World Molecular Imaging Society

“Procedures-trustees review of form 990: the audit committee has the responsibility for reviewing the organizations form 990(including all pertinent schedules) before it is filed with the internal revenue service. 1. A draft of the form 990 should be ready for review by the audit committee no later than two weeks prior to the filing deadline. 2. After the draft return has been obtained by the audit committee, they will have no more than ten days to complete their review. 3.in conducting their review of the draft of the form 990, it is preferred that the audit committe shall conduct a top-level or big-picture type of review. They may need to contact the preparer if any relevant detailed tax return workpapers are necessary for their review. 4.once the audit committee has completed is initial review of the form 990, a meeting or conference call will be scheduled with the preparer to discuss any questions, comments, and suggested revisions identified by the audit committee. 5. 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. 6. 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. 7. After the form 990 has been reviewed by the audit committee and filed with the internal revenue service, the audit committee will make a presentation at the next full board of trustees meeting to update the full board regarding its review of the form 990. At this meeting with the full board of trustees, 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 makes its governing documents, conflict of interest policies and financial statements available to the public upon request.”

“There was no change in the process of oversight for the audit nor in the selection procedures for the independent auditor.”