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Wikimedia Foundation Audit Committee/2016-09-26

< Wikimedia Foundation Audit Committee

Audit Committee Meeting

September 26, 2016

10:00 am PDT  17:00 pm UTC

Attending:

On site from WMF: Jaime Villagomez, Katherine Maher, and Amy Vossbrinck

On site from KPMG:  Jeremy Peters, Seth Philip, and, Sizhe Liu

Remote: Nataliia Tymkiv, Maria Sefidari, Tony Le, Julian Singh, Michael Snow, and Kelly Battles

KPMG Audit

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Kelly convened the meeting and welcomed KPMG, recognizing the successful completion of the audit.

The KPMG assurance team of Jeremy, Seth and Sizhe presented and discussed the Wikimedia Foundation, Inc. Audit Results for fiscal year June 30, 2016 document with the following conclusions:

  • There were no changes made to the audit plan that was presented to the Audit Committee at the August 15, 2016 meeting.
  • The audit is complete and KPMG is ready to issue the results.  The next step is approval of the results by WMF’s Audit Committee and Management.
  • The audit identified no issues including in any of the following areas:
    • Accounting for contributions, payroll and procurement, cash and cash equivalents, fair value of investments, fixed assets, the financial statement disclosure and commitments and contingencies.
    • The financial statement disclosures were in compliance with U.S. GAAP and not-for-profit accounting standards.
    • Chapter fundraising agreements and the endowment contribution were also reviewed and all was found to be in order.  WMF Management and KPMG agreed to a gross presentation of the fundraising revenue, fundraising costs and grants to the chapters.
    • There were no corrected or uncorrected misstatements and no omissions in the financial statement disclosures.
    • Regarding internal controls, there were no material weaknesses identified or significant deficiencies noted.
    • There were no matters to report in the following areas:  related-party transactions; litigations, claims, and assessments; illegal acts or fraud; noncompliance with laws and regulations; significant difficulties encountered during the audit; disagreements with management; management’s consultation with other accountants; significant issues discussed, or subject to correspondence, with management; scope limitation or other findings or issues relevant to the oversight of the financial reporting process.

KPMG communicated to the Audit Committee the status regarding an upcoming new standard which will take effect in FY19 (ASU 2016-14 Not-for-Profit Entities Topic 958: Presentation of Financial Statements of Not-for-Profit Entities).

Audit Committee Approval:  Kelly asked for a vote regarding the Audit Committee’s approval of the “FY 16 Financial Statement and Supporting Materials”.  The approval was unanimous.

Other business

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Kelly offered her congratulations to the Finance Team and to Tony who carried a significant load during search for a new CFO transition.

There was a brief closed Executive Session with KPMG.

Respectfully submitted, Amy Vossbrinck

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