Financial statements of Gentoo Foundation Inc., FY2014

Period	2013/14
Period-Start	2013/07/01
Period-Ending	2014/06/30
Prepared-by	robbat2
As-of	2023/08/26 (rev 3b7e9a834280dc7d0cdd98750cf4d2638d92541f)

Disclaimers: Year-specific

Income:Programs:GSOC: GSOC2013: not selected for particpation by Google
Large Donations (>$1k):
- 2013/07/xx: $5000 (Gavin Ferris)

Disclaimers: Common

The following statements have NOT been reviewed by a CPA
The following statements represent a work-in-progress, with some known concerns:
- Data capture:
  - In-Kind Donations has minimally started.
  - Donor Restrictions has NOT been started, but is expected to have minimal impact (see further remarks).
- Incomplete historical capture due to lack of records
- Depreciation: See seperate Concerns section under Further Remarks

Statement of Financial Position

       USD 91,866.06  Assets
      USD -16,554.58    Accumulated-Depreciation
         USD -567.28      Banners
         USD -209.02        Purchased_GDS7_200711
         USD -358.26        Purchased_GDS7_200801
      USD -15,987.30      Computers
       USD -1,173.97        Dev
         USD -262.48          Purchased_GDS5_200910
          USD -24.72          Purchased_GDS5_201001
         USD -466.73          Purchased_GDS5_201004
          USD -59.05          Purchased_GDS5_201012
         USD -214.56          Purchased_GDS5_201106
          USD -84.22          Purchased_GDS5_201107
          USD -10.94          Purchased_GDS5_201205
          USD -51.28          Purchased_GDS5_201307
      USD -14,813.33        Infra
       USD -3,225.30          Purchased_GDS5_201003
         USD -131.60          Purchased_GDS5_201107
         USD -221.79          Purchased_GDS5_201110
       USD -2,961.88          Purchased_GDS5_201111
       USD -3,481.28          Purchased_GDS5_201112
       USD -3,986.77          Purchased_GDS5_201202
         USD -804.71          Purchased_GDS5_201206
       USD 76,406.32    Bank
       USD 65,643.33      CapOne:Saving8438
       USD 10,762.99      CapOneMoneyMarket
       USD 22,644.90    Capital
          USD 586.88      Banners
          USD 216.24        Purchased_GDS7_200711
          USD 370.64        Purchased_GDS7_200801
       USD 22,058.02      Computers
        USD 2,304.34        Dev
          USD 266.15          Purchased_GDS5_200910
           USD 25.82          Purchased_GDS5_201001
          USD 502.18          Purchased_GDS5_201004
           USD 69.99          Purchased_GDS5_201012
          USD 269.95          Purchased_GDS5_201106
          USD 128.00          Purchased_GDS5_201107
           USD 16.63          Purchased_GDS5_201205
        USD 1,025.62          Purchased_GDS5_201307
       USD 19,753.68        Infra
        USD 3,470.30          Purchased_GDS5_201003
          USD 200.00          Purchased_GDS5_201107
          USD 289.54          Purchased_GDS5_201110
        USD 4,057.37          Purchased_GDS5_201111
        USD 4,768.87          Purchased_GDS5_201112
        USD 5,744.63          Purchased_GDS5_201202
        USD 1,222.97          Purchased_GDS5_201206
        USD 4,369.42    Clearing:Paypal-CapOneMoneyMarket
        USD 5,000.00    Paypal
--------------------
       USD 91,866.06

       USD 91,866.06  NetAssets:RetainedEarnings
      USD -47,668.25    Expenses
      USD 139,534.31    Income
--------------------
       USD 91,866.06

Remarks

See: [AC-NPO-2]

Statement of Activities

       USD 11,003.25  Income
          USD 578.08    Commission
       USD 10,123.33    Donations:Cash
          USD 301.84    Interest
          USD 261.55      CapOne:Saving8438
           USD 40.29      CapOneMoneyMarket
--------------------
       USD 11,003.25

