Re: [802SEC] best practices agenda 11-noon Wednesday Regents Boardroom
Paul, I have 2 comments on your suggestions:
#2 Wachovia is available in less states than US Bank. Bank of America
is everywhere and has state-of-the-art web support tools. As long as we
give IEEE a signator I see no reason to choose Wachovia. I still think
there is value in maintaining our independence.
#5 We don't normally do this so it is not a problem for 802. But if
there were to be a case where we felt a 3rd party vendor went so far
above and beyond the expected level of service that a significant bonus
was warranted, we would agree to submit a written justification for the
extra expense. It is not possible to anticipate every possible
circumstance in a contract document, so having some latitude in making a
discretionary judgment is important particularly in situations where a
future engagement with that vendor is a likely possibility. Excellent
Service is becoming such a rare commodity that when you get a shining
example you really need to acknowledge it because it greatly increases
the chances that you will see it again next time. This is clearly the
kind of thing that if abused is a serious problem, but if used
judiciously can greatly enhance the overall service level received.
Dr. Everett O. (Buzz) Rigsbee
PO Box 3707, M/S: 7M-FM
Seattle, WA 98124-2207
Ph: (425) 373-8960 Fx: (425) 865-7960
Cell: (425) 417-1022
From: Paul Nikolich [mailto:paul.nikolich@ATT.NET]
Sent: Monday, March 12, 2007 12:17 PM
Subject: [802SEC] best practices agenda 11-noon Wednesday Regents
Attached below are the best practices recommendation from the Audit
Committee that we will address during the 10-11WED meeting. My
suggestions for responses are below.
1) Acknowledge that LMSC assets are IEEE property
- AudCom suggestions: Confirm your understanding that LMSC assets are
IEEE property, and that the EC and the LMSC working groups, as "steward"
of these assets, acknowledge their responsibility to manage them
- My suggestion: 802 to craft text agreeing under the condition LMSC
assets remain under exclusive control of LMSC.
2) All bank accounts to have at least two volunteer and one IEEE staff
signators Staff Director of Financial Service as staff signator on all
- AudCom suggestions: Migrate to IEEE concentration banking (Wachovia)
Develop a plan and schedule to complete the migration to concentration
banking by the end of 2007.
- My suggestion: 802 to implement
3) Submit all supporting financial materials for year-end audits by
- AudCom suggestions: LMSC will submit outstanding 2005 data by 31 March
07. LMSC and the Audit Department will work together to determine future
due dates for financial reporting.
- My suggestion: 802 is in compliance and plans to meet Audit Department
deadlines going forward.
4) Document use of competitive bidding in selection of suppliers, or
supply rationale for non-use
- AudCom suggestions: All contracts submitted for execution will
document the use of competitive bidding in the selection of suppliers,
or supply rationale for non-use.
- My suggestion: 802 is in compliance, competitive bidding selection is
documented in EC meeting minutes.
5) 3rd party bonuses must be clearly documented in the contract;
otherwise they are prohibited
AudCom suggestions: This best practice will be followed.
My suggestion: I don't have one.
6) Report Conflicts of Interest regarding business matters
- AudCom suggestions: The IEEE Policy regarding conflicts of interest
will be followed.
- My suggestion: 802 is in compliance, COI policy is followed.
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