Fiscal Control Policy amendments

Status: Draft

1. Replace Fiscal control policy 7.1 to say

1. Accounting Standards. The Treasurer shall maintain financial records that enable the preparation of financial statements that 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). particularly with respect to FAS 116 and FAS 117.

The change has the following intent:

• GAAP applies to financial STATEMENTS not financial RECORDS.
• U.S. GAAP overall is big and heavy and unsuitable for a small nonprofit, and calls for detailed footnotes to financial statements; the proposal reduces our commitment to U.S. GAAP overall.

2. Add this sentence to 7.7:

The treasurer shall keep a register of fixed assets owned by the chapter.

3. Replace 6.4 by this sentence:

All solicitation documents shall accurately report the 501(c)(3) status of the organization.

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.