Message from the Treasurer

It is my privilege to present the IEEE audited financial reports for the fiscal year ending on 31 December 2024. These reports reaffirm that the organization’s overall financial health remains strong and resilient. As of year-end, total net assets increased by $136.6 million, reaching $1,124.7 million.

As outlined in the Consolidated Statement of Activities, total operating revenue increased by $62.4 million year-over-year, reaching $646.4 million. Operating expenses rose by $65.5 million, totaling $600.7 million. A summary of key variances is provided below:

• Periodicals and Media: Customer demand for IEEE products remained strong. IEEE continued efforts to enhance publication efficiency and reduce costs contributed to a revenue increase of $29.2 million, while expenses increased by $22.1 million.
• Conferences: The number of conferences held increased by 5.8%. Revenue increased by $28 million, and expenses increased by $21.4 million.
• Membership: The number of IEEE members increased by 3.2%, in part as a result of reduced dues rates for students and individuals from low-income economies. Revenue increased by $6.3 million, and expenses increased by $12.0 million. 
• Standards Association: Revenue declined by $0.8 million, while expenses increased by $4.1 million.

Non-operating activities generated $90.9 million: $90.5 million in net gains from investments (inclusive of interest and dividends), $0.1 million in conference-related insurance claims, $0.2 million in pension-related gains, and $0.1 million in unrelated business income tax benefit.

Crowe LLP, the independent auditors for IEEE, met with the IEEE Audit Committee to discuss the scope and results of the financial statement audit, to review the adequacy of IEEE’s internal accounting controls, and to examine the quality of IEEE’s financial reporting before issuing its opinion on the financial statements. IEEE received an unmodified opinion from Crowe LLP in the Report of Independent Certified Public Accountants.

IEEE is a tax-exempt public charity under Section 501(c)(3) of the United States Internal Revenue Code, with a global presence and a mission to advance technology for the benefit of humanity.

I submit these financial statements with confidence that IEEE continues to be a financially sound organization.