1. Conference Finances Kevin Uherek Supervisor Conference Finance

2. Questions from previous sessions? 2

3. Required Documents page http://www.ieee.org/web/conferences/organizers/required_documentation.html 3

4. 4

5. Additional Resources page http://www.ieee.org/web/conferences/organizers/reference_materials.html 5

6. Areas of focus for workshop 1099 / 1042 Schedule of Payments Banking for Conferences Miscellaneous Questions & Answers 6

7. 1099 / 1042 Schedule of Payments What payments should be submitted What information is needed When is information needed Best practice Difference between: 1099 and W9 or 1042 and W8 Resources to assist (Information & Forms) 7

8. 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. 8 What payments should be submitted? (1099 / 1042 Schedule of Payments)

9. 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 payment 9 What information is needed? 1099 / 1042 Schedule of Payments)

10. 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.conference-finance@ieee.org ALL conferences U.S. conferences 10 When is information needed? (1099 / 1042 Schedule of Payments)

11. Gather necessary information BEFORE payment is issued Then file it for submission Send to conference-finance@ieee.org with conference record # and nameconference-finance@ieee.org 11 Best Practice (1099 / 1042 Schedule of Payments)

12. Payments for any US citizen or resident alien (a.k.a. US persons) 12 Difference between 1099 Schedule of Payments & W-9

13. 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

14. 14 1099 Schedule of Payments example

15. Difference between 1099 Schedule of Payments & W-9

16. 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

17. 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 17

18. IEEEs Concentration Banking (CB) To open: –Send request to conference-finance@ieee.org and we will send you the signature cards to fill out and returnconference-finance@ieee.org 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. 18

19. IEEEs 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 19

20. 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 20

21. 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 21

22. 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 22

23. 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/M OU.html http://www.ieee.org/web/conferences/organizers/M OU.html Can also be retrieved through Required Documentation for IEEE Conferences page 23

24. 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. 24

25. IEEE Concentration Banking Program Tips 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. 25

26. Questions? 26

27. Thank you Conference Finance Department conference-finance@ieee.org Kathy Moody, Senior Manager k.moody@ieee.org +1 732 465 6643 Kevin Uherek, Supervisor k.uherek@ieee.org +1 732 562 3876 Mary Ann C. Fritzinger, Finance Coordinator m.fritzinger@ieee.org +1 732 562 3869 Smita Desai, Financial Analyst s.desai@ieee.org +1 732 562 3867 Brijesh Patel, Financial Analyst brijesh.patel@ieee.org +1 732 562 3874 Gertrude Adamson, Administrative Assistant gertrude.adamson@ieee.org +1 732 465 6628 27

28. Appendix IEEE Concentration Banking Program IEEE Concentration Banking Program outside the USA IEEE Concentration Banking Contact information 28

29. IEEE Concentration Banking Program Wachovia Bank(a Wells Fargo Company) is IEEEs 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

30. IEEE Concentration Banking Program Outside 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 Account Pilot in progress for CAD account.

31. Contact Information Web: www.ieee.org/concentrationwww.ieee.org/concentration Email: concentration-banking@ieee.org Phone: +1.732.562.5363