Region 6 Budget Review Prepared for - PowerPoint Presentation

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Region 6 Budget Review

Prepared forIEEE Region 6 Northeast Area MeetingMarch 10, 2018Butte, America

Scott Tamashiro

Treasurer, IEEE Region 6Slide2

IEEE Center for Leadership Excellence Volunteer Training

3/10/20182Section: TreasurerTimeline:As the Section Treasurer, there is a very strict timeline to follow in submitting some key financial reports back to IEEE Headquarters.Two extremely important dates that a Section Treasurer should have in their calendar:date to submit the sections financials [2/16 10%+ (3rd Friday), 2/28] and the second is the date to submit your Sections Annual Budget for the next financial year [varies]. Both financial responsibilities should be completed using NetSuite.http://ieee-elearning.org/CLE/course/view.php?id=20 Slide3

Finances

2018 Budget: $373,500 balanced w/$35K reservesCBRS Balance: -$23,122.55CBRS Year-To-Date: -$38,407.48Keep long-term investment reservesIn 2017, gained $13.2K interest surplusIn 2018, already $3.3K interest surplus (1 mo)Reserves: $104,465.73 (28.0% of budget)Major Income (2017, awaiting 2018)Rebate $99,449.00 (-0.1% ‘16)Assessment $90,499.63 (-3.7% ‘16)PACE $25,809.86 (-19.5% ‘16)GHTC $20,416.20 (-63.3% ‘16) – incl. $10K loan payback3Slide4

Strategic Analysis

What is our current status of Finances?Strengths and OpportunitiesBudget now itemized at a low enough level to support metricsAnnual budgets now brought into line (vs. large deficit spending)Challenges (Weaknesses and Threats)Budget stress every three years for Sections CongressThree of 4 conferences (Rising Stars, SusTech, Career & Talent Expo) struggle to post surplusesRising Stars relied on IEEE-USA PACE funding to break evenDeficit spending on new initiatives has not brought positive higher grade membership growth needed (assessment income down 4% a year)Joint Area/Region meetings bring in great networking opportunities but are costlyIEEE-USA PACE funding is target to be cut over next few years due to budget and staffing unsustainabilityRegion already putting $5,000-$10,000 into professional activities anywaySlide5

Northeast Area Meetings

2017 Fall – Boise (Joint w/SWA)$12780.21 / 33 pp = $387.28 Spring – Salt Lake (100th Ann)$5649.71 / 9 pp = $627.752016Fall – Seattle (Joint w/NEA)$13312.93 / 28 pp = $475.46Spring – Salt Lake (Joint w/NWA)$6618.46 / 12 pp = $551.542015Fall – Las Vegas (Joint w/SWA)$17976.19 / 31 pp = $579.88Spring – Boise $1846.47 / 5 pp = $369.295

Travel only

Boise location has low $/pp – balance of university location and carpooling

Joint meetings have high $/pp but do bring in more people

Las Vegas location was on Strip vs university, high

F&B

/

A&V

costs

SLC

central location but not a big draw in Spring

Spring location should be strategic, fall location should be easy to travel toSlide6

Expense Claims

3/10/20186Always use the current IEEE expense form with major item receipts and vouchers attached. The current form can be found on the IEEE Web site by searching for “20xx Expense Report” http://www.ieee.org/about/volunteers/committee/finance/finance_expense_report.htmlClaims more than 30 days after travel may be disallowedAuto mileage reimbursement requires at least three students per vehicleAll expenses exceeding $25 must have a receipt attached to the expense report to be approvedReceipts under $25 may be requested for reimbursementSlide7

Expense Claims

3/10/20187Travel over 50 miles one-way will be reimbursed at the IRS approved mileage rate (54.5¢ for 2018) for business travel Students living within a 50-mile radius of the Area meeting location do not normally receive any travel or meal reimbursementsBe sure to sign your expense report (typed OK)Members who require submitting forms to Region 6 where a signature is required can optionally use an Electronic Signature technology. Any software package that meets the requirements for the UETA is acceptableSlide8

