I have no experience with Dev-C++, but probably you'd have to compile the IFM project separately, and then link to the IFM library from the IFM module project. We used to do this in Visual Studio, too, but having both projects has the big advantage that Microsofts IntelliSense works fine, i.e., you get information about the arguments of all IFM functions when writing them etc.
Note that you do not have to use the full version of Visual Studio - the free Express edition is usually sufficient for IFM projects that do not need sophisticated code optimization.