[OSGeo Finance] Finance Report

[Dave McIlhagga]

I have to sign-off as I'm heading into non-connected lands at a  
cottage on the water in the morning. I just wanted to pass along my  
support for approving the financials for 2007 once we have clarity on  
the issues surrounding cash vs. accrual reported data.

In the interest of having this resolved soon - I'd be happy to support  
the financials with this issue addressed based on the support of the  
remainder of the finance committee. If Tyler can get this information  
to the committee tomorrow - we can hopefully pass recommendation to  
the board to approve allowing distribution of the OSGeo Year-end  
report for 2007.

Signing-off .. talk to you all in a couple of weeks.

Dave




On 16-Jul-08, at 11:06 AM, Tyler Mitchell (OSGeo) wrote:

> I'm working on this, the only trouble I'm having is with quickbooks  
> itself - it likes to have a single date and I set it to "cash basis"  
> at the beginning.  This is only a problem when syncronising the bank  
> account with the books using their automated tools.  More in a  
> couple hours I hope.
>
> Tyler
>
>
> On 10-Jul-08, at 1:05 PM, Dave McIlhagga wrote:
>
>> Hi Tyler,
>>
>> Because we're interested in the annual picture -- I think the  
>> simplest thing to do would be to review a couple of things and  
>> update the books accordingly:
>>
>> 1. Check the cash payments from January / February 2007 to see if  
>> anything is related to 2006 expenses (this should be classified in  
>> the previous year)
>> 2. Check your sponsorship invoices / receipts from early 2007 to  
>> see if these are related to 2006 invoices (should be in previous  
>> year)
>> 3. Check your invoicing from end of 2007 to see if there were any  
>> outstanding payments at year end (make sure they are in the books  
>> for 2007 as income)
>> 4. Check payments made in early 2008 for any bills from 2007 (to be  
>> classified as 2007 expenses)
>>
>> Apart from this -- the only thing that I think would be odd is  
>> Frank .. um, that's not quite what I meant. :) All you have to do  
>> for that is figure out as of end of Dec. 2007 exactly how much from  
>> the sponsorships we have invoiced to date to determine total GDAL  
>> project funds. Subtract from this all invoiced expenses as of Dec  
>> 2007. The net amount is your liability.
>>
>> If you find all the relevant pieces from above -- you and I can go  
>> through it and make sure it's classified properly.
>>
>> Let me know if you want to review it with me.
>>
>> Dave
>>
>>
>>
>>
>>
>> On 9-Jul-08, at 1:00 PM, Tyler Mitchell (OSGeo) wrote:
>>
>>> Hi Dave,
>>>
>>> Yes future costs are not part of the 2007 reports, so these are  
>>> pretty much cash reports, (though at a quarterly scale there are a  
>>> couple accrued donations from sponsors).  As a snapshot of 2007 I  
>>> wouldn't expect 2008 commitments to be shown, but perhaps I  
>>> should?  Additional contracts for GDAL were not let until 2008 I  
>>> believe, so that explains any missing ones there, but should that  
>>> be in a 2008 outlook column?  I thought of adding a budget  
>>> comparison column too.
>>>
>>> The accrual approach is certainly something I'm still trying to  
>>> get used to.  I find it hard enough to keep up with updating cash  
>>> status.  Do I need to enter all upcoming costs into quickbooks -  
>>> or perhaps only ones over a certain cost threshold?  We have  
>>> several monthly costs, some that are under budget, etc. - so I  
>>> guess we'd have to do a cash-vs-accrual report to give a true cash  
>>> picture too.  I'm feeling more and more like I need some  
>>> professional help .. for these financial things.
>>>
>>> Tyler
>>>
>>>
>>> On 9-Jul-08, at 9:23 AM, Dave McIlhagga wrote:
>>>
>>>> Hi Tyler,
>>>>
>>>> I've been through the documentation - the one thing I'm not clear  
>>>> on is our cash vs income situation. I'm not certain -- but it  
>>>> seems like these numbers reflect the cash side rather than  
>>>> income? For instance -- there is significant income from project  
>>>> sponsors (for GDAL) but no indication of a liability for future  
>>>> contracting that OSGeo is on the hook for. There may be other  
>>>> examples like this that I'm not aware of.
>>>>
>>>> Could you provide some clarity on this? Although cashflow  
>>>> management is important -- for a clear view of health and  
>>>> sustainability of the organization (especially in an annual  
>>>> report), it's critical that our income statement and balance  
>>>> sheet be accurate.
>>>>
>>>> Thanks,
>>>> Dave
>>>>
>>>>
>>>>
>>>>
>>>> On 8-Jul-08, at 10:48 PM, Tyler Mitchell (OSGeo) wrote:
>>>>
>>>>> On 27-Jun-08, at 7:01 AM, Dave McIlhagga wrote:
>>>>>
>>>>>> In the meantime -- I will give the detailed information a  
>>>>>> review, and would ask other interested committee members to do  
>>>>>> the same. If possible I would ask that we have any questions  
>>>>>> about 2007 financials from the committee posted through this  
>>>>>> mailing list by next Thursday. Given the Canadian and US  
>>>>>> holidays next week -- that's probably going to be pretty tight  
>>>>>> as it is.
>>>>>>
>>>>>> We could then look to vote on a recommendation to the board  
>>>>>> concerning the financials early the week following.
>>>>>
>>>>> Any more thoughts or feedback?  If we have a board meeting this  
>>>>> week it would be nice to have the financials recommendation put  
>>>>> forward.
>>>>
>>>
>>> Tyler Mitchell
>>> Executive Director
>>> Open Source Geospatial Foundation
>>> tmitchell at osgeo.org
>>> P: +1-250-277-1621
>>> M: +1-250-303-1831
>>>
>>>
>>
>
> Tyler Mitchell
> Executive Director
> Open Source Geospatial Foundation
> tmitchell at osgeo.org
> P: +1-250-277-1621
> M: +1-250-303-1831
>
>