IEEE Santa Clara Valley Section Treasurer's Report1 IEEE SCV SECTION Treasurer Training Session A: Back to Basics Jan. 24, 2015 Jason Chan - SCV Treasurer

IEEE Santa Clara Valley Section Treasurer's Report 1

IEEE SCV SECTION

Treasurer TrainingSession A: Back to Basics

Jan. 24, 2015

Jason Chan - SCV Treasurer

Agenda

2014 Recap Intro Logistics Budgeting Financial Management Financial Reporting


Introduction

2014 Recap and Lessons Learned Financial reporting system has undergone major

structural changes

SCV Section officers took on Beta Testing of a new Financial Reporting System per IEEE Finance: Bank Upload Template (“BUTemplate”)

Old “L50” System: yearly roll-up report

New BUTemplate System: month-by-month transactional entry for IEEE Finance to input into NetSuite


Introduction

Lessons Derived from Beta Testing (1/2) Very time consuming process: (54 Accts) x (12 mo’s)

= 648 Worksheets OU Treasurer’s must assume responsibility Pre-empting the 1st 9-10 months worth of reports

helps a lot to meet Feb 15th deadline (for 10% section bonus)

Going after obstinate treasurers who complain about the “anachronistic” nature of the process without offering constructive suggestions:

Our message: “suck it up” and embrace it Refusal to cooperate by turning in financial reports will

result in automatic disqualification of Chapter Rebates + bonuses


Introduction

Lessons Derived from Beta Testing (2/2) OU treasurers were generally ignorant of

fundamental treasurer duties Financial reporting process Tax-reporting implications such W9’s and 1099’s

Takeaway: for our new system to work efficiently, we need to get back to basics


Agenda



Introduction

What does it mean to be treasurer? You’re the Chapter’s version of “Uncle

Moneybags” who distributes money to fund Chapter events, meetings, etc…


Well, it’s a bit more than just cutting checks

Introduction

Besides being Uncle Moneybags, what are the entailing responsibilities?

Fiduciary Responsibility Maintain fiscal integrity of the Chapter

Legal and Ethical Responsibilities Reporting and enforcing all financial activity

in a legally responsible fashion


Introduction

Your treasurer life revolves around the Chapter CBRS account IEEE Concentration Banking System

Checking account features Interest earnings Check writing Debit Card Online access to statements (remember!)


Agenda



Logistical ResponsibilitiesIn the beginning…

Collect financial records from the outgoing unit treasurer

File Add-Signer Form All bank accounts must have

the following authorized signatories

CBRS Accts: Current officers Local Bank Acct: Current

Officers + Thomas J. Lynch (IEEE Staff Director of Financial Services)


Please include the Business/University Name with mailing address if applicable.

Signature Card – Authorized Signer (Addition) WELLS FARGO BANK

For IEEE Treasury Dept Use Only: Account # Account Name: Location Number (Hop # ): IEEE Santa Clara Valley EMC Signature: Print Name: . .

Contact/Mailing Information To help us serve you better, please provide us with the following information for our records.

Region/Section/Chapter: Region 6/SCV Section/ [ ]

Officer / Title: ____________________________________

Name:

Term End Date: ___________________________________

IEEE Member Number: _____________________________________

Preferred Address: *_____________________________________________

______________________________________________ ______________________________________________

Phone Number: 408 853 3997 ____________________

Email Address: _________________________

**Important Notice** CBRS (Concentration Banking Reporting System) Credit Card will automatically be issued to a new Treasurer unless declined below. Non-Treasurers wishing to receive a card should send their request to: [email protected].

No, I do not wish to receive a CB Card WELLS FARGO does NOT accept electronic signatures of any kind; don’t ask !

