Difference between revisions of "Internal:Report of the Audit Committee on Fiscal Year 2015"
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+ | {{header workspace|group=Audit|title=Report of the Audit Committee on Fiscal Year 2015|status=}} |
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− | ; Version from 2011 report: |
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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: || November 29, 2018 |
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− | The Audit Committee |
+ | The Audit Committee of the Wiki Society of Washington, DC Inc. (the “Corporation”) is made up of [[Peter Meyer]], [[John Sadowski]], [[Robert Fernandez]], and [[Emily Temple-Wood]]. |
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+ | The Committee examined financial records documenting the transactions and activities of the Corporation in fiscal year 2015. These included records of the Corporation's transactions, contracts, annual financial statement, and Form 990N tax return. |
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+ | The Committee evaluated the Corporation's 501(c)(3) tax status and found minimal expenditure on legislative advocacy and no endorsement of political candidates. Thus the Corporation stayed far under the 501(h) cap and followed the appropriate guidelines for a 501(c)(3) charity. |
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⚫ | Article VIII, Section 2 of the |
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+ | The Committee has responsibilities apart from financial matters described in the Corporation's [[Whistleblower Policy]], [[Non-discrimination policy]], and the [[Record Retention Policy]]. The Committee received no concerns or complaints regarding accounting practices, internal controls, auditing, or suspected illegal activity or the Corporation's President or the Vice President, pursuant to the [[Whistleblower Policy]]. The Committee received no reports of potentially improper discrimination by the President as described by the [[Non-discrimination policy]]. The Committee has determined that no records should be subject to indefinite retention under the [[Record Retention Policy]]. |
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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. |
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− | 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. |
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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. |
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⚫ | Background: Article VIII, Section 2 of the [[Bylaws]] of the Corporation establishes an Audit Committee to perform an annual review of the financial records. The Treasurer 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 reviewed the Treasurer’s records as part of its oversight of the financial reporting and internal controls functions. The Audit Committee did not perform an independent audit of the financial statements in accordance with generally accepted auditing standards or render an opinion about the statements. The Audit Committee verifies the Corporation has stayed within tax-exemption limits as required by Article III, Section 3 of the [[Bylaws]]. |
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Latest revision as of 16:20, 2 December 2018
Workspace: Audit
Report from the Audit Committee
To: | Board of Directors |
From: | Audit Committee |
Date: | November 29, 2018 |
Re: | Report of the Audit Committee on Fiscal Year 2015 |
The Audit Committee of the Wiki Society of Washington, DC Inc. (the “Corporation”) is made up of Peter Meyer, John Sadowski, Robert Fernandez, and Emily Temple-Wood.
The Committee examined financial records documenting the transactions and activities of the Corporation in fiscal year 2015. These included records of the Corporation's transactions, contracts, annual financial statement, and Form 990N tax return.
The Committee evaluated the Corporation's 501(c)(3) tax status and found minimal expenditure on legislative advocacy and no endorsement of political candidates. Thus the Corporation stayed far under the 501(h) cap and followed the appropriate guidelines for a 501(c)(3) charity.
The Committee has responsibilities apart from financial matters described in the Corporation's Whistleblower Policy, Non-discrimination policy, and the Record Retention Policy. The Committee received no concerns or complaints regarding accounting practices, internal controls, auditing, or suspected illegal activity or the Corporation's President or the Vice President, pursuant to the Whistleblower Policy. The Committee received no reports of potentially improper discrimination by the President as described by the Non-discrimination policy. The Committee has determined that no records should be subject to indefinite retention under the Record Retention Policy.
The Committee, having found no matters besides those listed above requiring further action, has concluded its review of the financial records of the Corporation for fiscal year 2015 and submits this report to the Board as evidence of its completion.
Background: Article VIII, Section 2 of the Bylaws of the Corporation establishes an Audit Committee to perform an annual review of the financial records. The Treasurer 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 reviewed the Treasurer’s records as part of its oversight of the financial reporting and internal controls functions. The Audit Committee did not perform an independent audit of the financial statements in accordance with generally accepted auditing standards or render an opinion about the statements. The Audit Committee verifies the Corporation has stayed within tax-exemption limits as required by Article III, Section 3 of the Bylaws.