[OSGeo Finance] Preliminary Q4 2008 Reports

[Ken Tamura]

My input for questions:

1. Yes.  2008 activity should be in 2008 financials. The way you do this is to estimate the costs and record them as 'accrued expense'  (debit accrued payables; credit accrued expenses).  This then makes the 2008 financial statements more accurate.

2.  when actual 2008 expenses come in, you can record them normally when paid (ie., record them as actual 2009 transactions).  However, you also reverse your accrued expense entry (debit accrued expense; credit accrued payable).  This will put a credit in the income statement and offset the actual expense paid in 2009.

I won't have time to review the financials until next week, but will do a review then.


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 (External)
Sent: Friday, March 06, 2009 10:06 AM
To: Finance List
Subject: [OSGeo Finance] Preliminary Q4 2008 Reports

Folks,

I have attached the preliminary financial reports for 2008 Q4.  Before requesting final approval, I would want to hand modify the balance sheet to segregate the reserved funds held for the GDAL project.

The other issue that came up in discussions with Tyler is that these results do not include anything about FOSS4G 2008.  We haven't received a final accounting from Gavin and his crew yet, nor any payments.  This leaves a few questions for me:

1) Should we be making an effort to reflect FOSS4G 2008 results in FY 2008?
We certainly budgeted for it in 2008!

2) If/when we get it do we just record the net payment (profit) or entries for income and expenses?  For the purposes of demonstrating public support as a 501(c)3 we have been intending to consider each FOSS4G registration fee as a donation to the foundation.  To do this, it seems we need to at least record some information on this as revenue (with corresponding expenses).
Is this right?  Or is it sufficient to point to the registration numbers in a report from Gavin if we are ever asked about public support?

The amounts of net profit for FOSS4G 2008 are likely to be quite modest as I understand it.

PS. our board meeting for today was cancelled for lack of quorum.  I would really like to have approved financial results available for the next board meeting which might be held as soon as next Friday.  So, approaches that lead to quickly winding things up are desirable!

PPS. I'd stress that everyone on the finance committee is encouraged to login to quick books and inspect the records as recorded there, and ask questions.

PPPS. To to slovenlyness on my part, I have not yet got online access to our TD account.  In general should we be doing any kind of spot checking of the
accounts to ensure they are properly reflected in quickbooks?   Perhaps
I or others should get scanned statements for some of the accounts for auditing purposes from Tyler as part of our due diligence?

Best regards,
-- 
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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