Meeting (19 October 2017)

A meeting of the Audit Committee of the Internet Society (ISOC) was held on Thursday, 19 October at 13:00 UTC. In attendance was John Levine as Chair of the Audit Committee and Harish Pillay. Hiroshi Esaki sent his regrets.

Also in attendance were Sandy Spector, Chief Financial Officer, Dana Matthews, Senior Accounting Manager 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 13th.

Mr. Turco summarized the purpose of the Form 990 and then reviewed each part of the 990 and supporting Schedules. The Committee asked 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 2016 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 the current audit partner from McGladrey was leaving and that ISOC has been assigned a new audit partner.  She also stated that management was recommending a three-year engagement of McGladrey LLP to perform 2017-2019 audit and tax services based on the partner change. 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 13:30 UTC.