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.
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.
Are 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.
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.
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.
What documentation is needed to report financial activity, when is it due and how is it submitted?
An IEEEE-SA Financial Reporting Certification Form 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 15 February 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.
If there is no financial activity, is it necessary to submit an IEEE-SA Financial Reporting Certification Form?
Yes all Sponsors are required to complete and submit the IEEE Standards Financial Reporting Certification Form annually, even if there is no financial activity to report, a declaration is still required.
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?
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.
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.
If you have already registered for an IEEE Account, you can use your current ID and password to access CBRS.