This was extracted (@ 2024-04-17 21:10) from a list of minutes
which have been approved by the Board.
Please Note
The Board typically approves the minutes of the previous meeting at the
beginning of every Board meeting; therefore, the list below does not
normally contain details from the minutes of the most recent Board meeting.
WARNING: these pages may omit some original contents of the minutes.
Meeting times vary, the exact schedule is available to ASF Members and Officers, search for "calendar" in the Foundation's private index page (svn:foundation/private-index.html).
As with previous months, things continue to run smoothly. One task of note that was recently completed was filing our Form 990, the non-profit version of an income tax report, for the 2022-2023 fiscal year. The firm that had previously been preparing this report for us declined to do so this year, so IgniteSpot (which also does our day-to-day accounting) offered to do so, and I accepted the offer.
Things continue to operate normally, with a couple things worthy of note: * Community over Code conferences in the US and EU have a joint sponsorship opportunity. We've set up a process for the appropriate revenue sharing with the company operating the EU conference. * Some questions have been raised around how physical checks to our Wilmington mail address get handled. I am investigating alternative approaches, but have not found one worthy of being transitioned to yet.
As with prior months, things continue to operate fairly smoothly. One process note - Roberto Galoppini (Assistant Treasurer) will be taking on the task of forwarding relevant physical mail that gets received by our service provider (Wilmington Mail), which Myrle was faithfully dealing with even after she switched roles.
As with previous months, things are running smoothly. We (Treasury) are making plans to update the "Treasurer Internal" section of the ASFP wiki in the coming months.
As was the case last month, things continue to run fairly smoothly. I will be in transit during the November Board meeting, so will be unable to participate in the Zoom call. Let me know if you have any questions that I can address.
As was the case last month, things continue to run fairly smoothly. It is too early to get a complete read on how the Community over Code conference did financially, but preliminary figures on the income side include $46k in registrations and $118k in sponsorships. Expenses will become clear later in October when the payments via Bill.Com and Ramp cards show up.
Normal operations continue, nothing special to report.
We are onboarding with yet another Cloud Accountant (our primary contact at IgniteSpot), so that is taking a little more time than in the past. In addition, Myrle's resignation as Assistant Treasurer (THANK YOU for everything you've done to make Treasury able to work smoothly) is giving us a reason to review access to all of our online services, including both those that we use and the vendor portals for many of our sponsors) to ensure that only the authorized people have access to those services. No discrepancies found, which is a good thing.
A fairly quiet month, nothing of significance to report.
I sent to the board@apache.org mailing list the financial results for both the entire 2022-2023 fiscal year, and the results for May 2023. To ensure they are recorded in the board meeting minutes, here are the comments I included with that email: NOTES FOR THE FISCAL YEAR REPORT: * Financially, we operate on an accrual basis. The impact of this is most notable in the "Sponsorship Program" income, where we receive the entire amount of each sponsorship ahead of time, but allocate the revenue across the relevant months in 12 equal portions. * In accordance with the Board-approved resolution, we transferred funds not needed for current operations ($2 million) to an Operating Reserve fund. That investment earned us just over $48,000 in interest, which is being reinvested. * Overall for the year, revenues exceeded expenses by just over $200,000. * As I mentioned in my previous Board Report, we have successfully collected the funds formerly deposited with Citizen's Bank, and transferred them to our TD Bank account. This happened over the fiscal year-end boundary, so it shows on the Balance Sheet as an entry in account 1060 (Temporary Clearing) along with zeroing the balance of 1010 (Citizen's Checking). * Account 1072 (Unrealized Gains/Losses) on the balance sheet reflects the fact that, if we had to sell all of our investments today, we would lose money - which won't happen. The cause for this is the long string of Federal Reserve interest rate increases, which drives down the list price for bonds. As those bonds mature, we will receive the original par value for them, as well as the interest we earn in the meantime. * We continue to record the $500,000 "Conditional Gift" in account 2210. This cash remains in our Checking Account, until the Board decides what we want to do with it. NOTES FOR THE MAY 2023 REPORT: * Expenses related to the Board Face-to-Face meeting happening in Berlin are accumulating in account 6010 (Chairmans Discretionary). There will be additional expenses related to this trip in June.
