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IEEE Internal Audit Services

This section provides detailed information and explanations of all IEEE Internal Audit Services. IEEE Internal Audit Services are available to meet all audit requirements as shown in IEEE Policy 10.1.1 and IEEE Policy 11.2.E.1(c) (PDF, 977 KB).

On this page, you will find the necessary information and forms to assist in gathering the required documentation for an effective, reliable audit. In addition, there is a glossary of common terminology, a list of helpful guidelines for conference treasurers, and IEEE Internal Audit Services contact information.

 

 
 

Mission statement

To improve the IEEE’s operations through independent, objective assurance and consulting activities;  Internal Audit supports the IEEE Mission and Aspirations by evaluating and improving the effectiveness of risk management, control and governance processes  using a systematic and disciplined approach.

 
 

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Selection of auditors

When an audit is required, geographic unit committees are free to select the auditor of their choice, provided that are an independent, professional outside source (with Internal Audit's concurrence), or they may elect to have the IEEE Internal Audit Department perform an audit of their financial reports and records.

 
 

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Audit material checklist

The audit material checklist (DOC, 47 KB) will assist with gathering the required information/documentation necessary for a complete audit.

If you are a geographic unit, please refer to the checklist for geographic units (DOC, 31 KB).

 
 

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Donor acknowledgment letter

A donor acknowledgement letter is more than just a "thank you" letter. Nonprofits have certain requirements to fulfill, including providing donors with a donation "receipt," often called an acknowledgement letter. Donors giving more than $250 in a single contribution to a nonprofit organization need a written acknowledgement from a nonprofit to claim that deduction on their individual income tax return. 

 
 

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1099 and 1042 processes for IEEE conferences and geographic units

The IEEE staff completes IRS Form 1099-MISC and IRS Form 1042S for IEEE conferences and geographic units. If a 1099 or 1042 Form is required to be issued, the conference/geographic unit must send the names, addresses, social security numbers (if applicable), the reason for the payments, and the total amount(s) paid during the calendar year. 

 
 

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Submission of documents and record retention

IEEE Internal Audit will store documents for the proper retention period. Meeting documentation for an audit may be submitted in any format. Files may be sent electronically to ops-audit@ieee.org or can be mailed to:

IEEE Operations Center
ATTN: Internal Audit Department
445 Hoes Lane
Piscataway, NJ 08854

 
 

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How the audit fee is calculated

The audit fee is based on the greater of either actual revenue or expenses multiplied by .006. For example, the audit fee for a conference with revenue of $250,000 and expenses of $190,000 would be calculated as follows: $250,000 x .006 = $1,500. The maximum audit fee charged for a conference/meeting audit is $6,000.

 
 

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Glossary of terms

1099/1042 Reporting: A list of all US citizens and resident aliens who receive monetary compensation. Examples include awards, grants, honorariums, prizes, commission payments, hourly compensation payments, and lump sum payments. Expense reimbursements do not need to be included for reporting purposes.

Acknowledgment Letter: A US donor will not be allowed to take a charitable deduction for a donation of $250.00 or more unless he/she has obtained a receipt from the charitable organization. The entire legal name of IEEE, Institute of Electrical and Electronics Engineers, Inc., must identify the Section, Chapter or conference in the receipt. The receipt does not have to include the donor's social security number. On the receipt, you must include:
1. the amount of cash contributed;
2. a description of any property contributed other than cash (do not include the value of the property);
3. whether your Section, Chapter, or conference provided the donor with any goods or services in exchange for the contribution;
4. a description and good faith estimate of the value of those goods or services.

Bank Statements/Reconciliations: All bank statements need to be submitted with the documents for audit. Monthly reconciliations should be evidenced and included with the materials for audit. The reconciliation process determines the reasons for differences between the balance shown on the bank statement and the balance (surplus/loss) recorded on the financial report. 

Check Register: This is a recording of all revenue and all expenses paid by the conference/meeting. This record needs to include all deposits and disbursements that flowed through the bank account. 

Committee Meeting Minutes: These can be in the form of notes or e-mail communications. They typically describe the events of the meeting, starting with a list of attendees, regarding the planning decisions with respect to site arrangements, registration fees, and financial decisions. This can include e-mail communications or recorded committee minutes. 

Conference Disbursements: These are all the invoices/receipts to support payments associated with the conference/meeting. Appropriate authorization should be evidenced for prepared invoices to support all expenditures. 

Credit Card Report: When processing credit card payments, other than for use by IEEE Meeting and Conference Management Services, statements for the Merchant Account must be submitted with the materials for audit.  

Exhibitor Revenue: A list of conference/meeting exhibitors. This list should include the name of the exhibitor, the size of the booth rented and the amount charged. Exhibitors should complete and sign a contract/agreement.

