IEEE Region 1 Treasurer’s Report Bala Prasanna R1 Treasurer bprasanna@ieee

1. IEEE Region 1 Treasurer’s Report Bala Prasanna R1 Treasurer bprasanna@ieee.org Region ExCom & BOG Meetings @ Nashua NH 9-10 June 2017

2. Financial Highlights • NetWorth (5/31/2017 Unaudited)$ 432,027.72 • CBRS(Checking a/c) $ 395,219.36 • Long Term Investment 36,808.36 • Assessment Account 0 • GMS Bail-out Impact – $25K in instalments of $5K over 5 years starting in 2017. (withhold from rebate) • R1 Finacial Audit Up-to-date – Audit for period ending 12/31/2016 completed on 3/15/2017, audit for period ending 6/30/2017 will be scheduled in late July/early Aug 2017 • 2018 Budget– PD-Vince Socci will present budget proposal • 2017 Anticipated Major Expenses –R1EXCOM(March), Student Conference at UB(Apr), R1 BoG (June), SC2017(Aug), PACE Projects, GMS debt

3. Importance of Timeliness in Submitting Expense Reports • BoG/ExCom Expense reports must be submitted no Later than Friday-6/23 (bprasanna@ieee.org) • Reports missing this deadline will be escalated to R1 Director, and reimbursements may be delayed. • SC-2017 Airfare Advance – Requests are accepted. Be sure you have complied with guidelines for advance payment. • SC-2017 Expense Reports • PDs – Please submit reports no Later than Fri 9/8. Remember R1 needs to work with MGA for fund transfers (Stay within guidelines for expenses, use USD) • Non-PDs – Same deadline – 9/8/2017. • R1 Director has asked R1 SC-2017 financial accounting be closed by 9/29

4. Expense Reporting Guidelines • Rental Car/Air Travel - Must obtain approval from R1 director prior to travel, and submit copy of approval to treasurer along with the expense report. • Receipts for gas/Taxis must be included even if it is less than $25 • Be sure to state the purpose of trip in the expense report. Reports without a stated purpose will be returned. • If the expenses do not appear to be reasonable, R1 director will be asked to examine and approve. • Please be sure to check your reports are clear, legible, and include explanations where warranted. (We get jpgs of receipts that requires a super magnifying glass to read, or the expenses claimed are included/hidden in various places making it less obvious where the expenses came from. • Expense reports must be submitted within 2 weeks of the expense. Thank you for your cooperation

5. 2016 Section Audits & 2017 Netsuite Updates 2016 – Please complete audits of your section financials no later than 6/30/2017. Area Chairs to confirm with Section chairs and report to R1 treasurer & Director 2017 – Half-Yearly Netsuite updates – due by 8/15/2017 IEEE Financial Audit Policy • All Regions will have to have audits done regardless of balance. • Sections threshold is $250K. If the chapters are rolling up to the Section financials, they will be reviewed in the Section audit. • Any section can be randomly picked for an audit regardless of balance Region 1 asks the sections to have an audit once a year completed by March of the following year.

6. 2010-2016 Networth History 2011 & 2014 are Section Congress years 2014 - Region BOG Meeting Format Changes 2017 is Section Congress Year 2011 - Rebate & Assessment Income - $69,189 & $108, 516 2015 - Rebate & Assessment Income - $68,200 & $97,800 2016 – Rebate & Assessment Income - $68,850 & $92,626

7. MGA Financial Reporting (Netsuite) & Audit Contacts • MGA Contact: (Netsuite/Rebates/Bonus)Teresa Sacks t.sacks@ieee.org (Audits)Caitlyn Chow Caitlyn.chow@ieee.org • Timely Netsuite Uploads – Do it Quarterly • Financial Audits – Annually by March month.

8. IEEE REGION 1 Expense Reimbursements , Send before 6/23/2017 bprasanna@ieee.org or Bala Prasanna, IEEE R1 Treasurer 8 Chardonnay Dr. Holmdel, NJ 07733 “Thank You”