Difference between revisions of "Internal:Report of the Audit Committee on Fiscal Year 2015"

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{{header workspace|group=Audit|title=Draft 2016 statement|status=draft}}
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{{header workspace|group=Audit|title=Report of the Audit Committee on Fiscal Year 2015|status=}}
   
 
==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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| Date: || November 29, 2018
 
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| Re: || Report of the Annual Review Meeting
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| Re: || Report of the Audit Committee on Fiscal Year 2015
 
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The Audit Committee of the Wiki Society of Washington, DC Inc. (the “Corporation”) is made up of <the five of us>.
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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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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 reviews the Treasurer’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 the Treasurer.
  
   
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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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The Committee . . . did the following . . .
  
   
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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. X 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. X regarding the materials and he answered the questions to the Committee’s satisfaction. Mr. X 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, 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.
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The Committee, through its own review of the materials and in questioning Mr. X, 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. X should ... and he indicated he will do so. The Committee also encouraged Mr. X to ..., both of which he indicated he will do. The Committee also suggested Mr. X..., 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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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 has received N concerns or complaints regarding accounting practices, internal controls, or auditing, or reports concerning suspected illegal activity by President or the Vice President, pursuant to the [[Whistleblower Policy]]. The Committee has received N reports of violation of the [[Non-discrimination policy]] concerning the President. The Committee has determined that (no) records should be subject to indefinite retention under the [[Record Retention Policy]].
  
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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.
  

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.

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