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

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

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

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

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.

2010-2016 Networth History 2011 & 2014 are Section Congress years 111923 2011 95515 2012 99942 2013 183759 2014 183118 2015 254559 2016 328479 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

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.

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”