       USD 12,847.36  Expenses
        USD 3,803.47    Depreciation
        USD 6,000.00    Donations
          USD 435.44    Fees
           USD 10.00      Legal
          USD 425.44      Paypal
        USD 2,608.45    GSOC:Mentor-Travel-Reimbursement
--------------------
       USD 12,847.36

Remarks

See: [AC-NPO-2]

TODO: Statement of Functional Expenses

See: [AC-NPO-4]
TODO: reformat to columar style with TOTALS

Program: Foundation

        USD 6,010.00  Expenses
        USD 6,000.00    Donations
           USD 10.00    Fees:Legal
--------------------
        USD 6,010.00

Program: GSOC

        USD 2,608.45  Expenses:GSOC:Mentor-Travel-Reimbursement

Program: NONE

        USD 4,228.91  Expenses
        USD 3,803.47    Depreciation
          USD 425.44    Fees:Paypal
--------------------
        USD 4,228.91

TODO: Statement of Cash Flows

Operating Activities
Investing Activities
Financing Activities

Capital Assets

Statement of Position

This represents all Assets still in use.
Assets (classes) that are present in this Statement of Position, but NOT in the Statement Of Financial Position are fully depreciated, and have a book value of $0.

              36 pcs  Virtual:Assets:Capital
               2 pcs    Banners
               1 pcs      Purchased_GDS7_200711
               1 pcs      Purchased_GDS7_200801
              34 pcs    Computers
              15 pcs      Dev
               1 pcs        Purchased_GDS5_200506
               1 pcs        Purchased_GDS5_200508
               2 pcs        Purchased_GDS5_200606
               1 pcs        Purchased_GDS5_200607
               1 pcs        Purchased_GDS5_200803
               1 pcs        Purchased_GDS5_200904
               1 pcs        Purchased_GDS5_200910
               1 pcs        Purchased_GDS5_201001
               1 pcs        Purchased_GDS5_201004
               1 pcs        Purchased_GDS5_201012
               1 pcs        Purchased_GDS5_201106
               1 pcs        Purchased_GDS5_201107
               1 pcs        Purchased_GDS5_201205
               1 pcs        Purchased_GDS5_201307
              19 pcs      Infra
               2 pcs        Purchased_GDS5_200705
               1 pcs        Purchased_GDS5_200905
               2 pcs        Purchased_GDS5_201003
               1 pcs        Purchased_GDS5_201107
               1 pcs        Purchased_GDS5_201110
               6 pcs        Purchased_GDS5_201111
               2 pcs        Purchased_GDS5_201112
               3 pcs        Purchased_GDS5_201202
               1 pcs        Purchased_GDS5_201206
--------------------
              36 pcs

Change of Position

2013/07/24       Server: Alpha devbox (bug#474774), mips devbox (bug#373241)       (Virtual:Assets:Capital:Computers:Dev:Purchased_GDS5_201307)              1 pcs              1 pcs

Verification of closed accounts for EOY

This section covers any accounts that aren't closed, correctness review (e.g. missing entry in closing transactions)

Unclosed Expenses

Unclosed Income

TODO: Notes to the Financial Statements

(TODO FASB 2016-14 requirements)

Further Remarks

Contributions

FASB 1993-06 / SFAS 116: "Accounting for Contributions Received and Contributions Made"
FASB 2018-08: "Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made"
FASB ASC 958-605: "Not-for-Profit Entities - Revenue Recognition"
- This covers how contributions received must be accounted.
- The Gentoo Infrastructure team recieves contributions in multiple non-cash forms:
  - Contribution of Assets
    - e.g. Hardware donated outright to the Foundation, and held by the Foundation.
  - Contribution of Utilities, covered by SFAS-116, example 9, paragraph 190 & 191
    - e.g. Server rackspace (including electricity & network connectivity)
  - Contribution of Use of Property, covered by SFAS-116, example 10, paragraph 192 & 193.
    - e.g. Use of dedicated servers