We have basically concluded the process of dealing with vendor payable portals that were still using the Citizens bank account. We went back through all of the ones that had sent a deposit to that account in the last two years, and either adjusted the bank details there, or updated them to point at the correct (TD Bank) account. I *think* we got them all, but will deal with any exceptions that come up later. On that topic, the legal pressure that we applied actually worked – Citizen’s sent us a check for the account balance that was successfully deposited in our TD account. The only wrinkle in this was the timing: * Citizens wrote the check at the end of April, so the account balance (on our books) was zero’d as of April 30. * The deposit to TD didn’t actually occur until early May. Thus, our end-of-April financial reports (and, because of our fiscal year, end-of-year reports) will look a little odd. * The amount of that check will show, in the Balance Sheet, as “Undeposited Funds”. I will include notes to this effect when the books are finally closed and we can report final results for the year. The final results are not quite in yet, but we had a pretty successful year from an accounting perspective (these are still estimates until final closing numbers are confirmed): * Cash on hand (including the Citizens->TD transfer): ~$2.6 million. That includes the $500k “conditional gift” that has not yet been designated by the Board for a particular purpose. * Operating Reserve balance of about $1.95 million. That reflects “unrealized losses” if we actually had to sell any of our (corporate bond) assets today, instead of waiting for them to mature – that’s what happens with a continuous stream of interest rate increases. We have no need to suffer that consequence. Overall, for the fiscal year: * Revenue from regular sources (conferences, public donations, sponsorships): $2.2 million. Sponsorship revenue – the largest portion of that – is accrued monthly based on the terms of each sponsorship agreement, so there’s a significant amount of the actual money we’ve received (reflected in our cash balance, above) that will show up as income in the next fiscal year. * Regular expenses were just over $2 million, so we had a net profit from actual operations of just over $250k. * Our operating reserve generated over $48k in interest income. Future projections indicate that we can expect this sort of return in the future as well. (Per current policy, this is getting reinvested in asset purchases, so it won’t show up in our cash balance.) We (ASF) need the Board to authorize a budget for the fiscal year that we just started. That doesn’t stop paying any bills or anything - but it’s not appropriate to ignore this need.
As with previous months, we continued the process of dealing with vendor payable portals. We are now down to two or three sponsors whose payments were made into the Citizens Bank account during this fiscal year, in spite of explicit payment instructions on the invoices in question. In basically all of these cases, the payables systems at these sponsors have stored the previous (Citizens Bank) account details, and are not paying attention to new invoices with banking details. Dealing with them gently is an important part of our cooperation with Fundraising to correct the internal information systems in each case. Our previous accountant at IgniteSpot has received an internal promotion there, and we have begun working with a new accountant there as our primary account representative. Initial interactions have been very positive. For quite a while, we have been requesting Citizens Bank to close our account there, and transfer those funds (via a check that we can deposit) to our TD Bank account. Citizens Bank has not been cooperative, and we are increasing the pressure on them.
Continued the process of dealing with vendor payable portals. This is becoming more important as we are trying to wind down usage of our Citizens Bank account, and several donor payments over the last year have been sent to that account – in spite of payment instructions on nearly every one of those invoices to send payments to TD Bank instead. Although this was a continued focus in February, an event in March was also important to understand the impacts of – the failure of Silicon Valley Bank (followed by problems with Signature Bank and First Republic, as well as internationally at Credit Suisse). A brief summary from our perspective: DIRECT IMPACTS: None. We had no funds in any of the affected banks. INDIRECT IMPACTS (VENDORS): We have significant relationships with several vendors, including ADP (Payroll), Bill.Com (outbound payments), Ramp (virtual and physical credit cards), as well as other options for receiving donations (such as Stripe). Of these vendors, Bill.Com was the most seriously impacted (having money on deposit at SVB), but say that things are back on track. INDIRECT IMPACTS (SPONSORS): We don’t have knowledge of which banks sponsors that might have had funds at risk. However, one sponsor did send an interesting note – suggesting that if any of *their* vendors had money at SVB, they should update bank details to send payments somewhere else, to avoid delays in receiving payments. OTHER IMPACTS (COMMUNITY, DEVELOPERS, MEMBERS): Again, we have no direct knowledge of such impacts, but it will benefit everyone to be cognizant that there might be issues.
