and applicable state income tax and isclassified as a publicly supported charitable organization under
Section 509(a)(2) of the Code. Nevertheless, the Instituteis subject to tax on income unrelated to its exempt purpose,
unless that income is otherwise excluded by the Code.
The Institute follows guidance that clarifies the accounting for
uncertainty in tax positions taken or expected to be taken ina tax return, including issues relating to financial statement
recognition and measurement. This section provides that the tax
effects from an uncertain tax position can be recognized in thefinancial statements only if the position is “more-likely-than-not”
to be sustained if the position were to be challenged by a taxing
authority. The assessment of the tax position is based solely on thetechnical merits of the position, without regard to the likelihoodthat the tax position may be challenged. As of December 31,
2023 and 2022, management has determined that there are no
significant uncertain tax positions that would require recognition or
disclosure in the accompanying consolidated financial statements.

42

b. The Institute’s Income Tax Provision
The Institute generates revenue from unrelated business income
activities and files federal Form 990-T and associated equivalentstate unrelated business income tax returns. The Institutehas historical losses and tracks federal Net Operating Losses(“NOLs”) in two separate categories: NOLs generated prior to
January 1, 2018 (“pre-TCJA”), which can be carried forward up
to 20 years, and NOLs generated after December 31, 2017(“post-TCJA”), which can be carried forward indefinitely.
For the year ending December 31, 2023, the Institutegenerated current year losses of $918,000, resulting incumulative federal NOLs of $6,406,000, which is comprisedof $4,156,000 pre-TCJA and $2,250,000 post-TCJA. The
Institute also has cumulative state NOLs of $807,000 withcarryforward periods ranging from 12 years to indefinite-lived.
Deferred income taxes are recognized for the temporary differences
between the tax basis of assets and liabilities and financial-reporting
amounts at each year-end, taking into consideration enacted tax
laws and statutory tax rates applicable to the periods in which
the differences are expected to affect taxable income. Valuation
allowances are recognized if, based on the weight of available
evidence, it is more likely than not that all or some portion of any
deferred tax asset will not be realized. The benefit or provision forincome tax represents the income tax benefit or payable for the year
and the change in deferred tax assets and liabilities during the period.
As of December 31, 2023 and 2022, the Institute’s deferred tax
asset with respect to its NOL from unrelated business activities
had total balances of $67,600 and $36,100, respectively, reflecting
a full valuation allowance booked against its federal deferred tax
asset. The Institute booked the respective valuation allowances
against the deferred tax assets since there is no expectation theInstitute will utilize these benefits in the foreseeable future.
The Institute’s deferred tax assets are netted with deferred
tax liabilities on the accompanying 2023 and 2022
consolidated statements of financial position.
c. Income Tax Provisions of For-Profit Subsidiaries
IEEE, Inc., a subsidiary of the Institute, is considered a for-profit
entity under the Code. Management is maintaining a full valuation
allowance against the net deferred tax assets for IEEE, Inc.

d. Consolidated Income Tax Provision
For the years ended December 31, 2023 and 2022, the expenses (benefit) for income taxes consisted of the following:
2023
Current
FederalState$

DeferredFederalState(10,200)$–(31,700)		
(27,200)(41,900)		(27,200)–
881,700(31,400)		
(3,300)		 (31,400)		878,400

Expense (benefit) for income taxes

For the year ended December 31, 2023, the Institute’s consolidated
income tax benefit is $73,300, which is comprised of $10,200 inincome tax benefit related to the Institute’s unrelated business income
activities and associated off-setting valuation allowance, and $63,100
in income tax benefits from associated state activities. For the year
ended December 31, 2022, the Institute’s consolidated income tax
expense was $851,200, which was comprised of $881,700 in income
tax expense related to the Institute’s unrelated business income activities
and associated off-setting valuation allowance, and $30,500 in income
tax benefits from associated state activities.

2022

$

(73,300)$

851,200

Adoption of Recent Accounting Pronouncements
On January 1, 2023, the Institute adopted Accounting Standards
Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic
326): Measurement of Credit Losses on Financial Instruments (ASC326) using the modified retrospective approach. This standard replaced
the incurred loss methodology with an expected loss methodology thatis referred to as the current expected credit loss (“CECL”) methodology.
CECL requires an estimate of credit losses for the remaining estimatedlife of financial assets using historical experience, current conditions,and reasonable supportable forecasts. The new standard had no
significant impact on the Institute’s financial statements.

Use of Estimates
The preparation of consolidated financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.

Subsequent EventsThe Institute evaluated its December 31, 2023 consolidated financial
statements for subsequent events through May 21, 2024, the datethe consolidated financial statements were available to be issued.
The Institute is not aware of any other material subsequent events
which would require recognition or disclosure in the accompanying
consolidated financial statements.

43

NOTE 3: REVENUE RECOGNITION
Membership DuesStandards

The Institute offers membership for a term of one year. The Institutesatisfies its performance obligation and recognizes revenue evenly
over the membership term as its members simultaneously receive andconsume the benefits over that timeframe. Generally, membership does
not commence until after the Institute receives payment.

Standards revenues primarily include subscriptions, publications andonline products and content relating to technology standards. Suchrevenues are recognized upon delivery of the online products or content
or over the related subscription period.

Payments received for membership dues in advance of the Institutesatisfying its performance obligation are recorded within deferred
revenue in the accompanying consolidated statements of financial
position. The changes in deferred revenue relating to membership dues
were caused by normal timing differences between the satisfaction of
performance obligations and customer payments.

Periodicals
Periodicals revenues primarily include subscriptions and online products
and content. Such revenues are recognized upon delivery of the online
product or content or over the related subscription period.
Payments received for periodicals and media agreements in advanceof the Institute satisfying its performance obligations are recorded
within deferred revenue in the accompanying consolidated statementsof financial position and recognized as revenue in future periods as
performance obligations are satisfied. The changes in deferred revenue
were caused by normal timing differences between the satisfaction of
performance obligations and customer payments.
For the years ended December 31, 2023 and 2022, the Instituterecognized 100% of the periodicals revenues over time, respectively.

