Accounting. and Finance. for Alliances PRESENTED BY: JANET MALASIG IEEE-ISTO CONTROLLER. Accounting. Finance. Alliances

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1 Accounting Accounting Finance and Finance Alliances for Alliances PRESENTED BY: JANET MALASIG IEEE-ISTO CONTROLLER

2 IEEE-ISTO and member Programs Program Financial Statements Membership Dues Accounting

3 IEEE Industry Standards and Technology Organization (IEEE- ISTO) was established in January 1999 as a global, not for profit corporation 501(c)(6)

4 Internal Revenue Service Subsection Codes for Tax-Exempt Organizations Section of Code Description of Categories Annual Return Required to Be Filed 501(c)(1) Corporations Organized under Act of Congress (including Federal Credit Unions) None 501(c)(2) Title Holding Corporation for Exempt Organization Form 9901 or 990-EZ8 501(c)(3) Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations Form 9901, 990-EZ8, or 990-PF 501(c)(4) Civic Leagues, Social Welfare Organizations, and Local Associations of Employees Form 9901 or 990-EZ8 501(c)(5) Labor, Agricultural, and Horticultural Organizations Form 9901 or 990-EZ8 501(c)(6) Business Leagues, Chambers of Commerce, Real Form 990 or 990- Estate Boards, Etc. EZ 501(c)(7) Social and Recreational Clubs Form 9901 or 990-EZ8 501(c)(8) Fraternal Beneficiary Societies and Associations Form 9901 or 990-EZ8 501(c)(9) Voluntary Employees Beneficiary Associations Form 9901 or 990-EZ8 501(c)(10) Domestic Fraternal Societies and Associations Form 9901 or 990-EZ8 501(c)(11) Teacher's Retirement Fund Associations Form 9901 or 990-EZ8 501(c)(12) Benevolent Life Insurance Associations, Mutual Ditch or Irrigation Companies, Mutual or Cooperative Telephone Companies, Etc. Form 9901 or 990-EZ8 501(c)(13) Cemetery Companies Form 9901 or 990-EZ8 501(c)(14) State Chartered Credit Unions, Mutual Reserve Funds Form 9901 or 990-EZ8 501(c)(15) Mutual Insurance Companies or Associations Form 9901 or 990-EZ8 501(c)(16) Cooperative Organizations to Finance Crop Operations Form 9901 or 990-EZ8

5 501(c)(17) Supplemental Unemployment Benefit Trusts Form 9901 or 990-EZ8 501(c)(18) Employee Funded Pension Trust (created before June 25, 1959) Form 9901 or 990-EZ8 501(c)(19) Post or Organization of Past or Present Members of the Armed Forces Form 9901 or 990-EZ8 501(c)(21) Black Lung Benefit Trusts Form 990-BL 501(c)(22) Withdrawal Liability Payment Fund Form 990 or 990-EZ8 501(c)(23) Veterans Organizations (created before 1880) Form 990 or 990-EZ8 501(c)(25) Title Holding Corporations or Trusts with Multiple Parents Form 990 or 990-EZ 501(c)(26) State-Sponsored Organization Providing Health Coverage for High-Risk Individuals Form 9901 or 990-EZ8 501(c)(27)11 State-Sponsored Workers' Compensation Reinsurance Organization Form 9901 or 990-EZ8 501(c)(28)12 National Railroad Retirement Investment Trust Not yet determined 501(d) Religious and Apostolic Associations Form (e) Cooperative Hospital Service Organizations Form 9901 or 990-EZ8 501(f) Cooperative Service Organizations of Operating Educational Organizations Form 9901 or 990-EZ8 501(k) Child Care Organizations Form 990 or 990-EZ8 501(n) Charitable Risk Pools Form 9901 or 990-EZ8 521(a) Farmers' Cooperative Associations Form 990-C 4947(a)(1) Non-Exempt Charitable Trusts Form 990-PF 4947(a)(2) Split-Interest Trust Form (c)(1) Government Entity None Ref: IRS Publication 557

