STATEMENT OF DSD AUDIT COMMITTEE ACTIVITIES 1. PURPOSE – This statement was prepared at the request of DSD members to the Audit Committee for financial information. There were also questions about proposed future expenditures to support local Rose Societies. 2. SCOPE – Audit activities from 2003 through 2005. The present Audit Committee has audited all funds of the DSD annually during the audit activity period. The results of our audits of all the activities disclosed that all funds were accounted for and that accounting records were reasonably accurate. Written audit reports were submitted at each DSD Annual Business Meeting. Information and audit opinions are based on the results of those audits and by review of the current Bylaws. 3. CONCLUSIONS – a. Director’s Fund – This fund is used for the general operating expenses of the DSD. The money in this fund belongs to the DSD and its members. The DSD members have entrusted the District Director to be the manager of this fund, with the assistance of the Treasurer, by virtue of election by DSD members. The District Director is charged by the Bylaws to assure that expenditures from this fund are made only to accomplish the objectives of the DSD and the ARS. The name of the fund is a misnomer. In accounting terms, a fund used for the general expenses of an organization is generally named the “General Fund” or “Operating Fund”. b. Income to this fund ...