Report of the Audit Committee on Fiscal Year 2015
Report from the Audit Committee
|To:||Board of Directors|
|Date:||November 29, 2018|
|Re:||Report of the Audit Committee on Fiscal Year 2015|
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.