Audited financial statements released!

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Audited financial statements released!

Brad Patrick
Dear Wikimedia Foundation community:

It is my pleasure to announce the public release of audited financial
statements of the Wikimedia Foundation, Inc. for fiscal years 2004, 2005
and 2006 inclusive.  This represents a significant step forward in the
life of the Foundation.  Our audit firm, Gregory Sharer & Stuart
(www.gsscpa.com), worked with us for the past several months to help us
comply with all of the requirements such an audit demands.  We assumed
this responsibility ourselves, to demonstrate to the community and the
world that the Foundation has complied with its obligations under law
and generally accepted accounting principles.

I want to specially thank the members of the audit team, Michael Davis
and Danny Wool, and our auditors Rick Caton, Mili Protic, and Melanie
Cloran for their hard work, patience, and good natured approach to this
unusual organization.  We appreciate their efforts.

Links to the financial statements and management letter:

http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf 
<http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf>

and

http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf 
<http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf>

Wikimedia Foundation continues to grow at an astonishing rate.  In the
coming days, you will see more information about the fundraiser we are
planning, which will include the opportunity to have donations made to
the Foundation matched by generous individuals and companies who support
our efforts.  With our audit complete, Wikimedia Foundation is now
listed as a charitable organization at Guidestar (www.guidestar.org) and
its partner sites, which will extend our visibility in the
not-for-profit community.

You will also see "what it takes to run Wikipedia for a year" - a
glimpse of the financial challenges we face trying to maintain our role
as a top website on the planet, with a skeleton staff and
ever-increasing demand for the educational content created by you, our
community of editors and contributors.  Anonymous visitors will also be
reminded that Wikimedia Foundation is a *charitable organization*,
something which distinguishes us from the YouTubes and MySpaces spoken
in the same breath as Wikipedia as the "Web 2.0" vanguard.  We aren't
for sale.  There won't be a Wikipedia IPO.  We can't be bought by a
company, any more so than the Red Cross or Amnesty International.

What sets us apart is our mission, vision and community.  What keeps us
going, though, requires an growing infrastructure, staff, and money.

On behalf of the Foundation,  thank you!

Brad Patrick
Interim Executive Director & General Counsel
Wikimedia Foundation, Inc.

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Re: Audited financial statements released!

jmerkey-3
Brad Patrick wrote:

Big milestone achieved. Congrats Brad.

Jeff

>Dear Wikimedia Foundation community:
>
>It is my pleasure to announce the public release of audited financial
>statements of the Wikimedia Foundation, Inc. for fiscal years 2004, 2005
>and 2006 inclusive.  This represents a significant step forward in the
>life of the Foundation.  Our audit firm, Gregory Sharer & Stuart
>(www.gsscpa.com), worked with us for the past several months to help us
>comply with all of the requirements such an audit demands.  We assumed
>this responsibility ourselves, to demonstrate to the community and the
>world that the Foundation has complied with its obligations under law
>and generally accepted accounting principles.
>
>I want to specially thank the members of the audit team, Michael Davis
>and Danny Wool, and our auditors Rick Caton, Mili Protic, and Melanie
>Cloran for their hard work, patience, and good natured approach to this
>unusual organization.  We appreciate their efforts.
>
>Links to the financial statements and management letter:
>
>http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf 
><http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf>
>
>and
>
>http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf 
><http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf>
>
>Wikimedia Foundation continues to grow at an astonishing rate.  In the
>coming days, you will see more information about the fundraiser we are
>planning, which will include the opportunity to have donations made to
>the Foundation matched by generous individuals and companies who support
>our efforts.  With our audit complete, Wikimedia Foundation is now
>listed as a charitable organization at Guidestar (www.guidestar.org) and
>its partner sites, which will extend our visibility in the
>not-for-profit community.
>
>You will also see "what it takes to run Wikipedia for a year" - a
>glimpse of the financial challenges we face trying to maintain our role
>as a top website on the planet, with a skeleton staff and
>ever-increasing demand for the educational content created by you, our
>community of editors and contributors.  Anonymous visitors will also be
>reminded that Wikimedia Foundation is a *charitable organization*,
>something which distinguishes us from the YouTubes and MySpaces spoken
>in the same breath as Wikipedia as the "Web 2.0" vanguard.  We aren't
>for sale.  There won't be a Wikipedia IPO.  We can't be bought by a
>company, any more so than the Red Cross or Amnesty International.
>
>What sets us apart is our mission, vision and community.  What keeps us
>going, though, requires an growing infrastructure, staff, and money.
>
>On behalf of the Foundation,  thank you!
>
>Brad Patrick
>Interim Executive Director & General Counsel
>Wikimedia Foundation, Inc.
>
>_______________________________________________
>foundation-l mailing list
>[hidden email]
>http://mail.wikipedia.org/mailman/listinfo/foundation-l
>
>  
>

