Foundation Talk:Gentoo Foundation Finances FY2005

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Financial statements of Gentoo Foundation Inc., FY2005

Period 2004/5
Period-Start 2004/07/01
Period-Ending 2005/06/30
Prepared-by robbat2


  • The following statements have not been reviewed by a CPA
  • The following statements represent a work-in-progress, with some known concerns.
  • Known Concerns:
    • Non-USD transactions are known to include balance errors.
    • Incomplete historical capture due to lack of records
    • Data capture:
      • Depreciation expenses have been started, but less than 20% of estimated transactions have been captured.
      • In-Kind Donations has minimally started.
      • Donor Restrictions has NOT been started, but is expected to have minimal impact (see further remarks).

Statement of financial position

        USD 9,385.30  Assets
        USD 2,003.19    Bank:NetBank
          USD 351.46    Capital:Computers:Dev
        USD 7,030.65    Paypal
        USD 9,385.30
        USD 9,385.30  Equity:RetainedEarnings
         USD -489.57    Expenses
        USD 9,874.87    Income
        USD 9,385.30


  • See: [AC-NPO-2]

Statement of Activities

          USD 489.57  Expenses
          USD 344.22    Fees:Paypal
          USD 145.35    Services
       USD -9,874.87  Income
       USD -1,500.00    Commission
       USD -8,374.87    Donations:Cash
       USD -9,385.30


  • See: [AC-NPO-2]

TODO: Statement of Functional Expenses

  • See: [AC-NPO-4]
  • TODO: reformat to columar style with TOTALS

Program: General

         USD 145.35  Expenses:Services

TODO: Statement of Cash Flows

  • Operating Activities
  • Investing Activities
  • Financing Activities

TODO: Notes to the Financial Statements

  • (TODO FASB 2016-14 requirements)

Further Remarks

  • 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:
    • Before:
      • Permanantly restricted Net Assets
      • Temporarily restricted Net Assets
      • Unrestricted Net Assets
    • After:
      • Net Assets with Donor Restrictions
      • Net Assets without Donor Restrictions