Foundation:Gentoo Foundation Finances FY2022
From Gentoo Wiki
Financial statements of Gentoo Foundation Inc., FY2022
|As-of||2023/02/21 (rev df8445d399ad170d26fcc0ff5137a69bd94a03cc)|
- FY2022 closed & reviewed by accountant
- Income:Programs:GSOC: GSOC2021: ? students ($800), mentor travel reimbursement ($0), total $800.
- 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 157,029.80 Assets USD -15,769.11 Accumulated-Depreciation USD -109.03 Banners:Purchased_GDS7_201811 USD -15,660.08 Computers:Infra USD -2,380.65 Purchased_GDS5_201710 USD -900.16 Purchased_GDS5_201803 USD -26.00 Purchased_GDS5_201804 USD -1,657.24 Purchased_GDS5_201812 USD -2,184.56 Purchased_GDS5_201907 USD -520.76 Purchased_GDS5_201911 USD -7,837.73 Purchased_GDS5_202203 USD -152.99 Purchased_GDS5_202206 USD 97,984.36 Bank USD 80,474.63 CapOne USD 28,236.95 Check7136 USD 52,237.68 Saving8438 USD 17,509.73 CapOneMoneyMarket USD 64,874.95 Capital USD 155.65 Banners:Purchased_GDS7_201811 USD 64,719.30 Computers:Infra 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 52,251.50 Purchased_GDS5_202203 USD 3,059.70 Purchased_GDS5_202206 USD 9,939.60 Paypal -------------------- USD 157,029.80
USD 157,029.79 NetAssets:RetainedEarnings USD -153,306.22 Expenses USD 310,336.01 Income -------------------- USD 157,029.79
- See: [AC-NPO-2]
Statement of Activities
USD 16,192.24 Income USD 255.75 Commission USD 14,935.72 Donations:Cash USD 139.87 Interest USD 87.41 CapOne:Saving8438 USD 52.46 CapOneMoneyMarket USD 800.00 Programs:GSOC USD 60.90 Rebate -------------------- USD 16,192.24
USD 21,050.07 Expenses USD 1,500.00 Accounting USD 9,496.43 Depreciation USD 971.01 Fees USD 25.00 Bank USD 946.01 Paypal USD 4,259.74 Hosting USD 1,033.56 Amazon USD 3,226.18 Hetzner USD 342.30 Mail USD 436.31 Project:Nitrokey USD 38.89 Services USD 220.05 Shipping USD 3,785.34 Taxes:Federal:Income USD 4,892.15 BalanceDue USD 2,464.00 Estimated USD -3,570.81 Refunds -------------------- USD 21,050.07
- See: [AC-NPO-2]
TODO: Statement of Functional Expenses
- See: [AC-NPO-4]
- TODO: reformat to columar style with TOTALS
USD 220.05 Expenses:Shipping
USD 5,627.64 Expenses USD 1,500.00 Accounting USD 342.30 Mail USD 3,785.34 Taxes:Federal:Income USD 4,892.15 BalanceDue USD 2,464.00 Estimated USD -3,570.81 Refunds -------------------- USD 5,627.64
USD 4,298.63 Expenses USD 4,259.74 Hosting USD 1,033.56 Amazon USD 3,226.18 Hetzner USD 38.89 Services -------------------- USD 4,298.63
USD 436.31 Expenses:Project:Nitrokey
USD 10,467.43 Expenses USD 9,496.43 Depreciation USD 971.01 Fees USD 25.00 Bank USD 946.01 Paypal -------------------- USD 10,467.43
TODO: Statement of Cash Flows
- Operating Activities
- Investing Activities
- Financing Activities
Statement of Position
52 pcs Virtual:Assets:Capital 2 pcs Banners 1 pcs Purchased_GDS7_200711 1 pcs Purchased_GDS7_200801 50 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 35 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 2 pcs Purchased_GDS5_202203 -------------------- 52 pcs
Change of Position
2022/03/16 New computers for ganeti cluster at OSL: https://archives.gentoo.org/gentoo-project/message/35a3bd66aa5a6684fb481de468a4623c (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_202203) 1 pcs 1 pcs 2022/03/27 Network Hardware purchase for infra-refresh at OSUOSL. (Virtual:Assets:Capital:Computers:Infra:Purchased_GDS5_202203) 1 pcs 2 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