Even more continued follow-up on dealing with requirements on vendor payable portals for our donors. Requirements continue to be changing, but our objectives remain the same: * At least two Treasury folks have *individual* access to vendor portals. As needed, our accounting firm (IgniteSpot) has *individual* access to each vendor portal to submit invoices, but not to change corporate details such as our bank account. One of the challenges, especially in cases where a vendor portal does not support individual accounts, is that only one person’s phone can be configured for the usual two-factor authentication check. We will shortly be exploring technology that lets us acquire a phone number through which we can receive these SMS messages, and then transform them into either a Slack message or an email, with the destination being the appropriate group of individuals (either within Treasury or within our accounting firm). This should avoid the kind of problems that occur when individuals leave their current roles.
Unfortunately I suffered much of the month with a nasty flu bug, so was not able to accomplish a lot. Fortunately, our assistant treasurers were able to pick up some of the pieces, so we continued making progress on the tasks previously described.
Continued follow-up on dealing with requirements on vendor payable
portals for our donors. Requirements continue to be changing, but our
objectives remain the same:
* At least two Treasury folks have *individual* access to vendor
portals.
* As needed, our accounting firm (IgniteSpot) has *individual* access
to each vendor portal to submit invoices, but not to change
corporate details such as our bank account.
These requirements are a recognition that individual accountability is
important (especially as transitions to new individuals eventually
happens), plus that things like two-factor authentication are
inevitably tied to individuals. (Does anyone here know who a TFA text
to an account ending in “1234” actually goes to?).
Many vendor portals make it possible to do this kind of thing.
Unfortunately, not all of them. Dealing with each individual case is
an ongoing challenge.
Wrapped up most of the loose ends around ApacheCon. In addition, efforts continue to establish reliable connections to the payables system of our various sponsors, such that personnel turnover on our end will not cause disruptions. @Roman: follow up with Craig about 2FA stuff
A large amount of effort this month was supporting the run up to ApacheCon, including some lessons learned about approaches to paying for things. This information will be used to fine tune our approaches for future conferences. In addition, efforts continue to get a handle on various sponsors that have had changing requirements to operate within their Accounts Payable systems.
This month continued focus on several tasks from the month before, including access to Accounts Payable systems for various sponsors and donors. As more of our donors adopt requirements to participate in their donor-specific Accounts Payable environments, the amount of effort this requires has been increasing. Some of this effort has been because we consolidated our bank accounts into one, but donor systems maintained information from previous contributions that is now out of date. This should taper down as more of them are updated, but is still a focus of effort in the short term. We have also been working with the various Apache folks coordinating and organizing the upcoming ApacheCon conference in New Orleans.
This month continued focus on several tasks from the month before, including access to Accounts Payable systems for various sponsors and donors, as well as working with planning for spending and payment processing for the upcoming ApacheCon conference. In addition, this was the first month working with our new cloud accountant at IgniteSpot. That experience has been very positive so far. Also, work has begun on preparing input data for the Form 990 report that we must submit to the IRS annually.
