Foundation:Gentoo Foundation Finances FY2020
From Gentoo Wiki
Financial statements of Gentoo Foundation Inc., FY2020
|As-of||2021/08/22 (rev 7377491ddd28e84263f135f999f00a8c86336bd4)|
- Income:Programs:GSOC: GSOC2019: 2 students ($1000), mentor travel reimbursement ($2200), total $3700.
- Remaining Non-USD transactions need hard conversion to USD
- bug & other tracking metadata not yet attached to all non-scheduled expenses or capital purchases
- 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 150,061.38 Assets USD -13,097.89 Accumulated-Depreciation USD -64.31 Banners:Purchased_GDS7_201811 USD -13,033.58 Computers:Infra USD -9,068.22 Purchased_GDS5_201606 USD -1,849.09 Purchased_GDS5_201710 USD -672.17 Purchased_GDS5_201803 USD -19.42 Purchased_GDS5_201804 USD -1,080.34 Purchased_GDS5_201812 USD -166.00 Purchased_GDS5_201907 USD -178.34 Purchased_GDS5_201911 USD 129,406.09 Bank USD 112,001.02 CapOne USD 10,198.79 Check7136 USD 101,802.23 Saving8438 USD 17,405.07 CapOneMoneyMarket USD 19,592.75 Capital USD 155.65 Banners:Purchased_GDS7_201811 USD 19,437.10 Computers:Infra 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 1,964.25 Purchased_GDS5_201812 USD 3,320.00 Purchased_GDS5_201907 USD 713.37 Purchased_GDS5_201911 USD 14,160.43 Paypal -------------------- USD 150,061.38
USD 150,061.37 NetAssets:RetainedEarnings USD -122,998.12 Expenses USD 273,059.49 Income -------------------- USD 150,061.37
- See: [AC-NPO-2]
Statement of Activities
USD 16,022.25 Income USD 260.23 Commission USD 11,491.30 Donations:Cash USD 480.05 Interest USD 427.84 CapOne:Saving8438 USD 52.21 CapOneMoneyMarket USD 3,700.00 Programs:GSOC USD 90.67 Rebate -------------------- USD 16,022.25
USD 35,582.29 Expenses USD 6,035.00 Accounting USD 2,756.95 Depreciation USD 571.34 Fees:Paypal USD 857.40 GSOC:Mentor-Travel-Reimbursement USD 1,965.82 Hosting USD 122.59 Amazon USD 1,843.23 Hetzner USD 213.88 Mail USD 25.00 Phone USD 4,516.80 Project:Nitrokey USD 38.89 Services USD 18,601.21 Taxes:Federal:Income -------------------- USD 35,582.29
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
USD 24,875.09 Expenses USD 6,035.00 Accounting USD 213.88 Mail USD 25.00 Phone USD 18,601.21 Taxes:Federal:Income -------------------- USD 24,875.09
USD 857.40 Expenses:GSOC:Mentor-Travel-Reimbursement
USD 2,004.71 Expenses USD 1,965.82 Hosting USD 122.59 Amazon USD 1,843.23 Hetzner USD 38.89 Services -------------------- USD 2,004.71
USD 4,536.49 Expenses USD 19.69 Fees:Paypal USD 4,516.80 Project:Nitrokey -------------------- USD 4,536.49
USD 3,308.60 Expenses USD 2,756.95 Depreciation USD 551.65 Fees:Paypal -------------------- USD 3,308.60
TODO: Statement of Cash Flows
- Operating Activities
- Investing Activities
- Financing Activities
Statement of Position
50 pcs Virtual:Assets:Capital 2 pcs Banners 1 pcs Purchased_GDS7_200711 1 pcs Purchased_GDS7_200801 48 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 33 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 1 pcs Purchased_GDS5_201812 1 pcs Purchased_GDS5_201907 2 pcs Purchased_GDS5_201911 -------------------- 50 pcs
Change of Position
2019/07/12 catbus.sparc.dev.gentoo.org - bug 607622 (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201907) 1 pcs 1 pcs 2019/11/01 guppy.ia64.dev.gentoo.org - replacement PSU (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201911) 1 pcs 2 pcs 2019/11/01 guppy.ia64.dev.gentoo.org - replacement HDD (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_201911) 1 pcs 3 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