Conferences
Conference revenues primarily include registration and sponsorships,
and also includes the conference proceedings and published articles
related to respective conferences. Revenues from conference registrationand sponsorships are recognized when the conferences take place.
Revenues from conference proceedings and articles are recognized in
the period in which they are sold.
Payments received for conferences in advance of the Institute satisfying
its performance obligation are recorded within deferred revenue inthe accompanying consolidated statements of financial position andrecognized as revenue in future periods as performance obligations
are satisfied. The changes in deferred revenue were caused by normal
timing differences between the satisfaction of performance obligations
and customer payments.

44

Payments received for standards agreements in advance of the Institutesatisfying its performance obligation are recorded within deferred
revenue in the accompanying consolidated statements of financial
position and recognized as revenue in future periods as performanceobligations are satisfied. The changes in deferred revenue were caused
by normal timing differences between the satisfaction of performanceobligations and customer payments.
For the years ended December 31, 2023 and 2022, approximately 35%
and 38% of standards revenue were recognized “over time” and at“point-in-time,” respectively.

Accounts Receivable
Accounts receivable relating to the above revenues consist of the following:		2023		
Periodicals and standards$

29,548,100

$

2022

27,935,600

Conferences 		

33,019,400 		

8,336,700

Other		

3,438,400 		

2,323,200

Total accounts receivable		

66,005,900 		

38,595,500

Less: allowance for credit losses		

(1,785,500)		

(1,376,500)

64,220,400

37,219,000

Accounts receivable, net of allowance for credit losses$$

Deferred Revenue
Deferred revenue from contracts with customers represents payments received in advance for which services have not been performed as ofDecember 31, 2023 and 2022. The following tables present contract balances along with activities for deferred revenue as of and for the years
ending December 31, 2023 and 2022:
Balance at
RevenueCash Received
January 1
Recognized
In Advance of
2023
2023
Performance				
Membership dues$
32,219,100$(32,219,100)$
32,299,200$
Periodicals 		
89,595,200 		
(89,595,200) 		
82,989,500 		
Conferences 		
4,812,900 		
(4,812,900) 		
1,041,800 		
Standards 		
2,189,500 		
(2,189,500) 		
2,330,900 		
$Membership dues$
Periodicals 		
Conferences 		Standards 		
$128,816,700$ (128,816,700)

Balance atJanuary 1
2022

Revenue
Recognized
2022

27,025,800$
85,191,900 		
8,511,700 		
2,027,800 		

(27,025,800)$(85,191,900) 		
(8,511,700) 		
(2,027,800) 		

122,757,200$ (122,757,200)$

118,661,400$

Cash Received
In Advance of
Performance$

Balance at
December 31
2023
32,299,200
82,989,500
1,041,800
2,330,900
118,661,400

Balance at
December 31
2022

32,219,100$
89,595,200 		
4,812,900 		
2,189,500 		

32,219,100
89,595,200
4,812,900
2,189,500

128,816,700

128,816,700$

45

NOTE 4: INVESTMENTS
The Institute’s investments, at fair value, by level within the fair value hierarchy, consist of the following as of December 31:
December 31, 2023
		Level 1		Net Asset Value		

Total

Common stock						Consumer$

28,770,400

Technology		

$

96,778,300 		

28,770,400

$

–

–		

96,778,300

Financial services		

40,826,300 		–		

40,826,300

Healthcare		

47,893,400		

–		

47,893,400

Industrials		

29,786,100 		–		

29,786,100

Energy		15,558,800 		

–		

15,558,800

Other		

14,705,000 		–		

14,705,000

Total common stock		

274,318,300 		–		

274,318,300

					Mutual funds						Growth funds		

106,324,700 		–		

106,324,700

Fixed income funds		

236,328,400		

–		

236,328,400

Money market funds		

213,636,900 		

–		

213,636,900

Other funds		

110,477,500 		–		

110,477,500

Total mutual funds		

666,767,500 		–		

666,767,500

					U.S. government securities		

46,006,500 		

–		

46,006,500

Commingled funds		–		

110,536,600 		

110,536,600

110,536,600 		

1,097,628,900$

987,092,300

$

					
Cash held for investment						44,894,900

Add: receivables for securities sold and accrued interest						951,200

Less: liabilities for securities purchased and accrued fees						(499,700)

Total investments, at fair value					46

$1,142,975,300

December 31, 2022
		Level 1		Net Asset Value		

Total

Common stock						Consumer$$

35,542,100

86,252,000		–		

86,252,000

Financial services		45,249,100		–		

45,249,100

Healthcare		

51,969,800		

–		

51,969,800

Industrials		

30,398,400		

–		

30,398,400

Energy		17,102,300		

–		

17,102,300

Other		

16,636,900		

–		

16,636,900

283,150,600		

–		

283,150,600

Technology		

Total common stock		

35,542,100

$

–

					
Mutual funds						Growth funds		

67,585,200		

–		

67,585,200

Fixed income funds		

238,052,200		–		

238,052,200

Money market funds		

114,888,400		

–		

114,888,400

Other funds		

73,748,800		

–		

73,748,800

Total mutual funds		

494,274,600		

–		

494,274,600

					U.S. government securities		

41,736,600		

–		

41,736,600

Commingled funds		–		

130,762,400		

130,762,400

130,762,400		

949,924,200$

819,161,800

$

					
Cash held for investment						31,278,500

Add: receivables for securities sold and accrued interest						569,900

Less: liabilities for securities purchased and accrued fees						(522,600)

Total investments, at fair value					

$981,250,000

The Institute’s policy is to recognize transfers in and transfers out of levels at the end of the reporting period.

47

Investments valued at NAV by major category as of December 31, 2023 and 2022 consisted of the following:

December 31, 2023

Type

Strategy

NAV in Funds

# of
Funds

Commingled
funds

One fund seeks tooutperform the Russell
2000 Index over a 1 to 3
year period; and one fundseeks to maximize portfolio
returns while minimizing risk
through an asset allocation
based on measurementsof the investible universeof institutional real estate.

$110,536,600

2$ Amount of
UnfundedCommitments

Remaining Life

N/A

Subject to thedetermination of
the respective
fund manager.

Redemption
Terms

Redemption
Restrictions

One fund has
daily redemption
upon notice;and one fundhas quarterly
redemption with60 days notice.

N/A

December 31, 2022

Type

Strategy

NAV in Funds

# of
Funds

Commingled
funds

One fund seeks tooutperform the Russell
2000 Index over a 1 to 3
year period; and one fundseeks to maximize portfolio
returns while minimizing risk
through an asset allocation
based on measurementsof the investible universeof institutional real estate.

