1. IEEE Region 1 Treasurer’s Report
Bala Prasanna
R1 Treasurer
Region ExCom & BOG 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 ,808.36
Assessment Account
GMS Bail-out Impact – $25K in instalments of $5K over 5 years starting in (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
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
111923
2011
95515
2012
99942
2013
183759
2014
183118
2015
254559
2016
328479
2011 & 2014 are Section Congress years
Region BOG Meeting Format Changes
2017 is Section Congress Year
Rebate & Assessment Income - $69,189 & $108, 516
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
(Audits)Caitlyn Chow
Timely Netsuite Uploads – Do it Quarterly
Financial Audits – Annually by March month.

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