Foundation:Gentoo Foundation Finances FY2010

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Financial statements of Gentoo Foundation Inc., FY2010

Period 2009/10
Period-Start 2009/07/01
Period-Ending 2010/06/30
Prepared-by robbat2
As-of 2023/08/26 (rev 3b7e9a834280dc7d0cdd98750cf4d2638d92541f)

Disclaimers: Year-specific

  • Large Donations (>$1k):
    • 2009/07/xx: $1000 (OSTC)
  • Income:Programs:GSOC:
    • GSOC2009: 7 students ($3500), mentor travel reimbursement ($1651.59): total $5151.59
    • Backpay: GSOC2006: 14 students ($7000), no mentor travel reimbursement.
    • Backpay: GSOC2007: 9 students ($4500), no mentor travel reimbursement.
    • Backpay: GSOC2008: 6 students ($3000), no mentor travel reimbursement.
  • The following statements represent a work-in-progress, with some known concerns:
      • NetBank records are considered lost and unrecoverable

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 61,602.85  Assets
       USD -5,289.76    Accumulated-Depreciation
         USD -340.86      Banners
         USD -125.59        Purchased_GDS7_200711
         USD -215.27        Purchased_GDS7_200801
       USD -4,948.90      Computers
         USD -823.43        Dev
          USD -61.72          Purchased_GDS5_200508
         USD -438.54          Purchased_GDS5_200606
          USD -35.17          Purchased_GDS5_200607
          USD -67.28          Purchased_GDS5_200803
          USD -45.80          Purchased_GDS5_200904
          USD -93.15          Purchased_GDS5_200910
           USD -6.45          Purchased_GDS5_201001
          USD -75.33          Purchased_GDS5_201004
       USD -4,125.47        Infra
          USD -67.82          Purchased_GDS5_200606
       USD -3,517.76          Purchased_GDS5_200705
          USD -19.35          Purchased_GDS5_200905
         USD -520.54          Purchased_GDS5_201003
       USD 54,280.56    Bank
       USD 36,519.86      CapOne:Saving8438
       USD 17,760.70      CapOneMoneyMarket
       USD 10,179.53    Capital
          USD 586.88      Banners
          USD 216.24        Purchased_GDS7_200711
          USD 370.64        Purchased_GDS7_200801
        USD 9,592.65      Computers
        USD 1,576.38        Dev
           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 266.15          Purchased_GDS5_200910
           USD 25.82          Purchased_GDS5_201001
          USD 502.18          Purchased_GDS5_201004
        USD 8,016.27        Infra
           USD 75.00          Purchased_GDS5_200606
        USD 4,425.97          Purchased_GDS5_200705
           USD 45.00          Purchased_GDS5_200905
        USD 3,470.30          Purchased_GDS5_201003
        USD 2,432.52    Paypal
--------------------
       USD 61,602.85

       USD 61,602.85  NetAssets:RetainedEarnings
      USD -13,120.86    Expenses
       USD 74,723.71    Income
--------------------
       USD 61,602.85

Remarks

  • See: [AC-NPO-2]


Statement of Activities

       USD 25,374.90  Income
        USD 5,272.94    Donations:Cash
          USD 450.37    Interest
          USD 247.57      CapOne:Saving8438
          USD 202.80      CapOneMoneyMarket
       USD 19,651.59    Programs:GSOC
--------------------
       USD 25,374.90

        USD 4,069.83  Expenses
        USD 1,575.84    Depreciation
          USD 500.00    Donations
          USD 245.99    Fees
            USD 7.50      Legal
          USD 238.49      Paypal
        USD 1,651.59    GSOC:Mentor-Travel-Reimbursement
           USD 96.40    Services
--------------------
        USD 4,069.83

Remarks

  • See: [AC-NPO-2]


TODO: Statement of Functional Expenses

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

Program: Foundation

          USD 550.00  Expenses
          USD 500.00    Donations
           USD 50.00    Services
--------------------
          USD 550.00

Program: GSOC

        USD 1,651.59  Expenses:GSOC:Mentor-Travel-Reimbursement

Program: Infra

           USD 53.90  Expenses
            USD 7.50    Fees:Legal
           USD 46.40    Services
--------------------
           USD 53.90

Program: NONE

        USD 1,814.34  Expenses
        USD 1,575.84    Depreciation
          USD 238.49    Fees:Paypal
--------------------
        USD 1,814.34

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.
              17 pcs  Virtual:Assets:Capital
               2 pcs    Banners
               1 pcs      Purchased_GDS7_200711
               1 pcs      Purchased_GDS7_200801
              15 pcs    Computers
              10 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
               5 pcs      Infra
               2 pcs        Purchased_GDS5_200705
               1 pcs        Purchased_GDS5_200905
               2 pcs        Purchased_GDS5_201003
--------------------
              17 pcs

Change of Position

2009/10/08       TODO       (Virtual:Assets:Capital:Computers:Dev:Purchased_GDS5_200910)              1 pcs              1 pcs
2010/01/04       TODO       (Virtual:Assets:Capital:Computers:Dev:Purchased_GDS5_201001)              1 pcs              2 pcs
2010/03/10       TODO       (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201003)              1 pcs              3 pcs
2010/03/25       TODO       (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201003)              1 pcs              4 pcs
2010/04/12       TODO       (Virtual:Assets:Capital:Computers:Dev:Purchased_GDS5_201004)              1 pcs              5 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








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