Foundation:Gentoo Foundation Finances FY2015
From Gentoo Wiki
Financial statements of Gentoo Foundation Inc., FY2015
|As-of||2021/03/11 (rev b7d87d69e5d2c63a5433947b463d51128b057107)|
- Income:Programs:GSOC: GSOC2014: 4 students ($2000), mentor travel reimbursement ($2200), total: $4200.
- Large Donations (>$1k):
- 2014/07/xx: $5000 (Gavin Ferris)
- 2015/06/xx: $5000 (Gavin Ferris)
- 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 107,524.29 Assets USD -14,926.43 Accumulated-Depreciation:Computers USD -867.07 Dev USD -67.01 Purchased_GDS5_201012 USD -244.09 Purchased_GDS5_201106 USD -101.73 Purchased_GDS5_201107 USD -13.22 Purchased_GDS5_201205 USD -441.02 Purchased_GDS5_201307 USD -14,059.36 Infra USD -158.96 Purchased_GDS5_201107 USD -253.67 Purchased_GDS5_201110 USD -3,423.20 Purchased_GDS5_201111 USD -4,023.50 Purchased_GDS5_201112 USD -4,689.92 Purchased_GDS5_201202 USD -972.02 Purchased_GDS5_201206 USD -130.25 Purchased_GDS5_201411 USD -347.68 Purchased_GDS5_201412 USD -60.17 Purchased_GDS5_201502 USD 97,291.44 Bank USD 80,113.47 CapOne:Saving8438 USD 17,177.97 CapOneMoneyMarket USD 20,106.45 Capital:Computers USD 1,510.19 Dev 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 18,596.26 Infra 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 520.99 Purchased_GDS5_201411 USD 1,390.74 Purchased_GDS5_201412 USD 401.15 Purchased_GDS5_201502 USD 5,052.83 Paypal -------------------- USD 107,524.29
USD 107,524.30 NetAssets:RetainedEarnings USD -53,029.91 Expenses USD 160,554.21 Income -------------------- USD 107,524.30
- See: [AC-NPO-2]
Statement of Activities
USD 21,019.90 Income USD 324.46 Commission USD 16,179.74 Donations:Cash USD 315.70 Interest USD 270.14 CapOne:Saving8438 USD 45.56 CapOneMoneyMarket USD 4,200.00 Programs:GSOC -------------------- USD 21,019.90
USD 5,361.66 Expenses USD 3,223.18 Depreciation USD 671.03 Fees:Paypal USD 1,467.46 Hosting:Hetzner -------------------- USD 5,361.66
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
USD 1,467.46 Expenses:Hosting:Hetzner
USD 3,894.20 Expenses USD 3,223.18 Depreciation USD 671.03 Fees:Paypal -------------------- USD 3,894.20
TODO: Statement of Cash Flows
- Operating Activities
- Investing Activities
- Financing Activities
Statement of Position
41 pcs Virtual:Assets:Capital 2 pcs Banners 1 pcs Purchased_GDS7_200711 1 pcs Purchased_GDS7_200801 39 pcs Computers 15 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 1 pcs Purchased_GDS5_201012 1 pcs Purchased_GDS5_201106 1 pcs Purchased_GDS5_201107 1 pcs Purchased_GDS5_201205 1 pcs Purchased_GDS5_201307 24 pcs Infra 2 pcs Purchased_GDS5_200705 1 pcs Purchased_GDS5_200905 2 pcs Purchased_GDS5_201003 1 pcs Purchased_GDS5_201107 1 pcs Purchased_GDS5_201110 6 pcs Purchased_GDS5_201111 2 pcs Purchased_GDS5_201112 3 pcs Purchased_GDS5_201202 1 pcs Purchased_GDS5_201206 2 pcs Purchased_GDS5_201411 1 pcs Purchased_GDS5_201412 2 pcs Purchased_GDS5_201502 -------------------- 41 pcs
Change of Position
2014/11/27 Server Parts: (Hyves nodes) (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201411) 1 pcs 1 pcs 2014/11/28 Server Parts: (Hyves nodes) (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201411) 1 pcs 2 pcs 2014/12/04 Server Parts: (Hyves nodes) (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201412) 1 pcs 3 pcs 2015/02/19 Server Parts: (Hyves nodes) (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201502) 1 pcs 4 pcs 2015/02/21 Server Parts: (Hyves nodes) (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201502) 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