Meeting (13 October 2016)

A meeting of the Audit Committee of the Internet Society (ISOC) was held on Friday, October 13 at 12:30 UTC. In attendance was John Levine as Chair of the Audit Committee, Walid Al-Saqaf, Olga Cavalli and Harish Pillay.

Also in attendance were Sandy Spector, Chief Financial Officer, David Frolio, General Counsel and Bill Turco, Director, Not for Profit Tax Services at McGladrey

Call to Order

The meeting was called to order.

Review of ISOC’s Annual Form 990 Information Return Filing

Sandy summarized that one role of the Audit Committee was to review ISOC’s U.S. information return (Form 990) in accordance with U.S. Internal Revenue Service guidelines and according to the Charter of the Committee. A draft copy of the return had been supplied to the Committee on October 6th.

Mr. Turco summarized the purpose of the Form 990 and then reviewed each part of the 990 and supporting Schedules. The Committee asked a number of questions that were answered by either Mr. Turco or by management.

Sandy explained that the process for filing the information return included noting in these minutes that the Audit Committee had performed a detailed review of the return, whereupon the full return would be supplied to each of the members of ISOC’s Board of Trustees. The return will then be signed by both Sandy and McGladrey, and filed with the Internal Revenue Service.

The Committee then confirmed that it had reviewed and accepted ISOC’s 2015 U.S. information return (Form 990). Sandy confirmed that the report would also be sent to all Trustees prior to its filing.

The representative from McGladrey left the meeting.

Audit and Tax Service

Sandy stated that management was again recommending the engagement of McGladrey LLP to perform 2016 audit and tax services. The Committee approved the engagement of McGladrey LLP for these services.

AOB

The Committee called for any other business.

With no further business, the meeting was adjourned at 1:30 UTC.

All Board Audit Committee Meeting Minutes