Treasurer’s Tips

1. Treasurer’s Tips Scott Tamashiro Region 6 Treasurer tamashiro@ieee.org Region 6 NEA March 11, 2017

2. IEEE Center for Leadership Excellence Volunteer Training • Section: Treasurer • Timeline: • As the Section Treasurer, there is a very strict timeline to follow in submitting some key financial reports back to IEEE Headquarters. • Two extremely important dates that a Section Treasurer should have in their calendar: • date to submit the sections financials [2/17 10%+ (3rd Friday), 2/28] and the second is the date to submit your Sections Annual Budget for the next financial year [varies]. • Both financial responsibilities should be completed using NetSuite. • http://ieee-elearning.org/CLE/course/view.php?id=20

3. MGA Compliance Forms

4. Center for Leadership Excellence Treasurer and Finance training available at: http://ieee-elearning.org/CLE/course/category.php?id=14 Includes Financial Management for Section and Chapters and NetSuite

5. Section Rebate • Financial, Meeting, and Officer • Each Section receives US $2,000 plus: $3 / member (including Students, Associate Grade members) • $4 / Senior Member & Fellow • $1.50 / Affiliate • $200 / eligible Chapter & Affinity Group • $500 / eligible Subsection • 10% bonus for reporting on time (Feb 15) • Activity bonuses possible • Unit & sub-units must comply with activity & annual reporting requirements. • https://www.ieee.org/societies_communities/geo_activities/required_reporting/rebate_schedule.html

6. IEEE Concentration Banking • The IEEE Concentration Banking account works like a standard checking account. You make deposits, write checks, earn interest on the daily ending balance and you can view your statements online. • The features include: • banking supplies are provided free of charge • Bank by Mail: if a Wells Fargo branch is not in your area, postage-paid, Bank by Mail envelopes are provided for your convenience • access to online statements 24/7 • no fee, incoming wire transfers • easy transfer of funds between Concentration Banking accounts • IEEE Concentration Banking Program Staff • E-mail: concentration-banking@ieee.orgPhone: 732.562.5363

7. IEEE Financial Management & Control • IEEE and all Geo Units are exempt from US Federal Tax per section 501(c) 3. Documentation is available upon request for donors – contact the Region Treasurer. • IEEE is responsible for maintaining the financial records for all Geo Units worldwide • Compliance with IEEE Policies is important; in particular to IEEE maintaining the Institute’s nonprofit tax-exempt status in the U.S. • IEEE’s Fiscal Year is the calendar year (1 January through 31 December) as it is for Geo Units • Controls are established to ensure that the interests of the IEEE, its units and their officers are protected through Financial Reporting and Compliance

8. IEEE Financial Management & Control • Funds for geographic unit activities come directly & mostly from member dues • Treasurers & Section leaders make significant contributions to IEEE’s financial management by maintaining appropriate records & timely annual financial reporting • IEEE Geographic Units are not independent organizations, but instead are consolidated components of IEEE • Subsections, Chapters & Affinity Groups are sub-units of Sections & their financial activities should be incorporated in the Section’s financials (L-50) • Audits, Banking and Compliance Reviews are included in the annual processes

9. Asset, Expense & Cash Controls to be performed by the local unit leaders • Bi-annually: • Review check register • Monthly: • Review accounts • Annually: • Review & update bank signature cards, Conduct local Section audit & Assist in IEEE Audit if requested • Consider IEEE Concentration Banking program / custody account • Easiest way to be compliant with most of the IEEE processes & policies • Both outgoing & incoming Section Chairs / Treasurers review and sign off on annual L-50 Financial Report • Why? • Ensures the smooth transition of officers & mutual understanding of the unit’s financial status by both sets of officers • Protection for both outgoing & incoming Volunteer Officers

10. Contract Administration • Contracts in excess of US $5,000 & less than U.S.$25,000 can be executed (signed) locally with a copy sent to IEEE Procurement Department • All contracts with a stated or expected value at or above U.S. $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 • contracts@ieee.org

11. Insurance and Liability Insurance • General Insurance – Certificate Required • Serves as evidence for a 3rd party we are engaged with • Prepared by IEEE Insurance staff – 1-3 day process time • Name, address, event, description, etc. will be needed • Liability - Coverage is extended to IEEE’s Organizational Units, and to sponsored and co-sponsored activities. • Provides coverage in the event of liability due to bodily injury, personal injury, or damage to the property of others • Volunteers are included as additional insured while acting within scope of authorized duties • Contact ieeeinsurance@ieee.org or +1.732.562.5541

12. Expense Claims • Always use the current IEEE expense form with major item receipts and vouchers attached. The current form can be found on the IEEE Web site by searching for “20xx Expense Report” http://www.ieee.org/about/volunteers/committee/finance/finance_expense_report.html • Claims more than 30 days after travel may be disallowed • Auto mileage reimbursement requires at least three students per vehicle • All expenses exceeding $25 must have a receipt attached to the expense report to be approved • Receipts under $25 may be requested for reimbursement

