Meeting (23 October 2019)

A meeting of the Audit Committee of the Internet Society (ISOC) was held on Wednesday, October 23rd, 2019, at 13:00 UTC. In attendance was Sean Turner as Chair of the Audit Committee and Mike Godwin. Walid Al-Saqaf sent his regrets.

Also in attendance were Sandy Spector, Chief Financial Officer, Sae Park, Senior Director, Finance and Corporate Reporting, and William Turco, Director, Not for Profit Tax Services at RSM US LLP.

Call to Order

The meeting was called to order.

Review of the U.S. IRS Form 990 (Return of Organization Exempt from Income Tax) for ISOC & ISOC Foundation

Sandy summarized that one role of the Audit Committee is to review ISOC and the Foundation’s information return for U.S. tax-exempt organizations (Form 990) in accordance with the U.S. Internal Revenue Service guidelines and the Charter of the Committee. Draft copies of the information returns had been supplied to the Committee on October 20th.

Mr. Turco summarized the purpose of Form 990 and then reviewed each part of the 990 along with the supporting Schedules for ISOC and Foundation.   The Committee asked questions that were answered by either Bill Turco or by Sandy.  One question addressed the disclosure of ISOC donors in the 990 which Bill Turco confirmed that those details are not made public by non-profits.

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 returns, at which point the returns would be supplied to all members of ISOC’s Board of Trustees. The returns will then be signed by both Sandy and RSM, and filed with the Internal Revenue Service.

The Committee then confirmed that it had reviewed and accepted ISOC’s and ISOC Foundation’s 2018 U.S. information returns (Form 990). Sandy confirmed that the returns would also be sent to all Trustees prior to its filing.

The representative from RSM left the meeting.

Audit and Tax Service

Sandy reminded the Committee that during last year’s Committee meeting, the Committee had approved the continuation of the remaining 2 of 3 years (2017-2019) of engagement with RSM US LLP for the audit and tax services. Therefore, RSM will continue to provide the audit and tax services for the fiscal year 2019. The Committee consented to this plan.

The meeting was adjourned at 13:40 UTC.