$130,762,400

2$ Amount of
UnfundedCommitments

Remaining Life
Subject to thedetermination of
the respective
fund manager.

N/A

Redemption
Terms

Redemption
Restrictions

One fund has
daily redemption
upon notice;and one fundhas quarterly
redemption with60 days notice.

N/A

The Institute also held investments, which included certificates of deposits and term deposits, totaling $3,779,900 and $3,751,800 as of December 31,
2023 and 2022, respectively, that were classified as investments — other on the accompanying consolidated statements of financial position. These
investments do not qualify as securities, as defined by relevant guidance, and as such, fair value disclosures are not provided.
Investment (losses) income, net, for the years ended December 31, 2023 and 2022, are reflected in the accompanying consolidated statements ofactivities and consist of the following:		2023		

2022

IEEE			Interest and dividends, net$
27,110,600$
18,139,700
Net realized and unrealized gains (losses) on investments		
79,722,900 		
(120,802,100)
IEEE investment income (loss), net$

106,833,500$(102,662,400)

Investment expenses, which are netted with interest and dividends, amounted to $1,729,400 and $1,721,300 in 2023 and 2022, respectively.
For the years ended December 31, 2023 and 2022, investment returns related to amounts held on behalf of IEEE Foundation, that have not beenreflected in the accompanying consolidated statements of activities, consist of the following:		48

2023		

2022

IEEE Foundation, Incorporated			
Interest and dividends, net$
1,255,500$
Net realized and unrealized gains (losses) on investments		
4,223,000 		

991,400(7,495,000)

IEEE Foundation investment income (loss), net(6,503,600)$

5,478,500$

NOTE 5: LAND, BUILDINGS, AND EQUIPMENT, NET
Land, buildings, and equipment, carried at cost, net of the related accumulated depreciation and amortization, at December 31, 2023 and 2022 consistof the following:
2023
Accumulated
Depreciation and
Cost
Amortization					
Buildings$$

16,283,200

Net$

1,102,700

16,163,000 		

14,021,200 		

2,141,800

Software		

62,614,000 		

51,566,000 		

11,048,000

Building improvements		

22,206,300 		

17,241,200 		

4,965,100

		

118,369,200 		

99,111,600 		

19,257,600

Furniture, equipment, vehicles and computers		

17,385,900

					
Land		

836,400 		–		

836,400

Information systems upgrade in process		

6,401,000 		–		

6,401,000

Total

$

125,606,600$

99,111,600$

26,495,000$

1,499,800

2022
Accumulated
Depreciation and
Cost
Amortization					
Buildings$

17,385,900$

15,886,100

Net

Furniture, equipment, vehicles and computers		

17,644,000 		

15,935,300 		

1,708,700

Software		

62,812,900 		

47,956,300 		

14,856,600

Building improvements		

22,250,200 		

16,184,700 		

6,065,500

		

120,093,000 		

95,962,400 		

24,130,600

					Land		

836,400 		–		

836,400

Information systems upgrade in process		

3,086,700 		–		

3,086,700

Total

$

124,016,100$

95,962,400$

28,053,700

Depreciation and amortization expense amounted to $8,336,600 and $10,940,300 for the years ended December 31, 2023 and 2022, respectively.

49

NOTE 6: PENSION AND OTHER POST-RETIREMENT BENEFITSThe Institute sponsors two qualified pension plans and one nonqualified pension plan and other post-retirement benefit plans for its employees. In
November 2006, the Board of Directors approved the freezing of its qualified employee benefit plans as of June 30, 2007 and the implementation ofa defined contribution plan effective July 1, 2007. Accordingly, as of June 30, 2007, no further benefits will accrue under the qualified employee benefit
plans after that date.
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended
December 31, 2023, and a statement of the funded status as of December 31, 2023 and 2022:
Pension Benefits		

2023		

Other Benefits
2022		

2023		

Reconciliation of benefit obligation:							Obligation at January 1$
62,391,800$
90,534,800$
6,379,500$
Service cost		
290,000 		
290,000 		
176,400 		
Interest cost		
2,891,900 		
1,796,800 		
301,700 		
Actuarial gain 		
287,900 		
(24,421,100)		
(18,300)		
Benefit payments		
Settlements		

(4,178,200)		
–		(1,777,100)		
(4,031,700)		

2022

8,754,300
263,300
194,300(2,691,400)(132,200)		
— 		(141,000)—

Obligation at December 31$
61,683,400$
62,391,700$
6,707,100$
6,379,500
							Reconciliation of fair value of plan assets:							Fair value of plan assets at January 1$
60,486,500$
87,357,600$—$—
Actual return on plan assets		
6,110,300 		
(21,070,500) 		
—		—
Employer contributions		
2,400 		8,200 		132,200 		
141,000
Benefit payments		
(4,178,200)		
(1,777,100)		
(132,200)		
(141,000)
Settlements		–		 (4,031,700)		
—		—
Fair value of plan assets at December 31 $
62,421,000$
60,486,500 		—									Funded status at December 31		
737,600 		
(1,905,200)		
(6,707,100)		
							Accumulated benefit obligation$
61,683,400$
62,391,700$
6,707,100$—(6,379,500)
6,379,500

At December 31, 2023 and 2022, the funded status of the plans is included in accrued pension and other employee benefits on the consolidated
statements of financial position as follows:
Pension Benefits		

Other Benefits

2023		

2022		

2023		

2022

Non-current assets$
Current liabilities		
Non-current liabilities		

750,900$(6,300)		
(7,000)		

–$(4,000)		
(1,901,200)		

–$(340,700)		
(6,366,400)		

–(328,300)(6,051,200)

Net amount recognized

737,600(1,905,200)(6,707,100)(6,379,500)

$

$

$

$

Cumulative amounts recognized in changes in net assets without donor restrictions and not yet recognized in net periodic benefit cost as of December
31, 2023 and 2022 consist of:Pension Benefits		Net loss (gain)50$

2023		
5,945,700$

Other Benefits
2022		
9,201,200$2023		
(862,500)$

2022(866,500)

The following table provides the components of net periodic benefit cost for the plans for 2023 and 2022:
Pension Benefits		Service cost$
Interest cost		
Expected return on plan assets		
Amortization of net loss		
Settlement loss		Net periodic benefit cost

