This is a set of training modules for Volunteers of IEEE. These volunteer training modules are meant to help volunteers understand how IEEE functions and to explain the many services IEEE has to offer.

Budgeting Tips

When reviewing and refining the Society/Technical Council budget, there are some items to be aware of and some tips for how to maximize your dollars.

Be careful when hiring support
IEEE has a series of rules that apply to the hiring of support staff. Third parties who render these services must meet certain criteria to be classified properly as an independent contractor, vendor, or Temp II (on site and telecommuting). Before you enter any inputs for support staff, visit the Technical Activities Department Contact Information page to contact Staff concerning what you need and who you want to hire. They can help you follow IEEE rules to ensure that your support staff is classified and paid correctly.

Follow IEEE’s rules for contracts
IEEE has recently implemented new procurement practices. IEEE now provides a Master Services Agreement with standard clauses that is to be used with subcontractors. Contracts over $25K must be signed by Procurement. It is best to involve Procurement early on in the contract review process. They can advise you of what must be done and what rules must be followed, including how revenue is to be passed through vendor accounts, which can be especially important for contracted conference services.

When budgeting facilities, know your options and IEEE rules
IEEE’s existing facilities in NY, NJ and CA can be used for support locations. New facilities, whether rented or permanent, need corporate approval before they can be added to the budget. If you need storage or archive facilities, let your analyst know. IEEE can help.

Don’t get caught by tax rules, incorporation issues, or sponsorship restrictions
Tax issues come into play in many Society/Technical Council activities, especially conferences. You must meet VAT Tax collection and country registration requirements. For more information, consult the module on Tax Issues or contact conference_finance@ieee.org. In addition, issues can arise with incorporation of conferences or other activities and with sponsorship of conferences in restricted countries such as Iran. Contact conference_finance@ieee.org for guidance if these issues apply to your Society/Technical Council.

Know your Society/Technical Council’s financial position
IEEE and TAB provide financial management reports and “health metrics” so Society/Technical Council officers can monitor how their Society/Technical Council is doing. Financial Management documents include budgets, reports, forecasts, management of actuals, and calculations of reserves. Metrics for Societies and Councils include Cost of Membership, Opt. Pubs, Dashboard, Overheads, and Conference Closing Reports. IEEE also provides historical data on subscriptions, membership, and other indicators. In addiiton, Society/Technical Councils and periodicals are reviewed every five years. The information is available from IEEE Technical Activities. Use it. Or, ask your analyst how you can get a better handle on your Society/Technical Council’s health.

Be prepared to spend operational surplus and reserves
There are budget opportunities and actuals opportunities to spend money when your Society/Technical Council income exceeds expectations.

Budget Opportunities:

Some items can be placed in your budget as operational items.
Some items can be placed in your budget as “formal initiatives” ( e.g. 1% of Reserves).

Actuals Opportunities:

Some items can be started based on forecasted actuals.
Some items can be started based on other relief that might be available ( e.g. 50% rule).

To take advantage of your reserves to improve your Society/Technical Council’s offerings to members, create a constantly renewed Initiative List (or “things we want to do” list). Keep the list constantly refreshed and, when money is available during budgeting or during forecasted actuals, pick something off your list to do. Use it so that the money is not “lost” to reserves at the end of the year.

Set dues and publication prices properly
You want to price the Society/Technical Councils offerings to maximize revenue and maximize participation. In setting dues and publication prices or reviewing costs, the following information may be helpful to you:

Society/Technical Council Publication costs totaled by type;
Cost per print subscription;
Cost of Membership summary.

This information can be found within your Society/Technical Council budgets. A comparison of cost per print subscription and cost of membership for each Society/Technical Council can be found in the Financial Operations Manual. The Pricing Module also provides guidance in how to price your Society/Technical Council’s products. Your fellow Society/Technical Councils may also be a resource to help you set these parameters.