Finance

For ComSoc portfolio events (100% financially sponsored):

• A Memorandum of Understanding must be signed by the Steering Committee Chair of an event that has been approved for ComSoc financial sponsorship.
• Each event must budget to achieve a surplus equal to or greater than 20% of expenses
• Each event must use an IEEE Concentration Banking Account
• The ComSoc Manager, Finance and Administration, will manage the US$$ Concentration Bank Account, record all financial transactions, submit all financial reports and documentation to IEEE for their recordkeeping and audit requirements, and compile the event budget.
• Each event will be covered by insurance under the IEEE umbrella.
• Whenever it appears that an event may be in financial difficulty, a significant business problem arises, or a major ComSoc policy violation has occurred, ComSoc staff will be notified as soon as practicable.
• ComSoc agrees to financially sponsor an approved event until such time as event management and ComSoc choose to terminate the relationship.  Event management will provide ComSoc at least one year written notice of intention to terminate.