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Jan 14, 2011

Conference Financial Procedures

BANK ACCOUNT SIGNATORY

Only Organizing Committee members and Society staff will have signature authority on conference accounts. Per SPS Policy 7.2 the Vice President-Conferences shall be advised of: location of the account, size of the account, and names of signatories (a staff member designated by IEEE must be included as a signatory on Society technical meeting accounts); and arrangements for insurance and bonding. Vendors or contractors will not be granted this privilege. If a vendor or contractor currently has signature authority, it will be removed from the account immediately.

A conference treasurer or finance chair may provide a contractor with a cash fund of up to 2% of the total expected expense or $5,000, whichever is the lesser amount. This fund may be used by the contractor to cover incidental expenses incurred in the planning process. The fund may be replenished as needed by the conference finance chair. A complete accounting of the fund must be presented with the final conference report and is subject to audit.

CONCENTRATION BANKING ACCOUNT

All SPS conferences and workshops shall open an IEEE Concentration Banking Account. The IEEE Concentration Banking Program offers all Conferences a bank account with unlimited check writing privileges, paying a higher rate of interest than traditional business checking accounts. The account works just like a normal checking account. You make deposits, write checks and earn interest on the daily ending balance for the benefit of the Conference.

A Concentration Banking (CB) Card is available for all IEEE Concentration Banking accounts. The CB Card is a MasterCard credit card with debit features and can be used internationally wherever MasterCard is accepted. Use of the CB Card is preferred over the use of written checks and petty cash funds for incidental expenses incurred by the organizing committee. The CB Card may not be issued to a vendor or contractor.

After opening an IEEE Concentration Banking account the Finance Chair and the contractor shall arrange for all revenue from any source to be collected into this account. If the contractor is not integrated with the IEEE Payment Gateway, the contractor shall use its own merchant account and open a non-interest bearing account to receive and process the payments. The contractor shall submit to the Society a report of transaction details for check, wire transfer, and credit card funds collected each month within 20 days after the end of each calendar month.

The contractor shall remit collected funds to the Society 20 days after the end of each calendar month.

The contractor may deduct the following from each monthly remittance of collected funds:

  • A per transaction rate as specified in the contract statement of work.
  • Any bank fees paid by the contractor on behalf of the Society (such as wire transfer fees).
  • Any credit card charge backs or refunds owed to attendees or exhibitors. (The monthly report will detail any such fees or refunds.) A processing fee per transaction will be applied for all refunds.
  • Up to 20% of the total expected revenue of the funds collected will act as a reserve against potential additional charges that may occur after the end of the event. (Additional charges might include credit card charge backs, attendee or exhibitor disputes, or similar items.) Any reserve funds not used to cover additional charges will be remitted to the Society approximately 30 days after the event or after the final processed transaction; whichever is later.
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