The Treasurer is a very important member of the Section leadership team and Section Executive Committee. As the Chief Financial Officer and chair of the Section Finance Committee, the Treasurer will have the opportunity to interact the other officers of the Section, Chapters, Affinity Groups and Branches.
The treasurer’s guidance will influence the overall direction of the section and influence the completion of key section projects and initiatives.
The Section is ultimately responsible for providing Section activities, approved initiatives, the funding of committees and the funding of the Chapters and Affinity Groups within the Section.
Since the Section is the managing parent of the Technical Chapters and Affinity Groups within the section’s geographic boundaries, the Section can establish processes/policies which facilitate the activities of these subunits.
It is the responsibility of the treasurer to assure the processes and policies are executed properly and that IEEE funds are spent appropriately.
The usual term of office is 2 years. Term of office begins in January until the end of December. The time needed to fulfill this volunteer position is approximately 7 hours per week.
Some of the key accountabilities of the Treasurer include:
- Assures that the Section and other Geographic Organizational Units (Geounits) within the Section are compliant with all applicable laws, IRS regulations and IEEE financial policies.
- Manages the Section bank accounts and investment accounts.
- Assures that the Section and other Geounits within the Section provide the correct financial reports to parent Organizational Unit (OU).
- Assists the Chair and Executive Committee members in the development of the budget.
- Assists the Chair develop an explanation of the budget and individual expense categories for the membership when the budget is proposed or presented to the section membership.
- Provides the Chair the motion to adopt the annual budget.
- Provides the Chair with advice and information about expense and spending commitments throughout the year and the financial implications on Section planning.
- Maintains accurate and up-to-date financial records for the Section.
- Provides regular financial reports to the Section Executive Committee (ExCom) and/or Operating Committee (OpCom), including the Balance Sheet and Profit & Loss (P&L) statement using IEEE approved accounting tools or systems (such as NetSuite).
- Tracks Executive Committee (ExCom) and Operations Committee (OpCom) actions or motions to assure monies allocated are appropriately charged or credited to the appropriate line item.
- Understands any Section or Geounit fundraising initiatives and assure funds raised are appropriately disbursed.
- Provides the Section ExCom and Section Geounits with financial guidance.
- Submits the annual financial report to the IEEE using NetSuite tools – MGA finance department.
- Provides the financial report an all required documentation to the Section or IEEE-MGA Audit Committee. 15. At term-end, arrange for the transfer of financial records to the incoming Section or Geounit treasurer and advise the IEEE and any banks holding Geounit accounts of the new or updated authorized signatures for each account.
The Section Treasurer also serves as the financial liaison between the Region and other IEEE OU’s. As the liaison, the Treasurer will issue payments or manage the transfer of funds between the Section and its Geounits and with the companion IEEE level OU’s.
The Treasurer must be capable of tracking the financial details of the Section and subordinate Geounits. In addition, the Treasurer must match income and expenditures against the approved budget and match those transactions against assigned projects, initiatives or tasks.
The Treasurer should have an excellent business background with some experience in budgeting or budget management. Importantly, the Treasurer must become skilled in NetSuite or other IEEE approved accounting system.
The Treasurer will be responsible for communicating with IEEE-MGA finance office and OU’s at all IEEE levels. A successful Treasurer will have communication skills that enable a clear exchange of ideas and information.
The Treasurer will be expected to perform the duties of the office in accordance with IEEE policies and with the highest ethical standards.
- Must be an IEEE member in good standing
- Must be of IEEE Graduate Student Member, Member, Senior Member or Fellow grade or higher
- Must reside in the geographic boundaries of the Section
- Ability to meet deadlines and to respond quickly to communications.