A Brief Overview for R1 Section Treasurers Bala

A Brief Overview for R1 Section Treasurers Bala Prasanna R1 Treasurer 2018-19 IEEE-USA Treasurer 2016-17 [email protected] February, 2018 IEEE Financial Management IEEE is responsible for maintaining records for all

units worldwide Compliance with IEEE Policies is important; in particular to IEEE maintaining the Institutes nonprofit tax-exempt status in the US IEEE is incorporated in New York State & must comply with both State & US rules and regulations IEEEs Fiscal Year is the calendar year (1 January through 31 December) Updated controls were established to ensure that

the interests of the IEEE, its units and their officers are protected February, 2018 IEEE Financial Management Geographic Units Funds for geographic unit activities come directly & mostly from member dues Treasurers & Section leaders make significant contributions to IEEEs financial management by maintaining appropriate records & timely annual financial reporting IEEE Geographic Units are not independent organizations but are essential components of IEEE Subsections, Chapters & Affinity Groups are sub-units of Sections & their financial activities should be incorporated in the Sections financials

Geographic unit operations & reporting are to be based on the calendar year February, 2018 Concentration Banking Program Details Wachovia Bank Local unit retains control of funds No monthly service charges or per-check fees 6-month CD rate paid on daily account balances

Access monthly statements & cancelled checks online (https://webapps1.ieee.org/CBRS_login/cbrslogin.jsp ) February, 2018 Section Rebate Program Each Section receives US$2,000 plus $3/member (including Students)

$4/Senior Member & Fellow $1.50/Affiliate $200/eligible Chapter & Affinity Group $500/eligible Subsection 10% bonus for reporting on time (3rd Fri in Feb) Activity bonus possible Unit & subunits must comply with activity & annual reporting requirements February, 2018 Additional Funding Sources Region - Section Support Via Regions (SSVR) Societies - Each Society has its own programs to support Section Chapter activities

Workshops/Tutorial/Conferences Other IEEE Units (IEEE-USA, Life Members Committee) & programs External Sources (industry support) February, 2018 Appropriate Use of Funds Technical, Non-Technical & Administrative meetings Newsletters Student Branch support Distinguished Lecturers Subsection, Chapter & Affinity Group support Recognition Supplies (banners, plaques, pins, certificates)

Donations, with prior authorization from the IEEE Executive Committee February, 2018 Inappropriate Use of Funds Electioneering of any kind Personal or commercial loans Purchase of real estate, without prior authorization from the IEEE Executive Committee Investment of surplus funds in any investment vehicle other than IEEE Investment Fund February, 2018 Contract Administration Contracts in excess of US$5,000 & less than

US$25,000* can be executed (signed) locally with a copy sent to IEEE Procurement Department. *( Or no more than 50% of the Sections reserve) All contracts with a stated or expected value at or above US$25,000 ... negotiated & approved locally, executed (signed) at the Operations Center after review by subject matter experts. Review by subject matter experts: Staff, Legal, Volunteers (as appropriate) www.ieee.org/contractsonline [email protected] February, 2018 Unit Financial Reporting

All units must report to [email protected] and get closure from them (Teresa Sacks/Arslan Khan) How to: 1. If you are using Netsuite to record transactions, write checks, etc., make sure your Netsuite balance reconciles with CBRS reported balance on Dec 31, except perhaps for uncleared checks. You need to provide/clarify this variance for Teresa before she Completes the review for your unit. 2. If you use Netsuite Bulk Upload, be familiar how to do it, try doing it quarterly. Any uncleared checks will have to be tracked and reconciled with your internal tracking system. (Netsuite upload procedure http://sites.ieee.org/njcoast/files/2017/01/NetSuiteUploadProcedure.pdf) February, 2018

IEEE HQ Contacts 1. Year End Reporting, Netsuite, Compliance Forms [email protected] Teresa Sacks [email protected], Arslan Khan [email protected] 2. Checks, CB Reports, Signature Registration (Add/Delete) Stacy Negron_Sheckells [email protected] 3. EFT(Electronic Fund Transfers) CBRS [email protected] Susan Manno [email protected] 4. Audits Caitlyn Chow [email protected] Marisol Toro [email protected] 5. Bala Prasanna Region Treasurer (Volunteer) [email protected] for general qns February, 2018 Heightened Awareness of Corporate Financial Activities

Evidence of this is in the news weekly, even daily Major changes in corporate financial management processes were made in response IEEE is a large corporation & annually must consolidate all of its units financial activities into a single financial report; IEEE retains an external auditor to audit its annual financial activities February, 2018 Basic Asset Fund & Cash Controls Review unit expenses check register Review monthly account activity Bank account signature cards Annual audit process

Continuity/Volunteer transition February, 2018 Review Unit Expenses Check Register Treasurer presents the Section/Chapter check register(s) to the Section ExCom on a periodic basis Present check register at least 2 times per year Check register includes: name, date, amount, budget line & purpose for each transaction (for example, expense reimbursement, services provided, etc.) Request review & approval of check register report Check Writing 101 Do Not Sign a check where you are the payee. Have your section chair write/sign checks for payments to the treasurer. Why?

Independent review of expenses Ensure Section ExCom is informed & approves unit expenses February, 2018 Review Monthly Account Activity Section Chair & Treasurer periodically review the original monthly statements of account & compare to recent financial report Treasurers should be reconciling account activity monthly CBRS is available on line all the time, closes for a month usually between 10th-15th of following month. Why? Good practice for unit leaders to review account activity Emphasize that more than one person has oversight of the financial

records February, 2018 Bank Account Signature Cards Units submit signature/bank account card, signed by all authorized unit officers, to IEEE for the required staff signature (Stacy Negron-Sheckells [email protected]) Why? Ensure that appropriate authorized signers & accurate signatures are on all accounts Protection of IEEE assets Protection of unit Treasurer, Chair & unit ExCom

February, 2018 Annual Audits IEEE Financial Audit Policy 1. All Regions will have to have audits done regardless of balance. 2. Sections threshold is $250K. If the chapters are rolling up to the Section financials, they will be reviewed in the Section audit. 3. Any section can be randomly picked for an audit regardless of balance. Region 1 asks the sections to have an audit once a year completed by March of the following year. Area Chairs Pl. Ensure your SCs have completed their section audits and confirm to me by mail. (Due before Aug BOG meeting) Why? Required for annual IEEE corporate audit

Protection of unit Treasurer, Chair & unit ExCom February, 2018 Continuity & Volunteer Transition Both outgoing & incoming Section Chairs/ Treasurers sign off on financial report and compliance forms Check if the outgoing Treasurer can stay until 2/15 to help with financial reporting Why? Ensures the smooth transition of officers & mutual understanding of the units financial status by both sets of officers

Protection for both outgoing & incoming Volunteer Officers February, 2018 Summary Bi-annually: Review check register Monthly: Review accounts Annually:

Review & update bank signature cards Conduct local Section audit Assist in IEEE Audit if requested Save paper work for inflow/outflow, receipts for expenses over $25, adherence to IRS mileage rules (54.5 cents/mile) February, 2018 Assistance is Available CLE/Training material is dated. Sorry! https://www.ieee.org/societies_communities/geo_activities/ required_reporting/financial_reporting.html IEEE Treasurers Handbook http://www.ieee.org/treasurers IEEE Policy Manual

http://www.ieee.org/policies Section 11 addresses financial management issues to be addressed by Chairs & Treasurers IEEE Financial Operations Manual http://www.ieee.org/about/whatis/policies/finopsmanual.pdf [email protected] , (Teresa Sacks [email protected] Arslan Khan [email protected]) February, 2018

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