This month has been focused on several things. Regaining access to registrations that were done, on behalf of Apache, in the Accounts Payable systems of several of our sponsors and other donors. A tentative policy formalizing how we set up secure access to these systems is under discussion with fundraising, but is complicated by the fact that each vendor system has its own unique requirements that must be met. Working with various groups supporting the upcoming ApacheCon conference in New Orleans, to set up the mechanisms for accepting registration payments, as well as reimbursements to staff members and TAC participants, primarily through Ramp cards. At the end of the month, we found that our recently appointed cloud accountant at IgniteSpot has again been replaced. I will be meeting with our new representative shortly, to restart an onboarding process.
This month was calmer than most recently … until the end of the month, when we were notified that our primary accounting person, at IgniteSpot, has decided to take a job elsewhere, meaning another transition after five months with the current person. We will be meeting with and onboarding our new person in June, and will definitely have a learning process to deal with. Fortunately, the IgniteSpot person who does lots of our actual detailed entry work (I love her title: “Data Expert”), remains on the team, which will lessen the effort required. One immediate term focus has been the need that we (Treasury), Fundraising, and IgniteSpot need to work together on defining and implementing policies that provide the right secure access, from the right parties, to login credentials to various vendors that we rely on. For example, we show up as an Accounts Payable vendor in the environments of most or all of our sponsors. This will be a focus over the next few months. In addition, our newest Assistant Treasurer and I (Treasurer) have been meeting 1:1 pretty much weekly, both for onboarding him but also with the goal of writing down the various procedures needed to perform in this role, so that – the next time a transition happens – it will be easier to provide the needed knowledge.
As we have completed our 2021-2022 fiscal year (ending on April 30, 2022), we primarily focused on cleaning up some outstanding issues on the way Targeted Donations have been handled - in some cases the funds were not actually separated from unrestricting giving, and in some cases expenditures were not being charged against the Targeted Donations for each particular project. Several of these have been resolved, but a few remain to be addressed - including some targeted donations that have been on the books for a long time. We will be working with Fundraising to resolve the current status of each of these donations, as well as implement a standard strategy (worked out with Fundraising) on how to deal with future targeted donations. On the Statement of Financial Position (formerly called the Balance Sheet, but this term is more accurate when it relates to non-profits like us), you will see two numbers listed under the Operating Reserve category: Operating Reserve-Basis: This balance is made up of (1) Our initial contribution to the reserve ($100 test transaction to confirm that the wire transfer process works correctly, $2,000,000 for the initial contribution; (2) Increased by interest payments we receive monthly; (3) Decreased by management fees with TD Wealth on a quarterly basis. Unrealized Gains/Losses: What we would make or lose if we sold the entire portfolio, at end-of-month market prices. Why is it negative right now? We are invested in a broad list of high quality corporate bonds - and when interest rates are rising (as they are at the moment), the sales price of bonds goes down in order to maintain competitive yields. Should we be concerned? No - unlike with purchasing stocks, we are guaranteed the original bond amount when it matures, unless (a) a bond seller defaults on paying the bonds off – extremely unlikely with the investments recommended by our advisor, or (b) we have to sell prior to maturity – which is also extremely unlikely unless our fundraising falls off a cliff. Because this was the end of our fiscal year, a YTD this-year-versus-last-year report was provided, so we can review the entire year’s activity in addition to just the current month.
