SCHEDULE I
- Receipts and Expenses
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SECTION A - Receipts
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SECTION B - Expenses
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SECTION C -
Receipts and disbursements affecting
fixed assets & liabilities
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[SECTION D - totals previous Sections]
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SECTION E -
Reconciliation to Cash accounts
SCHEDULE II
- Statement of Net Worth
SCHEDULE I
SECTION A
- RECEIPTS: CASH & ACCRUED
1.00 - CONTRIBUTIONS
Line 1.10 - RECEIVED FROM INDIVIDUALS
All cash and pledges (accrued)
received as contributions from
individuals should be classified as a
receipt. For receipts of property other
than cash, please call IEEE Tax
Compliance Department at 732.562.5334 for instructions.
U.S. UNITS ONLY: In the U.S.,
IRS regulations require that a written
acknowledgement be given to each contributor
that made a single contribution of $250
or more. This acknowledgement must
include the contributor's name, address,
and the total amount received. The
acknowledgement must also state that no
goods or services were provided in
exchange for the contribution. If goods and
services were provided, please contact
the IEEE Tax Compliance Department for
instructions. See the Treasurers Handbook
for instructions and a sample
acknowledgement letter. Please attach
copies of these acknowledgements to the Form
L-50 Financial Report. The contributor
must receive these acknowledgements
before he or she files their Federal Income
Tax Return (Individuals normally file
their Federal Income Tax Returns by April
15th each year).
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Example Line 1.10:
Contributions from IEEE members and/or
non members which support unit activities
.
Line 1.20 -RECEIVED FROM CORPORATIONS
Include all cash and pledged
(accrued) contributions received from
corporations. See instructions for 1.10 above.
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Example Line
1.20: Contributions from companies (for
profit) which support unit activities
Line 1.30 - RECEIVED FROM FOUNDATIONS
Include all cash and pledged
(accrued) contributions received from
non-profit organizations and foundations.
See instructions for 1.10, above.
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Example Line
1.30: IEEE Foundation which includes IEEE
Life Member Fund. IEEE Canadian
Foundation, Contributions from
Universities/Colleges. Regional Student
Prize Paper Award
2.00 - PROGRAM REVENUE
Line 2.10 - MEETINGS & SOCIAL
EVENTS
Enter receipts of cash and
amounts accrued for regularly scheduled
meetings or social events (including dinner
meetings). Form L-31, IEEE Meeting
Report, must be completed for each meeting
or event and submitted by the Section
Secretary annually.
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Example Line
2.10: Admission fee for any Geographic
Unit sponsored non technical events. Does
not include educational, professional
& student activities.
Line 2.20 - PUBLICATION REVENUE
Enter cash and accrued receipts,
not including advertising revenue, for
all forms of publications including
newsletters, abstracts, reprints,
conference publications and proceedings.
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Example Line
2.20: Conference Publication Revenue
(i.e. Book Broker Program)
Line 2.30 - ADVERTISING - IEEE
Enter cash and accrued receipts
that are received from IEEE conferences
or sub-units to pay for placing an
advertisement in any Unit Publication.
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Example Line
2.30: Advertising revenue for IEEE
Publications from IEEE units (i.e. Power
Engineering Society advertises in local newsletter)
Line 2.40 - ADVERTISING - NON-IEEE
Enter cash and accrued receipts
that are received from non-IEEE sources,
to pay for placing an advertisement in
any Unit Publication.
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Example Line
2.40: Web page
Line 2.50 - CONFERENCE REVENUE
Include all conference receipts
except those related to conference
publications and advertising which should be
classified on lines 2.20, 2.30 or 2.40.
Make sure that conference receipts are
reported at their gross amount, not
reduced for conference expenses which are to
be reported on Line 4.50.
Receipts received as a result of
Loans with regard to other IEEE Units,
should not be included on this line.
Include such loan receipts on Schedule VI,
Page 1 of 2. It is important that
conference receipts and expenses be fully
recorded and not just the net results.
For more than one conference, attach a
schedule listing each conference and the
related conference revenue.
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Example Line
2.50: Any surplus generated by unit
sponsored conference activity.
