The IET’s Board of Trustees is responsible for the overall governance of fundraising and for approving fundraising policies and/or delegating authority to the CES and Development Steering Group or member(s) of the IET’s senior management team as appropriate.
1. Seeking charitable support - Campaign proceeds must be used to advance the charitable objects and purposes of the IET.
“The objects and purposes of the IET are to promote the general advancement of science, engineering and technology and to facilitate the exchange of information and ideas on these subjects amongst the members of the IET and otherwise.”
2. Fundraising Goals – In addition to the wider campaign goals, any financial goals for individual programmes are determined by the Development Steering Group, and the Board of Trustees will determine any figure to be included within annual budget. A three to five year fundraising strategy will be developed and maintained by the Development Steering Group. Resourcing the fundraising work is determined by the Board of Trustees within the usual budget and planning procedures.
3. Charitable priorities - The campaign is focused on the following major priorities:
- Scholarships, bursaries, prizes, awards and other activities that help close the skills gap.
- A portfolio of initiatives to underpin a renewed stimulus for engineering.
The IET will accept gifts for any/all charitable activities of the IET including the renovation of IET facilities. Sponsorship arrangements, such as for events may be managed outside the fundraising activities.
4. Accurate and full documentation of gifts - All gifts and pledges will be fully and accurately recorded. Verbal pledges will not be counted toward totals but will be recorded and the IET aims to send such prospective donors regular reminders. Any payments then received will be counted toward totals and the gift acknowledged in writing.
5. Clear financial accounting - Funds will be accurately recorded and reported through ensuring that:
- Funds are properly routed through IET or IET Services Limited. This will be dependent on whether contributions meet the definition of a ‘donation’ or a ‘sponsorship’ payment for tax purposes. Legal advice will be taken from the IET’s General Counsel as to whether any contribution is classified as a donation or sponsorship;
- Revenue is recognised appropriately in accordance with UK Generally Accepted Accounting Practices (“UK GAAP”) and the Charities Statement of Recommended Practice (“Charities SORP”);
- Central overheads are cross charged appropriately, and as necessary, between IET and IET Services Limited.
The IET Trustees are responsible for determining the budget of the IET under the scheme of delegated authority. The use to which unrestricted funds are put will also be managed through the scheme of delegated authority agreed by the Board of Trustees and is subject to the same controls as other areas of spend.
6. Volunteer-led - Fundraising is predominantly volunteer-led and staff-supported, with high profile and respected trustees, members, and friends of the IET playing active roles. This includes engaging with potential contributors, leading and assisting with requests for financial support, including in-kind support, and providing governance and oversight to the conduct of the fundraising, including delivery of priority projects to ensure the potential impact is maximised.
7. Working in partnership - The campaign is committed to working in partnership with other respected organisations on the design and implementation of priority projects such as scholarships, special reports, lectures, etc. Through effective partnerships, the IET seeks to have a wider and more immediate positive impact by avoiding duplication of effort and availing of the complementary skills and networks of others (universities, learned societies, NGOs, etc.).
8. Regular communications - Progress will be reported to the Board via the CES Report. In addition, the Development Steering Group will be in regular contact with volunteers, donors and prospective donors, as appropriate, through quarterly updates, and an annual fundraising report.
9. The IET is registered with the Fundraising Regulator and its activities will comply with the Code of Fundraising Practice.