2023		

290,000$
2,891,900 		
(3,029,100)		
462,200 		– 		

$615,000

Other Benefits
2022		

290,000$
1,796,800 		
(2,105,100)		
153,500 		
594,200 		

$

729,400$

2023		

2022

176,400$
301,700 		—		
(22,300) 		
—		

263,300
194,300—
76,500—455,800

534,100$

Amounts recognized in changes in net assets without donor restrictions for the years ended December 31, 2023 and 2022 consist of:Pension Benefits		Net gain$Amortization of net loss		

2023		

(2,793,300)$(462,200)		

Other Benefits
2022		

(1,245,400)$(747,700)		

2023		
(18,300)$
22,300 		

Pension and related benefits activity							other than net periodic benefit cost$
(3,255,500)$(1,993,100)
$
4,000

$

2022

(2,691,300)(76,500)(2,767,800)

The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses inexcess of 10% of the greater of the benefit obligation and the fair value of plan assets are amortized over the average remaining service period of
active participants.
The assumptions used in the measurement of the Institute’s benefit obligation are shown in the following table:
Pension Benefits		

2023		

Other Benefits
2022		

2023		

2022

Weighted-average assumptions as of December 31							Discount rate		
4.74%		4.94%		 4.79%		
Rate of compensation increase
N/A 		
N/A 		
N/A 		

4.99%
N/A

The assumptions used in the measurement of the net periodic benefit cost are shown in the following table:
Pension Benefits		

2023		

Other Benefits
2022		

2023		

2022

Weighted-average assumptions as of December 31							Discount rate		
4.94%		2.59%		 4.99%		
Expected return on plan assets		
5.30%		2.50%		N/A 		
Rate of compensation increase
N/A 		
N/A 		
N/A 		

2.71%
N/A
N/A

The health care plan benefits are a flat dollar reimbursement to the retirees toward health care premiums. An increase in the reimbursement amount is
not assumed.

51

Contributions

Expected Benefit Payments

There are no required contributions due to the qualified pension
plans during 2023 under the Internal Revenue Service (“IRS”)
minimum funding regulations.
IEEE expects to contribute approximately $6,000 to its
nonqualified pension plan and approximately $341,000 to its
other post-retirement benefit plans during 2024.

Pension Benefits		 Other Benefits
2024$
2025		
2026		
2027		
2028
2029 to 2033

4,898,700$
4,278,900 		
4,175,600 		
4,160,700 		
3,986,800 		
20,847,600 		

340,700
347,100
352,700
365,300
378,000
2,032,600

Plan Assets
IEEE determines its assumptions for the expected rate of return on plan assets for its retirement plans based on ranges of anticipated rates of return foreach asset class. A weighted range of nominal rates is then determined based on target allocations for each asset class. IEEE considers the expected
rate of return to be a longer-term assessment of return expectations and does not anticipate changing this assumption annually unless economic
conditions change significantly. The expected rate of return for each plan is based upon its expected asset allocation. Market performance over a periodof earlier years is evaluated covering a wide range of economic conditions to determine whether there are reliable reasons for projecting forward any
past trends.
IEEE’s pension and post-retirement plan asset allocation at the end of 2023 and 2022, and the target asset allocation for 2023 and 2022 by asset
category based on asset fair values are as follows:			
Asset Category

Target Asset Allocation

2022

2023

2022

Equity securities

10%

12%

10%

N/A

N/A

Debt securities

90%

87%

89%

N/A

N/A

Cash and cash equivalents

0%

1%

1%

N/A

N/A

100%

100%

100%

N/A

N/A

Total

Third-party investment professionals manage IEEE’s pension plan assets,
rebalancing assets as the Institute deems appropriate. IEEE’s investment
strategy with respect to its pension plan assets is to maintain a diversified
investment portfolio across several asset classes targeting an annual
rate of return of 5% in 2023 and 2022. To develop the expected longterm rate of return on assets assumption, the Institute considered thehistorical returns and the future expectations for returns for each asset
class, as well as the target asset allocation of the pension portfolio.
IEEE’s pension and post-retirement funds’ investment strategies are
to invest in a prudent manner for the exclusive purpose of providing
benefits to participants. The investment strategies are targeted to
produce a total return that, when combined with IEEE’s contributions
to the funds, will maintain the funds’ ability to meet all required benefit
obligations. Risk is controlled through liability driven investing. The
majority of the assets are matched against the pension liability.
The Institute’s investment objectives for the pension plans are tominimize the volatility of the pension assets relative to pension liabilities
and to offset the required contributions. The current target asset
allocations are 10% equity securities and 90% debt securities. The
investment guidelines further allow the managers to keep up to 5% incash and cash equivalents.

52

2023

Pension Assets at
Post-Retirement Assets at
December 31		
December 31

Investment strategies and policies for the pension plans reflect a balanceof risk-reducing and return seeking considerations. The objective ofminimizing the volatility of assets relative to liabilities is addressedprimarily through asset—liability matching.
All plan assets are externally managed. Investment managers are notpermitted to invest outside of the asset classes or strategy for which they
have been appointed. The Institute uses investment guidelines to ensure
investment managers invest solely within the investment strategy forwhich they have been retained.

The following table prioritizes the inputs used to measure and report the fair value of the Institute’s pension plan assets at December 31:
December 31, 2023
		Common stock
Consumer$Technology		Industrials		
Healthcare		Financial services		
Materials		
Energy		
Other		

Level 1		878,500$
1,468,200 		
267,500 		
355,400 		
303,200 		
149,800 		
157,200 		
132,100 		

Level 2		Net Asset Value		
—
$
—		
—		
—		
—		
—		
—		
—		

—
$
—		
—		
—		
—		
—		
—		
—		

Total
878,500
1,468,200
267,500
355,400
303,200
149,800
157,200
132,100

Total common stock		
3,711,900 		—		—		
3,711,900							Equity mutual funds		
3,549,600 		—		—		
3,549,600
Corporate bonds				 37,080,200 		
—		
37,080,200
U.S. government securities		 15,004,900 		
Municipal bonds				
Foreign bonds				
Collective trust fund		—		—		1,536,300 		
548,200 		
—		

—		
—		
—		
333,100 		

15,004,900
1,536,300
548,200
333,100$ 22,266,400$ 39,164,700$
333,100
61,764,200							Cash held for investment								–Add: receivables for securities sold and accrued interest							656,800
Total pension plan investments							