Line 2.60 - EDUCATIONAL ACTIVITY
Enter cash and accrued receipts
that are received for educational
activities sponsored by the Unit including
short courses, self-study courses,
lecture series, seminars, and others. This
category does not include regularly
scheduled Region, Section, Subsection or
Chapter meetings.
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Example Line
2.60: Admission fee for educational
related meetings.
Line 2.70 - PROFESSIONAL ACTIVITY
Pursuant to IEEE's Constitution,
members of the Institute are permitted to
engage in activities "directed toward the
advancement of the standing of the
members of the profession it serves." In
addition, IEEE members may engage in
activities that "strive to enhance the
quality of life for all people throughout
the world through the constructive
application of technology in its fields of
competence. It shall endeavor to promote
understanding of the influence of such
technology on the public welfare." Any
cash and accrued receipts related to such
activities should be classified here.
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Example Line
2.70: Admission fee for professional
related meetings.
Line 2.80 - STUDENT ACTIVITY
This classification refers to any
cash and accrued receipts generated in
support of student or Student Branch activities.
Line 2.90 - PROJECT REVENUES
Enter cash and accrued receipts
received from special projects that
cannot be classified elsewhere. Describe
each project on a separate attachment to
the L-50 report.
3.00 - OTHER RECEIPTS
Line 3.10 - REBATE FROM IEEE HQ
The total gross rebate received
during the year should be entered on this
line. This may exceed the amount of cash
you actually received. The difference
between the total gross rebate and the
amount of cash actually received should
represent the Units payment for services
performed by IEEE HQ at your request or
expenses incurred on your behalf. This
difference, which represents your Unit's
expenses, should be entered on the
applicable Line of Section B, Schedule I.
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Example Line
3.10: Section Rebate or Region Allocation
Line 3.15 - REGIONAL ASSESSMENT
Enter Regional Assessment payments
received from IEEE HQ. (applies only to
Regional Offices).
Line 3.20 - REGION RECEIPTS
Include any cash and accrued
receipts received from your respective
Region. The amounts are first entered on
Schedule III, and the total is
transferred to Line 3.20, Schedule I.
Receipts received as a result of Loans
with regard to IEEE Regions, should not be
included on this line. Include such loan
receipts on Schedule VI, Page 1 of 2,
which is subsequently transferred to line
7.30 or 7.35 of Schedule I
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Example Line
3.20: Section/Chapter use only - Funding
to the Sections/Chapters from Region -
example - Section Support via Region
(SSVR)
Line 3.30 - SECTIONS OR COUNCILS
Enter cash and accrued amounts
received from Sections, Councils, or other
Units not reported elsewhere on Schedule I.
If the L-50 report is a consolidated
report, do not include receipts from Units
whose financial operations are
consolidated with your Unit on the same
financial report. The amounts are first
entered on Schedule III, and the total is
transferred to Line 3.30, Schedule I.
Receipts received as a result of Loans
with regard to other IEEE Units, should
not be included on this line. Include
such loan receipts on Schedule VI, Page 1
of 2, which is subsequently transferred
to line 7.30 or 7.35 of Schedule I.
Line 3.32 - RECEIPTS FROM RAB, OTHER
MAJOR BOARDS
Enter cash and accrued receipts
received from RAB and other major IEEE
Boards such as IEEE-USA/PACE, etc. The
amounts are first entered on Schedule
III, and the total is transferred to Line
3.32, Schedule I. Receipts received as a
result of Loans with regard to IEEE
Boards, should not be included on this line.
Include such loan receipts on Schedule
VI, Page 1 of 2, which is subsequently
transferred to line 7.30 or 7.35 of
Schedule I.
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Example Line
3.32: For Regions only - Section Support
Via Region (SSVR), Director Travel Funds.
