IEEE Region 3 Leadership Development Committee Section Treasurer Training

Responsibility and Functions of an IEEE Section Treasurer

1. The IEEE strongly recommends that all Section and Conferences use the IEEE Concentration Bank Accounts for their main banking Activity.
    
2. Concentration Bank Account Advantages for Sections:

   Good interest rate (6 month T-bill rate) 6.115% 8/20/00
   Instant availability of IEEE funds
   (Direct deposit rebates, etc.)
   No services charges on accounts
   Convenience when changing treasurers
   (New signature card only required)
   On-line bank statements in addition to monthly
   Overdraft protection

3. Disadvantages for Sections:
   A separate local bank account may be needed to be established to allow convenient depositing of funds collected locally.
    
4. Advantages for IEEE
   Pools funds from all entities into one account that eliminates the need for short-term loans for IEEE.
    
5. To get Concentration Bank Account sign up kit:
   E-mail request to concentration-banking@ieee.org
   Or Telephone: (732) 562-6837
    
6. More information on Concentration Banking is available from URL:
   http://services5.ieee.org/services/financial/treasury/concentration.html
   Or http://services5.ieee.org/services/financial/treasury/concentration2.html

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