Difference between revisions of "Internal:Report of the Audit Committee on Fiscal Year 2015"
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==Report from the Audit Committee== |
==Report from the Audit Committee== |
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| From: || Audit Committee |
| From: || Audit Committee |
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| + | | Date: || -- 2016 -- |
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| Re: || Report of the Annual Review Meeting |
| Re: || Report of the Annual Review Meeting |
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| − | The Audit Committee |
+ | The Audit Committee of the Wiki Society of Washington, DC Inc. (the “Corporation”) is made up of <the five of us>. |
| − | Article VIII, Section 2 of the bylaws of the Corporation establishes an Audit Committee to perform an annual review of the financial records. Management is responsible for (a) the preparation, presentation, and integrity of the Corporation's financial statements; (b) accounting and financial reporting principles; and (c) the Corporation's internal controls and procedures designed to promote compliance with accounting standards and applicable laws and regulations. The Audit Committee reviews Management’s records as part of its oversight of the financial reporting and internal controls functions. The Audit Committee is not an independent auditing firm and does not perform an independent audit of the financial statements in accordance with generally accepted auditing standards or render an opinion thereupon. |
+ | Article VIII, Section 2 of the bylaws of the Corporation establishes an Audit Committee to perform an annual review of the financial records. Management is responsible for (a) the preparation, presentation, and integrity of the Corporation's financial statements; (b) accounting and financial reporting principles; and (c) the Corporation's internal controls and procedures designed to promote compliance with accounting standards and applicable laws and regulations. The Audit Committee reviews Management’s records as part of its oversight of the financial reporting and internal controls functions. The Audit Committee is not an independent auditing firm and does not perform an independent audit of the financial statements in accordance with generally accepted auditing standards or render an opinion thereupon. The Audit Committee members are not necessarily professional accountants or auditors and their functions are not intended to duplicate or to certify the activities of management. |
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| + | The Committee . . . did the following . . . |
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Mr. Hare presented detailed financial records documenting the activities of the Corporation over the prior year. These included records of various transactions and contracts entered into by the Corporation, as well as draft copies of the annual financial statements and the Form 1120 tax return. The Committee questioned Mr. Hare regarding the materials and he answered the questions to the Committee’s satisfaction. Mr. Hare indicated that he had no other disclosures of information to make to the Committee beyond the materials he presented. |
Mr. Hare presented detailed financial records documenting the activities of the Corporation over the prior year. These included records of various transactions and contracts entered into by the Corporation, as well as draft copies of the annual financial statements and the Form 1120 tax return. The Committee questioned Mr. Hare regarding the materials and he answered the questions to the Committee’s satisfaction. Mr. Hare indicated that he had no other disclosures of information to make to the Committee beyond the materials he presented. |
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The Committee noted that Mr. Hare should investigate the Corporation’s duty with regard to state tax liability and he indicated he will do so. The Committee also encouraged Mr. Hare to submit a copy of the draft tax return to the full Board for its information and to post a web-formatted copy of the annual financial statements to the Corporation’s website, both of which he indicated he will do. The Committee also suggested Mr. Hare include a description of the internal controls procedures of the Corporation in the financial statements to make clear that the Corporation followed proper segregation of duties in transactions with members of the Corporation, which he indicated he will add. |
The Committee noted that Mr. Hare should investigate the Corporation’s duty with regard to state tax liability and he indicated he will do so. The Committee also encouraged Mr. Hare to submit a copy of the draft tax return to the full Board for its information and to post a web-formatted copy of the annual financial statements to the Corporation’s website, both of which he indicated he will do. The Committee also suggested Mr. Hare include a description of the internal controls procedures of the Corporation in the financial statements to make clear that the Corporation followed proper segregation of duties in transactions with members of the Corporation, which he indicated he will add. |
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| + | The Committee evaluated the Society's 501(c)(3) tax status and found minimal expenditure on legislative advocacy and no endorsement of political candidates. The Society appears eligible to continue as a 501(c)(3) charity. |
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The Committee, having found no matters requiring further action besides those listed above, has concluded its annual review of the financial records of the Corporation and is submitting this report to the Board as evidence of its completion. |
The Committee, having found no matters requiring further action besides those listed above, has concluded its annual review of the financial records of the Corporation and is submitting this report to the Board as evidence of its completion. |
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Revision as of 23:24, 8 May 2016
Status: Draft
Report from the Audit Committee
| To: | Board of Directors |
| From: | Audit Committee |
| Date: | -- 2016 -- |
| Re: | Report of the Annual Review Meeting |
The Audit Committee of the Wiki Society of Washington, DC Inc. (the “Corporation”) is made up of <the five of us>.
Article VIII, Section 2 of the bylaws of the Corporation establishes an Audit Committee to perform an annual review of the financial records. Management is responsible for (a) the preparation, presentation, and integrity of the Corporation's financial statements; (b) accounting and financial reporting principles; and (c) the Corporation's internal controls and procedures designed to promote compliance with accounting standards and applicable laws and regulations. The Audit Committee reviews Management’s records as part of its oversight of the financial reporting and internal controls functions. The Audit Committee is not an independent auditing firm and does not perform an independent audit of the financial statements in accordance with generally accepted auditing standards or render an opinion thereupon. The Audit Committee members are not necessarily professional accountants or auditors and their functions are not intended to duplicate or to certify the activities of management.
The Committee . . . did the following . . .
Mr. Hare presented detailed financial records documenting the activities of the Corporation over the prior year. These included records of various transactions and contracts entered into by the Corporation, as well as draft copies of the annual financial statements and the Form 1120 tax return. The Committee questioned Mr. Hare regarding the materials and he answered the questions to the Committee’s satisfaction. Mr. Hare indicated that he had no other disclosures of information to make to the Committee beyond the materials he presented.
The Committee verified with Mr. Hare that the Corporation did not warrant to any individuals making donations that such donations would be tax deductible. The Committee, through its own review of the materials and in questioning Mr. Hare, did not find any transactions or disbursements made in violation of internal controls procedures or the Article III prohibited activities requirements of the bylaws.
The Committee noted that Mr. Hare should investigate the Corporation’s duty with regard to state tax liability and he indicated he will do so. The Committee also encouraged Mr. Hare to submit a copy of the draft tax return to the full Board for its information and to post a web-formatted copy of the annual financial statements to the Corporation’s website, both of which he indicated he will do. The Committee also suggested Mr. Hare include a description of the internal controls procedures of the Corporation in the financial statements to make clear that the Corporation followed proper segregation of duties in transactions with members of the Corporation, which he indicated he will add.
The Committee evaluated the Society's 501(c)(3) tax status and found minimal expenditure on legislative advocacy and no endorsement of political candidates. The Society appears eligible to continue as a 501(c)(3) charity.
The Committee, having found no matters requiring further action besides those listed above, has concluded its annual review of the financial records of the Corporation and is submitting this report to the Board as evidence of its completion.