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Re: Audited financial statements released!

Erik Moeller-4
In reply to this post by Brad Patrick
On 12/9/06, Brad Patrick <[hidden email]> wrote:
> Our audit firm, Gregory Sharer & Stuart
> (www.gsscpa.com), worked with us for the past several months to help us
> comply with all of the requirements such an audit demands.

They also gave us cool free cups. Don't forget the cups! ;-)
--
Peace & Love,
Erik

Member, Wikimedia Foundation Board of Trustees

DISCLAIMER: Unless otherwise stated, all views or opinions expressed
in this message are solely my own and do not represent an official
position of the Wikimedia Foundation or its Board of Trustees.
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Re: Audited financial statements released!

James Hare
What? Give me cups! And a mini-fridge! And a place to put it and plug it in!

And a large case of Bawls-brand caffeine sugarwater!

On 12/8/06, Erik Moeller <[hidden email]> wrote:

>
> On 12/9/06, Brad Patrick <[hidden email]> wrote:
> > Our audit firm, Gregory Sharer & Stuart
> > (www.gsscpa.com), worked with us for the past several months to help us
> > comply with all of the requirements such an audit demands.
>
> They also gave us cool free cups. Don't forget the cups! ;-)
> --
> Peace & Love,
> Erik
>
> Member, Wikimedia Foundation Board of Trustees
>
> DISCLAIMER: Unless otherwise stated, all views or opinions expressed
> in this message are solely my own and do not represent an official
> position of the Wikimedia Foundation or its Board of Trustees.
> _______________________________________________
> foundation-l mailing list
> [hidden email]
> http://mail.wikipedia.org/mailman/listinfo/foundation-l
>
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Re: Audited financial statements released!

Andrew Gray
In reply to this post by Brad Patrick
On 08/12/06, Brad Patrick <[hidden email]> wrote:

> Links to the financial statements and management letter:
>
> http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf
> <http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf>

Curiosity compels me to ask: how exactly did we wind up with 187
shares of Google stock? Either this is a routine investment, or a
hilariously wacky story, and I can't decide which one I want it to
be...

--
- Andrew Gray
  [hidden email]
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Re: Audited financial statements released!

James Hare
In reply to this post by jmerkey-3
Next big milestones to achieve:

-- Stable revisions
-- Single user login
-- Complete financial security
-- At least 1,000 featured articles on every Wikipedia
-- The completion of Nupedia's third article.

On 12/8/06, Jeff V. Merkey <[hidden email]> wrote:

