The Fund provides grants for the relief of persons who are, or have been, Members of the associations now called the Institute of Financial Accountants (IFA) and the International Association of Book-keepers (IAB). It may also provide grants for the dependants of any such persons now deceased, and for the relief of persons who are current students of the IFA or the IAB.
The Fund was set up in 1930 by what is now the IFA and subsequently registered with the Charity Commission on 12 June 1964. The International Association of Book-keepers was set up in 1973 by what is now the IFA and joined the Benevolent Fund from that point. The current name of the Fund (The Institute of Financial Accountants and The International Association of Book-keepers Benevolent Fund) was adopted in 1988, following several changes of name.