FAQ: Financial

What reports need to be submitted by a Section to earn a Section Rebate?

The reports required to earn a Section Rebate are the Meeting Activity Reports (minimum of five meetings per year), the Officer Report, and the Financial Report. Please see the Required Reporting page for details.

When are Section reports due?

31 March 2009 is the deadline for the submission of officer, meeting and financial reports. After this date, the unit may not receive a rebate. See the Rebate Schedule for details of this year's exact due date and the algorithm.

How do new Treasurers obtain access to the Section account?

It is essential to have the IEEE Finance Director as a signatory on each and every IEEE unit bank account. If you need access to a bank account you can contact the IEEE Finance Department to find out who the signatories are, or to find what steps can be taken if the account was not set up properly. If you are opening a new bank account and would like to know the procedure, see the IEEE Treasurer's Handbook.

How much funding will my Section receive ?

The funds are distributed in accordance to the Rebate Schedule . All units will receive a base amount of US$2000 with additional funding be provided for each member and Society Affiliate within their Section. Sections will also receive US $500 for each Subsection meeting minimum requirements and US$200 for each Chapter and/or Affinity Group meeting minimum requirements.

All Sections whose reporting (financial, meeting and officer) is submitted by Friday, 20 February 2009 will receive a 10% bonus of the total rebate.

Are the activities of my Section covered by IEEE's insurance policy ?

IEEE maintains insurance at limits deemed appropriate by the IEEE Insurance Committee for IEEE’s current business activities. Further information can be found on the IEEE Insurance Summary for Organizational Units web page.

I can't submit original bank statements with my financial report since the Sections banks statements are only available on-line?

If you can't obtain an original bank statement, please provide a year end (31 December) statement and have at least 2 Unit officers indicate that balance as shown online is accurate

My unit has a IEEE Concentration Banking Account and IEEE Investment Account - does my unit need to submit year end statements?

No - While it is helpful when a unit provides this information with the financial report, it is not required.

Can a Technical Chapter establish a Bank Account?

Yes - the MGA Board Operations Manual (Section 9.6.G) indicates (1) a Chapter may maintain its own accounting of income and disbursements, either within separate sub-accounts of the Section treasury or within a separate bank account as approved by the Section Executive Committee. Funds in such an account may include income received by the Chapter from Societies and Technical Councils and the Chapter's share of income and disbursements associated with programs sponsored or cosponsored by the Chapter and with operations of the Section. (2) If, upon petition by a Chapter to maintain a separate bank account, the Section withholds its approval, or if the Section decides to eliminate an existing account, the Section shall first seek the approval of the Vice Presidents of Member and Geographic Activities and Technical Activities stating the reasons for its decision. (3) Those Chapters having separate bank accounts shall submit a year-end financial statement to the Section by 15 January for the previous fiscal year.

All accounts must be established in the name of IEEE must be reserved for the purpose for which they are established, without co-mingling of funds. All Geographic Unit accounts shall have signature cards with at least two volunteer signatures, one volunteer as the primary signatory and one additional volunteer as an alternate. In addition, all IEEE Geographic Units accounts must have the IEEE Staff Director, Financial Services as a signatory thereon (Policy 11.3.A.3). Exemptions must be requested as part of the Geographic Unit Annual Financial Report, and approved by the Region Director. Chapters are encouraged to utilize the IEEE Concentration Banking Program as a depository for all IEEE funds, if possible. All unit funds management must adhere to a fiscal year 1 January - 31 December.

Links to additional financial resources .

Do you have a question not listed here? Contact sec-chap-support@ieee.org.