Grants/Sponsorship Revenue: A list of financial supporters for the conference/meeting. These are sometimes referred to as "patron" support. This is not to be confused with "exhibitors." If the conference/meeting has financial supporters who contribute more than $250.00, an acknowledgement letter will be submitted to the supporters.

Loans/Advances: The receipt of initial startup funds for the conference. Normally the sponsoring Society/Section advances the conference/meeting a loan to open up the bank account. This loan is paid back to the Society/Section before the bank account is closed. 

Merchant Account: A type of bank account used to accept and process payments by credit card. A merchant account is established under an agreement between the conference/meeting and a merchant bank for the settlement of credit card transactions. 

Petty Cash Transaction: When an individual takes money out of the petty cash fund, he/she must note it in the petty cash ledger. The purchase can then be made for the conference/meeting and any money left over must be deposited back into the petty cash account. 

Publication Sales: A record of the number of sales of Conference proceedings, CDs, etc., purchased by attendees, as well as payments received by the IEEE Conference Publication Acquisition program. The total should be properly recorded on the financial report under "publication sales."  
Registration Report: A listing of conference/meeting attendees by type (member, non-member, student, etc.) with corresponding amounts paid. This list does not need to include personal information (address, phone number, or e-mail) of each registrant. Registration fees should be kept separate from publication sales and social function revenue collected.  

Social Function Revenue: This includes such events as hospitality, tours, banquet tickets, etc. The record keeping is kept separate from registration and publication sales revenue.

Surplus/Loss: This is the net result from the conference/meeting expenses and receipts. This amount must tie into the closing balance in the conference/meeting bank account.

 
 

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Helpful accounting guidelines to assist conference treasurers

The following have been accumulated in response to questions from Treasurers, as part of the audit process and in relation to maintaining internal control of IEEE financial activities of conference/meeting responsibilities. 

  • Conference/Meetings should use IEEE Concentration Banking to the maximum possible extent.
  • Conference/Meetings' bank accounts must be closed at the end of each conference/meeting.
  • Travel Expense Reimbursement must be prepared according to the IEEE Financial Operations Manual. This requires that appropriate approval and required support for the expenses must be retained. The conference must maintain appropriate support, documenting the business purpose, for all Concentration Bank Card purchases.
  • Refund of cancelled registrations, originally paid by credit card, must be refunded to the registrant’s credit card rather than issuing a check.
  • Conference/Meetings are required to prepare and mail Contribution Acknowledgement Letters to donors/sponsors for contributions of $250 or greater.
  • Committees must maintain minutes documenting decisions made for the event.
  • Contracts over $25,000 must be submitted to IEEE Conference Finance/Strategic Sourcing for review.
  • Contracted meeting planners must supply registration reports that are reconciled to financial reports.
  • Travel expenses for conference service providers are to be included as part of the contracted services and not paid directly to the contractor.
  • Conference/Meetings tax reporting information W-8s and/or W-9s (awards, independent contractors, gifts, prizes over $600) are to be sent to IEEE Conference Finance in the year of payment and before 10 January of the succeeding year for all payments over $600, made to individuals and unincorporated businesses, so that IRS Form 1099 can be prepared and distributed to the individual by the IRS deadline of 31 January.
  • Conference/Meetings bank accounts should be reconciled monthly and reviewed and signed by an individual independent of the reconciliation preparer.
  • Conference/Meeting Treasurers and contracted conference-management agents are responsible for safeguarding and proper disbursement of cash. All payments must have proper support documenting the business purpose.
  • Checks should not be made out to cash, or made payable to the individual signing the check.
  • The Chair, Treasurer, and any other committee member who feels he or she might have a potential or perceived conflict must submit a Conflict of Interest Disclosure Statement to Conference Finance.

 

 
 

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Contact

The Internal Audit Department is:

Debbie Reyes
Sr. Director, Internal Audit
d.reyes@ieee.org
+1 732 465 6478

Emily Cummings
Manager, Internal Audit
e.cummings@ieee.org
+1 732 562 6371

Rupa Paranjape
Manager, Internal Audit
r.paranjape@ieee.org
+1 732 562 5370

Marisol Toro
Internal Auditor
m.toro@ieee.org
+1 732 562 6072

Caitlyn Chow
Internal Auditor
caitlyn.chow@ieee.org
+1 732 981 2872 

Adah Lemiszko
Staff Auditor
a.lemiszko@ieee.org
+1 732 562 6071

If you have any suggestions, concerns, or questions for the department or need help in finding specific information on the Web site, please send an e-mail to ops-audit@ieee.org. Your feedback is valuable.

 

 

 

 

 

 
 

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Report a Concern

To make an anonymous report of inappropriate financial activities involving IEEE business or compliance with IEEE principles of business conduct, file a report at Ethics Point.