For all units - Funding from IEEE-USA for
PACE activities
Li
ne 3.33 - SECTIONS CONGRESS
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Example Line
3.33: Allocation from RAB
Li
ne 3.34 - IEEE HQ & SOCIETIES
Enter cash and accrued receipts
received from IEEE HQ (other than the
rebate) or from IEEE Societies. The amounts
are first entered on Schedule III, and
the total is transferred to Line 3.34,
Schedule I. Receipts received as a result
of Loans with regard to IEEE HQ. or
Societies, should not be included on this
line. Include such loan receipts on
Schedule VI, Page 1 of 2, which is
subsequently transferred to line 7.30 or
7.35 of Schedule I.
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Example Line
3.34: Funding from Volunteer Sales
Augmentation Program
Line 3.40 - INTEREST
Report as a receipt any money
received and accrued on interest-bearing
deposits or investments (i.e. interest on
savings accounts, certificates of
deposit, or interest payments from funds
invested for the Unit by IEEE Hq).
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Example Line
3.40: Interest on savings accounts,
certificates of deposit, or interest
payments from funds invested for the Unit by
IEEE HQ
Line 3.50 - DIVIDENDS
Report as a receipt any dividends
received and accrued on securities owned
by the Unit. Note: IEEE Policy and
Procedure Section 11.4 requires IEEE
Executive Committee approval for these investments.
Line 3.60 - GAIN/ (LOSS) ON SALE OF INVESTMENTS
Record any realized gains or losses
on sales of investments during the year.
Losses should be shown as a negative
amount. Gain or loss is defined as the
difference between the original cost of the
investment and the amount received on its
sale, redemption, or other disposition.
The amounts should be first entered on
Schedule V, page 1 of 2, Column F, and
the total from this column is transferred to
Line 3.60, Schedule I.
LINE 3.62 - UNREALIZED GAINS/(LOSS) ON
INVESTMENTS (MARKET VALUE)
Amounts of Unrealized Gains or
Losses received as a result of Market
Value increases/ decreases on Investments
held by an IEEE Unit should be first
reported on Schedule V, Page 1 of 2, and
then forwarded to this Line, under the
Accrued Column.
Line 3.65 - GAIN/(LOSS) ON SALE OF
FURNITURE & EQUIPMENT
Record any realized gains or
losses on sales of Furniture &
Equipment during the year. Losses should be
shown as a negative amount. Gain or loss
is defined as the difference between the
original cost of the assets, less
accumulated depreciation, and the amount
received on the sale. The amounts should
be first entered on Schedule V, page 2 of
2, Column F, and the total from this
column is transferred to Line 3.65, Col.
A-Cash amount, Schedule I. Under the
Depreciation section of Schedule V, when
an asset is sold, the accumulated
depreciation is recaptured. The total
accumulated depreciation on assets sold is
reported under Col. C, Schedule V-Pg.2
and is forwarded to Line 3.65, Col.
B-Accrued amount, Schedule I.
Line 3.70 - OTHER
Report cash and accrued receipts
not classified elsewhere on Schedule I.
The amounts are first entered on Schedule
III, and the total is transferred to Line
3.70, Schedule I. Itemize all receipts
that exceed $100 in the space provided on
Schedule III.
SECTION B
- EXPENSES: CASH & ACCRUED
4.00 - PROGRAM EXPENSES
Line 4.10 - MEETINGS & SOCIAL EVENTS
Enter cash and accrued expenses
incurred in organizing and conducting
regularly scheduled meetings or social
events (including dinner meetings). A
Meeting Report, Form L-31, must be completed
for each meeting or event.
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Example Line
4.10: Expenses associated with monthly
Section or regular Region meetings.
Meeting rooms, banquets, agenda material
duplication etc. Travel expenses should
not be included on this line but on line 5.20
L
ine 4.20 - PUBLICATION EXPENSES
Enter cash and accrued expenses for
all forms of publications including
newsletters, abstracts, reprints, and
conference publications and proceedings.
Expenses for conference agendas or
notices should be reported on line 4.50 -
"Conference Expenses." Where publication
expenses include expenses for
advertising, an allocation of publication
expenses representing advertising should
be made to Line 4.30 or Line 4.40
described below.
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Example Line
4.20: Expenses associated with printing
of newsletter and conference publications
Line 4.30 - ADVERTISING - IEEE
Enter cash and accrued expenses
related to advertising by IEEE entities,
publications, or conferences (such as a
portion of printing and mailing costs
allocated on the basis of space devoted
to advertising). See note under Line 4.20
with regard to publication expenses that
include advertising expenses.
