If I have no financial activity, do I still need to send a report for 2007?
Yes all Sponsors are required to complete and submit the General Information Certification Schedule annually, even if there is no financial activity to report, a declaration is still required.
When will the L50-S report be due?
The report is due within four months of the completion of the previous fiscal year; therefore, we will need it by 6 March 2008.
If there is financial activity, what forms need to be completed?
What will happen if the sponsor does not complete the Annual Financial Report (IEEE Form L50-S)?
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 (see Operation Manual 5.3.6 Annual Financial Report).
What is required to submit the Financial Report electronically?
The Financial Report is available in Excel format, with built in formulas and links. The completed form may be submitted via email attachment. The signature (certification) page must be printed out and signed. This page, along with bank statements and any additional backup (i.e., receipts, etc.) can be scanned and emailed, or they can be faxed or mailed. The signature page and backup are important for acceptance of the financial report because they are needed for audit purposes.
My group has a IEEE Concentration Banking Account and IEEE Investment Account - does my unit need to submit year end statements?
No - While it is helpful when a group provides this information with the financial report, it is not required.
What are some reasons why the financial reports would not be accepted and approved?
Pages omitted or not signed. These are usually one of the following three pages: General Information & Certification page, Conflict of Interest form, and 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). This is often due to turnover in the treasurer position. The 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 L50-S financial form.
