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Bank accounts

Organizers interested in using IEEE Concentration Banking Program can send an e-mail to conference-finance@ieee.org to request the necessary forms and a Concentration Banking debit card, if desired. Include the conference record number in the e-mail's subject line.

IEEE Concentration Banking will greatly streamline your conference banking process.

If not using IEEE Concentration Banking:

  • Open conference bank accounts as "The Institute of Electrical & Electronics Engineers, Inc., d/b/a Year IEEE Conference Title."
  • IRS Tax Identification Number: 13-1656633.
  • All IEEE Conference Bank Accounts provide for the signatures of at least two volunteers and the IEEE Staff Director-Financial Services or designee(s), except as shall be required under local government regulations.  This will provide assurance to the conference and to IEEE of the availability of alternative signatures, if the need arises (References IEEE Finance Operations Manual).

Conference Organizing Committees are not allowed to keep bank accounts open from one year's event to the next.  Conference Boards (or Steering Committees) may not open nor maintain bank accounts.  Guidelines for closing accounts are in the IEEE Conference Organizers' Manual.

Closing of Bank Accounts:

  • Close your conference bank account(s) and submit a final financial report within six months from the close of the conference.
  • Deposit surplus funds into the sponsoring Organizational Units' IEEE account. Funds can then be withdrawn to fund your next conference.

At the end of each calendar year, report:

  • principal amount;
  • annual accrued interest;
  • account number, and name and address of any financial institution at which any open conference account exists.

Following this procedure protects IEEE not-for-profit tax status.

 
 

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Conference loan request

Request a conference loan from your sponsoring IEEE Organizational Unit (OU) anytime during the planning cycle. The sponsoring IEEE OU will approve the loan and contact IEEE Conference Services to process the request.

Repay all conference loans within one month after the conference.

 
 

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Conference budget

A conference budget with estimated income and expenses must be submitted once approved by the sponsoring organizational unit, at least 12 months prior to the conference.

Budgets must be based on non-deficit expectations and be set to generate a minimum surplus of 20% over projected expenses.

A revised budget may be submitted at any time during the planning process. Significant revisions must be approved by the sponsoring organizational unit.

 
 

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Final financial reporting

To close your conference:

  • Prepare a final report no later than six months after the end date. Submit to IEEE, and organizational unit sponsor(s).
  • Repay all loans.
  • Prepare a final report no later than six months after the end date. Submit to IEEE, and organizational unit sponsor(s).
  • Confirm that all physical assets have been distributed (i.e., conference proceedings or digest).
  • Complete an audit of your financial records of surplus, disposal of physical assets and loan repayment.
  • Make final arrangements regarding conference proceedings. Contact IEEE Conference Publications for more information.
 
 

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World-wide tax compliance alert

All conferences must contact the IEEE Tax Compliance Department regarding tax and business registration requirements. The laws for doing business in each state, province and country vary. Specific tax and business registrations may be required.

 
 

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Penalty assessment

Sponsoring Organizational Units (OU) will be charged a penalty for each conference that has not closed their financials within twelve months of the conference's end. If not closed by the 13th month after being held, a penalty fee will be assessed.

The penalty fee structure is as follows:

  • 13th month: US$350
  • 19th month: US$600
  • 25th month: US$750
  • Each following: quarter: US$750

Further information can be found in IEEE Policy, Section 10.1.11.

 
 

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Requirements for audit of conference financial activities

IEEE Conferences, Workshops and Meetings are required to have an independent audit of their financial activities if the meeting’s receipts or expenses equal or exceed US$100,000 and IEEE sponsorship of the meeting is greater than 50% (51% or over). 

The IEEE Operations (Internal) Audit Department or an independent outside accounting firm may complete the ‘agreed upon procedures’ audit of the meeting’s financial statement. 

See Conference Audit or Detailed Steps for Audits of IEEE Conferences (DOC, 34 KB) for more information.

 
 

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1099 & 1042 schedule of payments

All conference organizers with open conferences are required to submit the 1099 Schedule of Payments to U.S. Citizens & Resident Aliens shortly after the conference ends (but no later than 10 January of each year).  

IEEE will then be able to send an IRS 1099 form to individuals showing their reportable income.   If this is not done, the recipients of reportable income will not be able to accurately submit their income taxes in a timely manner.   Additionally, the recipient and IEEE might be fined by the Internal Revenue Service (IRS).   It's possible the recipient may also need to amend their taxes and this could cause the IRS to flag their income tax returns over the next few years.

All open conferences held in the United States are also required to submit a 1042 Schedule of Planned Payments to Non-Resident Aliens in the U.S.  

Payments that should be included are awards, grants, honorariums, prizes, commission payments, hourly compensation payments and lump sum payments.   Do not include any reimbursements for expenses or payments made to corporations.   If there are no payments, submit the Schedule of Payments and list "none".   

Send the Schedule of Payments forms to conference-finance@ieee.org.

 
 

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Indirect tax requirements

It is mandatory for all conferences to comply with applicable indirect tax requirements such as Value Added Tax (VAT), Goods and Services Tax (GST) and Sales Tax. As each country sets its own regulations, handling of indirect taxes can be complex.  

To streamline the European VAT process for IEEE Conference Organizers and ensure compliance with existing VAT laws, a comprehensive European VAT handling scenarios flow chart has been developed for each European country where IEEE currently holds conferences. IEEE needs to assure that all conferences comply with the local indirect tax law and some documentation is required for our files.

IEEE International LLC was created to comply with the VAT legalities of each European country and is registered for the VAT purposes in some European countries. IEEE International LLC has the VAT number which can be used for the VAT reporting of the conferences.   IEEE International LLC is not VAT exempt in any of the countries outside the US.

Contact IEEE Conference Indirect Tax for more information, detailed processes and compliance requirements.

 
 

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Contact Information

IEEE Meetings, Conferences and Events Customer Relationship Management is available to assist you with any questions.

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