section financial operations 3/9/2012 jim anderson nh section treasurer james-w-anderson@ieee.org

Section Financial Operations

3/9/2012

Jim AndersonNH Section Treasurerjames-w-anderson@ieee.org

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 concentration-banking@ieee.org 732-562-5363

2- Credit cards after CB account Go to person: Robin Madden cbcard@ieee.org 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 (mga@ieee.org)