View source for Internal:Fiscal control policy amendments

{{header title|title=Fiscal Control Policy amendments|status=historical}}
== Resolution ==
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The [[Fiscal Control Policy]] is amended by:

1. Striking the first sentence of Article VI, Paragraph 4, and replacing it with the following text:
:All solicitation documents shall accurately report the 501(c)(3) status of Wikimedia DC.<ref>The change reduces the chapter's responsibility. The current phrasing implies that the chapter is aware of laws in the donor's jurisdiction (which might be outside the U.S.), the tax status of the donor's income, and particularly the tax deductibility of donations made to Wikimedia DC in the donor's jurisdiction.</ref>

2. Striking Article VII, Paragraph 1, and replacing it with the following text:
:1. <u>Accounting Standards</u>. The Treasurer shall maintain financial records that enable the preparation of financial statements which are consistent with United States Generally Accepted Accounting Principles (US GAAP) sections [http://www.fasb.org/pdf/fas116.pdf FAS 116] ("Accounting for Contributions Received and Contributions Made") and [http://www.fasb.org/pdf/fas117.pdf FAS 117] ("Financial Statements of Nonprofit Organizations").<ref>The change frames GAAP as applying to financial STATEMENTS not financial RECORDS, and removes commitment by the chapter to U.S. [[w:Generally_accepted_accounting_principles|GAAP]] outside of FAS 116 and 117.  U.S. GAAP overall calls for detailed footnotes to financial statements which are said to be infeasible or unsuitable for small nonprofit organizations.</ref>

3. Inserting the following text as Paragraph 4 of Article VII and renumbering the subsequent paragraphs accordingly:
:4. <u>Asset Register</u>. The Treasurer shall keep a register of all valuable property owned by Wikimedia DC.

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==Notes==
{{note|The following text is not part of the proposed resolution:}}
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