No scanned/email; no FAX… SNAIL MAIL All Completed/Signed Originals to:

IEEE Financial Services Attn: Stacy Negron-Sheckells 445 Hoes Lane Piscataway, NJ 08854

“Stacy J. Negron-Sheckells" <[email protected]>,

Logistical Responsibilities…and continue the circle of life

End of Year Arrange for the transfer of financial

records to the incoming unit treasurer Train incoming treasurer on financial

reporting process when filing Nov. and Dec. reports

New authorized signatures for each account File add-signer forms Change signatories @ local bank


Agenda



Budgeting Responsibilities

Beginning of the Year… Craft a budget

Work with your fellow officers before the Chapter’s 1st meeting of the new year

Use previous year’s financials to estimate income vs. spending




Be Fiscally Responsible Periodically review the income and

expenditures

Insure that operations do not exceed the budget

Alert Ex-Com members if Chapter incurs budget overrun


Sources of Income Technical Meeting revenue Conference revenue Chapter Rebates from SCV Section IEEE HQ Bonus

Let’s biefly talk about the Rebate and Bonus structure…



What is a Chapter Rebate? Stipend coming directly from IEEE Finance, based

on the number of Technical Meeting (TM’s) a Chapter holds

Rebate proportional to the # of technical meetings (TM) & IEEE attendees

More TM’s & IEEE Attendees = more $$$ To get Skin in the Game

Minimum threshold = 2 TM’s (one must be hosted by that chapter, the other can be co-hosted);

< 2 TM’s disqualifies Chapter from Rebates and Bonuses




Rebate Components Section Bonus 1st Tier $200 HQ Bonus 2nd Tier $75 HQ Bonus Section Bonus Sharing

See “Rebate Process Flow - 2015.PDF” for further details on rebate distribution formulas

Hosted andCo-sponsored

at least 2 TM’s?

Eligible for Section Rebate

Disqualified from Rebate Program

OU Technical Meetings

Eligible for First-Tier $200 HQ Rebate

YES

NO Co-sponsoredat least 2 TM’s?

Hosted and/orCo-sponsored

at least 6 TM’s?

YES

Ineligible for Second-Tier $75 HQ Rebate

Eligible for Second-Tier $75 HQ Rebate

YES

NO

NO

SCV File BU's on time?

OU File all BU's on time?

Disqualified from Section Bonus Sharing Program

NO

Eligible for Section Bonus Sharing

SCV File BU's on time?

Disqualified from Second-Tier $75 HQ Rebate AND Section Bonus

Sharing Programs

Disqualified from Second-Tier $75

HQ Rebate Program

YES

NO

YES

YES

NO

Agenda



Financial Management Responsibilities

Everyday Accounting Record all receipts/invoices in accounting

spreadsheet template with annotations Deposit money into designated

CBRS/Local Bank Account Make disbursements as

motioned/approved by Ex-COM Prepare monthly bank reconciliation with

BUTemplate forms and tender to SCV Section Treasurer (more details in Financial Reporting section…)



Your Legal Responsibilities (1/2) Income Distribution

Examples of “Income” Prize/award money Gift money Contractor payments (e.g. videographer, web developer) Travel stipends for speakers, honoraria, etc

What to do Step 1: Chapter to obtain a completed W-9 (or W-8 for

non US Citizens) from recipient of “Income Distribution” Step 2: after receiving W-9 (or W-8), report the

distribution on a 1099 form; archive with your documents and forward all copies to to SCV- Treasurer (Me)



Your Legal Responsibilities (2/2) Documentation and Justification

Justify all incurred expenses by cataloguing: Receipts Invoices Email transcripts

Chapter Secretary (if chapter doesn’t have one, then it’s you) to substantiate any expenditures not adequately described by receipts in meeting minutes

WHY? Paper Trail needed in the event that we are audited


Agenda



Financial Reporting Responsibilities

For Veteran Treasurers… Old L50 process no longer exists New process: Bank Upload Template

(“BUTemplate”)

What’s in a BUTemplate A spreadsheet to be filed monthly

where you enter debit/credit transactions and reconcile balances



End of Every Month Chapter Treasurer shall prepare

monthly bank reconciliation with BUTemplate forms

Tender to SCV Section Treasurer (Ed Aoki and Jason Chan) for auditing and subsequent upload to IEEE Finance



Do not expect us to file BUTemplates for all 33 SCV OU’s (46 Accts) x (12 mo’s) = 552 Worksheets We went through this during late 2014 for beta

testing, Section officers had trouble sparing time to go after local bank accounts

OU Treasurer must assume ownership!!!