The initial investment into our Operating Reserve account at TD Wealth has been completed. In line with the Board-approved investment policy, we have gone with the recommendations of our Financial Advisor (at TD Wealth), and invested the initial transfer in an array of approximately 40 corporate bonds (at around $50,000 each), with maturities in tiers ranging from one to five years. I have instructed our advisor to reinvest interest (and any dividends) we receive, rather than returning cash to the general bank account – we do not need it for any foreseeable future requirements, and it will do us more good continuing to earn income. Notes on how this will be represented in the financial reports (starting with March 2022): * The amount we have transferred in to the Operating Reserve ($100 in a test transaction, $2,000,000 for the big deposit), plus any interest/dividends earned, and minus any withdrawals (none are anticipated) and investment advisor fees will show in the Balance Sheet in the “Cash and Equivalents” section, with the heading Operating Reserve. * The amount of interest/dividends earned in any given month will show in the Profit & Loss as Other Income (at the bottom). * Investment Advisor fees (none in March, but they will show up quarterly) will show up as an Other Expense (at the bottom). * Monthly reports from our Operating Reserve investment account look a lot like reports from investment accounts for our individual IRAs and other investments – and the summary includes *unrealized* (until we actually sell assets) gains and losses due to fluctuations in the current market prices of the bonds we have purchased. I’ll be happy to separately include the summary on a regular basis if the Board desires – you probably don’t want to see the 45 detail pages describing all our initial investments – but the Balance Sheet and Profit & Loss statements should reflect only real things, not the constantly changing purchase prices for things we have no intent to sell. On the topic of Operating Reserve income: * For March 2022 (about half a month of investment), we earned almost $1500 in interest. * As a comparison, for the entire fiscal year to date (May 2021 - February 2022), we earned just over $150 in interest on our previous CDARS program and interest on our bank accounts. * The estimated interest income for the next twelve months, based on what we have invested so far, is just under $50,000. * Regarding budgeting, my recommendation is that we either (a) do not explicitly budget for this, because these funds are not available for general use unless we withdraw them, or (b) budget for it, but in a completely separate section. I recommend option (a), but it’s up to the Board which way we want to deal with it. After the budget for the next fiscal year is approved, I will be reviewing whether we should transfer more funds to the Operating Reserve, based on the new budget’s income and expense projections. According to the approved policy, it is acceptable to keep 50%-75% of the projected annual requirements in readily available cash. In case of need, we can (of course) withdraw money from the Operating Reserve at any time. However, since this will most likely involve sale of some of the purchased assets, incurring settlement time frames measured in days, this is not an instantaneous process. Other items of note: * Roberto Gallopini has been onboarding as a second Assistant Treasurer (in addition to Myrle Krantz’s continued participation), with much success. He is picking up understanding of our processes, and has contributed to solving ongoing issues. * Our accounts at Boston Private have been closed, and all funds transferred to our TD Bank account. Our efforts to transfer the remaining balance from our Citizen’s Bank account are still ongoing. This has been complicated by the fact that a few of our donors are still sending their payments to that account (we are working to update the information in our donor A-P systems as this occurs). Myrle is leading the charge in getting this situation finalized. * We have assisted Fundraising in preparing their budget proposal for the next fiscal year, dealing with some complications due to the switch (current fiscal year) from cash basis to accrual basis accounting. * As part of this assistance, we (Fundraising and Treasury) are working to formalize how we handle donations that are targeted to individual Apache projects or purposes. Part of this formalization will include some cleanup in the detailed accounting for recent and ongoing targeted donations. The amounts are not material to the overall financial situation, but the goal is to ensure that our final reports for April 2022 (the end of this fiscal year) will accurately show the size of restricted but unspent funds for each project, and support ongoing tracking for each individual project in the future.
We have continued to make progress getting our Operating Reserve account set up at TD Wealth. You will see this show up in the March financial reports, starting with a $2 million transfer from our TD Bank account to the Operating Reserve. This is quite a bit less than half of our end-of-February cash balance, and (even not counting the $500,000 restricted donation), falls in line with the policies outlined in the Investment Policy Statement that the Board approved in December 2021. In February, Myrle and I reached out on members@ looking for potential volunteers for a second Assistant Treasurer position. This would allow for spreading the required workload across more volunteers, and provide better backstops if the Treasurer or current Assistant Treasurer became unavailable - especially for transactions that require dual approvals. We got a reply expressing interest from Roberto Galoppini (galoppini@apache.org), a fairly long time member, who followed up on the suggestion to review Myrle’s video presentation about the progress that Treasury has made, and we also had a video interview with him recently. We were both favorably impressed, and would like to nominate him as a second Assistant Treasurer.
