Foundation:Gentoo Foundation Finances FY2010
From Gentoo Wiki
Financial statements of Gentoo Foundation Inc., FY2010
|As-of||2021/03/11 (rev b7d87d69e5d2c63a5433947b463d51128b057107)|
- Large Donations (>$1k):
- 2009/07/xx: $1000 (OSTC)
- GSOC2009: 7 students ($3500), mentor travel reimbursement ($1651.59).
- 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 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 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
- 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
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
USD 550.00 Expenses USD 500.00 Donations USD 50.00 Services -------------------- USD 550.00
USD 1,651.59 Expenses:GSOC:Mentor-Travel-Reimbursement
USD 53.90 Expenses USD 7.50 Fees:Legal USD 46.40 Services -------------------- USD 53.90
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
Statement of Position
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)
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.
- All relevant accounts are tagged with MACRS, and matching asset codes.
- Capital value:
- Depreciation Contra-asset:
- Inventory tracking:
- 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.
- 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 the depreciation value for this asset? See the
- 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 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