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Duties and Responsibilities of the Section Treasurer

The Section Treasurer manages the funds of the Section and is responsible for:

• Proper transfer of Section financial records at the
  beginning and end of each administrative calendar year.
• Maintaining accurate records for all Section financial
  transactions.
• Banking of Section funds.
• Preparing annual budget for the Section Chair to
  submit to the Executive Committee if he/she serves
  as Finance Chair.
• Making disbursements in accordance with the approved budget.
• Referring expenses outside the budget to the Section Chair
  for action.
• Assuring that all Section expenditures are made in
  accordance with IEEE policy.
• Preparing financial reports for the Section Chair, Section
  Executive Committee and Regional Director.
• Acquisition by the Section of adequate funds to conduct
  its programs (under the Section Chair's direction).
• Submitting financial statements to IEEE Headquarters, as
  defined in the Financial Operations Guide.

IEEE Bank Accounts

It is the responsibility of the Chair or Treasurer
to establish one or more bank accounts in the name
of the IEEE Unit for thepurpose of receiving and
disbursing funds. All funds on behalf of the IEEE
Unit must be held safely in local "insured" bank
account(s). In the US for example, FDIC insurance
covers account balances of not more than $100,000.
Sections are prohibited from investing funds in
non-insured accounts such as mutual funds, money-market
funds, stocks and bonds.

To satisfy IRS regulations, all bank accounts must
be properly identified. An example of a proper bank
account name is "IEEE New Jersey Section". Accounts
must never be in an individual's name. A "Tax
Identification Number" or TIN must identify each
account. These can be found in Appendix G of the
"IEEE Financial Operations Guide for Geographical
Units". Each Section is registered with the IRS using
the full IEEE name.

Reminder

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