npss/ieee-mcm partnership update & conference financial programs review
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NPSS/IEEE-MCM Partnership Update&Conference Financial Programs Review
Sherry Russ SillsDirector, IEEE Meeting & Conference Management
Thomas LynchStaff Director, IEEE Financial Services
2 March 2012 NPSS AdComSanta Fe, NM
Discussion Items
Refresher on Organizer Challenges Partnership Goals Partnership successes to dateNew model of approach with PSACPPC 2011 Recap and discussionConference Financial Programs Credit Card Processing Automation Project (New for 2012)
Next steps for consideration
04/21/232
What You Told Us
Increasingly difficult for a group of new volunteers to run a conference– Requirements of the role not clearly defined as well as
length of time committed (<1 year) – Time constraints against ‘real’ jobs– Lack of available resources/expertise/tools– IEEE compliance requirements/paperwork
Historical documentation capture and handoff Consistency in how the event is managedManagement of the financial process (budget tracking, payments, reporting)
04/21/233
Pool of willing and competent volunteers is small
Partnership Goal for MCMBecome the NPSS conference expert
Demonstrate the value-add a professional conference organizer can bring – Expertise – Consistent tools– Cost-reduction/risk management– Time savings for organizers
Leverage IEEE supplier networks for increased savingsProvide historical documentation and new organizer orientation
04/21/234
Conference Partnerships to Date
Full Event Management – 2009, 2011 PPC – 2009, 2011
ICOPS/SOFE– 2010, 2014 ICOPS
2013 PPPSSite Selection & Contract Negotiation– SOFE 2013– PPC 2015
General guidance and/or contract review– 2009-2013 NSS/MIC
contract review – 2012 ICOPS contract
review and guidance – 2015 ICOPS– NPSS AdCom
04/21/235
Partnership ROI Realized Since Inception
Conference Value Add ROI
2009 ICOPS/SOFE
Venue contract negotiations post signature-concessions & rate adjustments
$20K
2010 ICOPS Venue contract negotiations post signature-concessions & rate adjustments, discounts
$50K
2011 ICOPS/SOFE & PPC
Venue contract negotiations post signature-concessions, rate adjustments, discounts
$75K
2013 PPPS Venue contract negotiations, concessions, discounts, & rebates
$203K YTD
2014 ICOPS Venue contract negotiations, concessions, discounts, & rebates
$56K YTD
04/21/236
$404K Return on Investment$404K Return on Investment
Building a New Model – PSAC MSA
Jointly developed and delivered a master service agreement for PSAC sponsored conferences – All inclusive pre-event/onsite mgmt. flat-fee structure
for ICOPS stand-alone and ICOPS/SOFE Optional payment scenario; 10% Hotel commission as
payment for flat fee offering MCM rate lock for duration of MSA
– Significantly reduced cost for registration services when selected for full event management
– Maintain historical repository of conference year over year and provide orientation to new organizers
– Coordinate all IEEE compliance requirements– Attendance at one PSAC ExCom annually at no cost
04/21/237
Building a New Model-PSAC MSAHighlights of Service Offering Inclusions
Location and venue(s) search, summation, negotiations, and contractingCoordination of IEEE compliance requirementsTimeline managementPre-event management (planning & logistics) Vendor managementExhibit managementFinancial managementOnsite management (exclusive of Travel &Living expenses)
Vendor invoice reconciliation/paymentPost conference reporting
04/21/238
PPC 2011 Discussion
Conference final financials not yet realized due to – Reconciliation of expenses
Conference Organizer position is that MCM owes conference US$23K due to loss of deposit from locally hired supplier for social events – Supplier went out of business prior to conference and filed
for bankruptcy after twelve years in operation
Two vendors yet to be paid in full – Network Shop approx. US$12K – MCM remaining mgmt. fee US$28K
Conference concentration bank account has insufficient funds to make payment
04/21/239
2011 PPC Financial Summation
Conference Financial Records indicate an overall deficit of approx. $69k from operations
04/21/2310
Current bank account balance $6,465
Outstanding Loan from NPSS ($30,000)
Balance Due Network Shop ($12,000)
Balance Due IEEE MCM ($27,866)
Overdrawn – Registration Suspense Account
($10,843)
Projected Conference Net ($74,244)
Next Steps for Consideration
Transparency of strategy for the conference long term to help direct – Guidance on future direction/vision
Location and budget should be set prior to Conference Chair selection
Establish clear job description with criteria for appointment to help guide selection process
Chairs need some parameters to work within (do’s and don’ts) to drive behavior
Establish approval hierarchy to spend money or change the conference structure at the ExCom level
Require quarterly forecasting submission to AdCom with clear transparency of variations
04/21/2311
CONFERENCE FINANCIAL PROGRAMS
04/21/2312
Conference Financial Programs
Concentration Banking Program– Business checking account with the following features:
Online statements – check images, Excel download. CB Card for payments – accepted wherever Master
Card is accepted. Accounts available for USD and CAD activity.
– Auto Posting project implementation will allow interface with IEEE Merchant accounts for daily deposits of credit card receipts.
– Visibility to activity will enable Conference Finance and Audit to assist in conference closing and audit process.
04/21/2313
Credit Card Transaction Auto-Posting Project (US Currency)
Project Goal: Automate posting of credit card transactions daily in a lump sum to the conference concentration banking account– Project should alleviate concerns/issues raised regarding
timing delays of funds and difficulty in reconciling activity
Project milestones– QA testing completed January 2012– Launch of pilot 12 March 2012– Institute-wide launch targeted for June 2012
Canadian currency merchant lending program under development (Targeted Q3-4 2012)
04/21/2314
Credit Card Processing (Future State)
Any IEEE conference who wishes to process in US currency must utilize the ML and CB Program jointly to automate transfer of credit card transactions dailyDaily posting of revenue received to CB account should make reconciliation of the registration payments easierUnless conference utilizes MCM for registration, reconciliation is still the responsibility of the organizer and/or hired management company– IEEE staff do not have access to the registration detail to
provide assistance with reconciliation– IEEE staff will be available to address questions and/or
provide guidance as SMEsClear and easy to follow instructions will be providedService will be transparent and processes/coordination behind the scenes will be seamless
04/21/2315
Credit Card Processing Limitations (Future State)
Automation only available to conferences who open a concentration banking account and use IEEE merchant account (restricted to US & Canada only) Manual transfer process for all others who wish to use IEEE merchant account without CB account– Existing known issues will remain
Frustration levels surrounding reconciliation may still exist– Person assigned to perform reconciliation may not have
access to CB account– Registration tool may not provide robust reporting to
reconcile with ease
04/21/2316
WRAP UP AND QUESTIONS?
04/21/2317
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