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Section Financial Operations 3/9/2012 Jim Anderson NH Section Treasurer

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Presentation on theme: "Section Financial Operations 3/9/2012 Jim Anderson NH Section Treasurer"— Presentation transcript:

1 Section Financial Operations 3/9/2012 Jim Anderson NH Section Treasurer

2 Outline 1- Introductions 2- IEEE Section Treasurer (Quick Start) Training 3- IEEE MGA Geographic Unit Officer Position Description - Section Treasurer 4- IEEE Concentration Banking (& Credit Cards) 5- IEEE Records Retention (Schedule) 6- Other IEEE Documents

3 Treasurer Quick Start Training 1- Common sense stuff 2- General stuff 3- First 30 days 4- Fuse of IEEE Funds at is the appropriate Use of IEEE Funds 5- Responsible that subunits submit annual financial reports to the section.

4 IEEE MGA Geographic Unit Officer Position Description Section Treasurer 1- Mainly duplication of Quick Start 2- Must reside in the geographic boundaries of the Section????

5 Concentration Banking and Credit Cards 1- CB not required but highly recommended Go to person: Stacy Sheckells Credit cards after CB account Go to person: Robin Madden

6 3- No personal purchases on CB Card Corporate card IEEE address SS# ……5555 Card limit can be increased if needed Basically a debit card

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11 Retention Schedule page 1 General Accounting Records General LedgerPermanent Fixed Assets RecordsPermanent Loans Receivable Ledger7 years * Annual Financial Reports (L-50) Permanent * Audit ReportsPermanent Canceled Checks7 years Bank Statements & Reconciliation 7 years Support Vouchers for Payables (Paid Invoices) 7 years Expense Reports7 years

12 Retention Schedule page 2 Tax Records * Tax Records and Support Data W-2's, W-9's, 1099's, Gift Acknowledgment Letters 6 years Personnel Records Payroll Earning RecordsEmployment duration plus 6 yrs Canceled Paychecks7 years after termination Pension RecordsPermanent

13 Retention Schedule page 3 General Administrative Items Contracts7 years Leases10 years after termination Postage Meter Record Book1 year General Correspondence1 year IEEE Related Items * CharterPermanent Historical Records, including records of Section Officers Permanent Correspondence ( ) can be kept electronically or as hard copy 1 year

14 Other Documents Review other IEEE documents as they relate to the position of Treasurer, including IEEE Bylaws, IEEE Policy Manual, IEEE Financial Operations Manual and the MGA Operations Manual.

15 Best Practices 1- Copy, record, endorse, and deposit all checks promptly 2- Stay on top of credit card usage 3- Stay on top of deposits via V-Tools Meetings 4- Record and pay all bills promptly after verification of accuracy and authorization

16 Questions? Remember, if something doesnt seem to make sense ask MGA


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