Iit Madras Foundation

“1) the audit committee shall have the responsibilty for reviewing the organization's form 990 and audited financial statements (including all pertinent schedules) before they are filed with the appropriate government agency.2) a draft of form 990 should be ready for review by the audit committee no later than one month prior to filing deadline. The audited financial statements should be reviewed before submission to the tax preparer for purposes of filing form 990 with the internal revenue service.3) after the draft of the form 990 has been obtained by the audit committee, they will have no more than two weeks to complete their review.4) in conducting their review of the draft of the form 990, it is preferred that the audit committee desires or deems it necessary to conduct a more detailed review of the form 990, then they should contact the preparer of the form 990 to request copies of the relevent detailed tax return workpapers which they would like to see.5) once the audit committee has completed its initial review of the form 990, a meeting or conference call will be scheduled with the preparer of the form 990 (regardless of whether the form 990 is externally or internally prepared) to discuss any questions, comments, and suggested revisions identified by the audit committee.6) the preparer of the form 990 should make any revisions to the form 990 as soon as feasibly possible to ensure that the form 990 is filed with the internal revenue service on a timely basis.7) all questions, comments, and suggested revisions set forth by the audit committee should be documented, along with any responses from the preparer of the form 990, if applicable.8) after the form 990 has been reviewed by the audit committee and filed with the internal revenue service, the audit committee will make the presentation at the next full board of directors meeting to update the full board regarding its review of the form 990. At this meeting with the full board of directors, it is not required for the audit committee to review all of their questions, comments, and suggested revisions; a summary of their more important points will be sufficient.”

“The organization monitors use of funds through periodic reports and reviews. All projects have detailed guidelines to provide progress reports. Funds are released only when milestones are met. Actual donors are also sent copies of such reports. All scholarships, excellence awards, and endowment reports are provided annually to the organizations and also to the actual donors of the fund. The organization meets with the grantees at least once a year to review usage of all grants and to discuss status of projects and awards granted. In addition, a conference call takes place at least once a quarter to obtain status reports and review grant administration.the utilization of funds report is prepared by grantees and sent to the organization every year which describes in details how the grant funds were used by the grantees. This report is in turn circulated to the entire organizational donor base population in the u.s. Annually.”

“Employee compensation is reviewed by all 10 directors who are independent”

“No documents available to the public.”