Officially chartered on July 1, 1975, membership in the Council is currently composed of 10 chapters from  Indiana and Kentucky.  It is one of 24 such councils across the nation formed to offer additional services.

• To further the purposes and objectives of the Institute of Management Accountants and its chapters which are members of this council.

• To promote and facilitate cooperation and communication between its member chapters; to provide a means through which their resources may be pooled to assist the chapters in achieving their purposes.

•  To conduct, sponsor, or participate in such activities as it deems necessary or desirable in accomplishing the foregoing purposes.

• To assist in the orderly establishment of new chapters in the area.

• To offer quality educational programs with the understanding that a realistic attempt be made to have the programs be self-supporting.

Each chapter may select three delegates. All current or past national officers/directors and current or past presidents of member chapters may be ex-officio non-voting delegates of the council. In addition , any member of a member chapter who is currently serving as a council officer shall hold voting delegate status as an additional delegate from his/her chapter. Three at-large members and three student members may be granted council voting delegate status.