$62,421,000

December 31, 2022
		Level 1		Level 2		Net Asset Value		
Total
Common stock
Consumer$
676,400$—$—$
676,400
Technology		897,700		—		—		 897,700
Industrials		246,900		—		—		 246,900
Healthcare		401,100		—		—		 401,100
Financial services		277,000		—		—		 277,000
Materials		120,400		—		—		 120,400
Energy		140,300		—		—		 140,300
Other		 65,200		—		—		 65,200
Total common stock		
2,825,000 		—		—		
2,825,000							Equity mutual funds		
3,021,300		
—		—		
3,021,300
Corporate bonds				
37,482,400		
—		
37,482,400
U.S. government securities		 13,425,000		—		—		
13,425,000
Municipal bonds				
1,792,300		—		1,792,300
Foreign bonds				524,500		—		 524,500
Collective trust fund		—		—		745,500		
745,500$ 19,271,300$ 39,799,200$
745,500
59,816,000							Cash held for investment								1,400Add: receivables for securities sold and accrued interest							669,100
Total pension plan investments							

$60,486,500

The Institute’s policy is to recognize transfers in and transfers out of levels at the end of the respective reporting period.
53

The Institute uses, as a practical expedient for fair value, a NAV per share or its equivalent for purposes of valuing certain investments which: (a) do nothave a readily determinable fair value and (b) prepare their financial statements consistent with the measurement principles of an investment company
or have the attributes of an investment company. The following table lists such investments by major category as of December 31, 2023 and 2022:

December 31, 2023

Type

Strategy

NAV in Funds

# of
Funds

Collective trust
fund

Seeks the highest level ofcurrent income possible
consistent with thepreservation of capital andmaintenance of liquidity.

$333,100

1

Remaining Life
Subject to thedetermination of
the respective
fund manager.

$ Amount of
UnfundedCommitments
N/A

Redemption
Terms
Daily redemption,
upon notice.

Redemption
Restrictions
N/A

December 31, 2022

54

Type

Strategy

NAV in Funds

# of
Funds

Collective trust
fund

Seeks the highest level ofcurrent income possible
consistent with thepreservation of capital andmaintenance of liquidity.

$745,500

1

Remaining Life
Subject to thedetermination of
the respective
fund manager.

$ Amount of
UnfundedCommitments
N/A

Redemption
Terms
Daily redemption,
upon notice.

Redemption
Restrictions
N/A

The Institute also has a defined contribution 401(k) Savings andInvestment Plan (the “Plan”) for employees, who are eligible toparticipate after the start of the next pay period following 30 days of
employment. Under the Plan, employees may generally contribute
between 2% to 16% of their salary; however, not in excess of IRS
limitations. The Institute provides a 100% matching contribution up to
4% of each employee’s salary. The Institute contributed $5,684,800
and $5,299,900 on behalf of eligible employees to the Plan in 2023
and 2022, respectively. Amounts payable at December 31, 2023 and2022 totaled $98,100 and $87,100, respectively, and are includedin the current portion of accrued pension and other benefits in theaccompanying consolidated statements of financial position.

Effective September 1, 2002, the Institute implemented a 457(b)plan for those highly compensated employees who have reached
the IRS maximum 401(k) contribution for the year. These employees
have the option of continuing their contributions up to the maximum
dollar amount under section 457(e)(15) of the Internal Revenue
Code of 1986, as amended. All other criteria for eligibility follow thesame guidelines as the 401(k) plan. The amounts of $7,783,100
and $6,677,000 pertaining to obligations due under the 457(b) plan
are accrued and included in accrued pension and other employee
benefits at December 31, 2023 and 2022, respectively, and the related
457(b) plan assets are included in investments on the accompanying
consolidated statements of financial position.

The Institute has established a Defined Contribution Retirement Plan
under which it makes contributions to accounts established for each
employee according to a predetermined schedule of contributions.
The employee’s retirement benefit is the value of the account. All
contributions under the Defined Contribution Retirement Plan are
made by the Institute and are not funded through salary deductions(employee contributions). Vesting occurs at the completion of each yearof service at a rate of 25% per year until 100% after four years. The
Institute contributed $13,210,000 and $11,846,100 to this plan in 2023
and 2022, respectively. Amounts payable at December 31, 2023 and2022 totaled $231,800 and $214,600, respectively, and are includedin the current portion of accrued pension and other benefits in theaccompanying consolidated statements of financial position.

.

NOTE 7: FUNCTIONAL EXPENSES
The following table summarizes the Institute’s functional expense classification presented below for the years ended December 31, 2023 and 2022:
December 31, 2023
Program Services

Supporting Services
PublicImperatives

In-KindContribution

General and
Administrative

Memberships

Periodicals

Conferences

49,967,900 $

77,047,100 $47,897,500 $

23,745,800 $

4,221,400 $

1,202,000 $

3,514,300 $ 207,596,000–		

62,600 		 59,534,400 		

1,812,300 		

11,300 		—		

8,800 		 61,429,400

17,210,600 		

9,273,500 		 21,893,300 		

3,634,900 		

993,800 		

47,5001,002,100 		 54,055,700

		
and contractors

4,468,100 		

7,381,800 		

11,182,100 		

8,891,700 		

721,900 		

86,600845,800 		 33,578,000

Commission,		
licensing and royalty

1,170,900 		 29,096,400 		

656,200 		

106,300 		

– 		

–

– 		 31,029,800

		
publishing expense

3,624,600 		 18,220,800 		

3,125,700 		

388,200 		

94,500 		

20,300 		

73,500 		 25,547,600

Computer software		and related expense

3,268,800 		

4,972,200 		

3,431,900 		

2,251,600 		

36,500 		

56,200184,600 		 14,201,800

and promotions
		

3,098,800 		

5,102,500 		

3,859,000 		

942,900 		

249,300 		

29,70076,400 		 13,358,600

Grants, awards,
scholarships and others		

1,871,500 		

550,100 		

706,800 		

12,400 		

7,433,500 		–– 		 10,574,300

expense		

3,348,800 		

3,880,800 		

859,700 		

591,600 		

97,100 		

50,900297,900 		

9,126,800

Depreciation
and amortization		

1,701,100 		

2,059,400 		

2,107,100 		

1,040,900 		

23,300 		

1,800

1,403,000 		

8,336,600

Operating leases
and related expense

863,600 		

164,000 		

1,995,600 		

41,700 		

404,300 		

—

3,814,600 		

7,283,800

		
Professional fees

1,301,000 		

2,962,300 		

2,470,400 		

305,900 		

– 		

—

9,000 		7,048,600

Maintenance		
expense871,900 		

2,797,300 		

1,623,900 		

376,600 		

6,400 		

–1,080,500 		

6,756,600

		Insurance

292,600 		

371,000 		

1,263,300 		

309,700 		

2,000 		900185,900 		

2,425,400

		Credit loss expenses

26,100 		

18,300 		

564,200 		

–		

– 		

–

512,800 		

1,121,400

Communication
		
services

95,500 		

15,600 		

91,500 		

121,800 		

3,100 		4001,800 		329,700		
11,472,800 		 9,320,200 		 14,832,400 		
Various other