13. Expense Claims • Travel over 50 miles one-way will be reimbursed at the IRS approved mileage rate (53.5¢ for 2017) for business travel • Students living within a 50-mile radius of the Area meeting location do not normally receive any travel or meal reimbursements • Be sure to sign your expense report • Members who require submitting forms to Region 6 where a signature is required can optionally use an Electronic Signature technology. Any software package that meets the requirements for the UETA is acceptable

14. Region Ground Rules • “Economy” airfare only with optional luggage fees • No seat upgrades, early-check in, etc. fees • Accept typed-in Name (electronic signature) for signature for reports less than $600 • Must be pre-approved by Director • Rental car • Excessive mileage > cheap airfare • If you wouldn’t normally pay that price, ask • “As needed, real-time” exceptions must have reason stated on report • Took taxi vs free hotel shuttle • Meal reimbursement even though food was provided • Flight/travel delays added cost • Non-hotel WiFi • Special purchases • Social meals (discouraged) • If get pre-approval, you’re halfway there… remember to put the documentation in the Expense Report

15. Expense Claims • All claims for travel (students and faculty advisors) should be e-mailed to the Director and/or Area Chair (Area meetings) with a copy to the Region 6 Student Activities Chairman and a copy to the Region 6 Treasurer. • If you don’t sign the Expense Report, you won’t get you money!!!

16. When do I get paid? • We are trying to get regular submittals to cut checks in batches and prefer to do it every 2-3 weeks to reduce labor costs at our Accounting firm • Saved Region $1300 in 2016 with efficient use of firm • However, if you need $$ now, send an email for an expedited check • Three batches of checks have been sent this year • HOP transfers also done in batches but more often as necessary

17. Select from drop down menu Town where activity is being held– fill in each day Address, if available, add Zip+4 Member number for audit requirements Enter each day’s miles X here for Personal Auto Mileage in miles

18. Write exceptions here, pre-approvals, abnormal charges Don’t forget to sign – electronic signatures are OK meeting UETA requirements

19. Example 5

20. Region Ground Rules • Ideally, all winners (e.g., student competitions) need to fill out 1099 regardless of prize amount (Due 1/31, extended 2/28) • Requirement is 3-year record keeping for IEEE volunteer leaders (you)

21. What do I send to tamashiro@ieee.org and kramer@sandiego.edu? • Since you asked, here’s my preference • ONE .pdf file consisting of: • Signed 1st page of Expense report • 2nd page of Expense report (meals, parking, taxi, etc.) • Receipts of expenses over $25.00 • Other • You may optionally send the XLS Expense report file, receipts under $25.00, supporting documentation, etc. • Brownie points: • PDF file name: Last-First_Event_Amount (Tamashiro-Scott_NE_$22.22.pdf) • Use common sense for expenses – we serve the membership • Take pictures of receipts or signed copy and convert to pdf (e.g., CutePDF) • Please note all exceptions or unusual circumstances or costs on Expense report (e.g., Late at night, safest option was taxi; hotel full, R6 director approved higher room rate; screenshot of Orbitz showing lowest airfares not so low!, etc.)

22. BUDGET

23. 2017 is Promising • Approved budget • $360K expenses • $301K revenue • $59K from reserves • Trend is improving • Net deficits • 2014: -$63K (Sections Congress) • 2015: -$87K (Lots of new initiatives) • 2016: -$27K (Holding the fort)

24. Area Meetings Expensive… But a Good Thing? • Area Meetings reduced, cost up • 2014: $76K (8 meetings (2 joint)) • 2015: $69K (8 meetings (2 joint)) • 2016: $86K (6 meetings (3 joint)) • Spring Central: $23K (Hawaii) • Fall CE/SO/SW: $22K (Includes $4.5K hotel) • Fall NE/NW: $25K (F&B $12K) • Increased attendance at these meetings • Covering 2students+advisor now

25. Back to Normal for OpCom, But… • OpCom costs down with no joint-Region meetings • 2014: $52K • 2015: $65K (joint R4) • 2016: $61K (joint R4/R5/USA) • 2017: $43K with maybe $4-7K in expense reports outstanding • However, this does not include $6.5K for Conference Catalysts

26. Rising Stars Conf

27. Other • PACE • About $6.6K of $20-$25K spent already • Pop-Ups • Region will pay ½ of 1st pop-up, mechanism to be determined (currently $1-2K plus Director Discretion Fund) • Sections Congress registration • Region is willing to help (limited number) support 2nd members of a section by paying part or all of registration fee – mechanism and funding to be determined (currently $1K freed up plus Director Discretion Fund) • Likely smaller sections will get access and priority