>
> Brad Patrick wrote:
>
> Big milestone achieved. Congrats Brad.
>
> Jeff
>
> >Dear Wikimedia Foundation community:
> >
> >It is my pleasure to announce the public release of audited financial
> >statements of the Wikimedia Foundation, Inc. for fiscal years 2004, 2005
> >and 2006 inclusive.  This represents a significant step forward in the
> >life of the Foundation.  Our audit firm, Gregory Sharer & Stuart
> >(www.gsscpa.com), worked with us for the past several months to help us
> >comply with all of the requirements such an audit demands.  We assumed
> >this responsibility ourselves, to demonstrate to the community and the
> >world that the Foundation has complied with its obligations under law
> >and generally accepted accounting principles.
> >
> >I want to specially thank the members of the audit team, Michael Davis
> >and Danny Wool, and our auditors Rick Caton, Mili Protic, and Melanie
> >Cloran for their hard work, patience, and good natured approach to this
> >unusual organization.  We appreciate their efforts.
> >
> >Links to the financial statements and management letter:
> >
> >
> http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf
> ><
> http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf
> >
> >
> >and
> >
> >
> http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf
> ><
> http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf
> >
> >
> >Wikimedia Foundation continues to grow at an astonishing rate.  In the
> >coming days, you will see more information about the fundraiser we are
> >planning, which will include the opportunity to have donations made to
> >the Foundation matched by generous individuals and companies who support
> >our efforts.  With our audit complete, Wikimedia Foundation is now
> >listed as a charitable organization at Guidestar (www.guidestar.org) and
> >its partner sites, which will extend our visibility in the
> >not-for-profit community.
> >
> >You will also see "what it takes to run Wikipedia for a year" - a
> >glimpse of the financial challenges we face trying to maintain our role
> >as a top website on the planet, with a skeleton staff and
> >ever-increasing demand for the educational content created by you, our
> >community of editors and contributors.  Anonymous visitors will also be
> >reminded that Wikimedia Foundation is a *charitable organization*,
> >something which distinguishes us from the YouTubes and MySpaces spoken
> >in the same breath as Wikipedia as the "Web 2.0" vanguard.  We aren't
> >for sale.  There won't be a Wikipedia IPO.  We can't be bought by a
> >company, any more so than the Red Cross or Amnesty International.
> >
> >What sets us apart is our mission, vision and community.  What keeps us
> >going, though, requires an growing infrastructure, staff, and money.
> >
> >On behalf of the Foundation,  thank you!
> >
> >Brad Patrick
> >Interim Executive Director & General Counsel
> >Wikimedia Foundation, Inc.
> >
> >_______________________________________________
> >foundation-l mailing list
> >[hidden email]
> >http://mail.wikipedia.org/mailman/listinfo/foundation-l
> >
> >
> >
>
> _______________________________________________
> foundation-l mailing list
> [hidden email]
> http://mail.wikipedia.org/mailman/listinfo/foundation-l
>
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Re: Audited financial statements released!

Brad Patrick
In reply to this post by Andrew Gray
The Google stock was a donation.

Andrew Gray wrote:

> On 08/12/06, Brad Patrick <[hidden email]> wrote:
>
>  
>> Links to the financial statements and management letter:
>>
>> http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf
>> <http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf>
>>    
>
> Curiosity compels me to ask: how exactly did we wind up with 187
> shares of Google stock? Either this is a routine investment, or a
> hilariously wacky story, and I can't decide which one I want it to
> be...
>
>  
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Re: Audited financial statements released!

Gregory Maxwell
In reply to this post by Andrew Gray
On 12/8/06, Andrew Gray <[hidden email]> wrote:
> Curiosity compels me to ask: how exactly did we wind up with 187
> shares of Google stock? Either this is a routine investment, or a
> hilariously wacky story, and I can't decide which one I want it to
> be...

It's is not at all unusual for people to make donations of stock, at
least not unusual for other orgs.
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Re: Audited financial statements released!

KillerChihuahua
In reply to this post by Erik Moeller-4
You got cups? And all you had to do was months and months of digging
through records and spreadsheets, trying to reconcile the mess.

Erik Moeller wrote:
> On 12/9/06, Brad Patrick <[hidden email]> wrote:
>  
>> Our audit firm, Gregory Sharer & Stuart
>> (www.gsscpa.com), worked with us for the past several months to help us
>> comply with all of the requirements such an audit demands.
>>    
>
> They also gave us cool free cups. Don't forget the cups! ;-)
>  
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Re: Audited financial statements released!

Brad Patrick
/me makes a note to take a picture of the mugs.

