IEEE Power & Energy Magazine - November/December 2021 - 10

Nouredine Hadjsaid
remaining resilient
investing for the future during the pandemic
A
10
AFTER BEING ELECTED TO A
second term as treasurer of the IEEE
Power & Energy Society (PES), I worked
to consolidate and grow the organization's
financial position to prepare for
the future and face the pandemic's impact
while continuing to support our
members. It is a great honor and privilege
for me to serve the Society and
IEEE. As part of a " Leader's Corner "
column, I am delighted to share some
strategic issues regarding PES finances
and the related role of the treasurer.
The treasurer serves a two-year term.
His or her responsibilities typically include
the following:
✔ chairing the Finance Committee
✔ leading the development of the
Society's budget for the following
year
✔ reporting the financial situation of
the Society during governing and
executive committee meetings
✔ serving as a member of the Oversight
Committee
✔ reviewing monthly financial reports
✔
resolving financial discrepancies.
In addition, the treasurer consults with
the PES executive director and the Society's
financial analyst.
The Finance Committee meets once
a month, but more meetings may be
scheduled when needed. Committee
members include the treasurer, president,
president-elect, executive director,
vice president of meetings, vice president
of publications, and finance staff.
Digital Object Identifier 10.1109/MPE.2021.3104124
Date of current version: 18 October 2021
ieee power & energy magazine
Invited PES vice presidents can also
participate, depending on the agenda.
Finance Committee members also meet
with the Governing Board and Executive
Committee. The role of the Finance
Committee is to discuss the PES financial
situation; approve budgets related
to sponsored and cosponsored conferences,
special initiatives, and committee
expenses; and attend to financial
matters related to daily
Society activities.
PES is a financially
healthy Society with a
reserve fund of about
US$28 million. The reserves
result from the
accumulation of budget
surpluses. Major revenues
are derived from
conferences, publications,
and membership
fees as well as investment
returns. Expenditures
mainly support
major Society activities
related to, among others, conference
organization, membership management,
publications, and committee activities.
Additional support is provided for special
initiatives such as the PES Student
Congress, IEEE Smart Village, scholarships,
and member-driven projects.
Among all IEEE-sponsored conferences,
the IEEE PES T&D ConferCOVID-19
heightens
the
importance
of preserving
the resiliency
of PES against
unforeseen
events.
industry. Thus, T&D has a substantial
impact on the PES budget, which
is typically in the range of US$10-19
million depending on even and odd
years. Even-year budgets are higher because
they are linked to the conference;
surpluses are generally used for Society
initiatives and added to the reserves.
In 2020, due to the COVID-19 crisis,
T&D did not take place, which significantly
affected the Society's
financial results
despite savings on various
expenses.
The Society's financial
strategy is dedicated
to the benefit of all members
while preparing for
the future by considering
growth in all dimensions:
membership, industry involvement,
outreach, education,
and international
presence. COVID-19
heightens the importance
of preserving the
ence and Exposition, informally called
" T&D, " is the most impactful, as it attracts
roughly 12,000 attendees every
two years, and it has the highest budget.
It is a remarkable forum for the companies
and stakeholders in the power
resiliency of PES against unforeseen
events. Indeed, the pandemic has deeply
affected PES activities, particularly
the organization of in-person conferences
that are essential to the Society.
PES has adapted by holding conferences
and regular committee activities
in virtual and hybrid modes whenever
possible. In addition, finances are well
monitored, namely, by optimizing expenses
and through rigorous management
at all levels. As a result, PES
finances remain healthy. The contribution
of all Society volunteers, officers,
and staff who have worked tirelessly to
november/december 2021
leader's corner
IEEE Power & Energy Magazine - November/December 2021

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