Closing of Conference Bank Accounts
The IEEE is required by IRS regulations for all conferences to close their accounts and submit a Final Financial Report to the appropriate IEEE entity within six months from the close of the conference. IRS regulations stipulate that all surplus funds from the conference must first be deposited in the sponsoring entity's IEEE Headquarters account before they can be withdrawn for use as advance funds for a future conference. If an IEEE Region is acting as a single sponsoring entity, all conference surplus funds must first be deposited in the established Region account before withdrawal for further use, i.e., distribution to Sections. It is the responsibility of the Conference Finance Chair to ensure that this procedure is strictly followed in order to protect IEEE's not-for-profit tax status. (See IEEE Meetings Organization Manual Section 9.5.8.).
Return to Financial Subcommittee Home.