Puppy wrote:

> You got cups? And all you had to do was months and months of digging
> through records and spreadsheets, trying to reconcile the mess.
>
> Erik Moeller wrote:
>  
>> On 12/9/06, Brad Patrick <[hidden email]> wrote:
>>  
>>    
>>> Our audit firm, Gregory Sharer & Stuart
>>> (www.gsscpa.com), worked with us for the past several months to help us
>>> comply with all of the requirements such an audit demands.
>>>    
>>>      
>> They also gave us cool free cups. Don't forget the cups! ;-)
>>  
>>    
> _______________________________________________
> foundation-l mailing list
> [hidden email]
> http://mail.wikipedia.org/mailman/listinfo/foundation-l
>
>  
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Re: Audited financial statements released!

George William Herbert
In reply to this post by KillerChihuahua
On 12/8/06, Puppy <[hidden email]> wrote:

> You got cups? And all you had to do was months and months of digging
> through records and spreadsheets, trying to reconcile the mess.
>
> Erik Moeller wrote:
> > On 12/9/06, Brad Patrick <[hidden email]> wrote:
> >
> >> Our audit firm, Gregory Sharer & Stuart
> >> (www.gsscpa.com), worked with us for the past several months to help us
> >> comply with all of the requirements such an audit demands.
> >>
> >
> > They also gave us cool free cups. Don't forget the cups! ;-)

The foundation should go to Cafe Press and create a "WikiMedia
Foundation's Finances got Audited, and All I got was this Lousy Cup"
Coffee mug.


--
-george william herbert
[hidden email]
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Re: Audited financial statements released!

Brad Patrick
25 minutes have passed and Anthony DiPiero has not commented.  I win my bet!

On 12/8/06, George Herbert <[hidden email]> wrote:

>
> On 12/8/06, Puppy <[hidden email]> wrote:
> > You got cups? And all you had to do was months and months of digging
> > through records and spreadsheets, trying to reconcile the mess.
> >
> > Erik Moeller wrote:
> > > On 12/9/06, Brad Patrick <[hidden email]> wrote:
> > >
> > >> Our audit firm, Gregory Sharer & Stuart
> > >> (www.gsscpa.com), worked with us for the past several months to help
> us
> > >> comply with all of the requirements such an audit demands.
> > >>
> > >
> > > They also gave us cool free cups. Don't forget the cups! ;-)
>
> The foundation should go to Cafe Press and create a "WikiMedia
> Foundation's Finances got Audited, and All I got was this Lousy Cup"
> Coffee mug.
>
>
> --
> -george william herbert
> [hidden email]
> _______________________________________________
> foundation-l mailing list
> [hidden email]
> http://mail.wikipedia.org/mailman/listinfo/foundation-l
>



--
Brad Patrick
General Counsel & Interim Executive Director
Wikimedia Foundation, Inc.
[hidden email]
727-231-0101
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Re: Audited financial statements released!

James Hare
But the condition of the bet was that I am supposed to comment, and because
of that, you're supposed to do an Irish jig.

On 12/8/06, Brad Patrick <[hidden email]> wrote:

>
> 25 minutes have passed and Anthony DiPiero has not commented.  I win my
> bet!
>
> On 12/8/06, George Herbert <[hidden email]> wrote:
> >
> > On 12/8/06, Puppy <[hidden email]> wrote:
> > > You got cups? And all you had to do was months and months of digging
> > > through records and spreadsheets, trying to reconcile the mess.
> > >
> > > Erik Moeller wrote:
> > > > On 12/9/06, Brad Patrick <[hidden email]> wrote:
> > > >
> > > >> Our audit firm, Gregory Sharer & Stuart
> > > >> (www.gsscpa.com), worked with us for the past several months to
> help
> > us
> > > >> comply with all of the requirements such an audit demands.
> > > >>
> > > >
> > > > They also gave us cool free cups. Don't forget the cups! ;-)
> >
> > The foundation should go to Cafe Press and create a "WikiMedia
> > Foundation's Finances got Audited, and All I got was this Lousy Cup"
> > Coffee mug.
> >
> >
> > --
> > -george william herbert
> > [hidden email]
> > _______________________________________________
> > foundation-l mailing list
> > [hidden email]
> > http://mail.wikipedia.org/mailman/listinfo/foundation-l
> >
>
>
>
> --
> Brad Patrick
> General Counsel & Interim Executive Director
> Wikimedia Foundation, Inc.
> [hidden email]
> 727-231-0101
> _______________________________________________
> foundation-l mailing list
> [hidden email]
> http://mail.wikipedia.org/mailman/listinfo/foundation-l
>
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Great Job! was Re: Audited financial statements released!

