Foundation:Gentoo Foundation Finances FY2018
From Gentoo Wiki
Financial statements of Gentoo Foundation Inc., FY2018
|As-of||2021/03/11 (rev b7d87d69e5d2c63a5433947b463d51128b057107)|
- Income:Programs:GSOC: GSOC2017: 4 students ($2000), mentor travel reimbursement ($2200), total $4700.
- Large Donations (>$1k):
- 2017/09/xx: $5000 (Gavin Ferris)
- 2017/12/xx: $1200
- 2018/02/xx: $5000 (Gavin Ferris)
- 2018/06/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 157,233.45 Assets USD -10,461.24 Accumulated-Depreciation:Computers USD -927.37 Dev:Purchased_GDS5_201307 USD -9,533.87 Infra USD -439.56 Purchased_GDS5_201411 USD -1,173.37 Purchased_GDS5_201412 USD -327.50 Purchased_GDS5_201502 USD -6,599.08 Purchased_GDS5_201606 USD -844.89 Purchased_GDS5_201710 USD -145.28 Purchased_GDS5_201803 USD -4.20 Purchased_GDS5_201804 USD 137,915.58 Bank USD 120,614.71 CapOne USD 5,700.00 Check7136 USD 114,914.71 Saving8438 USD 17,300.87 CapOneMoneyMarket USD 16,777.98 Capital:Computers USD 1,025.62 Dev:Purchased_GDS5_201307 USD 15,752.36 Infra USD 520.99 Purchased_GDS5_201411 USD 1,390.74 Purchased_GDS5_201412 USD 401.15 Purchased_GDS5_201502 USD 10,029.00 Purchased_GDS5_201606 USD 2,413.96 Purchased_GDS5_201710 USD 968.54 Purchased_GDS5_201803 USD 27.98 Purchased_GDS5_201804 USD 13,001.13 Paypal -------------------- USD 157,233.45
USD 157,233.45 NetAssets:RetainedEarnings USD -79,158.67 Expenses USD 236,392.12 Income -------------------- USD 157,233.45
- See: [AC-NPO-2]
Statement of Activities
USD 28,600.15 Income USD 254.50 Commission USD 23,162.01 Donations:Cash USD 483.64 Interest USD 449.93 CapOne:Saving8438 USD 33.71 CapOneMoneyMarket USD 4,700.00 Programs:GSOC -------------------- USD 28,600.15
USD 9,292.95 Expenses USD 900.00 Accounting USD 3,659.64 Depreciation USD 2,000.00 Donations USD 1,047.45 Fees:Paypal USD 1,466.71 Hosting USD 48.82 Amazon USD 1,417.89 Hetzner USD 169.15 Mail USD 50.00 Phone -------------------- USD 9,292.95
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
USD 3,119.15 Expenses USD 900.00 Accounting USD 2,000.00 Donations USD 169.15 Mail USD 50.00 Phone -------------------- USD 3,119.15
USD 1,466.71 Expenses:Hosting USD 48.82 Amazon USD 1,417.89 Hetzner -------------------- USD 1,466.71
USD 4,707.09 Expenses USD 3,659.64 Depreciation USD 1,047.45 Fees:Paypal -------------------- USD 4,707.09
TODO: Statement of Cash Flows
- Operating Activities
- Investing Activities
- Financing Activities
Statement of Position
46 pcs Virtual:Assets:Capital 2 pcs Banners 1 pcs Purchased_GDS7_200711 1 pcs Purchased_GDS7_200801 44 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 29 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 1 pcs Purchased_GDS5_201606 2 pcs Purchased_GDS5_201710 1 pcs Purchased_GDS5_201803 1 pcs Purchased_GDS5_201804 -------------------- 46 pcs
Change of Position
2017/10/02 Server Parts: groundroller.g.o, goldeneye.g.o (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201710) 1 pcs 1 pcs 2017/10/04 Server Parts: groundroller.g.o, goldeneye.g.o (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201710) 1 pcs 2 pcs 2018/03/02 Server Parts: jacamar.g.o (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201803) 1 pcs 3 pcs 2018/04/02 Server Parts: jacamar.g.o (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201804) 1 pcs 4 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