5,177,300 		

236,100 		

107,100

People costs andrelated expense$

Conference event
related expense
Travel, meetings
and accommodation
Consultants

Printing andMarketingGeneral office

Total$ 104,654,600 $ 173,295,900 $ 178,095,000 $Standards

49,751,600 $ 14,534,500 $

1,603,400 $Total

222,100 		 41,368,000
13,233,100 $ 535,168,100

55

December 31, 2022
Program Services

People costs andrelated expense$

Memberships

Periodicals

45,537,200 $

72,582,100 $ 44,086,500 $Conference event
relatedexpense		
234,500		

Conferences

Standards

9,483,200 		

Commission,		
licensing and royalty

1,610,100 		 29,625,400		

5,151,100 		 16,189,200 		

PublicImperatives

21,990,300 $

51,400		44,833,000		

Travel, meetings
and accommodation

Consultants

Supporting Services
In-KindContribution

4,880,700 $

891,000		

13,400		

General and
Administrative

1,130,300 $
—		

Total

3,252,700 $ 193,459,800
21,700		
46,045,000

1,855,800 		

630,300 		

46,700 		

575,000 		 33,931,300

752,200 		

110,900 		

—		

—		

—		 32,098,600

		
and contractors

3,576,300 		

6,036,300 		

12,219,200		

7,446,600 		

676,500 		

47,200		

336,400 		 30,338,500

Printing and		
publishingexpense4,387,200 		 15,399,500 		

2,403,200 		

250,800 		

102,600 		

9,200		

31,500		 22,584,000

		and related expense

2,478,400 		

5,134,900 		

3,078,800 		

1,678,900 		

94,900 		

46,600		

59,700 		 12,572,200

Marketing andpromotions
		2,837,700 		

4,384,900 		

2,750,700 		

977,300 		

155,400 		

30,500 		

86,600 		 11,223,100

Depreciation
andamortization		

1,587,400 		

2,444,300 		

2,253,900 		

3,126,300		

23,000		—		

1,505,400		 10,940,300

Maintenanceexpense		

1,597,000 		

3,934,700 		

2,813,700 		

710,200 		

—		

—		

654,300		

9,709,900

expense		

3,018,500 		

4,389,300 		

1,202,400 		

549,600		

268,500 		

54,600		

256,600 		

9,739,500

Grants, awards,
scholarships and others

2,034,000 		

592,500 		

1,308,600 		

51,300		

3,904,500 		—		

234,300 		

8,125,200

		
Professional fees

1,041,300 		

3,118,100 		

3,162,200 		

236,500		

—		

—		

97,900 		

7,656,000

Operating leases
		and related expense

836,500 		

117,300		

1,752,300 		

28,600 		

339,000		—		

3,546,300 		

6,620,000

		Insurance

152,700		

320,100		

724,700 		

278,800 		

2,000		

—		

165,200		

1,643,500

Communication
services

124,900 		

94,500 		

108,700		

101,500 		

4,300 		400		4,600 		438,900

		
98,000		(recovery)

75,600 		

243,100		

100 		

—		—		(474,400)		

(57,600)

		
13,431,500 		
Variousother6,678,600 		

7,205,500		

4,462,500		

574,400 		

118,200		

Computer software

General office

Bad debt expense

Total$ 94,066,400 $ 160,130,600 $ 147,087,900 $ 44,747,000 $ 11,669,500 $

542,600		 33,013,300

1,483,700 $ 10,896,400 $ 470,081,500

Management has reviewed all overhead costs and determined that it is appropriate to allocate the majority of these costs to the program services.
There are a number of allocation methodologies that are used focusing on the location where the costs are incurred along with staffing levels
and program service cost incurred prior to allocations. Included in these allocations are approximately $74 million and $61 million of societyadministrative, committee, and executive expenses and approximately $58 million and $57 million of indirect corporate overhead charges in 2023
and 2022, respectively.

56

NOTE 8: ADDITIONAL INFORMATION PRESENTED BY ACTIVITY
The following presents the Institute’s consolidated financial results presented in a traditional surplus or loss format for the years ended December 31,
2023 and 2022. This format differs from the accompanying consolidated statements of activities, which present the financial results by the types of
products and services sold. The surplus and loss presents the same data pertaining to the nature of activities.
		2023		 2022
Net revenues$

580,102,700$

539,092,400

Less: cost of revenues

238,688,300 		

209,465,400

Direct contribution to surplus

341,414,400

329,627,000			Expenses			
Selling

35,866,000 		

Marketing33,310,700 		

35,577,300
28,716,600

Development and design

17,620,600 		

13,962,400

Supporting services

193,558,300 		

169,206,600

Contribution to surplus

61,058,800 		

82,164,100

			Public imperatives, net

10,636,000 		

8,599,400

In-Kind contribution 		

1,603,400 		

1,483,700

48,819,400 		

72,081,000

Subtotal before non-operating activities

			
Non-operating activities			Investment gain (loss), net

106,833,500 		

Gain on insurance recoveries

2,500,000 		

1,879,900

Pension benefit

3,251,500 		

4,760,900

Surplus (deficit) before tax

161,404,400(102,662,400)(23,940,600)

			
Benefit (expense) for income taxes		
Net surplus (loss) after tax$

73,300 		$161,477,700$(851,200)(24,791,800)

A description of each line item is discussed below:

Revenues

Supporting Services

Net earnings from the sales of products and services.

Expenses incurred in the effort to sell products or services, includes
commissions and other related expenses.

