COVID-19 has deeply affected the activities of IEEE PES and in particular the organization of conferences, which is an essential activity for our society. Of course, alternative solutions have been considered, such as maintaining many conferences in a virtual mode with success. To this end, we can cite the success of the IEEE PES GM conference, initially planned in Montreal, Canada, which was finally held in a virtual mode. Participation was close to the traditional face-to-face mode with a very rich program. From a financial point of view, the net results are also in line with those obtained in previous years. However, the T&D conference, which is for IEEE PES, the biggest conference, unfortunately did not take place and the organizers rightly judged that it is not possible to organize such a large event with a high number of participants and exhibitors, in a virtual mode. The next T&D is therefore planned for 2022. From a financial point of view, the non-holding of the T&D conference and exhibition had a significant impact on the IEEE PES finances since T&D is the conference that presents the most important financial results of IEEE PES.
The IEEE PES 2020 preliminary end-year forecast indicates total revenues of $11.09 M and total expenses of $9.86 M. Therefore, the total net financial result forecast is expected with a surplus of $1,23M.
Despite this difficult time, IEEE PES finances remain healthy with comfortable reserves. The finances are rigorously managed at all levels. As such, I express my profound gratitude to all IEEE PES staffs and officials who have spared no effort to guarantee the continuity of the activity of IEEE PES and ensure its financial health during this exceptional period, to the dedicated volunteers with their continuous engagement despite the difficult situation, and to the members for their unwavering support. They all make the pride of our society.
IEEE PES is committed to continuing to serve its members in their best interests. As such, PES FinCom, a finance committee that is in charge of following up the financial health of IEEE PES, remained mobilized throughout the year to face all the usual and unusual financial challenges appearing during this critical period. It continued discussing and approving conferences and meetings budgets financially sponsored or co-sponsored by IEEE PES, approving additional budget requests, and issuing financial recommendations to the IEEE PES Governing Board or to the Executive Committee as needed.
In summary, IEEE PES has shown its resilience in the face of critical situations such as COVID-19. IEEE PES always remains guided to serve its members in all circumstances while preparing for the future to make our society even more resilient and even more successful.
Happy holiday season and stay safe!
Treasurer, IEEE Power & Energy Society