Foundation:Gentoo Foundation Finances FY2014
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- 1 Financial statements of Gentoo Foundation Inc., FY2014
- 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., FY2014
|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 91,866.06 Assets USD -16,554.58 Accumulated-Depreciation USD -567.28 Banners USD -209.02 Purchased_GDS7_200711 USD -358.26 Purchased_GDS7_200801 USD -15,987.30 Computers USD -1,173.97 Dev USD -262.48 Purchased_GDS5_200910 USD -24.72 Purchased_GDS5_201001 USD -466.73 Purchased_GDS5_201004 USD -59.05 Purchased_GDS5_201012 USD -214.56 Purchased_GDS5_201106 USD -84.22 Purchased_GDS5_201107 USD -10.94 Purchased_GDS5_201205 USD -51.28 Purchased_GDS5_201307 USD -14,813.33 Infra USD -3,225.30 Purchased_GDS5_201003 USD -131.60 Purchased_GDS5_201107 USD -221.79 Purchased_GDS5_201110 USD -2,961.88 Purchased_GDS5_201111 USD -3,481.28 Purchased_GDS5_201112 USD -3,986.77 Purchased_GDS5_201202 USD -804.71 Purchased_GDS5_201206 USD 76,406.32 Bank USD 65,643.33 CapOne:Saving8438 USD 10,762.99 CapOneMoneyMarket USD 22,644.90 Capital USD 586.88 Banners USD 216.24 Purchased_GDS7_200711 USD 370.64 Purchased_GDS7_200801 USD 22,058.02 Computers USD 2,304.34 Dev 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 1,025.62 Purchased_GDS5_201307 USD 19,753.68 Infra 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 4,369.42 Clearing:Paypal-CapOneMoneyMarket USD 5,000.00 Paypal -------------------- USD 91,866.06
USD 91,866.06 NetAssets:RetainedEarnings USD -47,668.25 Expenses USD 139,534.31 Income -------------------- USD 91,866.06
- See: [AC-NPO-2]
Statement of Activities
USD 11,003.25 Income USD 578.08 Commission USD 10,123.33 Donations:Cash USD 301.84 Interest USD 261.55 CapOne:Saving8438 USD 40.29 CapOneMoneyMarket -------------------- USD 11,003.25
USD 12,847.36 Expenses USD 3,803.47 Depreciation USD 6,000.00 Donations USD 435.44 Fees USD 10.00 Legal USD 425.44 Paypal USD 2,608.45 GSOC:Mentor-Travel-Reimbursement -------------------- USD 12,847.36
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
USD 6,010.00 Expenses USD 6,000.00 Donations USD 10.00 Fees:Legal -------------------- USD 6,010.00
USD 2,608.45 Expenses:GSOC:Mentor-Travel-Reimbursement
USD 4,228.91 Expenses USD 3,803.47 Depreciation USD 425.44 Fees:Paypal -------------------- USD 4,228.91
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