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SF Bay Area Council (SFBAC) Chapter Finances

SF Bay Area Council (SFBAC) Chapter Finances. Sachin Desai Santa Clara Valley Section Section Treasurer – Ex Officio Xia “ Melissa ” Zhang 2014 - Current Mountain View, CA January 25 th , 2014. CONGRATULATIONS. YOU KNOW HAVE: - A Key Chapter Officer Role

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SF Bay Area Council (SFBAC) Chapter Finances

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  1. SF Bay Area Council (SFBAC)Chapter Finances Sachin Desai Santa Clara Valley Section Section Treasurer – Ex Officio Xia “Melissa” Zhang2014 - Current Mountain View, CA January 25th, 2014

  2. CONGRATULATIONS YOU KNOW HAVE: - A Key Chapter Officer Role - A Bird’s Eye View Of All Activities - Fiscal Responsibilities

  3. RESPONSIBILITIES • Financial Strategy • Budget Responsibility • L-50 Report Submission MGA Operations Manual, Section 9 http://www.ieee.org/documents/section_09_10_november_2012.pdf

  4. SECRETARY • YOUR CHAPTER ALLY • Chapter Meeting Minutes • Chapter New Officer Report • Chapter L31 Reports

  5. SECTION OFFICERSWe are here to help • Ed Aoki - Chair • Joseph Wei – Vice Chair • Xia Zhang - TREASURER • Sachin Desai – EX OFFICIO TREASURER

  6. IMMEDIATE, SHORT TERM TASKS As New Treasurer: - Send Introductory Emails to Your Section Officers - Ask Old Treasurer For All Paperwork* - Sign “Add Signer Card” For CBRS Credit Cards** - Sign non CBRS Bank Specific “Signatory Card” • Get Ready To File L50sBy February 15th, 2014 * Next slide has details ** If your chapter operates CBRS account

  7. TRANSITION DETAILS • OUTGOING TREASURER • File 2013 L50s by Feb 15th, 2014 • Transfer Records To New Treasurer • Checks • Check Register • Banking Supplies • CBRS Deposit Stamp • CBRS Deposit Slips • CBRS Deposit Envelopes • Provide 1099/W9 To Section • INCOMING TREASURER • File CBRS Signatory Card with HQ • Request 2014 Credit Card • Plan and Get Yearly Budget Approved • Ensure Two Signatories for Account • Local account += Thomas Lynch

  8. CBRS vs. LOCAL BANKS CBRS Makes Your Life Easier Easy Signatory Change (When Officers Change) No Bank Balance Confirmation Required Banking Transactions Via Email Automatic Credit Card Generation Special IEEE HQ Signature Not Required Knowledgeable and Responsive Staff Section Officers Can Assist Complex Transactions

  9. DEADLINES Jan 24th 1099 Forms Taxable Payments to Individuals for Service Jan 31st Bank Account Disclosure Form Non CBRS Accounts Feb 15th L50 Forms Delivered to Section Treasurer

  10. L50 IS A PROCESS Treasurer Secretary

  11. So what is an L50 Process?

  12. So what is an L50 Filing?

  13. L50EZ vs. L50 STD Do Any Of These Criteria Fit Your Chapter? Then you CANNOT use L50-EZ

  14. Example L50-EZ

  15. Example L50-EZ

  16. Common Account Codes SECTION WEB SITE ‘Chart Of Accounts File’

  17. Year End Register Assign Expenses and Revenue to Account Codes

  18. Balance Register Check Bank Register Against L50 Entries. If Balanced, You Are Done

  19. Remember …

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