Conference Finance –
Best Practices from
Initial Setup to Close
Kevin Uherek
Supervisor, Conference Finance
Agenda
Share best practices so finance part can
run as smoothly as possible
Review templates/assistance available
Audience Discussion
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Workshop structure
Maintain a pace beneficial for the majority
– Questions/Comments encouraged throughout
workshop
– At the end we can go back to topic if needed
GOAL
Everyone here to learn:
– something new or
– better complete something related to
conference finance
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Best Practice:
After Information Schedule is Submitted:
Determine the type of banking to be used
and set it up as soon as possible.
– Need to be ready for:
 Registration money coming in
 Deposits need to be made
Complete online submission of POBC/COI
forms for both:
– Chair
– Finance Chair/Treasurer
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Account options
What are the 3 banking/bank type options
available for organizers?
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Account options
Concentration Banking (CB)
Local Bank Accounts
Ledger Accounts
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Benefits
Concentration Banking (CB)
No monthly service charges or “per-check” fees
Six-month CD rate paid on daily account balance
(.77% as of 25 June 2010)
Monthly statements & paid checks available on-line
Allows debit card capabilities (Vendor payment in local currency using
the CB Card - current exchange rate charged to US Dollar Account)
Allows wire transfer capabilities in 35 currencies*
Streamlines internal account transfers (loans/surplus/audit fees etc.)
*See Appendix for full listing
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Best Practices:
Concentration Banking (CB)
Right after Information Schedule is submitted and conference
record number is assigned ask for signature cards.
– Send email to [email protected] and reference
conference record number
Have 2 individuals ready to submit signature cards as soon as
possible and notify us which person should receive banking
materials.
– Original signatures are required
– The 2 signatures do not have to be on the same sheet of paper.
When ready to close the account submit the CB Destroy Check
form* and let IEEE Conference Finance department know how
to distribute the money.
*See Appendix for example
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Best Practices:
Concentration Banking (CB)
Wire transfers:
– Ensure you are using the correct IEEE bank account
– Always instruct the sender to include HOP number and name of
conference in wire instructions (reason for payment can also be
helpful)
– Do not post wire transfer instructions on the web
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Best Practices:
Local Bank Accounts
Open conference bank accounts as "The Institute of Electrical &
Electronics Engineers, Inc., d/b/a Year IEEE Conference Title.“
– Note: If not in conference name then a Fiscal MOU is needed
– Provide IEEE Conference Finance with the following info:




Bank name
Full name of account
Account number
Full address of bank
Provide signatures of at least two volunteers and the IEEE Staff
Director-Financial Services or designee(s), except as shall be
required under local government regulations.
– Best to forward signature cards to IEEE Conference Finance
– If that is not possible tell us (for each signer):
1. their full name
2. whether or not they are a US citizen
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Best Practice:
Ledger Accounts
Obtain Fiscal Agent MOU and send it to
[email protected]
When closing the conference provide a letter
stating the account is no longer used and all
funds have been distributed.
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1099/1042
Schedule of Payments to Individuals
Define what and when to report
Best practices
Impact of not doing so
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1099 and 1042
Schedule of Payments to Individuals
Conference location
What is reported for an event in U.S.?
&
What is reported for an event not held
in U.S. ?
Conference location
Choices are:
* 1099
* 1099 and 1042
* 1042
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1099 and 1042
Schedule of Payments to Individuals
Conference location
= 1099 and 1042
Conference location
= 1099
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1099
List monetary payments made to:
– U. S. citizen or
– U.S. resident alien*:
Compensation payments include:







Awards
Grants
Honorariums
Prizes
Commission payments
Conference Speaker etc.
DO NOT include: Reimbursed expenses when
receipts have been provided
*See Appendix for U.S. resident alien Determination checklist
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Best Practice:
1099
Gather the following information before
payment is given:
 Full name
 Full address
 Determine if person is:
– U.S. Citizen or
– U.S. resident alien
 U.S. Social Security number
 Total of payment in USD (value at time payment was made)
 Calendar year payment was made
 Purpose of payment
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What IEEE provides to help report
1099
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Impact of not recording and submitting:
1099
IEEE runs the risk of having to pay
penalties
*
If not submitted on time , the recipient
may need to amend their taxes
*
by 10 January of each year for payments made
the previous year
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1042
Gather data only for conferences that occur in the U.S.
List monetary payments made to:


Non-U.S. Citizen
Non-Resident Alien
Only for “U.S. source income”*
Compensation payments include:
Awards
Grants
Honorariums
Prizes
Commission payments
Conference Speaker etc.
DO NOT include: Reimbursed expenses when receipts have
been provided
*Definition of U.S. source income:







If the location of the activity for which the payment is being made is in the U.S.
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Best Practice:
1042
Gather the following information before
payment is given:
 Full name
 Full address
 Determine if person is either:
– Non-U.S. Citizen
– Non-U.S. resident alien
 Total of payment in USD
 Calendar year payment was made
 Purpose of payment
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What IEEE provides to help report
1042
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Best Practice:
Submitting 1099/1042
Submit as soon as all payments to
individuals have been made
– Latest date of submission:
 By January 10th for payments made in the
previous tax year.
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Items provided to assist Conference
Treasurer/Finance Chair
Excel workbook*
On-line web form*
– Allows submission of major categories and section at the
end to attach supporting or necessary documents.
Wire transfer templates*
Reminders
– 3 Pre-Conference (1 year, 6 months, 3 months)
– 3 Post-Conference (2 week, 6 months, 9 months)
Assigned Analyst
One email address and one phone number for answers to all
finance related questions
– [email protected]
– 732-562-3878
*Accessible on Required Document for IEEE Conference page:
http://www.ieee.org/conferences_events/conferences/organizers/required_docu
mentation.html
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Items provided to assist Conference
Treasurer/Finance Chair
One web page allows you to access what IEEE headquarters
looks to receive:
Required Documentation for IEEE Conferences
http://www.ieee.org/conferences_events/conferences/organizers/required_documentation.html
Another very helpful web page:
Additional Resources for IEEE Conference Organizers
http://www.ieee.org/conferences_events/conferences/organizers/organizers_resources.html
– On this page is also a file explaining each term that may need to
be submitted as shown on a reminder email.
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Audience discussion
What sort of assistance would you
appreciate?
What do you find most challenging?
Sharing of ideas etc.
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Appendix
CB Currencies
CB Destroy Check form
Resident Alien checklist
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CB Currencies
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AUD
CAD
CYP
CZK
DJF
EGP
EUR
FJD
HKD
HUF
INR
IDR
ILS
JPY
KRW
KWD
MYR
MXN
NZD
NOK
PGK
PHP
PLN
SAR
SGD
SKK
ZAR
SEK
CHF
TWD
THB
AED AFN
GBP
USD
VEB
Australia, Dollars
Canada, Dollars
Cyprus, Pounds
Czech Republic, Koruny
Djibouti, Francs
Egypt, Pounds
Euro Member Countries, Euro
Fiji, Dollars
Hong Kong, Dollars
Hungary, Forint
India, Rupees
Indonesia, Rupiahs
Israel, New Shekels
Japan, Yen
Korea (South), Won
Kuwait, Dinars
Malaysia, Ringgits
Mexico, Pesos
New Zealand, Dollars
Norway, Krone
Papua New Guinea, Kina
Philippines, Pesos
Poland, Zlotych
Saudi Arabia, Riyals
Singapore, Dollars
Slovakia, Koruny
South Africa, Rand
Sweden, Kronor
Switzerland, Francs
Taiwan, New Dollars
Thailand, Baht
United Arab Emirates, Dirhams Afghanistan, Afghanis
United Kingdom, Pounds
United States of America, Dollars
Venezuela, Bolivares
CB Destroy Check form
Retrieve at:
http://www.ieee.org/conferences_events/conferences/organizers/required_documentation.html
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* Resident Alien Determination checklist
Questions to determine if you are a U.S. resident under U.S. tax rules:
(1) - Were you a lawful permanent resident of the U.S. at any time during the
calendar year, that is; held an immigrant visa (a green card)?
__ Yes __ No
(2) - Were you physically present in the U.S. at least 31 days during the current
calendar year?
__ Yes __ No
If “yes,” How many days:
___________
(3) - If you answered “yes” to Question (2), do the total days you were present in
the U.S. during the current year (shown above), plus one-third of the days you
were present in the prior year, plus one-sixth of the days you were present in the
second prior year equal or exceed 183 days?
__ Yes __ No
If you answered yes to either Question #(1) or #(3) above, the individual must
provide a U.S. Taxpayer Identification Number or U.S. Federal Employer
Identification Number.
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Thank you
IEEE Conference Finance Department
[email protected]
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+1 732 562 3878
Lucia Servus
Manager
[email protected]
+1 732 465 6608
Kevin Uherek
Supervisor
[email protected]
+1 732 562 3876
Mary Ann C. Fritzinger
Conference Finance Specialist
[email protected]
+1 732 562 3869
Raymond Borgone
Financial Analyst
[email protected]
+1 732 562 3867
Nicholas Alparone
Financial Analyst
[email protected]
+1 732 562 6053
Terrianne Champion
Financial Analyst
[email protected]
+1 732 562 3874
Gertrude Adamson
Administrative Assistant
[email protected]
+1 732 465 6643
Humaira Khan
Indirect Tax Analyst
[email protected]
+1 732 562 3986
7/7/2010