[OSGeo Finance] Motion: Adopt Financial Reports

[Ken Tamura]

I'm getting a little lost on these emails.  I will try to address this one.

In general, liabilities are recorded when there is a known commitment or services have been rendered and money is owed but not paid.

I think the question is how to ensure restricted money is proportioned and classified.  This is a very important point for a non-for-profit.  All restricted money received should be classified in the balance sheet "cash" account as restricted.  For money that is not restricted by contract/agreement, can be classified in cash as non-restricted funds.

For projects, if 'allocated' budget is not spent in the year, in general that money can be reallocated according to the next year plan budget (often a use or loss process).  This helps ensure that budget plans are reasonably planned with accuracy and project managers monitor their spending levels.  If projects last for more than one year, the budget plan should reflect the plan spend over the number of years for planning purposes, and allocated budget rolls each year until  the project plan is completed.

I hope this helps.


Ken Tamura
Geospatial Solutions of Autodesk, Inc.
415-507-8313 (w)    415-299-1704 (c)

-----Original Message-----
From: finance-bounces at lists.osgeo.org [mailto:finance-bounces at lists.osgeo.org] On Behalf Of Dave McIlhagga (External)
Sent: Friday, August 08, 2008 3:35 AM
To: Tyler Mitchell (OSGeo)
Cc: Finance List
Subject: Re: [OSGeo Finance] Motion: Adopt Financial Reports

I don't see where the money available for the GDAL project exists as a
liability on our books. ie, the $13,031 amount shown as income for
GDAL and available for contracting by the GDAL project as of Dec 31
'07. I believe this should be a liability on our books -- Ken was this
not what made sense to you?

I could be wrong on this -- Ken, we'll have to rely on your judgement
on this one.

Other than this one clarification -- I think everything else looks fine.

Dave


P.S. - Since I'm no longer on the board, it's probably best if either
Tyler or Paul present the financials to the board for approval. I
should also mention that I would be happy to remain part of the
finance committee if that's something you would like, either as an
official member - or just someone poking in with noise from the peanut
gallery -- whichever is appropriate. :)




On 7-Aug-08, at 7:45 PM, Tyler Mitchell (OSGeo) wrote:

> At time of invoicing a sponsor the projected amounts are split
> accordingly.
>
> On 7-Aug-08, at 4:30 PM, Paul Ramsey wrote:
>
>> I guess I'm wondering where/when the funds get broken into general
>> revenue category and restricted category.
>>
>> P
>>
>> On Thu, Aug 7, 2008 at 4:05 PM, Tyler Mitchell (OSGeo)
>> <tmitchell at osgeo.org> wrote:
>>> Are you referring to tracking the GDAL project funds for the PSC
>>> to use?
>>> Those funds are lumped in as income at the high level, but are
>>> ultimately
>>> tracked as Income->Donations->Project Restricted - e.g. see:
>>> http://www.osgeo.org/files/finance/reports-2007/2007_end_income.html
>>>
>>> Whereas as foundation sponsorship levels have their own accounts.
>>>
>>> Unless I'm mistaken, there weren't any outstanding liabilities or
>>> contracts
>>> for use of the funds - perhaps that is what you are thinking of?
>>> All
>>> contracts were wrapped up by end of the year.
>>>
>>> For billing costs against GDAL, they are tracked as a CLASS.  So
>>> you can see
>>> pretty much the whole picture re: GDAL here in the 4th column:
>>> http://www.osgeo.org/files/finance/
>>> reports-2007/2007_end_classes.html
>>>
>>> Does that answer your question?  We had a lot of back and forth on
>>> tracking
>>> GDAL funds this past year, I'm going to re-check.  I think some 2007
>>> contracts weren't paid out until 2008 - and I suspect I missed that.
>>>
>>> Tyler
>>>
>>>
>>>
>>>
>>> On 7-Aug-08, at 2:49 PM, Paul Ramsey wrote:
>>>
>>>> Does this mean that we are recording the liabilities associated
>>>> with
>>>> project sponsorships at the same time we are recording the asset?
>>>>
>>>
>
> Tyler Mitchell
> Executive Director
> Open Source Geospatial Foundation
> tmitchell at osgeo.org
> P: +1-250-277-1621
> M: +1-250-303-1831
>
>
> _______________________________________________
> Finance mailing list
> Finance at lists.osgeo.org
> http://lists.osgeo.org/mailman/listinfo/finance

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