Section Treasurer Responsibilities

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Section Treasurer Responsibilities

• IEEE Region 4 Meeting
• Jan 31 Feb 1, 2004
• Presenter Bob Dawson, R4 Treasurer

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IEEE Overview (1)

• IEEE is responsible for maintaining records for
  all Units Worldwide
• Treasurers contribute significantly by
  maintaining appropriate records locally and by
  filing timely annual reports
• Compliance with IEEE Policies is important to
  maintaining the IEEE nonprofit tax-exempt status

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IEEE Overview (2)

• Delays in submitting the annual report will delay
  receipt of the section rebate/allocation
• Sections of IEEE are not independent
  organizations but integral parts of IEEE
• Subsections, Chapters and Affinity Groups are
  sub-units of Sections
• Sub-units must provide the Section Treasurer with
  their annual report for consolidation into the
  Sections Annual Report. (Alternatively the
  Section Treasurer may provide separate and
  complete financial reports for each sub-unit)

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IEEE Revenue
2002 Revenue 200.6 millionEntire IEEE
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IEEE Expenditures
2002 Expenditures 208.6 million
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Term of Office

• Defined in the Section Bylaws
• Begins on January 1 and ends on December 31 each
  year
• The Section Treasurer must file the L-50 Annual
  Report for his/her term of office by the filing
  deadline in February of the following year
• The Treasurer retains his office until the
  successor Treasurer is elected and takes office

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Typical Duties (1)

• Become familiar with IEEE accounting procedures
  (www.ieee.org/policies)
• Collect financial records from outgoing treasurer
• Prepare annual budget
• Enter all receipts disbursements in an account
  book and/or computer record (Quicken/Quick
  Books/Excel)
• Deposit money received in the name of the Section
  in a depository determined by the Section
  Executive Committee

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Typical Duties (2)

• Prepare a monthly bank account reconciliation
• Make disbursements in accordance with approved
  budget and IEEE reimbursement guidelines
• Attend all meetings of Unit Executive Committee
• Prepare forward to IEEE by the end of the third
  week in February, a Financial Statement of
  Operations (L50) as of 31 December of the
  preceding year

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Annual Financial Report (L-50)

• Timely and accurate preparation of the L-50
  report is an important responsibility
• A unit officer (other than Treasurer) must review
  the financial report
• Treasurer Chair must sign the certification
  page agreeing that they believe to the best of
  their knowledge the report to be true, correct
  complete.
• Annual L50 financial report should include
• Reporting of all Section activities

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Bank Accounts

• The legal name of the IEEE is the "Institute of
  Electrical and Electronics Engineers,
  Incorporated"
• Must never be in an individual's name
• To the maximum extent possible IEEE Geographical
  units are encouraged to participate in the IEEE
  Concentration Banking Program
• Local depository accounts are permissible
• Bank Account Signatures (www.ieee.org/treasurers)

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Funding Sources

• Section Rebate
• Contributions to/from Sections
• PACE Projects
• (http//www.ieeeusa.org/pace/funding.asp)
• SSVR (Section Support Via Regions)

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Financial Responsibilities

• Unit Reserves
• Conflict of Interest
• Employer Identification Number
• EIN 13-1656633
• Exemption from Federal Income Tax

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Information

• Region 4 Treasurer Bob Dawson
• r.j.dawson_at_ieee.org
• Section Rebate Schedule
• (www.ieee.org/organizations/rab/scs/Required_Repor
  ting/rebateschedule.html)
• Treasurer Training
• (www.ieee.org/organizations/rab/scs/Officer_Traini
  ng/index.html)