ATR-2
In reply to this post by Brad Patrick
Congrats Brad!  Also to Danny Wool, Michael Davis and to your
auditing team!

This statement is a great tool that will help us justify asking for the
money that I personally feel is desperately needed to make WMF
a stable organization in the coming year so that WMF has sufficient
hardware resources, bandwidth and a very basic staff for its incredible
stature as one of the world's top websites providers.

As you said in your announcement with the release of the financial
statement,  Brad, WMF is like Myspace, Youtube, etc., but the most
AMAZING difference to me is NOT only that WMF is an NPO charity,
but it was done on less than 1/1000th of the resources that these gigantic
corporate entities have without adverts!!! This is something every WMF
project volunteer (and all you guys on staff, the board, committees, etc.)
should be incredibly proud of and should help all their friends, relatives,
etc. know as  a fact. WMF volunteers in all the projects and friends
should spread the word that WMF needs help and has proven that it is
a responsible organization that has managed its meager resources to
date extremely well demonstrating incredible growth and potential.

As someone who has worked/volunteered in the NPO field for over 25 years
I can't imagine anyone thinking that creating & running a multibillion
dollar
organization on less than a million dollars a year would be possible,
but WMF volunteers (and by volunteers I mean not only people like Jimmy,
the other board members and you Brad, but everyone who has contributed
to in any way to what we are doing here) have proven it can be done so far,
but this is only just a short period of time, and it seems obvious to
someone
like me that WMF has a desperate need for resources and that we must
make the public aware of in the upcoming fundraiser if all the WMF
projects are to survive; there are hardware and human resources that
are desperately needed to make WMF a stable, ongoing entity.

Imagine if  we just point this out and ask for help, a simple sincere
request, not, oh, we have some multibillion dollar entity that is giving
us a matching grant, but we are just a "little" group of folks that have
done miraculous things because the power of volunteerism shows that
people are more important than corporations and that all WMF needs,
let us say, at least $12M a year to do this without burnout or continual
server overload (I am just using these figures as illustrative amounts,
not anything that has been approved by the Board or being stated in my
role as Chair of the Fundraising Committee). That is just a $1,000,000
a month! Compared to the amount of money that Yahoo or Google
spend just on corporate advertising this is nothing, really. I am just
suggesting we need to put the incredible progress of Wikipedia into
context of the internet environment in which it finds itself so that
potential
donors can see what has been done to date with very limited resources.

It is very clear to me that WMF sincerely needs help on a very basic level.
I understand that at present we are receiving approximately $2K a day in
unsolicited donations, it is obvious that a lot more money is needed on an
ongoing basis and the public needs to know this, hopefully in the next few
days we will get everything together to make a cogent appeal to the public
to donate in our upcoming fundraiser that will keep you, Brad, and the rest
of the staff surviving and help you all find more needed help which is
really
a absolute minimum, buy more servers, pay for more bandwidth and make
WMF an organization that has a bright and stable future so that all of us
and many more people can contribute to and use the incredible free knowledge
base that is being continually developed, upgraded and must be maintained
for future generations.

As we already know to a limited extent, the public is generous and a lot
of people have contributed their modest, individual contributions to show
that Wikipedia is something they want to give their money to; WP is and
can continue to be a viable way to develop and maintain this permanent
knowledge base in a non-commercial context without advertising or
corporatism. These small donations can add up to millions, and I hope and
pray our "public" shows that it wants to support WMF much more and
make a difference in an over commercialized environment where WMF
stands for principles of free speech, free association and volunteerism
which, as you and I discussed at Wikimania, are fundamental to free access
to free knowledge for all.

WMF shows that people of many countries and languages can work
together through the internet to create a new and permanent home for free
knowledge for all. Hopefully this audited statement will encourage a lot
more generosity to make that a bit more of a permanent reality.

