Volunteer Training - Society/Technical Council Finances - Financial Reports: Report Types and Purposes

All IEEE Societies and Councils receive four financial reports every month.

The Society/Technical Council Summary Report summarizes the overall profit & loss of the Society, including revenue, expense, and net by major category; year-to-date revenues and expenses vs. the budgeted revenues and expenses; and the net variance of actual vs. budget. This report is useful for the overall management of the Society's finances and provides the financial “snapshot” each month.

The Financial Statement, or Profit & Loss, shows the cumulative data of the annual budget for each account and the actual income or expense and details the financial activity on a monthly basis, including year to date totals. This report allows you to take a detailed look at each account's status.

The Consolidated Report provides general ledger detail activity for one month, including the source reference, document number for the transaction, supplier invoice number, and journal entry number. This report is helpful if you are looking for detail on a specific transaction and/or whether or not a specific transaction has been posted to the account.

Member and Non Member Statistics provides the number of subscribers a publication has or the number of members at the Society/Technical Council level. The statistics are broken down further to provide the category of the subscribers (regular, student, unemployed, affiliate, etc.).

These reports are issued monthly and available to Society/Technical Council Officers using their IEEE Account. Society/Technical Council Officers receive a monthly e-mail reminder that their reports are posted and ready for review. The Balance Sheet is also available for review on the web. Society/Technical Council Officers should review their Society/Technical Council financials monthly because they will gain a(n):

• better understanding of monthly revenue and expenses.
• greater ability to understand Society/Technical Council business.
• effective turnaround time for correcting mistakes and reclassifications.

In addition to the monthly reports, Society/Technical Councils also receive Final Operating Financial Reports three times per year. In January, Society/Technical Councils receive the Pre-Close, Pre-Audit Final Operating Report, also called the “December Report.” This report does not contain final ASPP or Conference Publications Distribution Information. In March, Society/Technical Councils receive the Post-Close, Pre-Audit Final Operating Report, also called the “FM 13 Report.” This report has final ASPP and Conference Publications Distribution Information, infrastructure adjustments, and market fluctuation. In May or June, Society/Technical Councils receive the Post-Close, Post-Audit Final Operating Report, also called the “FM 14 Report.” This report includes any adjustments made by the IEEE auditors.

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