Any questions or need help with BUTemplate: ask SCV Section officers



1st Reporting Deadline• All BUTemplate reports (Jan-Oct) must be filed by

Nov. 30th to qualify for Section Bonus Sharing

• Prepared and Certified by Incumbent OU Treasurer LOCAL BANK ACCOUNT statements must be attached

with BUTemplates for auditing



2nd Reporting Deadline• BUTemplate reports for entire fiscal year (Jan-

Dec) must be filed by Jan. 31st to qualify for Chapter Rebates

• Failure to submit all BUTemplate reports

• Prepared and Certified by Incumbent OU Treasurer LOCAL BANK ACCOUNT statements must be attached

with BUTemplates for auditing Incumbent OU Treasurers will use this opportunity to

train newly elected Treasurers on filling out Nov and Dec BUTemplates



A demo on filing BUTemplates will be shown in Session B

The following section also shows step-by-step instructions on how to file monthly BUTemplates


Questions?



IEEE SCV SECTION

Treasurer TrainingSession B: How to File A BUTemplate

Jan. 24, 2015

Jason Chan - SCV Treasurer

Filing a BUTemplate in a Nutshell

Step 1: log into IEEE CBRS https://webapps1.ieee.org/CBRS_login/cbrslogin.jsp

Step 2: select the appropriate OU account click “Show Available Reports” select CBRS Statements select “January 20xx” click “Submit” to open PDF copy and keep it open



Step 3: locate the opening and closing balance on the first page of the Jan statement and write it down

Step 4: scroll to the last page of the January CBRS statement and click on “EXCEL_DWNLD” link to open a copy of the corresponding Excel spreadsheet and save the file using your Chapter’s CBRS acct #: “CBRS_[Chapter]_[acct#]_[Mo]_[Yr].xlxs” Example: “CBRS_EMC_636911_Jan_2015”



o Step 5: goto the SCV Section Website and download the BUTemplate “Bank _Upload_Template_MGA_SantaClaraValley-2015.xlsx” (link will be provided ASAP)

Step 6: open the BUTemplate “Bank _Upload_Template_MGA_SantaClaraValley-2015.xlsx”

Step 7: save file to your computer with the following file name convention:

BUTemplate_SCV_[Bank]_[Chapter Name]_[Acct #]_[Month]_[Year].xls

Example: BUTemplate_SCV_CBRS_EMC636911_Jan_2015.xls



o Step 8: “Bank Data” Tabo Select your Geo Unit (SCV), Bank Account (E.g. EMC27), and

Reporting Period (Jan)



o Step 8a: Switch over to the monthly CBRS spreadsheet “CBRS_[Chapter]_[acct#]_[Mo]_[Yr].xlxs”o Highlight the amount column in the transaction table as

exemplified belowo Right-click the highlighted cells click Format Cells click

Number Tab select “Number” in the “category” box



Step 8b Ensure all numeric cells are in “Number

format” Ensure all “Additional Info” cells are in

“General” format Ensure all “Date” cells are in their

custom dating format



Step 9 Copy all dates from

“CBRS_[Chapter]_[acct#]_[Mo]_[Yr].xlxs” and paste in the date column in BUTemplate



Step 10 Copy all transaction amounts from “Amounts” in

“CBRS_[Chapter]_[acct#]_[Mo]_[Yr].xlxs” and paste in the Amounts column in BUTemplate



Step 11a Copy all transaction amounts from “Amounts” in

“CBRS_[Chapter]_[acct#]_[Mo]_[Yr].xlxs” and paste in the Amounts column in BUTemplate



Step 11b For interest payments, fill in “Interest Paid” For all other annotated transactions, (deposits,

transfers, checks paid, revenue, meeting food expense, etc) fill in descriptive details on the nature and purpose of each transactions

