NPSS/IEEE-MCM Partnership Update&Conference Financial Programs Review

Sherry Russ SillsDirector, IEEE Meeting & Conference Management

Thomas LynchStaff Director, IEEE Financial Services

2 March 2012 NPSS AdComSanta Fe, NM

Discussion Items

Refresher on Organizer Challenges Partnership Goals Partnership successes to dateNew model of approach with PSACPPC 2011 Recap and discussionConference Financial Programs Credit Card Processing Automation Project (New for 2012)

Next steps for consideration

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What You Told Us

Increasingly difficult for a group of new volunteers to run a conference– Requirements of the role not clearly defined as well as

length of time committed (<1 year) – Time constraints against ‘real’ jobs– Lack of available resources/expertise/tools– IEEE compliance requirements/paperwork

Historical documentation capture and handoff Consistency in how the event is managedManagement of the financial process (budget tracking, payments, reporting)

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Pool of willing and competent volunteers is small

Partnership Goal for MCMBecome the NPSS conference expert

Demonstrate the value-add a professional conference organizer can bring – Expertise – Consistent tools– Cost-reduction/risk management– Time savings for organizers

Leverage IEEE supplier networks for increased savingsProvide historical documentation and new organizer orientation

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Conference Partnerships to Date

Full Event Management – 2009, 2011 PPC – 2009, 2011

ICOPS/SOFE– 2010, 2014 ICOPS

2013 PPPSSite Selection & Contract Negotiation– SOFE 2013– PPC 2015

General guidance and/or contract review– 2009-2013 NSS/MIC

contract review – 2012 ICOPS contract

review and guidance – 2015 ICOPS– NPSS AdCom

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Partnership ROI Realized Since Inception

Conference Value Add ROI

2009 ICOPS/SOFE

Venue contract negotiations post signature-concessions & rate adjustments

$20K

2010 ICOPS Venue contract negotiations post signature-concessions & rate adjustments, discounts

$50K

2011 ICOPS/SOFE & PPC

Venue contract negotiations post signature-concessions, rate adjustments, discounts

$75K

2013 PPPS Venue contract negotiations, concessions, discounts, & rebates

$203K YTD

2014 ICOPS Venue contract negotiations, concessions, discounts, & rebates

$56K YTD

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$404K Return on Investment$404K Return on Investment

Building a New Model – PSAC MSA

Jointly developed and delivered a master service agreement for PSAC sponsored conferences – All inclusive pre-event/onsite mgmt. flat-fee structure

for ICOPS stand-alone and ICOPS/SOFE Optional payment scenario; 10% Hotel commission as

payment for flat fee offering MCM rate lock for duration of MSA

– Significantly reduced cost for registration services when selected for full event management

– Maintain historical repository of conference year over year and provide orientation to new organizers

– Coordinate all IEEE compliance requirements– Attendance at one PSAC ExCom annually at no cost

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Building a New Model-PSAC MSAHighlights of Service Offering Inclusions

Location and venue(s) search, summation, negotiations, and contractingCoordination of IEEE compliance requirementsTimeline managementPre-event management (planning & logistics) Vendor managementExhibit managementFinancial managementOnsite management (exclusive of Travel &Living expenses)

Vendor invoice reconciliation/paymentPost conference reporting

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PPC 2011 Discussion

Conference final financials not yet realized due to – Reconciliation of expenses

Conference Organizer position is that MCM owes conference US$23K due to loss of deposit from locally hired supplier for social events – Supplier went out of business prior to conference and filed

for bankruptcy after twelve years in operation

Two vendors yet to be paid in full – Network Shop approx. US$12K – MCM remaining mgmt. fee US$28K

Conference concentration bank account has insufficient funds to make payment

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2011 PPC Financial Summation

Conference Financial Records indicate an overall deficit of approx. $69k from operations 

04/21/2310

Current bank account balance $6,465

Outstanding Loan from NPSS ($30,000)

Balance Due Network Shop ($12,000)

Balance Due IEEE MCM ($27,866)

Overdrawn – Registration Suspense Account

($10,843)

Projected Conference Net ($74,244)

Next Steps for Consideration

Transparency of strategy for the conference long term to help direct – Guidance on future direction/vision

Location and budget should be set prior to Conference Chair selection

Establish clear job description with criteria for appointment to help guide selection process

Chairs need some parameters to work within (do’s and don’ts) to drive behavior

Establish approval hierarchy to spend money or change the conference structure at the ExCom level

Require quarterly forecasting submission to AdCom with clear transparency of variations

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CONFERENCE FINANCIAL PROGRAMS

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Conference Financial Programs

Concentration Banking Program– Business checking account with the following features:

Online statements – check images, Excel download. CB Card for payments – accepted wherever Master

Card is accepted. Accounts available for USD and CAD activity.

– Auto Posting project implementation will allow interface with IEEE Merchant accounts for daily deposits of credit card receipts.

– Visibility to activity will enable Conference Finance and Audit to assist in conference closing and audit process.

04/21/2313

Credit Card Transaction Auto-Posting Project (US Currency)

Project Goal: Automate posting of credit card transactions daily in a lump sum to the conference concentration banking account– Project should alleviate concerns/issues raised regarding

timing delays of funds and difficulty in reconciling activity

Project milestones– QA testing completed January 2012– Launch of pilot 12 March 2012– Institute-wide launch targeted for June 2012

Canadian currency merchant lending program under development (Targeted Q3-4 2012)

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Credit Card Processing (Future State)

Any IEEE conference who wishes to process in US currency must utilize the ML and CB Program jointly to automate transfer of credit card transactions dailyDaily posting of revenue received to CB account should make reconciliation of the registration payments easierUnless conference utilizes MCM for registration, reconciliation is still the responsibility of the organizer and/or hired management company– IEEE staff do not have access to the registration detail to

provide assistance with reconciliation– IEEE staff will be available to address questions and/or

provide guidance as SMEsClear and easy to follow instructions will be providedService will be transparent and processes/coordination behind the scenes will be seamless

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Credit Card Processing Limitations (Future State)

Automation only available to conferences who open a concentration banking account and use IEEE merchant account (restricted to US & Canada only) Manual transfer process for all others who wish to use IEEE merchant account without CB account– Existing known issues will remain

Frustration levels surrounding reconciliation may still exist– Person assigned to perform reconciliation may not have

access to CB account– Registration tool may not provide robust reporting to

reconcile with ease

04/21/2316

WRAP UP AND QUESTIONS?

04/21/2317