July 23, 2025
IES 2024 Report Shows Financial Strain and Fewer Members
Fifth straight year of 7-figure losses. Membership drops 45% since 2020.
The recently published Illuminating Engineering Society’s 2024 Annual Report offers a detailed, at times sobering snapshot of an organization in transition — one that is actively repositioning itself for the future, even as it wrestles with mounting financial strain and a steadily declining membership base. While the tone of the report, and of IES leadership, remains optimistic, the data tells a more complicated story: the IES is leaner, more globally oriented, and deeply engaged — but not yet financially or structurally stable.
The facts, unvarnished: IES ended calendar year 2024 with a $2.35 million net loss, marking the fifth consecutive year of seven-figure negative net income. And while the Society has implemented cost-cutting measures, relocated its headquarters, and expanded international initiatives, the core metrics — especially individual membership and financial sustainability — remain under pressure.
That said, there are legitimate signs of growth in new areas, and sincere efforts underway to rebuild. The story here is not one of collapse, but of reckoning.
Persistent Financial Losses Despite Strategic Cuts
The IES’s financial trend line remains steep. From 2019 to 2024, the Society has now reported over $14 million in cumulative net losses. The recent $2.35 million deficit in 2024 is an improvement over the $4.8 million plunge in 2022, but it still suggests that the Society has not yet found a sustainable balance between mission and means.
- Total 2024 revenue: $5.8 million
- Top revenue source: Conferences at $2.36 million (40%)
- Membership dues: $1.17 million (20%)
- Publishing revenue: $978,000 (17%)
- Education revenue: $406,000 (8%)
- Total expenses: $8.15 million
- Notable one-time expense: $1.62 million in one-time write-offs tied to the NYC office early lease termination and the abandomnent of "certain capitalized assets."
That last line item is particularly telling. In early 2024, the IES shed its longtime Wall Street headquarters after 18+ months on the sublease market.
The resulting non-cash charge, $1.62 million in write-offs, includes leasehold improvements made to the original office buildout, as well as furniture and fixtures left behind. According to IES CFO Olga Loukina, these assets had been capitalized when the Society first modified the leased space to fit its operational needs.
The organization now operates from a leaner WeWork office at 85 Broad Street, in a move that leadership framed as a shift toward efficiency over prestige.
This choice, though costly in the short term, reflects a broader willingness to change course when legacy infrastructure no longer aligns with financial realities.
Membership Losses at the Core
The Society’s financial picture cannot be separated from its shrinking membership base. As of 2024, total membership stands at 4,663 — a 45% drop from the 2020 peak of 8,425. More concerning is the decline among standard and associate members, long considered the bedrock of the Society’s grassroots ecosystem.
From 2020 to 2024, the combined count of standard and associate members fell from 5,302 to 3,421 — a loss of nearly 1,900 individuals, or 36%, in just four years. These are not abstract statistics; they represent real professionals choosing not to renew, or never joining in the first place.
Sustaining members — corporate entities that often contribute at higher levels — held steady at 328 in 2024, a plateau maintained from the previous year. That’s up slightly from the 2022 total of 321, but still well below the 579 recorded in 2019.
“We all know there is no substitute for the IES,” said President Billy Tubb in the report. The data suggests that many former members aren’t so sure.
Still, it's worth noting that corporate recruitment appears to be working, with the addition of high-profile names like Sonepar and the continued engagement of long-time sponsors. If IES can continue to stabilize this segment, it may provide a fiscal and strategic foundation for rebuilding its broader base.
From LightFair Reliance to Diversified Revenue Streams
The absence of LightFair in 2024 — now a biennial event — further strained IES finances. Historically, LightFair has brought in upward of $3 million in profitable pre-Covid years. That line item was effectively erased this year, forcing the Society to lean more heavily on its own conferences and events.
“We continue to focus the Society on fiscal responsibility,” the report states, pointing to expanded events like the IES Annual Conference and SALC, both of which were well-attended and praised in 2024.
Education, too, remains a bright spot:
- 17 webinars delivered
- Over 15,000 CEU hours provided
- Continued growth of the LC study group
Meanwhile, IES also updated or introduced 17 standards in 2024 — down from 28 the year before, but still a strong output. New partnerships with Messe Frankfurt, NEMA, and Sage suggest that the Society is doubling down on standards, education, and global outreach as its future pillars.
Structural Realignment — and a Reporting Gap
The 2024 fiscal year also marked a major administrative shift: IES aligned its fiscal calendar with the calendar year, meaning a six-month “stub” period from July to December 2023 is not included in this or any prior annual report. The organization states that this period is documented via IRS Form 990 filings, but for members and partners, this gap limits year-over-year comparisons.
Leadership terms were extended by six months to bridge the transition. President Billy Tubb remained in office through December 2024, providing continuity.
Searching for a New Equilibrium
In the Society’s favor, there is visible momentum behind new initiatives:
- Global expansion, with new IES Sections launched in Mexico City, MENA, Colombia, and Montreal
- Increased engagement through hybrid events
- A strategic shift from brick-and-mortar prestige to digital delivery and flexible office space
- Broader partnerships with adjacent industries and academic institutions
These are not superficial changes — they reflect real, if early-stage, movement toward a modernized IES. Still, as the membership base shrinks and the core budget remains underwater, the question becomes not just how the Society is changing — but whether it can change fast enough.
There is no mistaking that the IES remains vital to the worldwide lighting community. But for the Society to thrive — not just survive — it must reconcile its mission with a model that attracts and retains the next generation of professionals.
As it stands, the numbers point to a steady unraveling of the traditional IES structure, met by sincere and sometimes promising efforts to rebuild.
The organization is not failing. But it is very much in flux.