Line 4.40 - ADVERTISING - NON-IEEE
Enter cash and accrued expenses
related to advertising by non-IEEE
sources (i.e. such as a portion of printing
and mailing costs allocated on the basis
of space devoted to advertising). See
note under Line 4.20 with regard to
publication expenses that include
advertising expenses.
Line 4.50 - CONFERENCE EXPENSES
Include all conference
expenditures except those related to
conference publications and advertising
which should be classified on lines 4.20,
4.30 and 4.40. . Make sure that
conference expenses are reported at their
gross amount, and not netted against
conference receipts which are to be
reported on Line 2.50 at their gross value.
Loans or Advances made to IEEE Units with
regard to conferences should not be
included on this line. Include these loans
on Schedule VI, Page 1 of 2, which is
subsequently transferred to line 8.30 or
8.35 of Schedule I. For more than one
conference, attach a schedule listing each
conference and the related receipts and expenses.
Line 4.60 - EDUCATIONAL ACTIVITIES
Include cash and accrued expenses
incurred in organizing, promoting, and
conducting educational activities
sponsored by the Unit. Examples include
the instructor's or lecturer's fees,
instructional or course materials
purchased for the activity and any other
related expenses. U.S. UNITS: Payments to
instructors or lecturers may require an
IRS Form 1099 (See "help" on the bottom
of the "General Information &
Confirmation Schedule").
Line 4.70 - PROFESSIONAL ACTIVITIES
Pursuant to IEEE's Constitution,
members of the Institute are permitted to
engage in activities "directed toward the
advancement of the standing of the
members of the profession it serves." In
addition, Institute members may engage in
activities that, "strive to enhance the
quality of life for all people throughout
the world through the constructive
application of technology in its fields
of competence. It shall endeavor to
promote understanding of the influence of
such technology on the public welfare".
Any expenses related to such activities
should be classified here.
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Example Line
4.70: Expenses associated with Industry
Relations and PACE related programs
Line 4.80 - STUDENT ACTIVITIES
Enter cash and accrued expenses
related to the support of student or
Student Branch activities.
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Example Line
4.80: Student Prize Paper Contest,
funding for Student Branch Conferences -
includes travel expenses to these events
Line 4.85 - GRANTS AND AWARDS
Enter cash and accrued expenses for
approved(*) contributions made to
individuals or organizations external to
IEEE. Attach a schedule including the
recipient's name, address, amount and
description of the grant or award. [(*)
See page 6 of the Treasurers Handbook for
more information on obtaining approval]
Note: If this is a U.S. reporting Unit,
IRS Form 1099 may be required for cash
disbursements. See "help" on the bottom
of the electronic version of "General
Information & Compliance Schedule," and
the Treasurer's Handbook.
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Example Line
4.85: Any geographic unit award
disbursements to individuals or corporations
- 1099 Information
Line 4.90 - OTHER PROGRAM EXPENSES
Enter cash and accrued program
expenses for special projects that cannot
be classified elsewhere in Section B,
Schedule I. The amounts are first
entered on Schedule IV, and the total is
transferred to Line 4.90, Schedule I.
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Example Line
4.90: GOLD & Life Members Related Expenses
5.00 - MANAGEMENT & GENERAL EXPENSES
Line 5.10 - OCCUPANCY
Enter cash and accrued expenses
such as rent and utilities for those
Units that maintain permanent offices.
Line 5.15 - SECTIONS CONGRESS EXPENSES
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Example Line
5.15: All Sections Congrees expenses
including travel but not Region or Region
ExCom meeting expenses
Line 5.20 - TRAVEL
Enter cash and accrued expenses
related to the Unit's travel expenditures.
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Example Line
5.20: All travel expenses -
Transportation to/from event, individual
lodging and meal functions. Does not
include travel associated with Student
and/or PACE activities - does not include
travel to RAB/BoD meetings
L
ine 5.30 - SALARIES
Enter cash and accrued expenses
related to salaries paid by the Unit to
its employees. Make sure you enter the
gross salary amounts before deductions.
