Foundation:Gentoo Foundation Finances FY2011

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Financial statements of Gentoo Foundation Inc., FY2011

Period 2010/11
Period-Start 2010/07/01
Period-Ending 2011/06/30
Prepared-by robbat2
As-of 2020/08/24 (rev be0e8169a8c6bbe6b90250a5bce2f96704ab6d40)

Disclaimers: Year-specific

  • Income:Programs:GSOC: GSOC2010: 19 students ($9500), mentor travel reimbursement ($1501.25)

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 73,655.45  Assets
       USD -6,780.76    Accumulated-Depreciation
         USD -411.11      Banners
         USD -151.48        Purchased_GDS7_200711
         USD -259.63        Purchased_GDS7_200801
       USD -6,369.65      Computers
         USD -637.63        Dev
          USD -40.01          Purchased_GDS5_200607
          USD -79.14          Purchased_GDS5_200803
          USD -64.86          Purchased_GDS5_200904
         USD -162.35          Purchased_GDS5_200910
          USD -14.20          Purchased_GDS5_201001
         USD -246.07          Purchased_GDS5_201004
          USD -17.50          Purchased_GDS5_201012
          USD -13.50          Purchased_GDS5_201106
       USD -5,732.02        Infra
       USD -4,001.96          Purchased_GDS5_200705
          USD -29.61          Purchased_GDS5_200905
       USD -1,700.45          Purchased_GDS5_201003
       USD 65,664.04    Bank
       USD 47,891.38      CapOne:Saving8438
       USD 17,772.66      CapOneMoneyMarket
        USD 9,896.89    Capital
          USD 586.88      Banners
          USD 216.24        Purchased_GDS7_200711
          USD 370.64        Purchased_GDS7_200801
        USD 9,310.01      Computers
        USD 1,368.74        Dev
           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 69.99          Purchased_GDS5_201012
          USD 269.95          Purchased_GDS5_201106
        USD 7,941.27        Infra
        USD 4,425.97          Purchased_GDS5_200705
           USD 45.00          Purchased_GDS5_200905
        USD 3,470.30          Purchased_GDS5_201003
        USD 4,875.28    Paypal
--------------------
       USD 73,655.45
       USD 73,655.45  NetAssets:RetainedEarnings
      USD -17,649.78    Expenses
       USD 91,305.23    Income
--------------------
       USD 73,655.45

Remarks

  • See: [AC-NPO-2]


Statement of Activities

       USD 16,581.52  Income
          USD 579.11    Commission
        USD 4,463.82    Donations:Cash
          USD 537.34    Interest
          USD 370.27      CapOne:Saving8438
          USD 167.07      CapOneMoneyMarket
       USD 11,001.25    Programs:GSOC
--------------------
       USD 16,581.52
        USD 4,528.92  Expenses
        USD 2,113.58    Depreciation
          USD 696.64    Events
          USD 217.45    Fees
           USD 10.00      Legal
          USD 207.45      Paypal
        USD 1,501.25    GSOC:Mentor-Travel-Reimbursement
--------------------
        USD 4,528.92

Remarks

  • See: [AC-NPO-2]


TODO: Statement of Functional Expenses

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

Program: Foundation

           USD 10.00  Expenses:Fees:Legal

Program: GSOC

        USD 1,501.25  Expenses:GSOC:Mentor-Travel-Reimbursement

Program: PR

          USD 696.64  Expenses:Events

Program: NONE

        USD 2,321.02  Expenses
        USD 2,113.58    Depreciation
          USD 207.45    Fees:Paypal
--------------------
        USD 2,321.02

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