Ieee Foundation Inc
- Assets
- $68.6m
- Revenue
- $9.5m
- Investments
- $1.6m
- Employees
- 0
- Location
- Piscataway, NJ
- Founding
- 06/1973
- Data as of
- 12/2022
- EIN
- 23-7310664
Organization Overview
Ieee Foundation Inc is located in Piscataway, NJ. The organization was established in 1973. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ieee Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Ieee Foundation Inc generated $9.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $5.7m during the year ending 12/2022. While expenses have increased by 1.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Ieee Foundation Inc has awarded 228 individual grants totaling $23,245,873. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE IEEE FOUNDATION ENABLES IEEE PROGRAMS THAT TRANSFORM LIVES VIA TECHNOLOGY AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENERGIZE: INNOVATION BY CELEBRATING TECHNOLOGICAL AND ACADEMIC EXCELLENCE. THE IEEE AWARDS PROGRAM DOES THIS THROUGH THE PRESENTATION OF RECOGNITIONS (MEDALS, AWARDS, AND SERVICE RECOGNITIONS) TO HUNDREDS OF INDIVIDUALS FOR LIFE-TRANSFORMING WORK. IEEE-ETA KAPPA NU, THE HONOR SOCIETY OF IEEE, PROMOTES EXCELLENCE IN THE PROFESSION AND IN EDUCATION THROUGH AN EMPHASIS ON SCHOLARSHIP, CHARACTER, AND ATTITUDE
ENGAGE: INTRODUCE AND INVOLVE A WIDER AUDIENCE IN APPRECIATING THE VALUE AND IMPORTANCE OF ENGINEERING AND TECHNOLOGY THROUGH WORK OF THE IEEE HISTORY CENTER TO RECORD, ARCHIVE, AND EDUCATE THE PUBLIC ABOUT THE NATURE OF TECHNOLOGY AND ITS RELATIONSHIP, BOTH PAST AND PRESENT, TO SOCIETY. THE LIFE MEMBERS FUND SUPPORTS NEW AND EXCITING OPPORTUNITIES FOR YOUNG ENGINEERS WITH ENGINEERING EDUCATION AND WORKFORCE DEVELOPMENT, APPLYING TECHNOLOGY FOR HUMANITARIAN CAUSES AND PRESERVING THE HISTORY OF TECHNOLOGY.
EDUCATE: EDUCATING THE NEXT GENERATION OF INNOVATORS AND ENGINEERS BY NOURISHING STUDENTS THROUGH ACADEMIC OPPORTUNITIES SUCH AS SCHOLARSHIPS, FELLOWSHIPS, TRAVEL GRANTS, AND MENTORING, AND INTRODUCING PRE-UNIVERSITY STUDENTS TO STEM AND THE HISTORY OF TECHNOLOGY THROUGH DELIVERY OF CLASSROOM CURRICULUM, HANDS-ON EXPERIENCES, LIBRARY SCIENCE KITS, AND INTERACTIVE WORKSHOPS. PROGRAMS INCLUDE THE IEEE PES SCHOLARSHIP PLUS INITIATIVE, IEEE REACH (RAISING ENGINEERING AWARDS THROUGH THE CONDUIT OF HISTORY), AND TRYENGINEERING.
ILLUMINATE: THE POSSIBILITIES OF TECHNOLOGY BY USING IT TO ADDRESS GLOBAL CHALLENGES THROUGH DELIVERY AND DEPLOYMENT OF INNOVATIVE SUSTAINABLE PROJECTS THAT BRING ELECTRICITY, COMMUNICATION, EDUCATION, AND HOPE THROUGHOUT THE WORLD. PROGRAMS INCLUDE IEEE SMART VILLAGE, EPICS IN IEEE, IEEE-USA MOVE, AND IEEE SIGHT (SPECIAL INTEREST GROUP ON HUMANITARIAN TECHNOLOGY).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Secretary | OfficerTrustee | 4 | $0 |
Name Not Listed Treasurer | OfficerTrustee | 4 | $0 |
Name Not Listed Past President | OfficerTrustee | 4 | $0 |
Name Not Listed VP Programs | OfficerTrustee | 4 | $0 |
Name Not Listed President | OfficerTrustee | 4 | $0 |
Name Not Listed Vice President, Development | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $3,519,229 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,661,651 |
| Noncash contributions included in lines 1a–1f | $35,133 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,180,880 |
| Total Program Service Revenue | $0 |
| Investment income | $1,368,786 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$843 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,548,823 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,115,507 |
| Grants and other assistance to domestic individuals. | $662,201 |
| Grants and other assistance to Foreign Orgs/Individuals | $285,762 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $56,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $12,750 |
| Fees for services: Investment Management | $87,055 |
| Fees for services: Other | $812,809 |
| Advertising and promotion | $137,500 |
| Office expenses | $313,044 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,223 |
| Travel | $160,717 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,607 |
| All other expenses | $0 |
| Total functional expenses | $5,689,175 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,513,125 |
| Savings and temporary cash investments | $10,669,547 |
| Pledges and grants receivable | $2,583,634 |
| Accounts receivable, net | $224,691 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $92,539 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $43,070,783 |
| Investments—other securities | $1,582,699 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,856,167 |
| Total assets | $68,593,185 |
| Accounts payable and accrued expenses | $281,405 |
| Grants payable | $1,549,268 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $364,578 |
| Total liabilities | $2,195,251 |
| Net assets without donor restrictions | $16,652,269 |
| Net assets with donor restrictions | $49,745,665 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $68,593,185 |
Grants Awarded
Over the last fiscal year, Ieee Foundation Inc has awarded $2,866,122 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
IEEE PURPOSE: Educational Grant | $2,707,472 |
SD STATE UNIVERSITY PURPOSE: Educational Grant | $24,000 |
MIT PURPOSE: Educational Grant | $20,000 |
UNIVERSITY OF PITTSBURGH PURPOSE: Educational Grant | $16,000 |
TEXAS A&M UNIVERSITY PURPOSE: Educational Grant | $14,000 |
IOWA STATE UNIV OF SCI AND TECH PURPOSE: Educational Grant | $11,000 |