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IEEE Foundation Overview
What is the IEEE Foundation?
A Brief History
IEEE Foundation Board
Officers of the IEEE Foundation
Board Meetings and Staff Support
IEEE Foundation Standing Committees
WHAT IS THE IEEE FOUNDATION?
The IEEE Foundation is a 501(c)(3) not-for-profit corporation established in 1973 in the
State of New York "exclusively to support the scientific and educational purposes of
IEEE." The scope and structure of the IEEE Foundation has evolved over time as
described in the next section: "A Brief History." Today it raises money, invests money,
manages its investments, and supports activities of special interest to members of our
profession in four areas: awards, education, history, and special initiatives intended to
improve the quality of life of all people throughout the world. It does not support normal
ongoing operations of the IEEE.
 At the end of 2003, the IEEE Foundation's total investments were US$23 million. Over
half (US$13 million) was in the IEEE Foundation's General Fund, which operates on a
Spending Model that allows annual spending of five percent of the principal amount,
based on the average of the three preceding year-end balances. The General Fund also
receives and spends annual donations made to it, including a budgeted annual donation
from IEEE.
The General Fund provides about one-third of the almost US$2 million in annual
philanthropic support of the IEEE Foundation. The other two-thirds is supported by the
approximately 80 other funds held by the IEEE Foundation. The largest of these other
funds is the History Fund, a quasi-endowment of over US$3 million used exclusively to
support the operation of the IEEE History Center. The second largest is the Life
Members Fund (LMF) of over US$1 million. The LMF uses the annual donations it
receives plus investment income to support philanthropic activities of interest to IEEE
Life Members as determined by the IEEE Life Members Committee. All other funds are
much smaller and are used to support specific IEEE Awards and a variety of
philanthropic activities administered by IEEE units.
A BRIEF HISTORY
 Initially, the IEEE Foundation's primary activity was to accept and administer charitable
donations for IEEE Awards. As the generous giving of the IEEE membership increased,
the IEEE Foundation was able to expand its scope to include giving grants to worthy
projects. In 1989-90, the Trusts of Alfred and Gertrude Goldsmith, valued at
approximately US$4 million, were bequeathed to the IEEE Foundation. Then, in 1998 -
to stay true to the original spirit of Andrew Carnegie's gift that ultimately established the
United Engineering Center (UEC) - the IEEE Board of Directors voted to contribute the
US$7.6 million net proceeds from the sale of the UEC to the IEEE Foundation.
IEEE FOUNDATION BOARD
The IEEE Foundation Board of Directors is responsible for the management and
direction of the IEEE Foundation. The IEEE Foundation's Certificate of Incorporation,
Bylaws, Policy and Procedures Manual, and Operations Manual - together with all
applicable laws of the United States and the State of New York - govern the IEEE
Foundation Board. The role of the IEEE Foundation Board includes policy formulation,
fundraising, and administrative oversight. It also has fiduciary responsibility for the
protection and prudent and proper use of the IEEE Foundation's financial assets.
All members of the IEEE Foundation Board must be active members of the IEEE and
one third must be or have been members of the IEEE Board of Directors. The members
of the IEEE Foundation Board consist of persons elected as IEEE Foundation Directors
and also ex-officio and corresponding members. Ex-officio and corresponding members
have all the rights and privileges of directors except the right to vote. Ex-officio
members are the IEEE Executive Director, the Chair of the Trustees of the IEEE History
Center, the Chair of the IEEE Life Members Committee, and the Chair of the Awards
Board. A corresponding member is appointed by the IEEE Treasurer to help provide
information and coordination between financial activities of the IEEE and the IEEE
Foundation.
OFFICERS OF THE IEEE FOUNDATION
Officers serve one-year terms beginning on 1 January of the year following their election.
The Officers are the President, Secretary, Treasurer, VP Development, VP Grants, and
VP Projects. The Past President, during the first year after serving his or her last term
as President, also serves as an officer. The President is the Chief Executive Officer and
the Treasurer is the Chief Financial Officer of the IEEE Foundation.
BOARD MEETINGS AND STAFF SUPPORT
The IEEE Foundation Board typically meets three times each year in March, June, and
November, with the June meeting held in conjunction with the IEEE Honors Ceremony
and the other two meetings held at the IEEE Operations Center in Piscataway, New
Jersey.
Questions and requests for help regarding IEEE Foundation Board meetings and other
administrative matters can be directed to the IEEE Foundation Administrator, Glenys
Gotthardt (g.gotthardt@ieee.org), who may direct you to other staff people when
appropriate.
IEEE FOUNDATION STANDING COMMITTEES
Audit Committee (chaired and populated by IEEE Foundation directors who are not
officers) selects a firm to audit the IEEE Foundation's financial records, reviews the audit
report, reports its findings to the entire IEEE Foundation Board, and otherwise performs
the duties specified in its Charter.
Development Committee (chaired by the VP Development and populated by IEEE
Foundation Board members) oversees and provides guidance to IEEE Development Office activities that relate
to IEEE Foundation responsibilities, and Committee members participate in the fundraising process.
Finance Committee (chaired by the Treasurer and populated by IEEE Foundation
Board members) oversees the finances and investments of the IEEE Foundation. It
prepares the annual operating budget and spending model and monitors performance
throughout the year.
Grants Committee (chaired by the VP Grants and populated by IEEE Foundation Board
members) reviews all grant requests received by the IEEE Foundation and recommends
to the IEEE Foundation Board which ones should be accepted or rejected.
Nominating and Corporate Governance Committee (chaired and populated by IEEE
Foundation directors) oversees the governance of the IEEE Foundation and nominates
candidates for director and officer positions.
Projects Review Committee (chaired by the VP Projects and populated by IEEE
Foundation Board members) monitors the performance of all projects funded by the
IEEE Foundation and reports its findings to the entire IEEE Foundation Board.
Trustees of the IEEE History Center raise money for the IEEE History Center and
have been delegated responsibility for granting this money to support IEEE History
Center activities. The IEEE Foundation Board appoints all Trustees, and the Trustees
elect their own officers. The person elected Chair of the Trustees becomes an ex-officio
member of the IEEE Foundation Board. The Chair of the IEEE History Committee is an
ex-officio member of the Trustees.
IEEE Life Members Committee raises money for the IEEE Life Members Fund and has
been delegated responsibility for disbursing this money to support philanthropic activities
of interest to IEEE Life Members. It is a joint committee of the IEEE and the IEEE
Foundation. The IEEE Foundation Board appoints one of its directors to the Life
Members Committee. All other members (including the Chair) are appointed by the
IEEE Board of Directors.
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