This caption includes operational support and shared services.
Operational support includes expenses that are indirectly related
to the sale of products and services which generate revenue (e.g.,costs associated with conference and event management, volunteer
engagement and executive or governance functions). Shared services
include general overhead such as Human Resources, Finance,
Information Technology, Facilities and other related expenses. The
presentation of supporting services, as reported on the accompanying
consolidated statements of activities, reflects an allocation of such costs
amongst the lines of operation specifically benefited.

MarketingPublic Imperatives

Expenses incurred to generate additional sales of existing products orservices, including brand awareness, promotions, displays, and media.

Public imperatives are outreach and public awareness efforts
to inform the public and members about technology and theengineering profession.

Cost of Revenues
Direct costs incurred in producing or providing products and services
that are sold and generate revenue.

Selling

Development and Design
Expenses incurred in relation to developing new products and services
to be sold in the future.

57

NOTE 9: LIQUIDITY RESOURCES
The Institute’s primary source of operating funds is derived from the sale of products and services for its memberships, periodicals, conferences, andstandards. These activities are intended to advance technology for humanity. The Institute has various sources of liquidity at its disposal, including cash
and cash equivalents, and investments.
The following table reflects the Institute’s financial assets as of December 31, 2023 and 2022 reduced by amounts that are not available to meetgeneral expenditures within one year of the statement of financial position date because of contractual restrictions or donor restrictions.
		2023		 2022
Cash and cash equivalents$

Accounts receivable, less allowance for credit losses

20,019,700$

19,359,500

64,220,400 		

37,219,000

Investments, at fair value 		 1,142,975,300 		

981,250,000

Investments – other 		Total financial assets available within one year

3,779,900 		
1,230,995,300

3,751,800
1,041,580,300			Less:			IEEE Board-designated net assets		

6,032,500 		

8,538,300

Amounts held on behalf of IEEE Foundation, Incorporated

65,109,000 		

54,106,400

Amounts subject to expenditure for specified donor purposes

1,940,100 		

1,752,100

Amounts relating to endowment funds with donor restrictions

654,600 		

600,200

Total amounts unavailable for general expenditures within one year 		
Total financial assets available within one year after Board designations$

73,736,200 		
1,157,259,100$

64,997,000
976,583,300

NOTE 10: NET ASSETS WITH DONOR RESTRICTIONS AND ENDOWMENT FUNDS
Net assets with donor restrictions are available for the following purposes at December 31, 2023 and 2022:
		2023		 2022
Grant funds held for specific purposes$

1,044,100Fund held for awards, medals, and other specific purposes$

735,800 		

708,000

Donor-restricted endowment funds, including accumulated unspent
appreciation of $463,200 and $408,800 		

654,600 		

600,200$

1,204,300

2,594,700$

2,352,300

Net assets were released from donor restrictions by incurring expenses satisfying the restricted purposes for the years ended December 31, 2023 and2022 as follows:		2023		 2022
Grant funds held for specific purposes$

Funds released for awards, medals, and other specific purposes$

58

29,700$11,5009,000 		8,70038,700$20,200

Donor-imposed endowment net assets at December 31, 2023 and2022 consist of assets that have been restricted by donors to beinvested in perpetuity to provide a permanent source of income. The
Institute’s donor-restricted endowment consists of eleven (11) individual
funds established principally for awards.
On September 17, 2010, the State of New York passed the NYPMIFA,
its version of the Uniform Prudent Management of Institutional Funds
Act. All not-for-profit organizations formed in New York must apply thislaw. The Institute classifies as net assets with donor restrictions, unlessotherwise stipulated by the donor: (a) the original value of gifts donatedto its donor-restricted endowment, (b) the original value of subsequent
gifts to its donor-restricted endowment and (c) accumulations to its
donor-restricted endowment made in accordance with the directionof the applicable donor gift instrument at the time the accumulation isadded to the funds.
In accordance with NYPMIFA, the Institute considers the following factors
in making a determination to appropriate or accumulate donor-restricted
endowment funds: the purpose, duration, and preservation of theendowment fund; expected total return on endowment investments;
general economic conditions; the possible effects of inflation anddeflation; other resources of the Institute; and the investment policy of
the Institute.

The Institute has adopted investment management and spending
policies for its donor-restricted endowment assets which totaled$654,600 and $600,200 as of December 31, 2023 and 2022,
respectively. This supports the objective of providing a sustainable andincreasing level of donor-restricted endowment income distribution to
support the Institute’s activities while seeking to maintain the purchasing
power of the endowment assets. The Institute’s primary investment
objective is to maximize total return within reasonable and prudent levelsof risk while maintaining sufficient liquidity to meet disbursement needs
and ensure preservation of capital.
To satisfy its long-term rate-of-return objectives, the Institute relies ona total return strategy, the objective of which is to achieve a returnconsisting of a combination of current income and capital appreciation,
without regard to an emphasis on either, recognizing that changes inmarket conditions and interest rates will result in varying strategies in
an attempt to optimize results. The endowment portfolio is diversified
among various investment classes and strategies to help reduce risk.
The following table summarizes the Institute’s total return on donorrestricted endowment investments and the changes in donor-restricted
endowment net assets for the years ended December 31, 2023 and
2022:

2023
		 Without Donor Restrictions		With Donor Restrictions		

Total

Donor-restricted endowment funds

$

—

$

654,600$

654,600

Endowment assets, beginning of year

$

—

$

600,200$

600,200

19,200 		

19,200

Dividends and interest		

— 		

Net realized and unrealized appreciationin fair value of endowment assets 		—		

43,600 		

43,600Endowment return used for operations		— 		(8,400)		

(8,400)—654,600$

654,600

		 Without Donor Restrictions		With Donor Restrictions		

Total

Endowment assets, end of year

$

$

2022

Donor-restricted endowment funds

$

—

$

600,200$

600,200

Endowment assets, beginning of year

$

—

$

676,000$

676,000

Dividends and interest		— 		

12,500 		

12,500

Net realized and unrealized appreciationin fair value of endowment assets 		—		(80,000)		

(80,000)

Endowment return used for operations		

— 		(8,300)		

(8,300)—600,200

600,200

Endowment assets, end of year

$

$

$

59

NOTE 11: LEASESNOTE 12: COMMITMENTS AND CONTINGENCIESThe Institute leases office space and certain equipment from third-party
lessors under noncancellable leases. The following table summarizes thedetails for the Institute’s operating and finance leases recorded on the
consolidated statements of financial position as of December 31, 2023.

