Learn More: Become Familiar with IEEE Policies for Treasurers

IEEE Sections may only invest funds in the IEEE Investment Fund.  The primary objective of the IEEE Investment Policy shall be the protection of IEEE's (inflation adjusted) assets.  In a manner consistent with the primary objective, the secondary objective shall be to maximize the total return on the IEEE Investment Fund's assets.

The IEEE Investment Fund provides an opportunity for IEEE Units to pool funds together in order to provide benefits inherent in being a part of a large pool of funds.  The IEEE Investment Fund is only available to IEEE Units (Regions, Sections, IEEE Foundation).

Sections in Regions 1-7 cannot charge assessment to members within their Section. 

For Sections in Regions 8-10, an assessment may be established.  A Section or group of Sections within a single country can apply to the IEEE Board of Directors through the MGA Board for an assessment to fund an office and/or staff to improve interaction with the national society in that country.  A business plan for the proposed expenditures and the results of a ballot sent to all members showing clear support for this action shall be included in the application.

Funds within the Section, from whatever source derived, are the property of IEEE, and shall not be used for purposes other than the normal operations of the Section as defined in the IEEE Bylaws or published interpretation of policy, without prior authorization of the MGA Board and/or the IEEE Board of Directors, unless otherwise provided.

Sections shall have the right to obligate their funds for all purposes necessary to promote their objectives, except that no Section or any Officer or representative thereof shall have any authority to contract debts for, pledge the credit of, or in any way bind IEEE for those activities specifically prohibited in the governing documents of IEEE or published interpretation of policy.

Chapter and Affinity Group funds provided to the Section through the annual rebate are intended for the support of those Subunits.  Chapters and Affinity Groups shall be funded at a minimum at the level of the annual Rebate.

Any Geographic Unit may not use IEEE Funds for:

1. payments of any kind for the preparation or presentation of papers, whether to an individual or Organizational Unit, speaker, or author of paper, except for reasonable travel expenses.  This policy shall not apply, however, to compensation for lectures or other IEEE-sponsored educational activities where a fee (or tuition) is charged;
2. a single award by an Organizational Unit carrying a monetary value exceeding US$2,000, exclusive of scholarships and other approved awards for students.  Awards above US$2,000 must be approved by the Awards Board;
3. electioneering of any kind for any IEEE office;
4. electioneering of any kind for any government office;
5. commercial promotional activities;
6. donations of a philanthropic nature, including scholarships, unless authorized in advance by the IEEE Board of Directors;
7. personal or commercial loans of any kind for any purpose;
8. lease or purchase of real estate, without prior authorization from the IEEE Board of Directors;
9. investment of surplus funds in any investment vehicle other than the IEEE Investment Fund;
10. funds derived from member dues (rebate funds) shall not be used for scholarships, fellowships, and other education awards.  The awards activities shall be supported by funds from activities all or in part specifically directed to such usage.  Contributions may be accepted for such use, and donations should be encouraged the use of tax-exempt mechanisms, where available.

IEEE maintains insurance at limits deemed appropriate by the IEEE Insurance Committee for the current business activities of IEEE.  The insurance coverage is extended to cover IEEE Sections, Regions, Societies, Technical Councils, Chapters, Affinity Groups, Student Branches, and Sponsored and Co-Sponsored Conferences.

This IEEE Insurance Summary for Organizational Units is not intended to provide specific information on any particular coverage or insurance policy, but rather to provide information about the basic types of coverage IEEE currently maintains.  Limits and deductibles are subject to change.  Information is available on the following topics:

• Bodily Injury and Property Damage;
• Excess Umbrella Liability;
• Rental Equipment;
• Auto Liability;
• Comprehensive Business Crime;
• Certificates of Insurance;
• Volunteer Global Travel Accident/Medical Plan (Effective 1 January 2001);
• Steps to Take in the Event an Incident Occurs.

Separate incorporation of IEEE Organizational Units is not normally permitted.  On rare occasions, when historical events, local conditions, or economic conditions rule out alternate solutions, such incorporation may be allowed, but only after the Board of Directors is satisfied that the name and integrity of IEEE are adequately protected.  Should it be necessary to form a legal entity, separate from IEEE, the following conditions shall normally apply.

1. Formation of any separate legal entity shall be approved by the IEEE Board of Directors.
2. The IEEE Board of Directors shall appoint the members of the board of directors of the entity formed.  At least one member of the board of directors shall currently be a member of the IEEE Board of Directors.
3. A dissolution clause shall be included in the organizational documents of the entity such that upon dissolution of the entity, any remaining assets (or IEEE’s proportionate share if there are multiple stakeholders in the entity) shall be returned to IEEE.
4. Any subsidiary of IEEE should preferably be wholly-owned and subject to direction and control by IEEE and fully consolidated with IEEE finances.  There shall be regular direct financial reporting to the IEEE Finance Committee.

Registration - Sections should not register within their country without seeking guidance from IEEE Member and Geographic Activities (MGA) staff.  Please e-mail MGA Staff if your Section is considering taking action regarding registering within your country.

Custody Accounts are holding accounts available to those Sections in Regions 8, 9, and 10 which have difficulty exchanging currency to pay for membership and other services at IEEE.  These accounts are administered by the Section/Chapter support area of the Member and Geographic Activities (MGA) department.

To participate in the Custody Account program, a formal letter with the signatures of the Section Executive Committee is required.  The Section must designate one administrator, usually the Section Treasurer, for this account along with a current means of communication, such as fax or e-mail.

Section members pay the administrator in local currency for the services required, such as renewals, new applications, and publications (collectively called transactions).  Forms are provided to track and control these transactions, maintaining records of all deductions and deposits.

The money collected for transactions is deposited in the Section’s local bank account and the forms are forwarded to MGA.  The submitted transactions are paid with funds from the Section’s US based Custody Account.  The locally held money is to be used for Section operations.

Section rebates are automatically deposited into the Section Custody Account.  The Section will receive an acknowledgment once they qualify for the rebate and payment is deposited on account.  In addition, the Section may send deposits in the form of wire transfers, check, or money order in US dollars. 

Interest is paid on balances in the Custody Account.  A regular statement of the account will be provided to the administrator and is available on the web in a password protected account. 

Please e-mail IEEE Staff to open a Custody Account or for more information.