Region Ground Rules

Normal “Economy” airfare only with optional luggage feesNo seat upgrades, early-check in, WiFi, etc. feesAccept typed-in Name (electronic signature) for signature for reports less than $1000Must be pre-approved by DirectorRental carExtra nightExcessive mileage > cheap airfareIf you wouldn’t normally pay that price, ask“As needed, real-time” exceptions must have reason stated on reportTook taxi vs free hotel shuttleMeal reimbursement even though food was providedFlight/travel delays added costNon-hotel WiFiSpecial purchasesSocial meals (discouraged)Large tips3/10/20188Slide9

Region Ground Rules

Rental cars need to be pre-approvedCar rental insurance not reimbursablePersonal car insurance or most credit cards provide secondary coverageIdeally, all winners (e.g., student competitions) need to fill out 1099 regardless of prize amount (Due 1/31 for IEEE, thus HQ needs it sooner)Requirement is 3-year record keeping for IEEE volunteer leaders (you)3/10/20189Slide10

When do I get paid?

3/10/201810We are trying to get regular submittals to cut checks in batches and prefer to do it every 2-3 weeks to reduce labor costs at our Accounting firmSaved Region $2500 in 2017 with efficient use of firmHowever, if you need $$ now, send an email for an expedited checkFirst batch of checks will be submitted Monday, February 26th and sent out later that week HOP transfers also done in batches but more often as necessarySlide11

3/10/2018

11X here for Personal Auto Mileage in milesTown where activity is being held– fill in each daySelect from drop down menu

Address, if available, add Zip+4

Member number for audit requirements

Enter each day’s milesSlide12

3/10/2018

12Don’t forget to sign – electronic signatures are OK meeting UETA requirementsSlide13

Example

3/10/2018135Slide14

What do I send to tamashiro@ieee.org and

ptsai@ieee.org?3/10/201814Since you asked, here’s my preferenceONE .pdf file consisting of:Signed 1st page of Expense report2nd page of Expense report (meals, parking, taxi, etc.)Receipts of expenses over $25.00OtherYou may optionally send the XLS Expense report file, receipts under $25.00, supporting documentation, etc.Brownie points:PDF file name: Last-First_Event_Amount (Tamashiro-Scott_NE_$22.22.pdf)Use common sense for expenses – we serve the membershipTake pictures of receipts or signed copy and convert to pdf (e.g., CutePDF)Please note all exceptions or unusual circumstances or costs on Expense report (e.g., Late at night, safest option was taxi; hotel full, R6 director approved higher room rate; screenshot of Orbitz showing lowest airfares not so low!, etc.)Slide15

BACKUP

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Budget Overview

Review of 2017 Budget to understand budget pressures and challenges for 20182018 Budget will be presented and will be up for discussionOnce final edits are made, 2018 Budget will be put up for approval by the 2018 Region 6 OpCom voting members the next dayBudget must be balanced with no more than 35% of planned reserves (~$35K) so any additions must be balanced with subtractions16Slide17

2017 Budget Review

2017 Budget had a net loss of $48KExpenses: $347,561.85Income: $299,951.21Income w/Reserve Transfer: $329,951.21True Expenses and IncomeDoes not include money in/money out transactions such as IEEE-USA PACE, NIC funding, seed money, application moneyExpenses: $329,501.85Income: $281,451.2117Slide18

2017 Budget Surprises

2nd year Region had an Area meeting at the GHTC venue (higher F&B, higher room rates)Saved $7K from last year but still $8K more than normalVirtual Conference spending way past budget ($19.8K vs $10K) and revenue was $0 (vs $11K projected) - $20.8K deltaConference Catalysts to run OpCom planning ($6.6K)GHTC surplus $5K short of projectedTOTAL: $40.4K net loss18Slide19

2017 Budget Expected Hits

Sections CongressBudgeted $22KActual expenses ~$20.5KRegion 6 PACE fundingBudgeted $5KActual expenses $5KTOTAL: $27K more than normal19Slide20

2018 Budget

2018 Budget is balanced with $35K of planned reservesExpenses: $373.5KIncome: $338.65KNet: $0.15K20Slide21

2018 Budget Guidelines

IEEE HQ is cutting back funding for committee members (e.g., Regional reps)Guidance is Region is willing to pay for airfare and normal expenses EXCEPT for hotel costs (which should be direct billed to IEEE) if invited to a committee meetingUse points to pay for hotel stayJust because you get an invitation, make sure who is actually paying your expensesTravel expenses are majority of budgetBesides region, there are other avenues of funding that you can apply for21Slide22