Letters of Credit

At December 31, 2023 and 2022, the Institute had irrevocablestandby letters of credit with Wells Fargo Bank, N.A., in the amount of$583,000, which serve as security deposits as required by the termsof its lease agreements with Three Park Avenue Building Company, LP		Operating		 Financeand 2001 L Street, LLC, respectively.
Right-of-use lease assets$ 6,681,000$
34,600At December 31, 2023 and 2022, the Institute had issued standby
Lease liabilities$ 6,614,000$
34,600letters of credit in relation to certain dealers’ agreements and VAT tax
Weighted average remaining lease term		 22 months		 72 months
payments totaling $1,063,100 and $903,100, respectively, with HSBC
Weighted average discount rate		
3.58%		3.49%Bank USA, N.A. The Institute is charged 2% of the face amount, upon
issuance, of the standby letters of credit.
The Institute’s lease agreements do not provide an implicit rate, as such theInstitute uses an estimated incremental borrowing rate, which is derived
Litigationfrom third-party information available at the adoption date in determining
The Institute, in the normal course of its operations, is a party tothe present value of lease payments. The rate used is the risk-free rate.
various legal proceedings and complaints, some of which are coveredby insurance. While it is not feasible to predict the ultimate outcomes
Fixed lease payments are recognized as operating lease cost on aof such matters, management of the Institute is not aware of any
straight-line basis over the lease term. ROU assets are periodicallyclaims or contingencies, which are not covered by insurance, that
evaluated for impairment.
would have a material adverse effect on the Institute’s consolidated
The following table is a summary of the Institute’s components of net
financial position, changes in net assets or cash flows.
lease cost, which is included in the operating leases and related expenses
and depreciation and amortization within the consolidated statements of
NOTE 13: RELATED — PARTY TRANSACTIONS
activities for the year ended December 31, 2023 and 2022:
The Institute has transactions with IEEE Foundation. The InstituteOperating lease cost
$ 2,175,500
made cash contributions of $469,000 and $454,000 in 2023 andFinance lease cost
2022, respectively, to the IEEE Foundation.
Amortization of leased assets		
11,300The IEEE Foundation has no staff and thus, receives certain accounting
Interest on lease liabilities 		
1,400
and administrative services from IEEE. The IEEE Foundation reimbursed
Variable lease cost		
769,200
IEEE for the cost of such services, which amounted to approximately
Total net lease costs$ 2,957,400$1,043,400 and $996,500 during 2023 and 2022, respectively.
The Institute provided In-Kind fundraising administrative services(contributed services) during 2023 and 2022 that were not reimbursedby the IEEE Foundation, valued at In-Kind approximately $1,603,400
The following table summarizes maturities of the Institute’s operating andand $1,483,700 during 2023 and 2022, respectively.
finance lease liabilities as of December 31, 2023, which reconciles tototal lease liabilities included on the Institute’s consolidated statement ofContributed services are recognized as revenue by the IEEEfinancial position.
Foundation if the services create or enhance nonfinancial assets
Year ending December 31 		 Operating 		Finance		Total
or require specialized skills, are provided by individuals possessing
those skills and typically would need to be purchased if not otherwise2024$ 2,290,900 $ 12,600 $ 2,303,500
provided by donation. Contributed services are valued and are2025		 2,119,600		 12,100		 2,131,700
reported at the estimated fair value in the financial statements based2026		 834,400		6,100		 840,500
on actual salary of the IEEE employee, allocated to the Foundation,
based on time spent working on Foundation related activities.
2027		 685,800		5,600		 691,400
2028		 701,300		–		 701,300

Thereafter		 477,200		–		 477,200

Total lease payments		 7,109,200		 36,400		
Less: imputed interest		

495,200		

1,900		

7,145,600
497,100

Total lease liabilities		 6,614,000		 34,500		 6,648,500
Less: current lease liabilities		 2,087,000		 11,700		 2,098,700
Long-term lease liabilities60$ 4,527,000$ 22,900$ 4,549,900

The Institute held on deposit approximately $65,109,000 and$54,106,400 from the IEEE Foundation at December 31, 2023 and2022, respectively, and is separately reported on the accompanying
consolidated statements of financial position. The Institute invests
these amounts on behalf of the IEEE Foundation. Receivables duefrom the IEEE Foundation include grants receivable of $1,528,500 and$1,505,000 at December 31, 2023 and 2022, respectively, and otherreceivables of approximately $137,900 and $76,900 at December 31,
2023 and 2022, respectively, and are included in accounts receivableon the accompanying consolidated statements of financial position.
Amounts due to the IEEE Foundation of approximately $157,100 and$224,700 at December 31, 2023 and 2022, respectively, are includedin accounts payable and accrued expenses on the accompanying
consolidated statements of financial position.

IEEE Office Locations
Corporate Headquarters
3 Park Avenue, 17th Floor
New York, NY 10016-5997 USA
Phone: +1 212 419 7900
Operations Center
445 and 501 Hoes Lane
Piscataway, NJ 08854-4141 USA
Phone: +1 732 981 0060
California Office10662 Los Vaqueros Circle
P.O. Box 3014
Los Alamitos, CA 90720-1314 USA
Phone: +1 714 821 8380
Washington, D.C. Office
2001 L Street, N.W. Suite 700
Washington, DC 20036-4928 USA
Phone: +1 202 785 0017 (IEEE-USA)+1 202 371 0101 (Computer Society)
Global IEEE Institute for Engineers, India
26/1, Fifth Floor
WTC-Brigade Gateway Campus
Dr. Rajkumar Road, Malleswaram West
Bangalore - 560 055, Karnataka, India
Phone: +91 80 4944 4333

IEEE Asia-Pacific Limited
1 Fusionopolis Walk, #04-07
South Tower
Solaris, Singapore 138628
Phone: +65 6778 2873
IEEE, Inc. Representative Office, China
Room 1503, South Tower, Raycom
InfoTech Park C,
No. 2 Kexueyuan South Road,
Haidian District, Beijing, 100190, China
Phone: +86 10 8286 2250
IEEE Japan Office
E-1904 Aoyama-Twin Tower
1-1-1 Minami-aoyama
Minato-ku, Tokyo 107-0062, Japan
Phone: +81 3 3408 3118
IEEE Technology Center GmbH
Heinestraße 38
1020 Vienna, Austria
Phone: +43 11 213004 332

61