Line 5.40 - PAYROLL TAXES
Enter cash and accrued payroll
taxes related to the Unit's salaries
reported under Line 5.30. Enter only the
Unit's (employer) share of taxes required
to be paid or accrued on its employees
salaries. Do not include payments of
amounts withheld from employees. Attach
copies of all payroll tax returns that
were filed for the calendar year.
Line 5.50 - SUPPORT TO SECTIONS/ CHAPTERS
Enter cash or accrued expenses
related to the support of other IEEE
Units. The amounts are first entered on
Schedule IV, and the total is transferred
to Line 5.50, Schedule I. Do not include
payments to Units whose financial
operations are consolidated with your
Unit on the Form L-50 financial report.
Loans or Advances made to IEEE Units
should not be included on this line.
Include these loans on Schedule VI, Page 1
of 2, which are subsequently transferred
to line 8.30 or 8.35 of Schedule I.
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Example Line
5.50: For Regions only - Section Support
Via Region (SSVR); For Sections - support
to theie Chapters/Affnity Groups (LM,
WIE, GOLD)
Line 5.52 - SUPPORT TO REGIONS
Enter cash or accrued expenses
related to the support of Region
operations. The amounts are first entered on
Schedule IV, and the total is transferred
to Line 5.52, Schedule I. Loans or
Advances made to IEEE Regions should not
be included on this line. Include these
loans on Schedule VI, Page 1 of 2, which
is subsequently transferred to line 8.30
or 8.35 of Schedule I.
Line 5.54 - RAB/MAJOR BOARD EXPENSES
Enter cash or accrued expenses
related to the support of IEEE RAB,
IEEE-USA/PACE, or other Major Board
operations. The amounts are first entered
on Schedule IV, and the total is
transferred to Line 5.54, Schedule I.
Loans or Advances made to IEEE MGAB or other
Major Boards should not be included on
this line. Include these loans on Schedule
VI, Page 1 of 2, which is subsequently
transferred to line 8.30 or 8.35 of
Schedule I.
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Example Line
5.54: Travel expenses for individuals to
participate/attend MGAB, IEEE-USA or
other major board meetings. Additonally,
business cards, pins and/or banners. Does
not include Sections Congress expenses
Line 5.56 - IEEE HQ & SOCIETY EXPENSES
Enter cash and accrued expenses
related to the support of IEEE HQ and/or
IEEE Societies operations. Report these
support expenses gross and do not apply
them against the IEEE Rebates that are
reported on Line 3.10. The amounts are
first entered on Schedule IV, and the
total is transferred to Line 5.56,
Schedule I. Loans or Advances made to IEEE
Hq. or Societies should not be included
on this line. Include these loans on
Schedule VI, Page 1 of 2, which is
subsequently transferred to line 8.30 or
8.35 of Schedule I.
Line 5.57 - DEPRECIATION ON FURNITURE
& EQUIPMENT
Enter depreciation expenses under
Column B-Accrued Amounts since this item
doesn't require an expenditure of cash.
The amounts are first entered on Schedule
V, Column B of the Depreciation Analysis,
and the total is transferred to Line
5.57, Schedule I.
Line 5.60 - OTHER MANAGEMENT &
GENERAL EXPENSES
Enter cash and accrued expenses
not classified elsewhere on Schedule I,
Section B. The amounts are first entered
on Schedule IV, and the total is
transferred to Line 5.60, Schedule I.
Itemize all disbursements that exceed
$100 in the space provided or attach a
schedule if necessary.
-
Example Line 5.60: Office
expenses & managent activities on
this line
6.00 - FUNDRAISING EXPENSES
Line 6.10 - POSTAGE & SUPPLIES
Enter cash and accrued
expenditures for postage and supplies
when soliciting contributions. (Note: This
information is required by the IEEE Tax
Compliance Department with regard to the
filing of U.S. tax and information returns.)
Line 6.20 - OTHER
Enter cash and accrued other
expenditures with regard to the
solicitation of contributions. (Note: This
information is required by the IEEE Tax
Compliance Department with regard to the
filing of U.S. tax and information returns.)