Depreciation

See https://en.wikipedia.org/wiki/MACRS and [IRS-946] for more info.
All relevant accounts are tagged with MACRS, and matching asset codes.
- Capital value: Assets:Capital:{asset-code}
- Depreciation Contra-asset: Assets:Accumulated-Depreciation:{asset-code}.
- Inventory tracking: Virtual:Assets:Capital:{asset-code}
All assets use the mid-quarter convention to avoid splitting the calculation between property that may use half-year convention vs property that must use the mid-quarter convention.
The purchasing year & quarter is derived from the purchase date in the account name.
Some assets are retained long past their depreciation period, as they are still functioning fine.
Risks & Outstanding Issues:
- There are no Section 179 elections in place for additional depreciation. This differs from the formal IRS filing, where the depreciation is chosen by the accountant for optimal tax handlng.
- It is possible that some assets are in the wrong IRS asset class, per [IRS-946] Appendix B where the manner in which property is used can change it's lifecycle.
- The exact location of non-US assets may impact the depreciation system. This is NOT considered at this time, as minimal assets are outside of the US.
Example:
- Assets:Capital:Computers:Infra:Purchased_GDS5_201411:
  - What is it? Computers:Infra tells us it is a computer or parts thereof used by Infra. (Computers:Dev would be used by a Developer)
  - What is the MACRS system & property class life: GDS5 GDS, with a 5-year class life.
  - When was it purchased? 201411
  - What is the depreciation value for this asset? See the Assets:Accumulated-Depreciation:Computers:Infra:Purchased_GDS5_201411 account
  - Is the asset still in use, or has it been disposed of? See the Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201411 account, for quantity greater than zero.

Asset Classes in use

Account                        IRS-Asset-Class     GDS-Class-Life
Assets:Capital:Computers:*     00.12               5
Assets:Capital:Banners:*       00.11               7

FASB 2016-14

FASB 2016-14 MUST be applied for all fiscal years starting after 2017/12/15, but the standard permits earlier application.
- The treasurer has elected to apply the changes to ALL financial statements, as none of them have been formally audited at this time.
Donor Restrictions
- The earlier boards did NOT include any formal means for donors to restrict cash donations.
- Some in-kind donations MAY have usage restrictions (e.g. bandwidth limitations, disclosure limitations), but are not expected to impact the financial statements at this time. This has not yet been confirmed with a CPA that specializes in NPO accounting.
FASB 2016-14 changed the classes of Net Assets:
- Before:
  - Permanantly restricted Net Assets
  - Temporarily restricted Net Assets
  - Unrestricted Net Assets
- After:
  - Net Assets with Donor Restrictions
  - Net Assets without Donor Restrictions

References

[FASB2016-14] UPDATE 2016-14—NOT-FOR-PROFIT ENTITIES (TOPIC 958): PRESENTATION OF FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES. http://fasb.org/cs/ContentServer?c=Document_C&cid=1176168381847&d=&pagename=FASB%2FDocument_C%2FDocumentPage
[AC-NPO-1] Nonprofit Accounting Explaination (1): Introduction to Nonprofit Accounting. https://www.accountingcoach.com/nonprofit-accounting/explanation/1
[AC-NPO-2] Nonprofit Accounting Explaination (2): Financial Statements of Nonprofits. https://www.accountingcoach.com/nonprofit-accounting/explanation/2
[AC-NPO-4] Nonprofit Accounting Explaination (4): Statement of Functional Expenses. https://www.accountingcoach.com/nonprofit-accounting/explanation/4
[IRS-946] How To Depreciate Property. https://www.irs.gov/pub/irs-pdf/p946.pdf

Foundation:Gentoo Foundation Finances FY2014

Contents

Financial statements of Gentoo Foundation Inc., FY2014

Disclaimers: Year-specific

Disclaimers: Common

Statement of Financial Position

Remarks

Statement of Activities

Remarks

TODO: Statement of Functional Expenses

Program: Foundation

Program: GSOC

Program: NONE

TODO: Statement of Cash Flows

Capital Assets

Statement of Position

Change of Position

Verification of closed accounts for EOY

Unclosed Expenses

Unclosed Income

TODO: Notes to the Financial Statements

Further Remarks

Contributions

Depreciation

Asset Classes in use

FASB 2016-14

References