Foundation:Gentoo Foundation Finances FY2009

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Financial statements of Gentoo Foundation Inc., FY2009

Period 2008/9
Period-Start 2008/07/01
Period-Ending 2009/06/30
Prepared-by robbat2
As-of 2020/08/24 (rev be0e8169a8c6bbe6b90250a5bce2f96704ab6d40)

Disclaimers: Year-specific

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

Statement of financial position

       USD 40,297.77  Assets
       USD -4,065.38    Accumulated-Depreciation
         USD -242.50      Banners
          USD -89.35        Purchased_GDS7_200711
         USD -153.15        Purchased_GDS7_200801
       USD -3,822.88      Computers
         USD -848.73        Dev
         USD -317.79          Purchased_GDS5_200506
          USD -54.83          Purchased_GDS5_200508
         USD -385.48          Purchased_GDS5_200606
          USD -29.12          Purchased_GDS5_200607
          USD -47.50          Purchased_GDS5_200803
          USD -14.02          Purchased_GDS5_200904
       USD -2,974.15        Infra
          USD -59.61          Purchased_GDS5_200606
       USD -2,912.29          Purchased_GDS5_200705
           USD -2.25          Purchased_GDS5_200905
       USD 35,675.10    Bank
       USD 16,620.70      CapOne:Saving8438
       USD 19,054.40      CapOneMoneyMarket
        USD 6,266.54    Capital
          USD 586.88      Banners
          USD 216.24        Purchased_GDS7_200711
          USD 370.64        Purchased_GDS7_200801
        USD 5,679.66      Computers
        USD 1,133.69        Dev
          USD 351.46          Purchased_GDS5_200506
           USD 62.58          Purchased_GDS5_200508
          USD 485.00          Purchased_GDS5_200606
           USD 44.25          Purchased_GDS5_200607
           USD 96.94          Purchased_GDS5_200803
           USD 93.46          Purchased_GDS5_200904
        USD 4,545.97        Infra
           USD 75.00          Purchased_GDS5_200606
        USD 4,425.97          Purchased_GDS5_200705
           USD 45.00          Purchased_GDS5_200905
        USD 2,421.51    Paypal
--------------------
       USD 40,297.77
       USD 40,297.77  NetAssets:RetainedEarnings
       USD -9,051.04    Expenses
       USD 49,348.81    Income
--------------------
       USD 40,297.77

Remarks

  • See: [AC-NPO-2]


Statement of Activities

        USD 5,210.93  Income
               $0.27    BankVerify
        USD 5,122.06    Donations:Cash
           USD 88.60    Interest
           USD 34.47      CapOne:Saving8438
           USD 54.13      CapOneMoneyMarket
--------------------
        USD 5,210.93
        USD 2,520.67  Expenses
        USD 1,328.13    Depreciation
          USD 702.59    Fees
          USD 512.51      Legal
          USD 190.08      Paypal
          USD 489.95    Losses:NetBank
--------------------
        USD 2,520.67

Remarks

  • See: [AC-NPO-2]


TODO: Statement of Functional Expenses

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

Program: General

        USD 1,002.46  Expenses
          USD 512.51    Fees:Legal
          USD 489.95    Losses:NetBank
--------------------
        USD 1,002.46

Program: NONE

        USD 1,518.21  Expenses
        USD 1,328.13    Depreciation
          USD 190.08    Fees:Paypal
--------------------
        USD 1,518.21

TODO: Statement of Cash Flows

  • Operating Activities
  • Investing Activities
  • Financing Activities

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 Assets:Capital accounts are tagged with the MACRS information, and have a paired contra-asset account under Assets:Accumulated-Depreciation.
    • 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
  • 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, 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.

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