SECTION C
- RECEIPTS AFFECTING FIXED ASSETS,
INVESTMENTS & LIABILITIES
7.00 - RECEIPTS
Line 7.10 - SALES OF FURNISHINGS & EQUIPMENT
First complete Schedule V, page 2
of 2, Analysis of Furniture and Equipment
section, with regard to assets held,
purchased and sold in the current
reporting year. Once you've completed the
analysis on Schedule V-2, transfer the
total of Column C, which is the Cost
Basis of the assets sold, to Line 7.10,
Schedule I. For your information, the
gain or loss related to the sale of these
assets are reported under Line 3.65.
-
Example Line
7.10: Straight line depreciation should
be used with this method of calculating
depreciation of an asset the asset loses
an equal amount of value each year. The
annual depreciation is calculated by
subtracting the salvage value of the
asset from the purchase price, and then
dividing this number by the estimated
useful life of the asset.
Line 7.20 - SALES OF INVESTMENTS
First complete Schedule V, page 1
of 2, Analysis of Investment Activity
section, with regard to investments held,
purchased and sold in the current
reporting year. Once you've completed the
analysis on Schedule V-1, transfer the
total of Column C, which is the Cost Basis
of the investments sold, to Line 7.20,
Schedule I. For your information, the
gain or loss related to the sale of these
investments are reported under Line 3.60.
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Example Line
7.20: IEEE Investment Fund
Line 7.30 - CASH REC'D - LOANS/
ADVANCES RECEIVABLE
First complete Schedule VI, Page 1
of 2, Analysis of Cash Loans and Advances
Receivable section, with regard to loans
and advances made by the Unit to other
IEEE-related Units or unrelated
organizations. Once you've completed the
analysis on Schedule VI-1, transfer the
total of Column C - cash received on loan
receivables, to Line 7.30, Schedule I.
-
Example Line
7.30: Conference Loans - Per Schedule VI
Line 7.35 - CASH REC'D - LOANS &
ADVANCES PAYABLE
First complete Schedule VI, Page 1
of 2, Analysis of Cash Loans and Advances
Payables section, with regard to loans
and advances received by the Unit from
other IEEE-related Units or unrelated
organizations. Once you've completed the
analysis on Schedule VI-1, transfer the
total of Column B - cash received on loan
payables, to Line 7.35, Schedule I.
-
Example Line
7.35: Conference Loans - Per Schedule VI
Line 7.40 - CASH REC'D - ACCOUNTS RECEIVABLES
First complete Schedule VI, Page 2
of 2, Analysis of Accrued Accounts
Receivables section, with regard to accounts
receivables incurred by the Unit from
other IEEE-related Units or unrelated
organizations. Once you've completed the
analysis on Schedule VI-2, transfer the
total of Column C - cash received on
accounts receivables, to Line 7.40, Schedule I.
-
Example Line
7.40: Conference Loans - Per Schedule VI
8.00 - DISBURSEMENTS
Line 8.10 - PURCHASES OF FURNISHINGS
& EQUIPMENT
First complete Schedule V, page 2
of 2, Analysis of Furniture and Equipment
section, with regard to assets held,
purchased and sold in the current
reporting year. Once you've completed the
analysis on Schedule V-2, transfer the
total of Column B, which is the Cost
Basis of the assets purchased, to Line
8.10, Schedule I. For your information,
the gain or loss related to the sale of
these assets are reported under Line
3.65. For all purchases and sales of
Furniture & Equipment, please refer
to IEEE Policy & Procedures Policy
Statement 11.11 for proper guidance.
LINE 8.15 - PURCHASES OF OTHER ASSETS
This line is made available for
any other types of assets that are not
classified in any other category on Schedule
II. For instance, if a Unit owned a
copyright or trademark, it should be
reported as a purchase of an Other Asset
under this line, and supported by an
attachment with descriptions and amounts.
Enter amounts in Column A (Cash amounts)
that are disbursed for such payments.
