Foundation Talk:Gentoo Foundation Finances FY2005
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- 1 Financial statements of Gentoo Foundation Inc., FY2005
Financial statements of Gentoo Foundation Inc., FY2005
- 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
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)
- 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). https://www.accountingcoach.com/nonprofit-accounting/explanation/4