January marks a transition at the Treasurer position, from Myrle Krantz to Craig McClanahan. Myrle remains as Assistant Treasurer, for which I am very grateful. I'm standing on the shoulders of giants after all that she has accomplished. We also experienced a transition of our primary accounting contact at IgniteSpot (our accounting firm). Our former primary contact chose to leave them, and we have engaged with our new primary contact there, and things are going well. Regarding general financial activities, we are moving forward with several tasks that are not yet complete: * Closing our accounts at Boston Private (as soon as our final CDARS investments mature in February). Funds will be transferred to our TD Bank account. * Closing our account at Citizen's Bank. Funds will be transferred to our TD Bank account. * Funding of the Operating Reserve investment account, per the Investment Policy Statement approved by the Board. As a terminology note, our investment advisor for the Operating Reserve account will be referred to as TD Wealth, to distinguish it from TD Bank that is our bank account.
The budgeting process in operations is beginning and the Treasurer’s office is supporting by providing budget and expenditure numbers from the current and previous fiscal year. We have hit a minor, temporary obstacle in this process, caused by personnel transitions: We have a new accountant at IgniteSpot Our Treasurer, and Assistant Treasurer are swapping positions This will slow us down a bit, but only a few days. Over the holiday period, we had several unexpected last minute sponsorships and donations, related to the end of the year. Because some of the needs to support these sponsorships came up after our accountant was already off for Christmas, our volunteers supported those efforts by issuing estimates and providing adjustments to existing invoices on Christmas Eve. Fortunately, because we have access to our own data in Quickbooks Online, we were able to provide this support.
We have completed a draft of the Investment Policy Statement and submitted it to the board for comment. We hope it will be passed, so that the Treasury can make progress on two open issues: * CDARS replacement. * Endowment fund establishment with the $500k restricted donation that we've been carrying on our books since 2018. Similar to the Arrow donation managed by Myrle Krantz, and then later the Cordova donation managed by Craig Russell, Craig McClanahan is currently making Ramp Cards available to the Spark community to help them use a restricted donation targeted at helping the Spark community. We've also received a restricted donation targeted to the Apache D&I community efforts. In the context of the increased volume of restricted donations targeted at specific Apache projects we are currently examining our accounting practices and our technology choices to see if we can improve the processes involved.
We have begun the work of drafting an Investment Policy Statement, and have presented a very early draft to the board for discussion. Craig Russell has been supporting the Apache Cordova PMC in spending project restricted funds, by providing Ramp virtual cards. Volunteers are able to buy test hardware to help them develop Cordova without paying for that hardware out of their own pocket and then requesting reimbursement. This is the culmination of several positive advances in fundraising and in the treasury, including policies on what kinds of targeted donations are possible (fundraising), processes for recognising and tracking restricted funds (accounting), and tools for safely creating and managing virtual credit cards. This has taken a bit of figuring out, but feedback from volunteers has been overwhelmingly positive. This is a success to be proud of. For those interested, you can follow our credit card expenditures in the #ramp-notifications slack channel; credit card expenditures are *fully* transparent.
We have received the resignation of Assistant Treasurer, Trevor Grant. We appreciate Trevor’s multiple years of service in this role, and wish him well in all other roles he chooses to pursue. Thank you Trevor for helping to protect and manage the funds of The ASF for nearly two years! Our remaining Assistant Treasurer Craig Russell has not yet been onboarded into all of our accounts; we still have some work to do here, but we have made some progress. We have nominated a new Assistant Treasurer to serve together with Craig Russell. Craig Russell has been collecting requirements for a CRM system to improve collaboration between the Treasurer team and the Fundraising team. We have taken the next step in closing the Citizen’s Bank account by moving the balance from that account to our TDBank account. The amount moved was over $806k. We may still receive deposits in the Citizens account going forward, but we need Fundraising and the Treasurer team to work together to inform sponsors and prevent such misdirected deposits. As was originally requested at the end of last year, our Citizen’s account has been removed from our former accountant Virtual’s umbrella organization. Bill.com has not responded to our requests for correction with respect to the funds loss that resulted from a currency misconfiguration in their system. We are choosing to accept the loss at this time, because it is not worth the volunteer effort to continue to pursue it.
