Foundation:Gentoo Foundation Finances FY2009
From Gentoo Wiki
- 1 Financial statements of Gentoo Foundation Inc., FY2009
- 1.1 Disclaimers: Year-specific
- 1.2 Disclaimers: Common
- 1.3 Statement of financial position
- 1.4 Statement of Activities
- 1.5 TODO: Statement of Functional Expenses
- 1.6 TODO: Statement of Cash Flows
- 1.7 Verification of closed accounts for EOY
- 1.8 TODO: Notes to the Financial Statements
- 1.9 Further Remarks
- 1.10 References
Financial statements of Gentoo Foundation Inc., FY2009
|As-of||2019/09/23 (rev 70517a64ff494e1e0841ac0c4ac7318484c61a69)|
- 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
- Data capture:
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
- 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
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
USD 1,002.46 Expenses USD 512.51 Fees:Legal USD 489.95 Losses:NetBank -------------------- USD 1,002.46
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)
TODO: Notes to the Financial Statements
- (TODO FASB 2016-14 requirements)
- 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
- See https://en.wikipedia.org/wiki/MACRS and [IRS-946] for more info.
Assets:Capitalaccounts are tagged with the MACRS information, and have a paired contra-asset account under
- 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?
- What is it?
- 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 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:
- Permanantly restricted Net Assets
- Temporarily restricted Net Assets
- Unrestricted Net Assets
- Net Assets with Donor Restrictions
- Net Assets without Donor Restrictions
- [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