Conference Finances

Kevin UherekSupervisor Conference Finance

Questions from previous sessions?

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

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

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Additional Resources page http://www.ieee.org/web/conferences/organizers/reference_materials.html

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Areas of focus for workshop

1099 / 1042 Schedule of Payments

Banking for Conferences

Miscellaneous Questions & Answers

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1099 / 1042 Schedule of Payments

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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.

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What payments should be submitted?

(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 madeReason for payment

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What information is 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

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When is information needed?(1099 / 1042 Schedule of Payments)

Gather necessary information BEFORE payment is issued

Then file it forsubmission

Send to conference-finance@ieee.org with conference record # and name

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Best Practice (1099 / 1042 Schedule of Payments)

Payments for any US citizen or

resident alien (a.k.a. US persons)12

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)13

Difference between 1099 Schedule of Payments & W-9

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1099 Schedule of Payments example

Difference between 1099 Schedule of Payments & W-9

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)16

Difference between 1042 Schedule of Payments & W-8

Banking for ConferencesPossible options:

IEEE Concentration Banking (CB) Local Bank Account University or Ledger type account

What is needed for each to: Open Close

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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.

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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

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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: 10.1.820

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

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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

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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

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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.

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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.

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Questions?

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Thank youConference Finance Department

conference-finance@ieee.orgKathy Moody, Senior Managerk.moody@ieee.org +1 732 465 6643

Kevin Uherek, Supervisork.uherek@ieee.org +1 732 562 3876

Mary Ann C. Fritzinger, Finance Coordinatorm.fritzinger@ieee.org +1 732 562 3869

Smita Desai, Financial Analysts.desai@ieee.org +1 732 562 3867

Brijesh Patel, Financial Analystbrijesh.patel@ieee.org +1 732 562 3874

Gertrude Adamson, Administrative Assistantgertrude.adamson@ieee.org +1 732 465 6628

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Appendix

IEEE Concentration Banking ProgramIEEE Concentration Banking Program outside the USAIEEE Concentration Banking Contact information

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IEEE Concentration Banking ProgramWachovia Bank(a Wells Fargo Company) is IEEE’s U.S. banking partnerProvides a USD, interest bearing, business checking accountLocal unit retains control of its fundsNo monthly service charges or “per-check” feesSix-month CD rate paid on daily account balanceMonthly statements & paid checks available on-lineIEEE Concentration Banking Card Program (CB Card)Available to US and non-US Operational Units– Currently 835 accounts, 591- US, 244 non-US

IEEE Concentration Banking ProgramOutside the USA

USD Custody account typically used in conjunction with a local accountAllows 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 AccountPilot in progress for CAD account.

Contact Information

Web: www.ieee.org/concentration

Email: concentration-banking@ieee.org

Phone: +1.732.562.5363