Conference Finances

1. Conference Finances Kevin Uherek Supervisor Conference Finance

2. Questions from previous sessions?

3. Required Documents pagehttp://www.ieee.org/web/conferences/organizers/required_documentation.html

4. Required Documents pagehttp://www.ieee.org/web/conferences/organizers/required_documentation.html

5. Additional Resources pagehttp://www.ieee.org/web/conferences/organizers/reference_materials.html

6. Areas of focus for workshop • 1099 / 1042 Schedule of Payments • Banking for Conferences • Miscellaneous Questions & Answers

7. 1099 / 1042 Schedule of Payments • What payments should be submitted • What information is needed • When is information needed • Best practice • Difference between: • 1099 and W9 or • 1042 and W8 • Resources to assist (Information & Forms)

8. What payments should be submitted?(1099 / 1042 Schedule of Payments) • Monetary payments made individuals that can be classified as income. • Examples: awards, grants, honorariums, prizes, commission payments, hourly compensation payments and lump sum payments • Note: What should not be submitted • Reimbursements for expenses when the conference has the receipts for such expenses.

9. What information is needed?1099 / 1042 Schedule of Payments) • Full name and complete contact information • 1099s need U.S. Social Security # • Total US Dollar amount of payment • Note: For foreign currency payments record US equivalent the day the payment is issued • Calendar year payment was made • Reason for payment

10. When is information needed?(1099 / 1042 Schedule of Payments) • By 10 January of each year for payments made in the previous year • It can be sent before January 10th • If NO payments were made: • Send an email to conference-finance@ieee.org stating NO payments were made in 20xx tax year. Please include the conference record number and name. ALL conferences U.S. conferences 1099 information 1099 & 1042 information

11. Best Practice(1099 / 1042 Schedule of Payments) • Gather necessary information BEFORE payment is issued • Then file it for submission • Send to conference-finance@ieee.org with conference record # and name

12. Difference between 1099 Schedule of Payments & W-9 Payments for any US citizen or resident alien (a.k.a. US persons) W-9 1099

13. Difference between 1099 Schedule of Payments & W-9 • 1099 Schedule of Payments form: • Allows conference organizers to list up to 10 payments on one sheet. Then submit that sheet to Conference Finance. • W-9 form: • A tax form used to gather necessary information about one individual receiving payment. Payments for any US citizen or resident alien (a.k.a. US persons)

14. 1099 Schedule of Payments example 1099

15. Difference between 1099 Schedule of Payments & W-9 W-9 W-9 1099 W-9

16. Difference between 1042 Schedule of Payments & W-8 • 1042 Schedule of Payments form: • Allows conference organizers to list up to 10 payments on one sheet. Then submit that sheet to Conference Finance. • W-8 form: • A tax form used to gather necessary information about one individual receiving payment. Payments for any non-US citizen or non- US resident alien (a.k.a. US persons)

17. Banking for Conferences • Possible options: • IEEE Concentration Banking (CB) • Local Bank Account • University or Ledger type account • What is needed for each to: • Open • Close

18. IEEE’s Concentration Banking (CB) • To open: • Send request to conference-finance@ieee.org and we will send you the signature cards to fill out and return • Originals signature cards from 2 individuals linked with the conference must be sent in. Note: Let conference finance know who will be the recipient of banking materials.

19. IEEE’s Concentration Banking (CB) • To close: • Verify all invoices have been paid • Verify there are no outstanding checks • Submit CB Destroy Check form to conference-finance@ieee.org • Accessible at “Required Documentation for IEEE Conferences” http://www.ieee.org/web/conferences/organizers/required_documentation.html • Provide instructions for distribution of account funds

20. Local bank account • To open: • Open conference bank accounts as “The IEEE, Inc., d/b/a Year IEEE Conference Title." • *Signers on the account should be: • At least two volunteers • and • the IEEE Staff Director-Financial Services or designee(s), except as shall be required under local government regulations. Note: This will provide assurance to the conference and to IEEE of the availability of alternative signatures, if the need arises (Reference IEEE Finance Operations Manual). *IEEE Policy: 10.1.8

21. Local bank account • Possible exceptions at times: • Not able to open the local account as “The IEEE, Inc., d/b/a Year IEEE Conference Title." • Not able to get multiple signers on the local account • Fiscal agent MOU would then need to be completed and sent to conference-finance@ieee.org. • Can be retrieved at: http://www.ieee.org/web/conferences/organizers/MOU.html Can also be retrieved through “Required Documentation for IEEE Conferences” page

22. Local bank account • To close: • Verify all invoices have been paid • Verify there are no outstanding checks • Send a final bank statement showing a zero balance (or a letter stating the account has been closed and all funds are distributed) to conference-finance@ieee.org

23. University or ledger type account • To open: • Fiscal agent MOU would need to be completed and sent to conference-finance@ieee.org. • Can be retrieved at: http://www.ieee.org/web/conferences/organizers/MOU.html Can also be retrieved through “Required Documentation for IEEE Conferences” page

24. University or ledger type account • To close: • Notify Conference Finance department (email or letter) that: • The account used for the conference is closed and all surplus funds have been distributed.

25. IEEE Concentration Banking ProgramTips • To ensure timely credit to your account always use your preprinted deposit ticket – especially for cash. Note: Account # on the bottom of checks is not the same as account # on bottom of deposit tickets. • Wire transfer instructions • Confirm with IEEE Treasury department to ensure you are using the correct IEEE bank account number. Send an email to concentration-banking@ieee.org. • Do not post instructions on the web. • Always instruct the sender to include HOP number and name of conference in wire instructions.

26. Questions?

27. Thank you Conference Finance Department conference-finance@ieee.org Kathy Moody, Senior Manager k.moody@ieee.org +1 732 465 6643 Kevin Uherek, Supervisor k.uherek@ieee.org +1 732 562 3876 Mary Ann C. Fritzinger, Finance Coordinator m.fritzinger@ieee.org +1 732 562 3869 Smita Desai, Financial Analyst s.desai@ieee.org +1 732 562 3867 Brijesh Patel, Financial Analyst brijesh.patel@ieee.org +1 732 562 3874 Gertrude Adamson, Administrative Assistant gertrude.adamson@ieee.org +1 732 465 6628

28. Appendix • IEEE Concentration Banking Program • IEEE Concentration Banking Program outside the USA • IEEE Concentration Banking Contact information

29. IEEE Concentration Banking Program • Wachovia Bank(a Wells Fargo Company) is IEEE’s U.S. banking partner • Provides a USD, interest bearing, business checking account • Local unit retains control of its funds • No monthly service charges or “per-check” fees • Six-month CD rate paid on daily account balance • Monthly statements & paid checks available on-line • IEEE Concentration Banking Card Program (CB Card) • Available to US and non-US Operational Units • Currently 835 accounts, 591- US, 244 non-US

30. IEEE Concentration Banking ProgramOutside the USA • USD Custody account typically used in conjunction with a local account • Allows wire transfer capabilities in approximately 34 currencies • for vendor payments or funding local account • Streamlines internal account transfers • loan repayment, surplus recognition, etc. • Allows debit card capabilities • Payment to vendor in local currency using the CB Card - current exchange rate charged to US Dollar Account • Pilot in progress for CAD account.

31. Contact Information • Web: www.ieee.org/concentration • Email: concentration-banking@ieee.org • Phone: +1.732.562.5363