Thank you again Brad, and everyone else who has contributed, to
helping make that something of a possiblity.

Alex T Roshuk
Chair pro-tem, Fundraising Committee

The statements herein are my personal opinion and do not represent and
are not to be construed as "official" statements of the Fundraising
Committee
or the WMF of which said Committee is a part.

----- Original Message -----
From: "Brad Patrick" <[hidden email]>
To: "Wikimedia Foundation Mailing List" <[hidden email]>
Cc: "Mili Protic" <[hidden email]>; "Melanie Cloran"
<[hidden email]>; <[hidden email]>
Sent: Friday, December 08, 2006 6:18 PM
Subject: [Foundation-l] Audited financial statements released!


| Dear Wikimedia Foundation community:
|
| It is my pleasure to announce the public release of audited financial
| statements of the Wikimedia Foundation, Inc. for fiscal years 2004, 2005
| and 2006 inclusive.  This represents a significant step forward in the
| life of the Foundation.  Our audit firm, Gregory Sharer & Stuart
| (www.gsscpa.com), worked with us for the past several months to help us
| comply with all of the requirements such an audit demands.  We assumed
| this responsibility ourselves, to demonstrate to the community and the
| world that the Foundation has complied with its obligations under law
| and generally accepted accounting principles.
|
| I want to specially thank the members of the audit team, Michael Davis
| and Danny Wool, and our auditors Rick Caton, Mili Protic, and Melanie
| Cloran for their hard work, patience, and good natured approach to this
| unusual organization.  We appreciate their efforts.
|
| Links to the financial statements and management letter:
|
|
http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf
|
<http://upload.wikimedia.org/wikipedia/foundation/2/28/Wikimedia_2006_fs.pdf>
|
| and
|
|
http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf
|
<http://upload.wikimedia.org/wikipedia/foundation/6/69/Wikimedia_2006_Mgmt_Letter.pdf>
|
| Wikimedia Foundation continues to grow at an astonishing rate.  In the
| coming days, you will see more information about the fundraiser we are
| planning, which will include the opportunity to have donations made to
| the Foundation matched by generous individuals and companies who support
| our efforts.  With our audit complete, Wikimedia Foundation is now
| listed as a charitable organization at Guidestar (www.guidestar.org) and
| its partner sites, which will extend our visibility in the
| not-for-profit community.
|
| You will also see "what it takes to run Wikipedia for a year" - a
| glimpse of the financial challenges we face trying to maintain our role
| as a top website on the planet, with a skeleton staff and
| ever-increasing demand for the educational content created by you, our
| community of editors and contributors.  Anonymous visitors will also be
| reminded that Wikimedia Foundation is a *charitable organization*,
| something which distinguishes us from the YouTubes and MySpaces spoken
| in the same breath as Wikipedia as the "Web 2.0" vanguard.  We aren't
| for sale.  There won't be a Wikipedia IPO.  We can't be bought by a
| company, any more so than the Red Cross or Amnesty International.
|
| What sets us apart is our mission, vision and community.  What keeps us
| going, though, requires an growing infrastructure, staff, and money.
|
| On behalf of the Foundation,  thank you!
|
| Brad Patrick
| Interim Executive Director & General Counsel
| Wikimedia Foundation, Inc.
|
| _______________________________________________
| foundation-l mailing list
| [hidden email]
| http://mail.wikipedia.org/mailman/listinfo/foundation-l 

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Re: Audited financial statements released!

Anthony DiPierro
In reply to this post by James Hare
Huh?

