Foundation:Gentoo Foundation Finances FY2019
From Gentoo Wiki
Financial statements of Gentoo Foundation Inc., FY2019
| Period | 2018/19 |
|---|---|
| Period-Start | 2018/07/01 |
| Period-Ending | 2019/06/30 |
| Prepared-by | robbat2 |
| As-of | 2023/08/26 (rev 3b7e9a834280dc7d0cdd98750cf4d2638d92541f) |
Disclaimers: Year-specific
- Income:Programs:GSOC: GSOC2018: 2 students ($1000), mentor travel reimbursement ($2200), total $3700.
- Large Donations (>$1k):
- 2018/08/xx: $5000 (Gavin Ferris)
- 2019/01/01: $2400 (Miguel Latorre García)
- 2019/01/11: $1000 (Derek Dolney)
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
- Data capture:
Statement of Financial Position
USD 169,621.42 Assets
USD -12,653.83 Accumulated-Depreciation
USD -27.78 Banners:Purchased_GDS7_201811
USD -12,626.04 Computers:Infra
USD -498.80 Purchased_GDS5_201411
USD -1,331.49 Purchased_GDS5_201412
USD -372.83 Purchased_GDS5_201502
USD -7,971.05 Purchased_GDS5_201606
USD -1,472.52 Purchased_GDS5_201710
USD -474.58 Purchased_GDS5_201803
USD -13.71 Purchased_GDS5_201804
USD -491.06 Purchased_GDS5_201812
USD 143,127.25 Bank
USD 125,774.39 CapOne
USD 10,400.00 Check7136
USD 115,374.39 Saving8438
USD 17,352.86 CapOneMoneyMarket
USD 17,872.26 Capital
USD 155.65 Banners:Purchased_GDS7_201811
USD 17,716.61 Computers:Infra
USD 520.99 Purchased_GDS5_201411
USD 1,390.74 Purchased_GDS5_201412
USD 401.15 Purchased_GDS5_201502
USD 10,029.00 Purchased_GDS5_201606
USD 2,413.96 Purchased_GDS5_201710
USD 968.54 Purchased_GDS5_201803
USD 27.98 Purchased_GDS5_201804
USD 1,964.25 Purchased_GDS5_201812
USD 21,275.73 Paypal
--------------------
USD 169,621.42
|
USD 169,621.42 NetAssets:RetainedEarnings
USD -87,415.82 Expenses
USD 257,037.24 Income
--------------------
USD 169,621.42
|
Remarks
- See: [AC-NPO-2]
Statement of Activities
USD 20,645.12 Income
USD 16,404.23 Donations:Cash
USD 511.67 Interest
USD 459.68 CapOne:Saving8438
USD 51.99 CapOneMoneyMarket
USD 3,700.00 Programs:GSOC
USD 29.22 Rebate
--------------------
USD 20,645.12
USD 8,257.16 Expenses
USD 350.00 Accounting
USD 3,218.21 Depreciation
USD 499.01 Events
USD 732.84 Fees:Paypal
USD 1,204.99 GSOC:Mentor-Travel-Reimbursement
USD 1,995.23 Hosting
USD 104.36 Amazon
USD 1,890.87 Hetzner
USD 6.99 Infra:Parts
USD 171.00 Mail
USD 40.00 Phone
USD 38.89 Services
--------------------
USD 8,257.16
|
Remarks
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
Program: Dev
USD 358.00 Expenses:GSOC:Mentor-Travel-Reimbursement
Program: Foundation
USD 561.00 Expenses
USD 350.00 Accounting
USD 171.00 Mail
USD 40.00 Phone
--------------------
USD 561.00
Program: GSOC
USD 846.99 Expenses:GSOC:Mentor-Travel-Reimbursement
Program: Infra
USD 2,041.11 Expenses
USD 1,995.23 Hosting
USD 104.36 Amazon
USD 1,890.87 Hetzner
USD 6.99 Infra:Parts
USD 38.89 Services
--------------------
USD 2,041.11
Program: PR
USD 499.01 Expenses:Events
Program: NONE
USD 3,951.05 Expenses
USD 3,218.21 Depreciation
USD 732.84 Fees:Paypal
--------------------
USD 3,951.05
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.
47 pcs Virtual:Assets:Capital
2 pcs Banners
1 pcs Purchased_GDS7_200711
1 pcs Purchased_GDS7_200801
45 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
30 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
2 pcs Purchased_GDS5_201411
1 pcs Purchased_GDS5_201412
2 pcs Purchased_GDS5_201502
1 pcs Purchased_GDS5_201606
2 pcs Purchased_GDS5_201710
1 pcs Purchased_GDS5_201803
1 pcs Purchased_GDS5_201804
1 pcs Purchased_GDS5_201812
--------------------
47 pcs
Change of Position
2018/12/14 Server: OpenGear console3.osl.dev.g.o (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201812) 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
- Contribution of Assets
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}
- Capital value:
- 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:Infratells us it is a computer or parts thereof used by Infra. (Computers:Devwould be used by a Developer) - What is the MACRS system & property class life:
GDS5GDS, 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_201411account - Is the asset still in use, or has it been disposed of? See the
Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201411account, for quantity greater than zero.
- What is it?
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
- Before:
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