Audit Committee Chair
Audit Committee
Summary
Members of the District Audit Committee are responsible for reviewing and substantiating whether District funds have been spent in accordance with the mission and governing documents of Toastmasters International.Description
The Audit Committee has a responsibility to ensure that the Mid-year and Year-end Profit and Loss Statements accurately reflect District income and expenses. Both District audits are included in the World Headquarters tax information filed with the U.S. Internal Revenue Service every year. Incorrect or inappropriate expenses may result in the loss of Toastmasters International’s tax-exempt status.
Any unauthorized use of District funds that is not consistent with the District mission is a violation of the California Charitable Trust Act and is illegal. Even if the District is not in California, a diversion of charitable trust funds puts the organization at risk, because Districts worldwide are administrative arms of Toastmasters International and are subject to the same laws and guidelines.
If the Audit Committee becomes aware of any financial irregularities or a diversion of funds that is either unauthorized and/or does not serve a business purpose consistent with the District mission, the committee is obligated to report the matter to the District Finance team at World Headquarters immediately.