Fiscal Control Policy amendments
Revision as of 18:46, 5 June 2016 by Econterms (talk | contribs) (→Resolution: change away from "fixed assets" which I am advised has a specific accounting meaning)
Status: Under Review
Resolution
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.[1]
2. Striking Article VII, Paragraph 1, and replacing it with the following text:
- 1. Accounting Standards. 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 FAS 116 ("Accounting for Contributions Received and Contributions Made") and FAS 117 ("Financial Statements of Nonprofit Organizations").[2]
3. Inserting the following text as Paragraph 4 of Article VII and renumbering the subsequent paragraphs accordingly:
- 4. Asset Register. The Treasurer shall keep a register of all valuable property owned by Wikimedia DC.
Notes
The following text is not part of the proposed resolution:
- ↑ 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.
- ↑ The change frames GAAP as applying to financial STATEMENTS not financial RECORDS, and removes commitment by the chapter to U.S. 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.