Section Treasurer Quick Start Training

The first step is to quickly get the lay of the land - who are your fellow officers in the Section and Chapter organizations you will be working with?  A personal contact by e-mail, phone or even a face-to-face would help jump start building key relationships.  Contact the Section Secretary to make sure you have the right contact information for the officers.

Most IEEE Sections have a number of Standing Committees, Technical Chapters, Affinity Group, and/or Student Branches.  The Section Operations Manual should contain a list of available positions to match with officers.

Learn More:

• What are the typical Standing Committees of a Section? What positions are currently recorded in the IEEE Geographic Roster? Who can serve within an IEEE Geographic Unit?
• What are a Technical Chapter, Affinity Group, and Student Branch?
• What is a Section Operations Manual?
• How does a Section Treasurer interact with Chapter or Affinity Group Chairs/Treasurers?

Key Points:

• Who the Committee, Chapter, and Affinity Group Chairs in your Section are
• The requirements for serving as an IEEE Officer and/or Committee Chair within your Geographic Unit

As the Chief Financial Officer of the Section, you are responsible for assuring continuity of all the financial records including most recent financial reports, checking account status, and collecting the most recent budgets from the outgoing Treasurer. 

Additionally, you should make sure you have an inventory and/or access to financial accounts, if any, held by the Technical Chapters/Affinity Groups within your Section.

If possible, spend some time with the outgoing Treasurer to learn as much as you can about the finances of the previous year.

In keeping the financial records, you should establish a place where the financial records and documents will be kept safely.  Back-up as much as possible and ascertain that, in case of an emergency, or in your absence, another member of the Section Executive Committee will have access to everything.  This also makes it easy to pass on to the next Treasurer.

Your time is very important.  In order to use your time effectively, you need to become familiar with the tools which will assist you in maintaining Section records and ensuring that the Section is compliant with IEEE policies.  Doing this early in your term of office will make it easier to learn the tools and use them throughout your term. 

Enter all receipts and disbursements in an account book and/or computer record.  Verify that all deposits are current.

Learn More about the following:

• Is there a recommendation on the type of Financial Software that my Section should use?
• What is the IEEE Chart of Accounts?
• Has a Glossary of Financial Terms been created?
• What is the IEEE Financial Report Form (L50)?  Why is it necessary?

Key Points:

• Become familiar with IEEE Chart of Accounts, IEEE Accounting Terms, and the Financial Report Form

The principal responsibility of a Section Executive Committee member is to oversee the management of the Section, and in so doing, serve the best interests of IEEE, its members, and the public.  As the Section Treasurer, you should assess the financial health of the Section.  This should be done prior to attending the first Executive Committee meeting when you will report the financial health and status of the Section.

To assess the financial health of your Section, you should be familiar with the revenue/expenses of the Section.  For a Section to be financially healthy, the annual revenue must exceed your annual expenses which results in the Section reserves increasing on a regular basis.

Review the budget of the previous year and draw up your new Section budget, which you will report on every month to the Section Executive Committee.  

Learn More about the following:

• How does my Section get funding from IEEE MGA?
• Can my Section accepts Grants and/or Contributions?
• Should my Section have an audit every year?  When is an audit required?
• How much can each Section have in reserves?

Key Points:                            

• How the Sections/Chapters get funding from IEEE
• How to handle grants and/or contributions to Sections
• Steps to be taken in reviewing/auditing a Section financial report
• The IEEE policy on reserves for Sections

As the Section Treasurer, you are an important member of the Section leadership team.  Your overall responsibilities include:

• Working with the Section Leadership in developing a budget and monitoring adherence to it
• Keeping Treasurer records and financial data up-to-date
• Complying with all applicable local laws and IEEE Guidelines
• Advising Subunits (Technical Chapters/Affinity Groups) within the Section on the proper procedures for requesting Section funds
• Tracking the accuracy of the amounts of all income and expenses
• Submitting the annual financial report (L50)
• Reporting to the Section Executive Committee

When attending the Section Executive Committee meetings and you should provide reports on the financial status of the Section.

Additionally, the Treasurer should present the Section/Chapter check register(s) to the Section Executive Committee at least two times during the year for review and approval.  A check register should always include name, date, amount, budget line, and purpose for each transaction (e.g., expense reimbursement, services provided).  The reason for this is to provide an independent review of expenses and to ensure that the Section Executive Committee is informed and approves unit expenses.

Learn More:

• What is the typical calendar of events for a Section?
• What is the job description for a Section Treasurer? (PDF, 75 KB)

Key Points:

• The importance of providing regular reports to the Section Executive Committee on the financial activities of the Section 

Geographic Units of IEEE are not independent organizations, but are integral parts of IEEE itself.  As a result, IEEE is responsible for maintaining records for all Units worldwide.  Compliance with IEEE Policies is important; in particular, maintaining the non-profit tax-exempt status of IEEE in the USA.  Controls are established to ensure that the interests of IEEE, its Units, and their Officers are protected.  Find out what policies have been established in regards to Geographic Unit bank accounts, investments, and the appropriate use of IEEE funds.

Learn More about the following:

• Where can my Section invest funds?
• Can my Section charge members an assessment fee?
• What is the appropriate use of IEEE Funds?
• Is my Section covered by IEEE Insurance coverage?
• Can my Section be incorporated or registered?
• My Section is outside R1-7 - what is an IEEE Custody Account?

Key Points:

• Have a better understanding on the appropriate use of Section/Chapter funds

The financial activity of IEEE Geographic Units is included in the IEEE Annual Financial Report and reported to the appropriate government agencies.  Therefore, it is very important that all Geographic Units provide the required information to IEEE staff on a regular basis. 

The following information should be submitted on a regular basis:

• Annual Financial Report, including copies of bank statements (if not in the IEEE Concentration Banking Program) - Due no later than 31 March
• As you make payments during the year to individuals, please be sure to collect 1) name and address of the individual,  2) social security number,  3) the total amount paid,  and 4) a brief description of the payments - Due not later than 21 January
• Bank Account disclosure form - Due 31 January

Learn More about the following:

• How do I get started in completing the Annual Financial Report?
• What are the common errors which delay the approval of the financial report?
• My Section has a local bank account - what forms do we need to submit annually?
• Why does my Section need to report the names of individuals that we sent payments to?
• What is and who is required to submit the Conflict of Interest/Principles of Business Conduct Form?
• What is the typical calendar for Section financial activities? What are the deadlines in submitting the required information?