section financial operations 3/9/2012 jim anderson nh section treasurer [email protected]
TRANSCRIPT
Outline
1- Introductions
2- IEEE Section Treasurer (Quick Start) Training
3- IEEE MGA Geographic Unit Officer Position Description - Section Treasurer
4- IEEE Concentration Banking (& Credit Cards)
5- IEEE Records Retention (Schedule)
6- Other IEEE Documents
Treasurer Quick Start Training
1- Common sense stuff
2- General stuff
3- First 30 days
4- Fuse of IEEE Funds at is the appropriate Use of IEEE Funds5- Responsible that subunits submit annual financial reports to the section.
IEEE MGA Geographic Unit Officer Position Description
Section Treasurer
1- Mainly duplication of Quick Start
2- Must reside in the geographic boundaries of the Section????
Concentration Bankingand Credit Cards
1- CB not required but highly recommended Go to person: Stacy Sheckells [email protected] 732-562-5363
2- Credit cards after CB account Go to person: Robin Madden [email protected] 732-562-6350
3- No personal purchases on CB Card
Corporate card IEEE address SS# ……5555
Card limit can be increased if needed
Basically a debit card
Retention Schedule page 1
General Accounting Records
General Ledger Permanent
Fixed Assets Records Permanent
Loans Receivable Ledger 7 years
* Annual Financial Reports (L-50)
Permanent
* Audit Reports Permanent
Canceled Checks 7 years
Bank Statements & Reconciliation
7 years
Support Vouchers for Payables (Paid Invoices)
7 years
Expense Reports 7 years
Retention Schedule page 2
Tax Records
* Tax Records and Support Data W-2's, W-9's, 1099's, Gift Acknowledgment Letters
6 years
Personnel Records
Payroll Earning Records Employment duration plus 6 yrs
Canceled Paychecks 7 years after termination
Pension Records Permanent
Retention Schedule page 3General Administrative Items
Contracts 7 years
Leases 10 years after termination
Postage Meter Record Book 1 year
General Correspondence 1 year
IEEE Related Items
* Charter Permanent
Historical Records, including records of Section Officers
Permanent
Correspondence (e-mail) can be kept electronically or as hard copy
1 year
Other Documents
Review other IEEE documents as they relate to the position of Treasurer, including IEEE Bylaws, IEEE Policy Manual, IEEE Financial Operations Manual and the MGA Operations Manual.
Best Practices
1- Copy, record, endorse, and deposit all checks promptly
2- Stay on top of credit card usage3- Stay on top of deposits via V-Tools
Meetings4- Record and pay all bills promptly after
verification of accuracy and authorization
Questions?
Remember, if something doesn’t seem to make sense ask MGA ([email protected])