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Sat Basu Region 4 Finance Analyst Region 4 Meeting 2011 Section Congress Thursday, August 18, 2011. MGA Financial Reporting Policy Changes 2011. MGA Allocation Ad-Hoc Committee Joe Lillie, Chair Rob Anderson, MGA Treasurer Other Volunteer Members Staff Members - PowerPoint PPT Presentation
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MGA Financial Reporting Policy Changes 2011
Sat BasuRegion 4 Finance Analyst
Region 4 Meeting2011 Section Congress
Thursday, August 18, 2011
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MGA Financial Reporting Policy Changes 2011
MGA Allocation Ad-Hoc Committee•Joe Lillie, Chair•Rob Anderson, MGA Treasurer
–Other Volunteer Members
•Staff Members– Larry Bolsch, Director-Fin. & Admin. –Other Staff Members
•Regional Finance Analysts –Ten Volunteers–Sat Basu, Region 4
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MGA Financial Reporting Policy Changes 2011
Charges Assigned to Ad-Hoc-Com.• Review the Region L 50 Financial Reports
• Relationship of L50 with Region Finance Functions
• Identify Opportunities on Consistency on Reporting
• Review the allocation of Member Dues
• Review Major Expenses
• Review Region Assessments
• Review Region Allocation Algorithms
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MGA Financial Reporting Policy Changes 2011
Ad-Hoc-Com. Accomplishments• Consolidation of Five Years Financial Data by Unit
• Summarization of Finance Data - Categories/Activities
• Review of Accumulated Financial Data
• Collection & Review of Regional Assessment History
• Review of Regional Reserve Data
• Relationship of Revenue, Expense and Reserve
• Special Items
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MGA Financial Reporting Policy Changes 2011
Major Items on Finance Reporting•Regional Meetings [Including Social Events] •Publication [Including Advertizing]•Conferences•Activity/Program – Education/Professional/Students•Addl. Act./Pgm. – Communication/Membership/Technical•Awards /Grants•Travel Finance – Regional/Board/Section-Congress/Others•Leadership Finances – Region/Section/Chapter/Society •Other Mgmt. & Genl. Finances [ Including Salaries]
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MGA Financial Reporting Policy Changes 2011
Financial Data Analysis•Analyze L50 [Trends & Consistency] – Link Membership
•Link Activities to Regional Member Support Processes
•Review Geographical Unit Funding [Allocations,
Assessments, Rebates, etc.] – Link with Membership
•Review Associate Financial Impact of Non-MGA Member
[Affiliate,] Activity
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MGA Financial Reporting Policy Changes 2011
Compare Membership with Finance•Identify Sources & Uses of Member Dues and Associated
Supports
•Determine Additional Revenues and/or Reduce Expenses
•Review Allocation and Link with Needs
•List, Monitor and Measure Membership Support Activities
•Incorporate Algorithms on Allocations, Assessments ,
Rebates, Others
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MGA Financial Reporting Policy Changes 2011
Solution Selection Process• Review Previous Solution Process
– Net Ledger, Quick-books, Peach-Tree
– Not Suitable and/or Not Cost-Effective
• Present Solution Process– Net Suite chosen - Oracle based Solution –Cost Absorbed by IEEE
– Compliance, Transparency, Interactive Reporting
– Financial Statements and Tax Return Easy
• MGA, Accounting, Treasury & IT Reviews Complete – Reviewed by all stakeholders
– Socialized and Endorsed by all MGA Volunteer Committees
– MGA Board and Related Ad Hoc Committees [Operations, Finance , others]
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MGA Financial Reporting Policy Changes 2011
Advantages• Financial Statements Match the Geo Unit Finance Data
• Net-Suite allows continuous all year processing
– Integration of CBRS with Geographical Unit Accounts
– Bank Reconciliations automated with Journal Entry
– Timely Financial Data Consolidation by Head Quarters
• Versatility of Currency and Language
• Enable Downward Visibility Region/Section/Chapters
• Online L50 Financial Reporting
• Future Plans Include Enterprise Solutions
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MGA Financial Reporting Policy Changes 2011
Technology and User Highlights• Reviewed => Data Security, Integrity, Access, Security, Architecture
• Addressed => Development / User Acceptance Testing (UAT), Audit
• Web Based Platform => License Cost-[No Equipment/Maintenance/Server]
• Reliability => Over 99.5% Up-Time [24/7 Support], Down-Time Refund
• Integration => Applications like CBRS, Report on Local Currency or USD
• Administrative => Business Units will Maintain Rights
• Remote Access => Net Suite is accessible almost Universally
• Flexibility => Multi Currency, Multi Language
• Training=> Training Material and “Train the Trainer” is included
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MGA Financial Reporting Policy Changes 2011
Other Benefits• User Interfaces and Modifications on IEEE specifications
• Easier L 50 paper processing in the Finance & Administration Departments
• Earlier Consolidated Finance Data will Reduce Audit Fees
• Increased Internal Controls & Financial Statement Transparency
• Response and Resolution to prior year Management Letter Comments
• File backup available.
