Kevin Uherek
Supervisor Conference Finance

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Questions from previous sessions?

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

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

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

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

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)
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What payments should be submitted?
(1099 / 1042 Schedule of Payments)
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.
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What information is needed?
1099 / 1042 Schedule of Payments)
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

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When is information needed?
(1099 / 1042 Schedule of Payments)
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.
ALL conferences U.S. conferences

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

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

Difference between
1099 Schedule of Payments & W-9
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)
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1099 Schedule of Payments example

Difference between 1099
Schedule of Payments & W-9

Difference between
1042 Schedule of Payments & W-8
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)
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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

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IEEE’s Concentration Banking
(CB)
To open:
– Send request to conference-finance@ieee.org
and we will send you the signature cards to fill out and return
 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.

IEEE’s 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
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Local bank account
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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

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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

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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

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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
Can also be retrieved through
“Required Documentation for IEEE Conferences” page

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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.

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.
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Questions?

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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

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

Program
Wachovia Bank(a Wells Fargo Company) is IEEE’s
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

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.

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