[OSGeo Finance] Re: Motion: Approve Q1/Q2 reports

Ken Tamura ken.tamura at autodesk.com
Wed Nov 4 01:12:33 EST 2009

>From the email notes, it seems that this transaction is a 'prepaid' expense for the event (or deposit).  If so, this should be recorded to the balance sheet as a prepaid asset until the event is started where you would then reclass the prepaid asset to event expense.  The theory there is to match the expense against the revenue it will earn in the same period.

Other than that, the reports are reasonable.  A small nit would be the fact that the liabilities have a negative $25, which means that something was over expensed.

+1 if you want to release with these notes that will get resolved at a later date.

Ken Tamura
AEC Division of Autodesk, Inc.
415-547-2114 (w)    415-299-1704 (c)

-----Original Message-----
From: finance-bounces at lists.osgeo.org [mailto:finance-bounces at lists.osgeo.org] On Behalf Of Frank Warmerdam
Sent: Tuesday, November 03, 2009 9:40 PM
To: Finance List
Subject: Re: [OSGeo Finance] Re: Motion: Approve Q1/Q2 reports

Frank Warmerdam wrote:
>    Promotion & Visibility 	
>       Event Sponsorship 	43,221.31


In Q2 an advance 42,930.00 (60K AUD) was booked in the Promotion and
Visibility: Event account.  This does not seem appropriate to me since it
is just an advance to the conference organization and we get it back at the
end of the year.

However, I must admit I'm not sure how it ought to be booked.  I would
think it should not show up as an income/expense item, but should show up
in the balance sheet as that amount of money on deposit with the FOSS4G 2009
organizers, similar to if we had moved it around between our own bank

In light of this, I'm recending my previous +1 vote on the reports
till this is settled.  I think we may have to just offer tentative
reports to the board for budgeting purposes without getting anything
approved at this months meeting.  Or perhaps we could proceed with Q1
and hold Q2.

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

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