- How does Concentration Banking work and how do I enroll?
- How do I make check and/or cash deposits into my account?
- Is there any bank fees or service charges?
- Does my group need to submit year-end statements if we have an IEEE Concentration Banking and Investment Account?
- When and how will we receive our statements?
- What documentation is needed to report financial activity, when is it due and how is it submitted?
- If there is no financial activity, is it necessary to submit an L50-S form?
- Can the Sponsor use one form to report all of its working groups that do not have financial activity?
- What happens if a sponsor does not complete the Annual Financial Report (L50-S)?
- What reasons would a financial report not be accepted and approved?
- How do I access the online reports?
How does Concentration Banking work and how do I enroll?
IEEE Concentration Banking works just like a normal checking account. Make deposits, write checks and earn interest on the daily ending balance for the benefit of your IEEE Unit or Group.
To establish an account, simply fill out the signature card provided by the IEEE-SA and return the original to IEEE-SA Financial Management. Within 12 - 16 business days, you will receive your checks, deposit tickets and deposit endorsement stamp. Then just mail your initial deposit to Wells Fargo Bank. (Back to top)
How do I make check and/or cash deposits into my account?
Checks and deposit tickets should be mailed to your local Wells Fargo Bank or the Wells Fargo Bank on the the pre-addressed, postage paid envelopes, which are provided upon enrollment. All checks should be endorsed with the endorsement stamp and listed on the deposit ticket.
Cash can not be mailed to the bank, please purchase a money order and mail with a deposit ticket using the pre-addressed, postage paid envelope provided upon enrollment. If there is a Wells Fargo Branch near you, cash can be deposited directly at that Branch.(Back to top)
Is there any bank fees or service charges?
Concentration Banking participants have no service charges or bank fees. All your Unit/Group pays for are any returned deposited checks and/or wire transfer fees.(Back to top)
Does my group need to submit year-end statements if we have an IEEE Concentration Banking and Investment Account?
No - While it is helpful when a group provides this information with the financial report, it is not required. (Back to top)
When and how will we receive our statements?
Paper statements are mailed within the first 10 business days of the month. However, IEEE Treasurers and Chairs can access their Concentration Banking Statement online . This system is password protected for the security of your account.(Back to top)
What documentation is needed to report financial activity, when is it due and how is it submitted?
An L50-S Financial Report should be submitted to report any financial activity. Please download, complete all mandated sections as per the checklist, save the file, then upload it using the submission form . The report is due annually by 30 March every year.
NOTE: If you have several files, zip them first then upload. Signature pages, bank statements and any additional backup (i.e., receipts, etc.) can be scanned and emailed, faxed or mailed. The signature page and backup are important for acceptance of the financial report for auditing purposes. (Back to top)
If there is no financial activity, is it necessary to submit an L50-S form?
Yes all Sponsors are required to complete and submit the IEEE Standards L50S Submission Form annually, even if there is no financial activity to report, a declaration is still required. (Back to top)
Can the Sponsor use one form to report all of its working groups that do not have financial activity?
Yes they can. All sponsors are required to check their committees in myProject to verify and certify that they are correctly reporting the groups under their purview. (Back to top)
What happens if a sponsor does not complete the Annual Financial Report (L50-S)?
Failure to submit the report shall result in action from the IEEE-SA Standards Board. Actions shall include, but are not be limited to, suspension of all activities until the report is filed and accepted as complete. (Back to top)
What reasons would a financial report not be accepted and approved?
- Pages omitted or not signed, usually one of the following:
- General Information & Certification page, and/or the Bank Disclosure Statement
- End of year bank statements are not submitted
- End of year bank balances are off slightly
- (i.e. Schedule I/II does not agree to the Schedule VII book balance total)
- Advances/accounts receivable are not tracked (Schedule VI)
- Often due to turnover in treasurer position. New officer may not be aware of the outstanding amounts
- Accrued expenses are not recorded (Schedule I)
- Prior year balances are listed incorrectly
- Hint: do not change last year's ending balance to "fix" a problem in this year's report
- Depreciation expenses are not recorded (Schedule V)
- Investment information is filled out incorrectly (Schedule V)
- Not reconciling bank accounts each month
- Doing a bank reconciliation each month can help reduce errors on the L50S financial form(Back to top)
How do I access the online reports?
After enrolling, you must create an IEEE Account using your member id number and your pin number. Once created you can access CBRS , using the ID and password you set up when creating an IEEE Account. You can choose the time period and report and will only have access to your individual statements. The reports will be updated on a daily basis.