OU treasurers are encouraged to be very liberal with the descriptions (we don’t care if it’s a paragraph):

Such descriptions are needed in case we’re audited!!! (Remember your Financial Management Responsibilities on page 20)

It’s easy for OU and Section treasurers to identify proper COA code



Step 11b (con’t) Here’s an example from EMC’s

BUTemplate:


PasteDates Below

PasteAmounts

Below

PasteDescriptions/Comments Below

SelectAccount

Code Below

1-Dec-14 1.51 Interest Paid 3.4015-Dec-14 -39.17 Check# 6369116224 - Certificates 4.9015-Dec-14 -357.7 Check# 6369116223 - Nov. and Dec. TM Food 4.1031-Dec-14 -36.88 Check# 6369116222 - Nov. TM Drinks 4.10


Step 11b (con’t) Another example for some trickier transactions

requiring some descriptions


PasteDates Below

PasteAmounts

Below


SelectAccount

Code Below

12/1/2014 0.43 Interest Paid 3.40

12/1/2014

373 deposit made in branch - Deposits from the SCV WIE event "Debugging the Gender Gap" at Stanford, Oct.28-th:- $345.00 check from Eventbrite for sold tickets - $28.00 in cash collected at the door. 2.10

12/2/2014

-15

Check# 6369386262 - Reimbursement for Roxsana Hadjizadeh for out-of-pocket expences for the commuter parking arranged by SCV WIE for students attending the 2014 IEEE Women in Engineering International Leadership Conference (WIE-ILC)SCV WIE on 05/01/2014 5.20


Step 12 Using the “COA Descriptions” Tab as a reference, apply the

most appropriate COA code to each transaction If unsure, leave blank – the SCV Treasurer will audit and

interpret


PasteDates Below

PasteAmounts

Below


SelectAccount

Code Below

1-Dec-14 1.51 Interest Paid 3.4015-Dec-14 -39.17 Check# 6369116224 - Certificates 4.9015-Dec-14 -357.7 Check# 6369116223 - Nov. and Dec. TM Food 4.1031-Dec-14 -36.88 Check# 6369116222 - Nov. TM Drinks 4.10


Step 12 (con’t) Commonly Used COA Codes:

Interest Paid (CBRS): 3.40 Ex-Com meeting Food and Beverages: 4.10 TM Food and Beverages: 4.10 Eventbrite Revenue from regular TM’s or social

events: 2.10 Office Supplies: 5.60 Travel Expenses: 5.20



Step 13: Reconciliation Click on “Verify Results” tab in BUTemplate Enter Acct opening and closing balances (remember,

you wrote those down earlier) in their respective fields If the last column says “Congrats”, then the monthly

BUTemplate is successfully reconciled If it flashes “Warning”, then go back to the CBRS

spreadsheet and your check numbers


Verify Bank Results as of Month End Step 1: Input opening monthly balance of bank account into column AStep 2: Input ending monthly balance of bank account in column BStep 3: Verify column E is equal to 0.00. CONGRATS! This Equals 0.00

There are 0 uncategorized items on the Bank Data tab.

A B C D E

Do Differences Match?

BANK ACCOUNT

Concentration Banking Section SANTA CLARA VALLEY EMC27 Acct # 6369116,808.69 6,376.45 (432.24) (432.24) -

CONGRATS! This Equals

0.00

ACCTOPENINGBALANCE

ENDING ACCTPER UNIT

CHECKBOOK

DifferenceB-A

DifferencePer FinancialReport Tab


Step 14: File and Send Upon successful reconciliation, save the

file Email your BUTemplate along with

supporting W-9’s, W-8’s, and 1099’s to the SCV Treasurer for auditing and submission to IEEE Finance

Any questions, ask the Section Treasurer!


Documents

IEEE Santa Clara Valley Section Treasurer's Report1 IEEE SCV SECTION Treasurer Training Session A: Back to Basics Jan. 24, 2015 Jason Chan - SCV Treasurer