Year 2002 EMC Society Financial Summary

EMC Society Newsletters, over the past two years, have included "IEEE Fiscal State of Affairs" articles by Peter Staecker, Division IV Director 2001-2002. If you have been following Peter's comments, you are aware of the effect of the recent years' economic decline on IEEE's finances. The impact of the negative economic conditions on the EMC Society operations is graphically shown in the "Surplus/Deficit 1994-2002" bar graph. Fortunately, the Society had sufficient reserves (accumulated over many years) to cover the 2001 and 2002 deficits.

IEEE's 2002 post-audit finance reports indicate that the Society had a net deficit of $119,000. The Society's 2002 expenses (excluding symposium finances that are administered by the individual symposium Treasurer) were $837,000. Of that total, periodical production and distribution costs were $138,000; the Newsletter cost $118,000 to print and distribute; Committee expenses were $187,000; IEEE administrative support totaled $30,000; IEEE infrastructure costs were $133,000; and the "market fluctuation" reduction was $227,000. On the income side, periodical sales totaled $278,000; Newsletter ads provided $47,000; symposium surplus (from 2000 and 2001 events) was $305,000; revenue from member fees was $85,000 and interest income was $600.

The accompanying pie charts give a pictorial view of the above information. EMC