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The document explains why detailed financial records are essential, summarizes relevant IEEE policy for financial reporting, and provides CTS/IEEE forms and instructions for documenting expenses paid and revenues received. 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Scott Atkinson, Vice Chair, MGA, IEEE on 29 August 2012 as a suggested new version. This new version was approved by the CTS ExCom on 8 September 2012.  \nThis document provides the following:  \n• Background explaining why detailed financial reporting and records are important;  \n• A summary of IEEE policy relevant to financial reporting (CTS has no additional policy)  \n• Forms for use in reporting Expenses and Revenues  \n• Instructions for completing the CTS/IEEE forms  \n• Forms to facilitate creation of records to support  \no Expenses paid; and  \no Revenues received  \n1. BACKGROUND  \nSince the attack of 9/11, IRS rules have become stricter. The consequence has been a push from IEEE central accounting for more detailed and complete of documentation of financial transactions throughout IEEE. Financial managers in IEEE are enforcing this more closely through random audits, online reporting to IEEE (the infamous L50 report), random audits of geo units that have bank accounts, and ultimately central financial management through a single online accounting system (NetSuite) .  \n1.1. EXPENSES  \nUnder recent law, stricter audit rules have been set in place to monitor the use of payments to corporations to ensure that the funds are managed prudently and used for legal purposes. Correspondingly, IRS has tightened the reporting requirements for payments to individuals requiring us to report to IEEE any payment to an individual (except for adequately supported reimbursements) . The information is the same as that required for direct payments. Adequate support requires records that show:  \n1.1.1 Who was paid (restaurant, airline, hotel)  \n1.1.2 Where they were paid (city, state, country)  \n1.1.3 When they were paid (date and time) .  \n1.1.4 What amount they were paid  \n1.1.5 Why they were paid.  \n1.2 REVENUES  \nAccounting for cash revenue has also come under increased scrutiny because of the high risk of money laundering, disappearance of funds, and potential for use of funds for political influence. In consequence, CTS must have on file receipts (or acknowledgements) for all funds received and have records that show:  \n1.2.1 Who paid us (individual, corporation)  \n1.2.2 Where we were paid (city, state, country)  \n1.2.3 When we were paid (date and time) .  \n1.2.4 What amount we were paid  \n1.2.5 Why we were paid.  \n1.3 CTS PROCEDURES AND FORMS  \n1.3.1 CTS Expenses  \nCTS uses the Expense Report and Payment Request Form and the supporting receipts as records of the transactions that are reimbursed or paid directly from or to CTS. Copies of the receipts from or to venders or individuals provide adequate records for items shown in paragraph 1.1.  \n1.3.2 CTS Revenues  \nCTS uses the Revenue Report forms and the supporting items described in paragraph 1.2 to document these transactions.  \n1.3.3 Other Forms  \nThe Expense and Revenue Reports (Forms) provide the records for associated expenses and revenue transactions within CTS. Other forms may be used, such as the IEEE Expense Report (available on the IEEE Web site) form for travel outside of the local CTS area. Also an Excel spreadsheet for reporting details on workshops and other events are permissible, as long as the required information is provided..  \n2. SUMMARY-RELEVANT IEEE POLICIES  \nAll CTS financial transactions are subject to the policy and procedures IEEE. The CTS Treasurer can help you in researching these documents for particular questions dealing with financial reporting. .  \n• IEEE Constitution  \n• IEEE Bylaws  \n• IEEE Policy  \n• IEEE Financial Operations Manual  \n• IEEE Member and Geographic Activities Operations Manual  \n• IEEE Region 5 bylaws, policies, and procedures  \n• IEEE Society guidelines and proced","cbCaidfIODv2SgXx","https://ap.wps.com/l/cbCaidfIODv2SgXx","pdf",48730,6,"English","# Background\n## Expenses\n## Revenues\n## CTS Procedures and Forms\n# Summary-Relevant IEEE Policies\n## CTS Procedures","[{\"question\":\"What does the document replace and what is its purpose?\",\"answer\":\"It replaces the previous CTS Expense Reimbursement Policy and provides Revenue and Expense Reporting Procedures for members to meet IEEE requirements for financial reporting and recordkeeping.\"},{\"question\":\"What information is required to support expense payments to individuals?\",\"answer\":\"Adequate support requires records showing who was paid, where they were paid, when they were paid, the amount, and why they were paid.\"},{\"question\":\"What does CTS require for revenues received?\",\"answer\":\"CTS must have receipts (or acknowledgements) for all funds received and records showing who paid CTS, where CTS was paid, when payment occurred, the amount, and why it was paid.\"}]","CTS Expense Reimbursement Policy - Background and IEEE Revenue/Expense Reporting Procedures | PDF",1789782974]