Financial Report (L50)

Please read the "Seven Easy Steps for Preparing the L50" before beginning to complete the L50 form. 

The L50 financial report form has been specifically designed for geographic unit use, including built in formulas.  NetSuite will allow geographic unit Treasurers to log in, complete, and submit the L50 financial report.  If you have any questions about the new process or system usability, please e-mail MGA Finance staff.

All annual compliance documents can be accessed, downloaded, and submitted via the MGA Compliance Reporting Web page (IEEE Web Account and password required). Please submit all year end bank statements for all bank accounts reported in NetSuite via this portal as well.  E-mail MGA Finance staff with questions or concerns.

To submit your financial report, please access NetSuite.

A Netsuite user ID and password are required.  Geographic unit Treasurers should have received an e-mail from MGA Finance staff with this information.  E-mail MGA Finance Staff if you have not received your ID and password.

Reference the Financial Reporting Dates Memo (PDF, 207 KB) for guidance on various reporting deadlines.

The change in this new process is that you will no longer submit your L50 forms via mail or e-mail. The completion and submission to IEEE headquarters will be through the new financial reporting tool, NetSuite.

Original year end bank statements and investment account statements (not IEEE Concentration Banking and Investment Accounts) must be provided. Please e-mail copies of those documents to MGA Finance Staff. Some banking institutions do not provide hard copies of the banking statements. If your unit is not able to provide the original bank statement with your financial report, please e-mail MGA Finance staff.

For questions or concerns, please e-mail MGA Finance staff.

Section and Council Treasurers are responsible for submitting the 2011 L50 financial report form for their unit and any subunits (Subsections, Technical Chapters, and/or Affinity Groups), by 17 February 2012.  

Units submitting reports later than 31 March 2012 will not receive rebate payment for 2011 activity.  

If the Section or Council is unable to obtain financial records from a subunit, it may opt to submit a statement that the subunit has failed to submit a timely financial report and waive its right to a rebate for that particular subunit.  Delinquent subunits may be subject to probation or even dissolution.

If all reports are submitted by the February deadline, your unit will earn an additional 10% bonus to the total rebate.  However, if the information submitted is not complete or contains errors, and if corrections are not submitted within 60 days of a written request, the 10% bonus will be forfeited.  The written request provided by IEEE will clearly state what action is expected, the date by which it must be submitted, and the consequence if not submitted.

Chapters/Affinity Groups
Income and expense information and year end bank statements (if applicable) should be submitted to your Section's Treasurer as soon as possible after 31 December, for consolidation into the Section L50.