Foundation:Gentoo Foundation Finances FY2017

= Financial statements of Gentoo Foundation Inc., FY2017 =

Disclaimers

 * 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
 * NetBank records are considered lost and unrecoverable
 * Depreciation: See seperate Concerns section under Further Remarks

Remarks

 * See: [AC-NPO-2]

Remarks

 * See: [AC-NPO-2]

TODO: Statement of Functional Expenses

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

Program: Foundation
USD 500.00 Expenses:Donations

Program: GSOC
USD 1,429.08 Expenses:GSOC:Mentor-Travel-Reimbursement

Program: General
USD 185.00 Expenses USD 35.00   Fees:Legal USD 150.00   Mail

USD 185.00

Program: Infra
USD 1,575.55 Expenses USD 1,472.95   Hosting USD 25.60     Amazon USD 1,242.34     Hetzner USD 205.01     OVH USD 102.60   Services

USD 1,575.55

Program: PR
USD 420.41 Expenses USD 408.53   Events USD 11.88   Fees:Legal

USD 420.41

TODO: Statement of Cash Flows

 * Operating Activities
 * Investing Activities
 * Financing Activities

TODO: Notes to the Financial Statements

 * (TODO FASB 2016-14 requirements)

Depreciation
Account                       IRS-Asset-Class     GDS-Class-Life Assets:Capital:Computers:*    00.12               5 Assets:Capital:Banners:*      00.11               7
 * See https://en.wikipedia.org/wiki/MACRS and [IRS-946] for more info.
 * All  accounts are tagged with the MACRS information, and have a paired contra-asset account under.
 * Example :
 * What is it?  would be used by a Developer)
 * What is the MACRS system & property class life:  GDS, with a 5-year class life.
 * When was it purchased?
 * 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.
 * Risks & Outstanding Issues:
 * There are no Section 179 elections in place for additional depreciation.
 * It is possible that some assets are in the wrong IRS asset class.
 * 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.

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