6 Programs (Alliances) Programs (Alliances) IEEE-ISTO Federation of Programs (Business League) Programs (Alliances) Programs (Alliances) IEEE-ISTO collaborates with a wide range of groups to bring Industry standards to fruition and ensure their success in the market

7 Ø Purpose: To communicate relevant informa4on that sa4sfies the interest of members, creditors, and recipients. o o Useful in decision making regarding resource allocation o How much can we spend, can we afford it? Useful in evaluating the effectivity of the Program s Governing bodies (Board of Directors, Officers) in performing their duties and responsibilities

8 Statement of Financial Position = Balance Sheet Statement of Activities = Profit and Loss Program Financial Statements Statement of Cash flows Other schedules: Accounts Receivable Accounts Payable Budget vs. Actual

9 Cash Assets - membership fees collection Prepaid expenses - Insurance - Deposits for events etc. Other assets Liabilities Accounts payable - vendor invoices Deferred membership fees - unamortized portion of annual membership Other liabilities Net Assets (Net worth)

10 Assets Assets are economic resources owned by a business that are expected to benefit future operations. Cash in bank - consist of bank deposits - collections of accounts receivable Accounts Receivable - these are assets that arise from unpaid invoices issued to members. Membership fee(majority of receivable) Sponsorship invoices (for events, member meetings, etc.) Prepaid expenses prepayments for goods and services to be received/used in the near future. Insurance, airfare for future events, booth and hotel deposits. Other Assets

11 Liabilities Liabilities are legal obligations that result from past transactions (to be paid in the future) or the future performance of services. v v Accounts payable short term obligations to suppliers/ vendors for goods and services received. Deferred Membership fees Deferred revenues are funds that are received for goods and services that have not yet been provided. When revenues are received in advance, the Company has an obligation to deliver goods or perform services. Therefore, deferred membership fees are shown in a liability account. Deferred revenue is not yet revenue. It is an amount that was received by a company in advance of earning it. The amount unearned (and therefore deferred) as of the date of the financial statements should be reported as a liability. When the goods or services are performed or delivered, revenue is recorded and liability is reduced.

12 Assets Liabilities Net Assets Assets Liabilities Net Assets

13 Program revenues Membership Revenues - By membership level Event sponsorship Meeting registration fee Program expenses Trade shows and conferences Legal fees Travel Marketing Etc. Change in Net assets (deficiency)

14 Statement of Cash Flows The purpose of the statement of cash flows is to provide information about a company s cash receipts and cash payments during an accounting period. v This statement adjust the net income(accrual basis) to reflect the actual cash flow that affected cash during the period.

15 Example: Program name: XYZ Alliance Date of Invoice: November 2014 Member: ABC Tech. Co. Renewal invoice: $12,000 for Annual dues Membership period Jan. Dec November 2014: The full amount will be recorded as a receivable in XYZ Alliance and set up as Deferred membership fees. January 2015: $1k of the $12k membership will be recognized as membership income and deducted from the balance of the Deferred membership fees. February 2015: $1k of the $12k membership will be recognized as membership income and deducted from the balance of the Deferred membership fees. v 1/12 of $12,000 or $1,000 for each subsequent months is recognized as income until December 2015 covering the entire membership year (Jan. Dec.)until the $12k has been fully recognized for the entire membership period. v Collection of the invoice will be recorded as a cash receipt and a reduction in Accounts receivable balance.

16 Annual fees, $12K (for membership period Jan. Dec Dec., $1K Jan, $1K Nov, $1K Feb, $1K Oct., $1K Mar, $1K Sept., $1K April, $1K Aug, $1K May, $1k Jul, $1K June, $1K Revenue recognition: $12K divided by 12 months (no. of membership months)

17 Why Amortize? For proper matching of revenues against expenses Services, membership benefits Revenues

18 Accounting methods

19 IEEE-ISTO Finance team

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