Audited Financial Statements.
Audited IEEE Financial Statements will
be made available to IEEE members annually.
Annual Budget. Using a process
established by the IEEE Finance Committee, an
annual budget shall be prepared for the
ensuing year, subject to the approval of the
Board of Directors.
Forecasts. IEEE Major Boards,
Societies and Technical Councils, and the staff
organizations shall submit forecasts on
a scheduled basis as requested by the IEEE
Finance Committee. These forecasts
shall be used to identify opportunities
and risks to achieving the budgeted targets.
Investment Reporting. Reports on
investments in the IEEE Investment Fund shall be
provided to the appropriate IEEE
Organizational Units in a format and on a
schedule approved by the IEEE Finance Committee.
IEEE Organizational Unit Reporting.
All IEEE organizational units that have
cognizance of IEEE assets of any kind
shall report annually the kind, amount, and
location of such assets held at the
close of the IEEE's fiscal year and the legal
name under which the assets are carried.
IEEE organizational units sharing a
financial interest with an outside organization
shall identify the basis of sharing and
the monetary value of IEEE's partial interest at
the end of the fiscal year.
Use of Funds; Required Audits.
(a)
All
IEEE Organizational
Units shall have the
right to
obligate their budgeted
funds for all purposes
necessary to
promote their approved
objectives. No IEEE
Organizational
Unit, nor any
representative thereof,
shall have authority
to contract debts for,
pledge the credit of, or
in any way
bind the IEEE with
respect to any matter or
activity not
approved by the IEEE
Board of Directors or
its designee.
If
any IEEE organizational
unit shares a financial
interest
with an outside
organization, the
organizational unit
shall
maintain an up-to-date
record with IEEE
Headquarters
identifying the outside
organization(s) and the
basis of
sharing.
Procedures related to
procurement and contract
negotiation,
approval, and execution
shall be contained in
the IEEE
Finance Operations Manual.
(b)
All
assets are the sole
property of IEEE.
IEEE funds
may be used only for
IEEE educational and
scientific
purposes. Examples of
unacceptable uses are
found in the
IEEE Finance Operations Manual.
(c)
All IEEE
sponsored activities
conducted by any IEEE
Organizational Unit, which
individually or collectively
generates revenue or expense
in excess of an amount
specified
in the IEEE Finance
Operations Manual, shall be
audited by a
professional independent
outside source.
Activities
involving less than the
amount specified may be audited.
Joint conferences sponsored
and conducted by IEEE and
non-IEEE entities, as
defined in the IEEE
Policies, Section
10, are required to be
audited if the IEEE is the
primary
(lead) sponsor. The
primary lead sponsor shall
be
determined in the Memorandum
of Understanding (MoU) for
the conference.
Acceptance of
Contributions. IEEE
Organizational Units may accept
contributions on behalf of IEEE,
and such contributions shall be the sole
property of IEEE.
Contributions in excess of an amount
specified in the IEEE Finance
Operations Manual must be reported to
the appropriate IEEE staff to
facilitate the preparation of
appropriate tax reporting
documentation and acknowledgements.
Contributions from IEEE.
(a)
Direct or
indirect contributions of
IEEE funds by any IEEE
Organizational Units to any
organization or individual
may only
be made with prior
permission of the IEEE Board
of Directors.
(b)
Approval
of contributions under an
amount which shall be
specified in the IEEE
Finance Operations Manual
may be
delegated by the IEEE Board
of Directors to the
appropriate Vice President
or Major Board President.
