IEEE Financial Advantage Program Y. W. Liu – member of Individual Benefits and services Committee
IEEE Financial Advantage Program MISSION To enhance the value of IEEE membership þ A broad range of cost-saving and value-added products and services that address the non- technical needs of IEEE members and their families. Leveraging the buying power of over 365,000 members þ Value that provides members clear advantage over non-members. Providing a non-dues revenue stream þ Offset the dependency on association dues.
FAP in USA Personal Insurance Life, Healthcare, Long Term Care, Disability Income, Dental, Auto/Home, Accident, Cancer, Travel Business Insurance Professional Liability, Small Employer Member Credit Card Annual $4 million income to IEEE
FAP in Asia Pacific Travel Insurance Gateway International Gateway Premier Gateway Global Gateway USA Gateway visit America Credit Card Hong Kong Singapore (coming soon)
Hong Kong Credit Card
Partner with local bank Established in 2000 With contract for eight years and extend automatically About US$3,000 annual rebate in form of donation to Hong Kong Section Promote the Card Program in Newsletter Virtually no administration cost
FAP Development process Ask your benefits partner to make a proposal Get support and approval from Section Refer to IBSC to negotiate IEEE Corporate and Legal Review IEEE Excom for approval HQ is exploring with world corporate
IEEE Staff Support Provide Credit Card standard agreement Negotiating a market agreement Coordinating legal and tax requirement Signing of agreement if Section is not a legal entity Rebate will return to Section
Administration Section set up volunteer position for FAP Initiate and oversees program Review and address issues concern Report the program in annual report on the no. of member participating and income generated
Concerned issues Section need to be a legal entity Benefit program partner looks for a legal entity to deal with Attraction needed Large membership base Prestige of IEEE
Concerned issue Tax – income may attract tax liability Data privacy – members details shall not pass to partner Use of IEEE logo shall be strictly controlled