Foundation:Gentoo Foundation Finances FY2012

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Financial statements of Gentoo Foundation Inc., FY2012

Period 2011/12
Period-Start 2011/07/01
Period-Ending 2012/06/30
Prepared-by robbat2
As-of 2020/08/24 (rev be0e8169a8c6bbe6b90250a5bce2f96704ab6d40)

Disclaimers: Year-specific

  • Income:Programs:GSOC: GSOC2011: 15 students ($7500), mentor travel reimbursement ($2391.77)

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 88,301.58  Assets
       USD -7,047.49    Accumulated-Depreciation
         USD -463.17      Banners
         USD -170.66        Purchased_GDS7_200711
         USD -292.51        Purchased_GDS7_200801
       USD -6,584.33      Computers
         USD -899.43        Dev
          USD -90.10          Purchased_GDS5_200803
          USD -76.30          Purchased_GDS5_200904
         USD -203.87          Purchased_GDS5_200910
          USD -18.85          Purchased_GDS5_201001
         USD -348.51          Purchased_GDS5_201004
          USD -38.49          Purchased_GDS5_201012
         USD -116.08          Purchased_GDS5_201106
           USD -6.40          Purchased_GDS5_201107
              $-0.83          Purchased_GDS5_201205
       USD -5,684.90        Infra
          USD -35.77          Purchased_GDS5_200905
       USD -2,408.39          Purchased_GDS5_201003
          USD -10.00          Purchased_GDS5_201107
         USD -101.34          Purchased_GDS5_201110
       USD -1,014.34          Purchased_GDS5_201111
       USD -1,192.22          Purchased_GDS5_201112
         USD -861.69          Purchased_GDS5_201202
          USD -61.15          Purchased_GDS5_201206
       USD 67,925.11    Bank
       USD 58,118.32      CapOne:Saving8438
        USD 9,806.79      CapOneMoneyMarket
       USD 21,854.68    Capital
          USD 586.88      Banners
          USD 216.24        Purchased_GDS7_200711
          USD 370.64        Purchased_GDS7_200801
       USD 21,267.80      Computers
        USD 1,469.12        Dev
           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 128.00          Purchased_GDS5_201107
           USD 16.63          Purchased_GDS5_201205
       USD 19,798.68        Infra
           USD 45.00          Purchased_GDS5_200905
        USD 3,470.30          Purchased_GDS5_201003
          USD 200.00          Purchased_GDS5_201107
          USD 289.54          Purchased_GDS5_201110
        USD 4,057.37          Purchased_GDS5_201111
        USD 4,768.87          Purchased_GDS5_201112
        USD 5,744.63          Purchased_GDS5_201202
        USD 1,222.97          Purchased_GDS5_201206
        USD 5,569.29    Paypal
--------------------
       USD 88,301.58
       USD 88,301.59  NetAssets:RetainedEarnings
      USD -25,485.86    Expenses
      USD 113,787.45    Income
--------------------
       USD 88,301.59

Remarks

  • See: [AC-NPO-2]


Statement of Activities

       USD 22,482.23  Income
          USD 317.89    Commission
       USD 11,856.73    Donations
        USD 7,525.13      Cash
        USD 4,331.60      Non-Cash
          USD 415.84    Interest
          USD 335.17      CapOne:Saving8438
           USD 80.67      CapOneMoneyMarket
        USD 9,891.77    Programs:GSOC
--------------------
       USD 22,482.23
        USD 7,836.10  Expenses
        USD 4,736.96    Depreciation
          USD 348.11    Events
          USD 365.11    Fees
           USD 42.46      Legal
          USD 322.65      Paypal
        USD 2,385.92    GSOC:Mentor-Travel-Reimbursement
--------------------
        USD 7,836.10

Remarks

  • See: [AC-NPO-2]


TODO: Statement of Functional Expenses

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

Program: Foundation

           USD 42.46  Expenses:Fees:Legal

Program: GSOC

        USD 2,385.92  Expenses:GSOC:Mentor-Travel-Reimbursement

Program: PR

          USD 348.11  Expenses:Events

Program: NONE

        USD 5,059.60  Expenses
        USD 4,736.96    Depreciation
          USD 322.65    Fees:Paypal
--------------------
        USD 5,059.60

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

               $0.01  Expenses:Fees:Paypal

Unclosed Income

              $-0.01  Income:Donations:Cash

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