On 12/8/06, James Hare <[hidden email]> wrote:

> But the condition of the bet was that I am supposed to comment, and because
> of that, you're supposed to do an Irish jig.
>
> On 12/8/06, Brad Patrick <[hidden email]> wrote:
> >
> > 25 minutes have passed and Anthony DiPiero has not commented.  I win my
> > bet!
> >
> > On 12/8/06, George Herbert <[hidden email]> wrote:
> > >
> > > On 12/8/06, Puppy <[hidden email]> wrote:
> > > > You got cups? And all you had to do was months and months of digging
> > > > through records and spreadsheets, trying to reconcile the mess.
> > > >
> > > > Erik Moeller wrote:
> > > > > On 12/9/06, Brad Patrick <[hidden email]> wrote:
> > > > >
> > > > >> Our audit firm, Gregory Sharer & Stuart
> > > > >> (www.gsscpa.com), worked with us for the past several months to
> > help
> > > us
> > > > >> comply with all of the requirements such an audit demands.
> > > > >>
> > > > >
> > > > > They also gave us cool free cups. Don't forget the cups! ;-)
> > >
> > > The foundation should go to Cafe Press and create a "WikiMedia
> > > Foundation's Finances got Audited, and All I got was this Lousy Cup"
> > > Coffee mug.
> > >
> > >
> > > --
> > > -george william herbert
> > > [hidden email]
> > > _______________________________________________
> > > foundation-l mailing list
> > > [hidden email]
> > > http://mail.wikipedia.org/mailman/listinfo/foundation-l
> > >
> >
> >
> >
> > --
> > Brad Patrick
> > General Counsel & Interim Executive Director
> > Wikimedia Foundation, Inc.
> > [hidden email]
> > 727-231-0101
> > _______________________________________________
> > foundation-l mailing list
> > [hidden email]
> > http://mail.wikipedia.org/mailman/listinfo/foundation-l
> >
> _______________________________________________
> foundation-l mailing list
> [hidden email]
> http://mail.wikipedia.org/mailman/listinfo/foundation-l
>
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Re: Audited financial statements released!

Delphine Ménard
In reply to this post by James Hare
On 12/9/06, James Hare <[hidden email]> wrote:
> Next big milestones to achieve:
>
> -- Stable revisions
> -- Single user login
> -- Complete financial security
> -- At least 1,000 featured articles on every Wikipedia
> -- The completion of Nupedia's third article.

Man, I thought Nupedia was dead. Are you sure you didn't mean the
completion of City Sandy Hom's first article?

/me is lost.

Delphine
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Re: Audited financial statements released!

Florence Devouard-3
In reply to this post by KillerChihuahua
Ah but...
In the mug, there was a pen and post-its.
Plus it was nicely wrapped.

The unfortunate thing is that the mug has a fancy metal thing at the
handle. So it can not go in the microwave :-(

Ant

Puppy wrote:

> You got cups? And all you had to do was months and months of digging
> through records and spreadsheets, trying to reconcile the mess.
>
> Erik Moeller wrote:
>
>>On 12/9/06, Brad Patrick <[hidden email]> wrote:
>>  
>>
>>>Our audit firm, Gregory Sharer & Stuart
>>>(www.gsscpa.com), worked with us for the past several months to help us
>>>comply with all of the requirements such an audit demands.
>>>    
>>
>>They also gave us cool free cups. Don't forget the cups! ;-)
>>  

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Re: Audited financial statements released!

Dedalus-2
In reply to this post by Brad Patrick
Brad:

You wrote:

I want to specially thank the members of the audit team, Michael Davis
and Danny Wool,

Congrats first for having audited financial statements. That is great.
Another great thing is that you published the Management Letter - which is
rather uncommon to do.
The auditors recommend the creation of an audit committee, on page 11. The
audit team Michael Davis and Danny Wool what was their role and capacity?
Did they serve as a de facto audit committee? If looking for new members,
I've a degree in economics/business administration and am a Certified
Internal Auditor and member of the Institute of Internal Auditors (IIA,
Inc.).

Having published the Management Letter, I would like to call attention of
members of the community, espescially staff and committee members to another
recommendations on page 11 of the Management Letter "Like many small
non-profit organizations, Wikimedia Foundation, Inc., functions with a small
staff and requires the board involvement in various management functions to
provide needed oversight and independent review. As the organization grows
and resources become available, we recommend systems be developed to reduce
the need for board involvement in certain of these duties and allow the
board to focus on overall governing, setting strategy and policy objectives,
approving staff and committees, plans to achieve objectives and monitoring
progress toward meeting the objectives. Also, we recommend actively seeking
additional independent board membership."

