Bank Accounts & Investments | 
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BANK ACCOUNTS
The legal name of IEEE is "Institute of Electrical and Electronics Engineers, Inc.” Bank accounts and investments must be opened in the name of your IEEE Unit. An example of a proper account name is "Institute of Electrical and Electronics Engineers, Inc., New York Section”. Accounts must never be in an individual's name. All IEEE bank accounts must have alternate signatures designated for access to the account (FOM.3.A.3). This includes accounts for IEEE conferences, symposiums, workshops, meetings, and IEEE Sections, Regions, Chapters, Affinity Groups and Student Branches. The minimum signatures for each account are: 1) The
Conference or Unit Chair Annual rebates will be withheld until the Unit and all of its subunits, if any, are in compliance. After obtaining the signatures of the volunteers, the bank signature card should be sent to IEEE. It will be returned to the bank, after the Staff Director signs it. Copies of the signature card will be provided to the unit officers. Units outside the United States which are prohibited by government and/or banking laws and regulations from complying with the policy may request an exemption from compliance when filing the annual financial report (a form is included in the L50 financial report). Units in the U.S. are are encouraged to participate in the IEEE Concentration Banking Program. Please send the bank signature cards to IEEE Regional Activities, Attn: Finance Administrator, 445 Hoes Lane, Piscataway, NJ 08855 CONCENTRATION BANKING The Concentration Banking program offered by IEEE provides a bank account that allows unlimited check writing with no monthly or “per check” fees. The Unit’s Treasurer has complete control over the management of the activity in the bank account. IEEE Units are encouraged to use this program (FOM.3.A.2). For additional details, go to www.ieee.org/concentration. INVESTMENTS IEEE funds may be invested only in the IEEE Investment Fund (FOM.3.A.1). The goal is to provide professionally managed accounts for IEEE Units by pooling their funds with the IEEE General Fund, in order to ensure that the organization's total funds are managed in a prudent and efficient manner. For additional details go to http://www.ieee.org/services/financial/treasury/investment.htm |
