Minutes of the Meetings of the Audit Committee of the Internet Society

A meeting of the Audit Committee of the Internet Society (ISOC) was held on Thursday, September 29th at 1:00 UTC. In attendance was Narelle Clark, Walid Al-Saqaf and John Levine as members of the Audit Committee. Gihan Dias, Chair of the Audit Committee, sent his regrets.

Also in attendance were Kathy Brown, Chief Executive Officer, Greg Kapfer, Chief Financial Officer, Sandy Spector, Director of Finance 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

Greg 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 September 16th.

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.

Greg 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 Greg and McGladrey, and filed with the Internal Revenue Service.

The Committee then confirmed that it had reviewed and accepted ISOC’s 2014 U.S. information return (Form 990). Greg 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

Greg stated that management was again recommending the engagement of McGladrey LLP to perform 2015 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 2:00 UTC