Conference Finances Kevin Uherek Supervisor Conference Finance.
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Transcript of Conference Finances Kevin Uherek Supervisor Conference Finance.
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 made
Reason for payment9
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 [email protected] 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 [email protected] 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 Conferences
Possible 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 [email protected] 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
[email protected] 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: 10.1.8
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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 [email protected].
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 [email protected]
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University or ledger type account
To open:
Fiscal agent MOU would need to be completed and sent to [email protected].
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 [email protected].
– 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
Kathy Moody, Senior [email protected] +1 732 465 6643
Kevin Uherek, [email protected] +1 732 562 3876
Mary Ann C. Fritzinger, Finance [email protected] +1 732 562 3869
Smita Desai, Financial [email protected] +1 732 562 3867
Brijesh Patel, Financial [email protected] +1 732 562 3874
Gertrude Adamson, Administrative [email protected] +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 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
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 AccountPilot in progress for CAD account.
