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

Dave McIlhagga dmcilhagga at dmsolutions.ca
Wed Nov 4 13:29:57 EST 2009


I'm +1 per Ken's suggestions.

Dave



On 2009-11-04, at 1:12 AM, Ken Tamura wrote:

>> 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
>
> Folks,
>
> 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
> accounts.
>
> 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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