SCV Section Officer Training

OnlineJanuary 23, 2021

TreasurerTreasurerTraining

SCV Section Finance Committee

Sachin Desai2021 Section Treasurer

Wenbo Yin2019 Section Treasurer

Ed Aoki

WELCOMETREASURERS

WITH

TREASURERS

GREAT POWER COMES

GREAT RESPONSIBILITIES

Key Officer Role

Central For All Activities

Fiscal Control

POWER

Financial StrategyBudget ResponsibilityYear End ReportYear End Report

RESPONSIBILITY

ONLY VOLUNTEER POSITIONWITH LEGAL CONSEQUENCES

IT’S NOT THAT SCARY!!!

AS NEW TREASURER- Send Introductory Emails to Your Section Officers- Ask Old Treasurer For All Paperwork- Sign “Add Signer Card” For CBRS Credit Cards- Sign non CBRS Bank Specific “Signatory Card”

IMMEDIATE TASKS

- Sign non CBRS Bank Specific “Signatory Card”

Get Ready To File By

Jan 31th | 2021

TRANSITION DETAILS

OUTGOING TREASURER

• File Yearly Reports by Jan 31th, 2021

INCOMING TREASURER

• File CBRS Signatory Card with HQ• File Yearly Reports by Jan 31th, 2021• Transfer Records To New Treasurer

• Checks• Check Register• Banking Supplies

• CBRS Deposit Stamp• CBRS Deposit Slips• CBRS Deposit Envelopes

• Provide 1099/W9 To Section

• File CBRS Signatory Card with HQ• Request Credit Card• Plan and Get Yearly Budget Approved• Ensure Two Signatories for Account

• Local account: if your account bears the name of Thomas Lynch, please request to change to David Galicki

YOUR CHAPTER ALLY

Meeting MinutesNew Officer Report

SECRETARY

New Officer ReportChapter Reports

TREASURER GUIDELINES

DO NOT write checks to yourself for your reimbursement; have Chair assign one to you

DO enter data on memo line for later reference

TREASURER GUIDELINES

DO obtain a W-9 from an Independent Contractor or Sole Proprietorship before paying; it’s difficult to obtain later.

TREASURER GUIDELINES

DO keep ALL RECEIPTS and INVOICES. Preferably digital copies. Auditors require this.

TREASURER GUIDELINES

DO keep records of meeting minutes, maintain contracts, W-9s and MOU (memorandum of understanding) for large Conferences and Symposiums

TREASURER GUIDELINES

NOTE that large Sections, Conferences And SymposiumsWILL BE AUDITED

TREASURER GUIDELINES

DO ensure correct L31 entry and records since it translates to Rebate Monies ($$$) … EVEN THOUGH… this is the primary responsibility of the Secretaryresponsibility of the Secretary

DO NOT sign a check payable to yourself. Ask your Chair or another ExCom member with signing privilegeDO keep all receipts (preferably digitally) for year’s events, and hand off to the next treasurerDO keep record of ExCom meeting minutes, contracts,

TREASURER GUIDELINES(recap)

DO keep record of ExCom meeting minutes, contracts, and MOUs (if any) for audit purpose for large transactions (conference, symposium, etc)DO ensure L31 reports are correctly reported – even though it is the Secretary’s responsibility, since it impacts chapter finances

Funding Resources

CHAPTER PROJECT SUPPORT

STUDENTREPORT

SUPPORT

BRIDGELOANS

EQUIPMENTLOANS

REGION 6 AND

PACE

SOCIETYLEVEL

SUPPORT

STUDENTSERVICESSUPPORT

Financial Reporting

IS A

PROCESSPROCESSTreasurer Secretary

What Why HowIEEE Technical Meeting

Member AttendeesUsed In Rebate

CalculationsMaintain Accurate Sign Up

Sheets At Meetings

Min. 6 Technical Meetings Per year

Used In BonusCalculations

Greater The Chapter Activity, Greater The

vTools – Events Reporting and $$

Per year6 Technical Meetings Per Year for bonus

Calculations Activity, Greater The Benefit

Meeting Entries Track “Dead or Alive” Chapter Status – Less Than

2 Technical Meetings (3 Years In Row)

Ensure Secretary Makes vTool Entries

Timely Meeting Entries Only Way For Section Treasurer To Calculate

Aforementioned Rebates And Bonuses

Ensure Secretary Makes vTool Entries

CBRS vs. LOCAL BANKS

CBRSMakes Your Life

EASY SIGNATORY CHANGE via vTools and email (when officers change)

NO Bank Statements or Balance Required

Banking Transactions Via Email

Life Easier

CBRS Credit Card Generation on Request

NO Bank Signature Card or Special IEEE HQ Signature Required

Knowledgeable and Responsive HQ Staff

Section Officers Can Help on Complex Transactions

DEADLINES

Early Jan

1099 Forms

Taxable Payments to Individuals for Service and Goods

Yearly Reports for previous year

Jan 31th

Yearly Reports for previous year

Delivered to Section Treasurer

Nov 31th

Preliminary Yearly Reports for current year

Delivered to Section Treasurer

Bank Statements+

Images of Receipts+

Images of Invoices+

Images of Contracts, Agreements

BankUploadTemplate

Financial Reporting

Preparation

Bank Update Template [1]

Older Bank Update Template [2]

Bank Update Template [3]

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Tem

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[4]

IEEE Chart of Accounts Embedded in the IEEE NetSuite Bank Upload Template, “COA Descriptions” Newer version: “5.31”

Ban

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BANK UPDATE TEMPLATE GUIDELINES

SINGLE BUTemplate FOR ENTIRE YEAR (Less mistakes)

ENSURE CORRECT ACCOUNT NUMBER

NO EMPTY CELLS BETWEEN TWO LINES NO EMPTY CELLS BETWEEN TWO LINES (NetSuite Limitation)

LOCAL ACCOUNTS NEED SIGNATURE CARD (Trip To Local Bank)

NO BRACKETS FOR NEGATIVE NUMBERS (Use Negative Sign)

DO NOT USE RED FOR NEGATIVE NUMBERS (NetSuite Limitation)

Q & AQ & A