• Multiple Currencies, Multiple Languages Available to End-Users
• System Utilization at Non-US Offices-India, China, Russia, Japan, Singapore
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MGA Financial Reporting Policy Changes 2011
Testing and Implementation Status• Business Requirement Document [BRD] Complete
• IT Project Manager Assigned
• Vendor On-Site- all Preliminaries Complete
• Demonstration to Management Council Complete
• Reviewed and Endorsed by Major MGA Stakeholders
• Full Scale Demonstration at Sections Congress 2011
• Roll-Out and Implementation by End of 2011
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items• REGIONAL PLANNING, MEETINGS AND SOCIAL EVENTS
Classify as a receipt of any money generated and deposited in a bank
account for regularly scheduled regional planning and meetings or social
events (including dinner meetings). IEEE Meeting Report must be
completed for each meeting or event and submitted as soon as possible.
• REGIONAL PLANNING, MEETINGS AND SOCIAL EVENTS: SUB ACCT
FOR RELATED TRAVEL
Enter cash and accrued expenses including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
for the attendance of regional planning and meetings or social events
throughout the year.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• CONFERENCES
Include all conference expenditures except those related to conference
publications and advertising which should be classified on lines X.XX, X.XX.
It is important that conference receipts and disbursements be fully recorded
and not just the net results. For more than one conference, attach a
schedule listing each conference and the related Receipts/Disbursements.
• CONFERENCES: SUB ACCT FOR RELATED TRAVEL
Enter cash and accrued expenses including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
for the attendance of conference throughout the year.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• CONFERENCES
Include all conference expenditures except those related to conference
publications and advertising which should be classified on lines X.XX, X.XX.
It is important that conference receipts and disbursements be fully recorded
and not just the net results. For more than one conference, attach a
schedule listing each conference and the related Receipts/Disbursements.
• CONFERENCES: SUB ACCT FOR RELATED TRAVEL
Enter cash and accrued expenses including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
for the attendance of conference throughout the year.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• CONFERENCE SUPPORT
Enter cash and accrued expenses related to conference support to other
Geo Units.
• LEADERSHIP PROGRAMS
Include disbursements incurred in organizing, promoting, and conducting
lectures, videos, group discussions, and workshops provided to enrich the
learning experience that immerses the Geo Unit leadership in the qualities of
an effective officer for the Unit.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• LEADERSHIP PROGRAMS: SUB ACCT FOR RELATED TRAVEL
Enter cash and accrued expenses including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
for the attendance of leadership programs.
• PROGRAM DELIVERY: EDUCATION, PROFESSIONALS, STUDENTS
Include disbursements incurred in organizing, promoting, and conducting
educational, student, or professional activities sponsored by the Unit.
Examples include the instructor’s or lecturer’s fees, instructional or course
materials purchased for the activity, money disbursed in support of student
or Student Branch activities, and any other related expenses.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• EDUCATION, PROFESSIONALS, STUDENTS: WIE MEMBERSHIP
This classification refers to any money disbursed in support of educational,
professional, and student activities for Women in Engineering.
• EDUCATION, PROFESSIONALS, STUDENTS: GOLD MEMBERSHIP
This classification refers to any money disbursed in support of educational,
professional, and student activities for GOLD
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• EDUCATION, PROFESSIONALS, STUDENTS: SUB ACCT FOR RELATED
TRAVEL
Enter cash and accrued expenses including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
for the attendance of educational, professional, and student activities
throughout the year
• MGA BOARD MEETINGS AND SECTIONS CONGRESS
All Sections Congress expenses, excluding travel, incurred over the fiscal
year.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• MGA BOARD MEETINGS AND SECTIONS CONGRESS: SUB ACCOUNT
FOR RELATED TRAVEL
Enter cash and accrued expenses including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
related to MGA board meetings and Sections Congress
• REGION, SECTION, CHAPTER SOCIETY SUPPORT
Include support payments made to other IEEE Units (respective Region,
Section, Chapters).
• PACE FUNDING
Include all disbursement in relation to PACE funding throughout the year
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued]• TECHNICAL ACTIVITIES SUPPORT
Include disbursements incurred in organizing, promoting, and conducting
activities related to but not limited to advancement of the theory and practice,
of electrical, electronics, communications and computer engineering, as well
as computer science sponsored by the Unit.
• TECHNICAL ACTIVITIES SUPPORT: SUB ACCT FOR RELATED TRAVEL
Enter cash and accrued expenses including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
for the attendance of technical activities.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued] • GRANTS AND AWARDS
Classify as a disbursement any approved contributions made to individuals
or organizations outside IEEE.
• PUBLICATIONS AND ADVERTISING
Include disbursements for all forms of publications including newsletters,
abstracts, reprints, and conference publications and proceedings. Also
include any expense related to advertising by IEEE and non-IEEE entities,
publications, or conferences.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued] • OTHER MANAGEMENT, GENERAL AND ADMINISTRATIVE
Include all other expenditures incurred when soliciting IEEE activities.
• OTHER TRAVEL NOT ASSOCIATED WITH PROGRAMS ABOVE
Include all other travel expenditures including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
incurred that do not fit any category listed above.
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MGA Financial Reporting Policy Changes 2011
Proposed Account Items [Continued] • OTHER MANAGEMENT, GENERAL AND ADMINISTRATIVE
Include all other expenditures incurred when soliciting IEEE activities.
• OTHER TRAVEL NOT ASSOCIATED WITH PROGRAMS ABOVE
Include all other travel expenditures including air, train, auto, tolls, parking,
mileage, meeting rooms, equipment, hotel and meals during the travel period
incurred that do not fit any category listed above.