The first might involve assigning real responsibilities and authority to
some committee - committees that already have been esthablished.
The second point about "independent board membership" might need some
clarification. In auditor-speak independent is someone without an executive
positive, or a non-executive. Indepedent board members only "provide needed
oversight and independent review", they are not directly involved in day to
day operations or executive decision making.

Lastly I wish Brad a lot of succes in establishing a manual of policies and
procedures, as required by the external auditors including all the specific
policies and procedures as mentioned by the auditors.

Good luck for all,

Dedalus
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Re: Audited financial statements released!

Florence Devouard-3
Dedalus wrote:

> Brad:
>
> You wrote:
>
> I want to specially thank the members of the audit team, Michael Davis
> and Danny Wool,
>
> Congrats first for having audited financial statements. That is great.
> Another great thing is that you published the Management Letter - which is
> rather uncommon to do.

I was actually surprised Brad chose to publish that letter, as I
remember the auditors saying it was a set of recommandations given for
internal consideration.
However, I am actually happy it is published, because it shows the
reality of what a board member needs to do. Not deciding on english
arbcom elections, not only fancy tv interviews or conferences, not
really receiving complaints in case of edit wars. But rather making sure
we build up a good and solid basis for the organisation.

> The auditors recommend the creation of an audit committee, on page 11. The
> audit team Michael Davis and Danny Wool what was their role and capacity?

Yes, there was an offical audit committee. The official audit team was
Michael David, Brad Patrick, Tim Shell and Jimmy Wales,
http://wikimediafoundation.org/wiki/Resolution_Audit_Committee.
Practically, the people who worked on the audit were not necessarily
those listed in the committee :-)

The current audit team suggested an audit committee charter, to be
submitted to board approval. This will be another step toward clearer
procedures and guidelines. I do not consider it an urgent item right
now, so I presume adoption of the charter and approval of the new audit
committee could be delayed at least january, if not february. So, it is
currently pending.

> Did they serve as a de facto audit committee? If looking for new members,
> I've a degree in economics/business administration and am a Certified
> Internal Auditor and member of the Institute of Internal Auditors (IIA,
> Inc.).

Interesting !
Noted.

> Having published the Management Letter, I would like to call attention of
> members of the community, espescially staff and committee members to another
> recommendations on page 11 of the Management Letter "Like many small
> non-profit organizations, Wikimedia Foundation, Inc., functions with a small
> staff and requires the board involvement in various management functions to
> provide needed oversight and independent review. As the organization grows
> and resources become available, we recommend systems be developed to reduce
> the need for board involvement in certain of these duties and allow the
> board to focus on overall governing, setting strategy and policy objectives,
> approving staff and committees, plans to achieve objectives and monitoring
> progress toward meeting the objectives. Also, we recommend actively seeking
> additional independent board membership."
>
> The first might involve assigning real responsibilities and authority to
> some committee - committees that already have been esthablished.

Agreed. However, we face some scaling problems with the committees, so a
re-work is planned on this very issue.

> The second point about "independent board membership" might need some
> clarification. In auditor-speak independent is someone without an executive
> positive, or a non-executive. Indepedent board members only "provide needed
> oversight and independent review", they are not directly involved in day to
> day operations or executive decision making.

Nod.
Which directly clashes with the noisy request of having mostly community
members on the board (those ones are likely to precisely get involved in
executive decision making and daily operations). And which even more
noisily clashes with the requirement for a so-called democratic electing
process to get on the board.

This is definitly the way to go. Now, the unfortunate reality of things
is that when board members do not help on a daily basis, community
members scream that Foundation jobs are not done and money does not get in.

All this is in good part as well the reason why we need significantly
more money than before. Not only to buy servers and pay bandwidth, but
also to have the necessary staff.

> Lastly I wish Brad a lot of succes in establishing a manual of policies and
> procedures, as required by the external auditors including all the specific
> policies and procedures as mentioned by the auditors.

Agreed...

> Good luck for all,
>
> Dedalus

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