All required information on the form must be completed.
The groups without financial activity will now only complete the required information on the submission form to certify that none of their groups have financial activity.
The groups with financial activity will still be required to submit the complete L50S financial report on behalf of all their developing groups. The L50S is now linked to the submission form.
Please note that all sponsors are required to check their committees in myProject to verify that they are correctly reporting their groups under their purview.
As per the IEEE-SA Standards Board Operations ManualPolicies:
5.1.2 Duties of the Sponsor: j) Without exception, the Sponsor shall ensure the submission of an annual financial report(s) for the operation of the Sponsor and all of its standards development committees (e.g., working groups, task groups). Those groups operating without treasury are required to submit an annual declaration thereof via the report (see 5.3.6).
5.3.6 Annual financial report: All Sponsors are required to submit an annual report (IEEE Form L50S) detailing financial activity for the previous fiscal year. The report will be due within three months of the completion of the previous fiscal year. Failure to submit this report shall result in action from the IEEE-SA Standards Board. Actions shall include, but not be limited to, suspension of all activities until the report is filed and accepted as complete.
5.3.7 Bank accounts:
All IEEE Standards development committees that have or intend to have bank accounts shall use the IEEE Concentration Banking Program as their only bank account. It is the policy of the IEEE that all bank accounts provide for the signatures of at least two volunteers (who shall be IEEE Member grade or higher in good standing).
Financial Reports and IEEE Policy Section 11.2E1c, Financial Manual FOM 2 E2 (d). Working Groups (WGs) that held IEEE bank accounts in the year are required to complete an L50-S for the 31 December year-end report. This form is to be submitted to the IEEE Standards Department in March of the succeeding year. As part of the IEEE and Standards Department financial policy manual, WGs that resulted in total disbursements or receipts in excess of $100k, are required to have an independent audit of the WGs financial activities. For further information, contact Mr. Frank Czapor at 732-562-6533
Should you require additional information, please email l50sadmin@ieee.org.