Amounts reported on this Line should also
be reported on Line E, Column B, Schedule
II-Statement of Net Worth. Previously,
this line was used to report "Prepaid
Postal Deposits," but currently you are
being instructed to report all such
payments as an expense for the period.
(You should consider whether the assets
should be reported on Schedule V, Page 2
of 2, in order to properly report
depreciable assets.)
Line 8.20 - PURCHASES OF INVESTMENTS
First complete Schedule V, page 1
of 2, Analysis of Investment Activity
section, with regard to investments held,
purchase and sold in the current
reporting year. Once you've completed the
analysis on Schedule V-1, transfer the
total of Column B, which is the Cost Basis
of the investments purchased, to Line
8.20, Schedule I. For your information,
the gain or loss related to the sale of
these investments are reported under Line 3.60.
-
Example Line
8.20: IEEE Investment Fund
Line 8.30 - CASH PAID TO OTHERS -
LOANS & ADVANCES RECEIVABLE
First complete Schedule VI, Page 1
of 2, Analysis of Cash Loans and Advances
Receivable section, with regard to loans
and advances made by the Unit to other
IEEE related Units or unrelated
organizations. Once you've completed the
analysis on Schedule VI-1, transfer the
total of Column B - cash paid on loan
receivables, to Line 8.30, Schedule I.
-
Example Line
8.30: Conference Loans - Per Schedule VI
Line 8.35 - CASH PAID ON LOANS &
ADVANCES PAYABLE
First complete Schedule VI, Page 1
of 2, Analysis of Cash Loans and Advances
Payables section, with regard to loans
and advances received by the Unit from
other IEEE related Units or unrelated
organizations. Once you've completed the
analysis on Schedule VI-1, transfer the
total of Column C - cash paid on loan
payables, to Line 8.35, Schedule I.
-
Example Line
8.35: Conference Loans - Per Schedule VI
Line 8.40 - CASH PAID ON ACCOUNTS PAYABLES
First complete Schedule VI, Page 2
of 2, Analysis of Accrued Accounts
Payables section, with regard to accounts
payables incurred by the Unit from other
IEEE related Units or unrelated
organizations. Once you've completed the
analysis on Schedule VI-2, transfer the
total of Column C - cash paid on accounts
payables, to Line 8.40, Schedule I.
-
Example Line
8.40: Conference Loans - Per Schedule VI
SECTION E
- RECONCILIATION TO CASH ACCOUNTS
Line E-1 CASH ON HAND @ BEGINNING OF YEAR
Enter under Column A-Cash Amount,
the amount that was reported on Line E-2,
Schedule I - "Cash on Hand @ End of Year
from the previous year's Form L-50
Financial Report filed with IEEE HQ. If
you enter a different amount, attach a
reconciliation and explanation for the difference.
Line E-2 TOTAL CASH ON HAND @ END OF YEAR
Add the amount under Column A -Cash
Amount, for Section D, Schedule I, with
the amount reported on Line E-1 noted
above. Enter the total under Line E-2,
Column A- Cash Amount. The total Cash on
Hand @ End of Year should agree to Line
A, Column D, of Schedule II-Statement of
Net Worth. If the amounts are not in
agreement, determine your error by
reviewing your cash entries reported on
Schedule I, and your bank and other cash
accounts on Schedule VII, Column (a).
SCHEDULE II
- STATEMENT OF NET WORTH
ASSETS
Line A - CASH ACCOUNTS
The Unit's receipts and expenses
that are reported under Column A (Cash
amounts) of Schedule I, provides how the
IEEE Unit used its cash throughout the
year. Schedule VII-Reconciliation of
Checkbook to Bank Statement, provides a
reconciliation of cash as reported on the
Unit's books to what has been reported by
the Unit's banks via the bank statements.
Since cash is normally the largest asset
that a Unit owns, it is important that
confirmation of the balance is
established at year-end. Therefore, Line
A-Cash Accounts, Column (d) on Schedule
II, must agree with Line E-2, Cash at
Hand on 31 December, of Schedule I. Please
complete Schedule VII accurately, and make
sure that copies of all year-end bank
statements are attached to the L-50 report
upon submission to IEEE.