Income ($338.65K)

OpCom Receipts: $18KGHTC/SusTech/RSC Revenue: $120.5KHQ Rebate: $98KRegional Assessment: $87KIEEE-USA PACE: $15KReserves Transfer: $35K (fixed)22Slide23

Expenses - Programs 4.0 ($220.5K)

Meetings (Program, group meals), award site: $52KPACE: $22.5K ($15K USA, $7.5K R6)Govt/Industry: $1K eachPre-College-STEM/WIE/Strategic/HUM: $3K eachYP: $3.5KOnline platform: $15K (hope to not pay)A&A/Life/ECS/EA/Web: $750 eachSAC/RSR: $3.5KArea student contests: $7KRising Stars: $60KAwards/Region outreach: $5K eachSection Comm: $1.5KConf support: GHTC ($15K), SusTech ($3.5K), Virtual ($4K)Past++ Director activitities: $50023Slide24

Expenses - Travel 5.0 ($129.25K)

Sections Congress: $10K (reserve)Travel: $108.5KDirector: $6K (already used $2.9K)Director-Elect: $4KDirector-Elect Candidates: $6KPast Director: $3K (already spent $1K)Strategic Planning: $8.5KSpeakers/Revitalizing OUs: $1K eachMiscDirector Discretionary Fund: $5KTreasurer Activities: $1KAccounting: $2KMarketing & Branding: $1K24Slide25

BACKUP 2

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Year-to-Year

PositivesOpCom saved $3.2K ($9.3K w/o CC)Able to fully fund WIE, YP, SAC, HUM, STEM/K-12, PACE chairsReduced budgeted items by $103.5KReserves: $95,990.98 (27% of budget)SC2017 expected to be under-budget (every 3 yrs)3 D’s not traveling as much (on R6 dime)NegativesSW/SO Spring Area meeting not near major airport (ONT)NW/CE Fall Area meeting in chaosCTE overrun $19.8K and counting (budget $10K)Plan is to get back via NIC fundingSmaller conference surplusesChairs mostly underspending (or not at all)26Slide27

Strategic Analysis

What is our current status of Finances?Strengths and OpportunitiesBudget now itemized at a low enough level to support metricsAnnual budgets now brought into line (vs. large deficit spending)Challenges (Weaknesses and Threats)Budget stress every three years for Sections CongressThree of 4 conferences (Rising Stars, SusTech, Career & Talent Expo) struggle to post surplusesRising Stars relied on IEEE-USA PACE funding to break evenDeficit spending on new initiatives has not brought positive higher grade membership growth needed (assessment income down 4% a year)Joint Area/Region meetings bring in great networking opportunities but are costlyIEEE-USA PACE funding is target to be cut over next few years due to budget and staffing unsustainabilityRegion already putting $5,000-$10,000 into professional activities anywaySlide28

Strategies of Finances

3/9/2018

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Overarching goal: Enable and empower each activity chair to support local volunteers in accomplishing its mission.

What are our long-term strategic goals?

Find new revenue sources

Integrate two or more activity chairs into focused projects that can be funded at a higher level (remove silos)Slide29

Strategic Objective

1 1. Find new revenue sourcesIncrease region-level sponsorships (e.g., Industry)Develop subscription packages for downloadable content (e.g., chapter recording, discounts on R6 merch) - IndividualsTactics/Efforts/ActivitiesUse CTE/Top Talent Consulting corporate contacts to have dialog on annual region-wide sponsorship across activities and conferencesExplore possible subscription package add-in during membership renewal purchaseEnhance region store user-friendliness and have stock options (e.g., mugs, hats, banners)Create list of outside resources (e.g., EPICS Project, HAC Project, YP Event, etc.)Slide30

Strategic Objective

2 1. Integrate two or more activity chairs into focused projects that can be funded at a higher level (remove silos)Enhance communication between activity chairsDevelop project ideas early – find partners to helpTactics/Efforts/ActivitiesActivity chairs can tap into other budget items – DL, Industry outreach, chapter/section support, PACE, media outreach, revitalization, marketingActivity chairs can pool money together for broader reach and better event(s)Propose joint-activity projects to be put into 2018 budget