Conference Finance Best Practices from Initial Setup to Close. Kevin Uherek Supervisor, Conference Finance

Transcription

1 Conference Finance Best Practices from Initial Setup to Close Kevin Uherek Supervisor, Conference Finance

2 Agenda Share best practices so finance part can run as smoothly as possible Review templates/assistance available Audience Discussion 2

3 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 3

4 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 4

5 Account options What are the 3 banking/bank type options available for organizers? 5

6 Account options Concentration Banking (CB) Local Bank Accounts Ledger Accounts 6

7 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 7

8 Best Practices: Concentration Banking (CB) Right after Information Schedule is submitted and conference record number is assigned ask for signature cards. Send to 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 8

9 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 9

10 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 10

11 Best Practice: Ledger Accounts Obtain Fiscal Agent MOU and send it to When closing the conference provide a letter stating the account is no longer used and all funds have been distributed. 11

12 1099/1042 Schedule of Payments to Individuals Define what and when to report Best practices Impact of not doing so 12

13 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 *

14 1099 and 1042 Schedule of Payments to Individuals Conference location = 1099 and 1042 Conference location =

15 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 15

16 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 16

17 What IEEE provides to help report

18 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 18

19 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. *Definition of U.S. source income: DO NOT include: Reimbursed expenses when receipts have been provided If the location of the activity for which the payment is being made is in the U.S. 19

20 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 20

21 What IEEE provides to help report

22 Best Practice: Submitting 1099/1042 Submit as soon as all payments to individuals have been made Latest date of submission: By January 10 th for payments made in the previous tax year. 22

23 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 address and one phone number for answers to all finance related questions conference-finance@ieee.org *Accessible on Required Document for IEEE Conference page: mentation.html 23

24 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 Another very helpful web page: Additional Resources for IEEE Conference Organizers On this page is also a file explaining each term that may need to be submitted as shown on a reminder . 24

25 Audience discussion What sort of assistance would you appreciate? What do you find most challenging? Sharing of ideas etc. 25

26 Appendix CB Currencies CB Destroy Check form Resident Alien checklist 26

27 27 CB Currencies AUD Australia, Dollars CAD Canada, Dollars CYP Cyprus, Pounds CZK Czech Republic, Koruny DJF Djibouti, Francs EGP Egypt, Pounds EUR Euro Member Countries, Euro FJD Fiji, Dollars HKD Hong Kong, Dollars HUF Hungary, Forint INR India, Rupees IDR Indonesia, Rupiahs ILS Israel, New Shekels JPY Japan, Yen KRW Korea (South), Won KWD Kuwait, Dinars MYR Malaysia, Ringgits MXN Mexico, Pesos NZD New Zealand, Dollars NOK Norway, Krone PGK Papua New Guinea, Kina PHP Philippines, Pesos PLN Poland, Zlotych SAR Saudi Arabia, Riyals SGD Singapore, Dollars SKK Slovakia, Koruny ZAR South Africa, Rand SEK Sweden, Kronor CHF Switzerland, Francs TWD Taiwan, New Dollars THB Thailand, Baht AED AFN United Arab Emirates, Dirhams Afghanistan, Afghanis GBP United Kingdom, Pounds USD United States of America, Dollars VEB Venezuela, Bolivares

28 CB Destroy Check form Retrieve at: 28

29 * 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. 29

30 Thank you IEEE Conference Finance Department Lucia Servus Manager Mary Ann C. Fritzinger Conference Finance Specialist Nicholas Alparone Financial Analyst Gertrude Adamson Administrative Assistant Kevin Uherek Supervisor Raymond Borgone Financial Analyst Terrianne Champion Financial Analyst Humaira Khan Indirect Tax Analyst