[OSGeo Finance] Draft 2008 Financials

Mon May 25 14:26:57 EDT 2009

Frank,

In the balance sheet, the Liabilities+Equity calculation doesn't seem
to stand up. Only the credit card debt is counted as a liability, not
the GDAL restricted account.

P.

On Mon, May 25, 2009 at 11:18 AM, Frank Warmerdam <warmerdam at pobox.com> wrote:
> Folks,
>
> I have run the 2008 income and balance sheet reports again with Tyler's
> recent adjustments, and I have adjusted the balance sheet report again
> to report the GDAL project restricted funds as a liability.  I know Ken
> didn't like this, but I can't seem to find the email where he suggested
> an alternative, and I've been paralysed on this front for too long.
>
> Looking at the 2008 Income/Expenses there were a few things that bugged me.
>
> 1) The "Contributions" expense item (14709.32) is really the portion of
> the FOSS4G 2008 profits that were provided to GISSA and the GISSA
> education fund.  I'm not sure why "Summer of Code" and "Promotion" got
> subcategories while this did not.
>
> 2) I'm not sure why the Geoconnextion payment went into "Services" while
> stuff like Google Summer of Code Mentorship payments went into "Unrestricted
> General".
>
> 3) I see a $968.62 expense under professional fees which turns out to be
> a payment for FOSS4G 2009, presumably for Tyler.  Is there a reason this
> is not included in the "Event Fee" category under Travel and Entertainment?
>
> 4) I was surprised to see $15510 for uncollectable debt.  I thought the new
> plan was not to treat withdrawn sponsorship invoices this way?  I generated
> this report on Friday.
>
> I'm not going to make a motion to approve these reports quite yet as I'd
> like a chance for some feedback and possible adjustments first.  I will
> likely make a motion tomorrow if there are no serious objections.
>
> I would like to get these approved in time to forward to the board this
> Friday.
>
> Best regards,
> --
> ---------------------------------------+--------------------------------------
> I set the clouds in motion - turn up   | Frank Warmerdam,
> warmerdam at pobox.com
> light and sound - activate the windows | http://pobox.com/~warmerdam
> and watch the world go round - Rush    | Geospatial Programmer for Rent
>
>
> OSGeo
> Balance Sheet
> As of December 31, 2008
>
> Total
> ASSETS
>    Current Assets
>       Bank Accounts
>          CHECKING TD BANK 92,531.50
>          CHECKING WELLS FARGO 83,722.76
>          PayPal 0.00
>       Total Bank Accounts $176,254.26
>       Accounts Receivable
>          Accounts Receivable 43,180.68
>       Total Accounts Receivable $43,180.68
>       Other Current Assets
>          Undeposited Funds 0.00
>       Total Other Current Assets $0.00
>    Total Current Assets $219,434.94
> TOTAL ASSETS $219,434.94
> LIABILITIES AND EQUITY
>    Liabilities
>       Current Liabilities
>          Accounts Payable
>             Accounts Payable 0.00
>          Total Accounts Payable $0.00
>          Credit Cards
>             Credit Card - TD VISA 109.24
>             Tyler Personal CC 0.00
>          Total Credit Cards $109.24
>       Total Current Liabilities $109.24
>       GDAL Restricted $19,282.10
>    Total Liabilities $19,391.34
>    Equity
>       Opening Balance Equity 3,971.19
>       Retained Earnings 156,194.97
>       Net Income 39,877.44
>    Total Equity $219,325.70
> TOTAL LIABILITIES AND EQUITY $219,434.94
> Monday, May 25, 2009 01:33:39 PM GMT-4 - Accrual Basis
>
> OSGeo
> Income & Expenses
> January - December 2008
>
> Total
> Income
>    Conference Fees 341,993.00
>    Donations
>       Associate Sponsor 30,000.00
>       Project Restricted 7,000.00
>       Restricted GDAL 24,375.00
>       Supporting Sponsor 20,000.00
>       Sustaining Sponsor 100,000.00
>       Unrestricted General 26,128.25
>    Total Donations 207,503.25
>    Services 2,836.00
>    Uncategorized Income 0.00
> Total Income $552,332.25
> Expenses
>    Bank Service Charges 1,233.69
>       Checks Printed 83.88
>    Total Bank Service Charges 1,317.57
>    Conference Expense 320,272.54
>    Contract Labor
>       Project
>          GDAL 3,698.00
>       Total Project 3,698.00
>    Total Contract Labor 3,698.00
>    Contributions 14,709.32
>       Promotion 1,000.00
>       Summer of Code 1,120.00
>    Total Contributions 16,829.32
>    Incorporation costs 878.96
>       Tax 168.00
>    Total Incorporation costs 1,046.96
>    Insurance
>       Travel 63.42
>    Total Insurance 63.42
>    Office Supplies 92.35
>       Computer 326.90
>       Phone 1,921.11
>       Postal 946.33
>       Printing 142.10
>       Software 652.76
>    Total Office Supplies 4,081.55
>    Payroll & Benefits 105,723.02
>    Professional Fees
>       Meetings 968.62
>    Total Professional Fees 968.62
>    Promotion & Visibility
>       Communications 8,063.56
>       Event Sponsorship 6,500.00
>       Merchandise 1,722.63
>       Printing 995.84
>    Total Promotion & Visibility 17,282.03
>    Systems
>       DNS 296.00
>       Hosting 14,015.12
>       Security 1,185.00
>    Total Systems 15,496.12
>    Travel & Ent 514.25
>       Event Fee 147.71
>       Lodging 3,133.25
>       Meals 502.76
>       Planning Costs 71.92
>       Travel 5,795.77
>    Total Travel & Ent 10,165.66
>    Uncategorized Expense 0.00
>    Uncollectable Debt 15,510.00
> Total Expenses $512,454.81
> Net Operating Income $39,877.44
> Net Income $39,877.44
> Friday, May 22, 2009
> This report was created using QuickBooks Online.
> _______________________________________________
> Finance mailing list
> Finance at lists.osgeo.org
> http://lists.osgeo.org/mailman/listinfo/finance
>
>