As fiscal officer of the Chapter, the treasurer is responsible for the chapter’s funds. The IEEE-HKN constitution requires the treasurer to collect all dues and fees for induction, local dues if charged, and any assessments levied for any purpose and for any enterprises such as dinners, mixers, and other activities conducted by the chapter.
The treasurer shall pay out funds for any purpose only on the order of the chapter. The president or the Faculty Adviser should cosign checks. This is very important, as it is otherwise impossible to maintain fiduciary control of the chapter’s finances. No variation from this procedure should be permitted.
So that there is no difficulty in presenting proper reports of these activities, the treasurer should keep records of all financial transactions. A balance should be kept for the inspection of the chapter at any meeting or at the request of the president. The treasurer should seek compliance with all college requirements governing the handling of funds by student organizations, particularly those regarding the method of making payments, keeping records and conducting audits.
Prior to the IEEE and HKN merger in 2010, chapters received their own IRS Employee Identification Numbers (EIN or Tax-ID number). Now as IEEE-HKN, chapters no longer have their own chapter EIN. If your chapter gross is less than $25,000 annually (1 July–30 June) and your chapter submits an Annual Chapter Report every year by the 30 June deadline, IEEE can file on your behalf.
Chapters grossing more than $25,000 annually (1 July–30 June) must file a 990. The deadline is 1 October to file the appropriate report. Details will be sent to all chapters after 1 July each year. Failure to comply could result in losing non-profit status.
The treasurer should also handle any other duties of any sort that are delegated to him/her by the president.