Auditors' report

In our opinion, the accompanying combined balance sheets and the related combined statements of income, expenses, and changes in fund balances present fairly the financial position of The Institute of Electrical and Electronics Engineers (Incorporated) at December 31, 1974 and 1973 and the results of its operations for the years then ended, in conformity with generally accepted accounting principles consistently applied. Our examinations of these statements were made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.