Download - Financial Management January 2011
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Financial Management
January 2011
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Where does the money come from?
• Section Rebate Program
• Region Assistance
• Society Assistance for Chapters
• Conference Income
• Donations
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Section Rebate Program 2011
• $2000 Flat Fee PLUS:– $3 per Member, Student or Associate– $1.50 per Affiliate– $4 per Senior Members and Fellows– $200 / eligible Chapter & Affinity Group– $500 / subsection– 10% bonus for reporting on time (Feb18, 2011)– Additional bonuses for high activity! (10 section
meetings = $200, 6 society meetings = $75)
• Unit and subunits must comply with activity and reporting requirements
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Improve your rebate!
• Encourage members to apply for senior membership (note: new senior members get a IEEE $25 certificate)
• Hold many meetings.
• Encourage increasing membership – even students
• http://www.ieee.org/societies_communities/geo_activities/required_reporting/rebate_schedule.html
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Region Assistance
• Section Support Via Regions (SSVR)– Funds set aside by MGA each year– To be used at the discretion of the Region
Director ($6150 in 2010)
• Great source for funding special projects, initiatives
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Society Assistance For Chapters
• Each Society has its own program– for example, PES has a High Performing
Chapter Grant Program
• Refer to Society Chapter Funding Guide for more information– http://www.ieee.org/about/volunteers/tab/soci
ety_chapter_funding_guide.html
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Conference Income
• Sponsorship opportunities with Societies, Sections, other Chapters
• See Technical Activities Conferences web page for more information:– http://www.ieee.org/conferences_events/conf
erences/organizers/index.html
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Donations
• IEEE Policy permits Sections and Chapters to accept donations for activities of scientific or technical nature
• “Solicitation” must be approved in advance by IEEE Executive Committee
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Donations
• For more information on IEEE policies relating to contributions, grants, and the IEEE Foundation, contact IEEE Development Office staff:– [email protected]– http://www.ieee.org/organizations/foundation/
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How is the money used?
• IEEE-sponsored activities:– Chapter and Affinity Group Support– Newsletters (1 a year via snail mail required)– Student Branch Support– Distinguished Lecturers– Technical, administrative & social meetings– Recognition supplies (banners, plaques, pins,
certificates)
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Where is the money kept?
Unit Bank accounts:– Should be opened in the name of IEEE
_______ Section or Chapter– Signature of Staff Director - Financial Services
on bank account– Concentration Banking Program
• Pays 6 month CD rate, no fees• Local unit retains complete control of assets• Debit card also available
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How/what do we report to IEEE?
Annual Financial Report (L-50)– Section submits for all units...including
Subsections, Chapters and Affinity Groups– Accounts for all financial activity …expenses
and revenue, including investments
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How/what do we report to IEEE?
• Annual Financial Report (L-50)– Can be submitted in hard copy or using Excel
spreadsheet• http://www.ieee.org/societies_communities/geo_a
ctivities/required_reporting/L50.html• Click on “Required Reporting”
– L-50 Questions? • [email protected]
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Contract Administration• All contracts with a stated or expected value at
or above $25,000...negotiated & approved locally, executed (signed) at the Operations Center after review by subject matter experts
• Contracts $5,000 to $25,000...executed (signed) locally with a copy sent to IEEE Procurement Department
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Contract Administration
• Review by subject matter experts:– Staff, Legal, Volunteers (as appropriate)
• Legal review is at no cost to initiating unit• Contract database for historical references• Contacts:
http://www.ieee.org/membership_services/services/financial/contracts/index.html
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Insurance
• Commercial General Liability
• Fidelity Bonding
• Volunteer Travel/Accident Medical Plan
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Liability Insurance
• Coverage is extended to IEEE’s Organizational Units, and its sponsored activities -- Region/Section/Chapter meetings, conferences
• Provides coverage in the event of liability due to bodily injury, personal injury, or damage to the property of others…for instance, leased property such as computers and AV equipment
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Liability Insurance
• Volunteers are included as additional insured parties -- while acting within the scope of their duly authorized duties
• Insurance carrier has the duty to defend IEEE (and its Volunteers) in the event of a liability suit…IEEE Insurance Office should be notified immediately in the event of a lawsuit
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Volunteer Travel Accident / Medical Plan
• Effective 1 January 2001• IEEE implemented a plan to provide IEEE Volunteers
with medical coverage in the event an individual requires immediate medical attention while on authorized IEEE travel outside of the individual’s home country
• Does not apply to travel to and from a conference …unless the travel is for authorized IEEE business
• https://www.ieee.org/membership_services/membership/services/global_travel.html
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Assistance is Available
• IEEE Treasurers’ Handbook– http://www.ieee.org/documents/finopsmanual.
pdf– http://www.ieee.org/societies_communities/ge
o_activities/public_relations/gen_info.html
• IEEE Bylaws & Policies– http://www.ieee.org/documents/constitution_b
ylaws_policies.pdf
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Assistance is Available
IEEE Staff Contacts– L-50 preparation & Rebates help:
[email protected]– Concentration Banking help:
[email protected] – CB Card (debit card):
[email protected] – Insurance: Tom Lynch ([email protected])
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Required Reporting
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Required Reporting
• All geographic units must report their officers, financial activity, and meeting activity annually to the IEEE Operations Center in Piscataway
• All activity should be reported through the Section, including that of Subsections, Chapters and Affinity Groups
• 10% bonus if all reporting postmarked no later than end of third week in February
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Required Reporting, p.2
• Report forms are sent out Nov/Dec
• Officer & meeting report forms sent to Secretary
• Financial forms (L-50) sent to Treasurer
• Also available on web:– http://www.ieee.org/societies_communities/
geo_activities/required_reporting/L50.html
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Financial Report (L-50)
• Responsibility of Section Treasurer• Two ways to submit:
– Include all unit & subunit data– Provide separate L-50s for each unit & subunit (prefer
former!)
• Available in hard copy, or as Excel spreadsheet• Questions?
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Officer Confirmation
• Responsibility of Section Secretary• Include all officers: Committees, Chapters,
Affinity Groups• Include member #s for verification• Officers must be in good standing and Members • Chapter Chairs must be a member of the
Society• http://www.ieee.org/societies_communities/
geo_activities/required_reporting/officer_forms.html
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Meeting Reports
• Responsibility of Secretary• L-31 online form vTools
– Sections - 5 mtgs. (can include Chapter mtgs., ExCom mtgs.)
– Subsection - 5 mtgs. (as Section)– Chapters - 2 technical mtgs.– Affinity Groups - 2 mtgs.– http://www.ieee.org/societies_communities/
geo_activities/required_reporting/meeting_form.html
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Wrap-up
• Money is available, mostly from rebates.
• You must report meetings.
• You must report new officers.
• You must submit the L-50 report.
• Your rebate is larger if you are more active and you submit reports early.