Fiscal Control Policy amendments

From Wikimedia District of Columbia
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)
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Status: Under Review

Resolution

Notes

The following text is not part of the proposed resolution:

  1. 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.
  2. 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.