Line B - INVESTMENTS
Investments are usually the second
largest asset held by IEEE Units.
Therefore, it is important that the value of
investments at year-end be accurately
accounted for on Schedule V, page 1 of 2,-
Analysis of Investment Activity section, and
confirmed by the financial institutions
that hold them for the IEEE Units. Please
prepare the Schedule V Investment
analysis very carefully, and transfer the
balances to the correct Lines on
Schedules I and II. Most importantly,
make sure you attach copies of investment
statements from the financial
institutions that confirm the value of
the investments at year-end.
Line C - LOANS & ADVANCES
RECEIVABLE / ACCOUNTS RECEIVABLE
From time-to-time, IEEE Units will
provide loans and advances to other IEEE
Units, and it is very important that
these loan receivables be accounted for
with accuracy. Please complete Schedule
VI, Page 1 of 2, Analysis of Cash Loans
and Advances Receivables section, and
transfer the totals to the indicated
Lines on Schedules I and II (as instructed
on Sch. VI-pg.1).
In addition, IEEE Units should
accrue for receipts when the cash won't
be received until the subsequent year.
For example, an individual or corporation
may pledge a contribution to the Unit,
but the cash is not expected to be
received until the subsequent year. To
accurately account for this pledge, the
Unit's Treasurer can record the expected
revenue on Line 1.00 of Schedule I, and
the Accounts Receivable on Schedule VI,
page 2 of 2, which is subsequently
transferred to Line C of Schedule II.
When the cash is received in the
following year, the bank account is
increased, and the Accounts Receivable is decreased.
Line D - FURNITURE & EQUIPMENT /
ACCUMULATED DEPRECIATION
In order to operate for its
intended purposes, some IEEE Units require
the purchase of Furniture and Equipment.
These assets may include office desks,
chairs, filing cabinets and computers. In
order to accurately account and report
for the purchase and sale of these assets,
the Treasurer should complete Schedule V,
page 2 of 2-Analysis of Furniture &
Equipment Activity. Once completed, the
totals should be transferred to the
appropriate Lines on Schedules I and II
as instructed on this schedule. If the
Unit depreciates any of the assets held, the
Treasurer should complete the Depreciation
section on Schedule V-2, and transfer the
totals to the appropriate Lines on
Schedules I and II as instructed on
Schedule V-2.
Line E - OTHER ASSETS
This line is made available for
any other types of assets that are not
classified in any other category on Schedule
II. For instance, if a Unit owned a
copyright or trademark, it should be
reported as an Other Asset under this
line, and supported by an attachment with
descriptions and amounts. Previously,
this line was used to report "Prepaid Postal
Deposits," but currently you are being
instructed to report all such payments as
an expense for the period.
LIABILITIES
Line G - LOANS & ADVANCES PAYABLE
/ ACCOUNTS PAYABLE
From time-to-time, IEEE Units will
receive loans and advances from other
IEEE Units, and it is very important that
these loan payables be accounted for with
accuracy. Please complete Schedule VI,
Page 1 of 2, Analysis of Cash Loans and
Advances Payables section, and transfer
the totals to the indicated Lines on
Schedules I and II (as instructed on Sch VI-1).
In addition, IEEE Units should
accrue for expenses incurred by the Unit,
when the Unit doesn't expect to pay the
expense (cash) until the subsequent year.
For example, the Unit may have ordered
and received office supplies, and at
year-end the bill hasn't been paid. It
would be appropriate for the Treasurer to
record the expense on Line 5.60, of
Schedule I (but first provide the detail
on Schedule IV with balances transferred
to Schedule I), and the Accounts Payable
on Schedule VI, page 2 of 2, which is
transferred to Line G, Schedule II. When
the cash is paid in the following year,
the bank account is reduced, and the
Accounts Payable for this vendor is eliminated.
Line H - OTHER LIABILITIES
This line is made available for any
other types of liabilities that are not
classified in any other category on
Schedule II. For instance, if a Unit has
a long-term liability under a capital
lease agreement, it should be reported as
an Other Liabilities under this line, and
supported by an attachment with
descriptions and amounts.