Onboarding our new Assistant Treasurer, Craig Russell continues. Craig has begun deepening his understanding of our collections process and examining the interface between treasurer and fundraising. We had a snag in vendor payments resulting from a misconfiguration in bill.com. The consequence of that misconfiguration was underpayment of our vendor. The problem has been addressed, and the vendor will be paid correctly going forward. We are still awaiting bill.com’s response on how the misconfiguration came about. We encourage those curious about the financial’s of The ASF or our accomplishments from the previous year to take a look at the Treasurer’s part of the annual report that was just published: https://www.apache.org/foundation/docs/FY2021AnnualReport.pdf
July was a quiet month, so not much to report. We welcome our new Assistant Treasurer, Craig Russell. Thanks CraigR for volunteering. We've been getting CraigR onboarded into the various Treasurer systems. The transition from Citizen’s to TDBank hit a snag when we realized that sponsors with vendor systems that we access still have the old banking information in their systems. IgniteSpot is working to update those sponsors who draw their banking data from systems other than our invoices. Reporting to the board via our new pdf reports generated in Fathom has been well-received. As a result we’ve gotten good feedback from another volunteer who has also joined us on the Treasury calls.
Summary: Collaboration with IgniteSpot on accounting continues to work smoothly. Because of holidays, June was another quiet month. Treasurer and Assistant Treasurer have been intermittently unavailable over the last month, leading to pauses on several of the things we’re working on. We had said we weren’t going to report this month, due to vacation. But a few things have happened, so here we are... Additional Assistant Treasurer In order to improve our “lottery factor” in the Treasurer’s office, we’ve asked that the board name an additional Assistant Treasurer. The discussion item can be found later in the board agenda. Reporting improvements We delivered the first Fathom-generated report to the board on the private board list last month. No comments were received, so we are currently assuming that it was acceptable. Additional reports by budget area for officers is the next step. Transition to TDBank We were able to transition one more fundraising account from depositing to Citizens to depositing to TDBank. That leaves only one last account that we know of. Once that is complete we will do one last check with fundraising, and then close the Citizens bank accounts. Introduction of virtual credit cards Virtual credit cards are working as they should. We are earning a small bonus each month, where previously we were paying fees and interest. Officers have been either silent or complimentary about the new functionality. We are currently, together with fundraising, exploring the use of virtual credit cards as a way for PMCs with project funds to spend those funds in a manner that is transparent to their communities. Bob Paulin is driving this proposal, and I’m very pleased with his ideas and suggestions. Preparation of tax returns We have paused this work due to vacation and other factors, and will pick it back up again in the coming month.
Collaboration with IgniteSpot on accounting continues to work
smoothly.
Because of holidays, May was a quiet month.
We’ve made no progress on Charity Navigator. It is my intention to
drop this task.
For those curious to learn more about past improvements to our tooling
made by the Treasurer, this blog post may be of interest:
https://myrle.medium.com/subversion-is-not-an-accounting-system-84cefcf0976a
Reporting improvements
IgniteSpot is introducing a new reporting system called Fathom which
integrates with QuickBooks and produces beautiful spreadsheets and PDF
reports. To prepare for this, they’ve gone through our chart of
accounts and made various improvements, and had the Treasurer review
them. In the future, in the Treasurer’s office, we will be adjusting
our reporting across various channels to leverage the new reporting
capabilities.
It has long been requested that we provide automated reports for
individual budget areas to the officers. The introduction of Fathom
should reduce the workload of generating reports to put this feature
within reach.
Transition to TDBank
The TDBank ACH blocking exceptions for bill.com have been added. We
are now paying vendors via TDBank instead of Citizen’s. This was the
last blocker for closing the Citizen’s account.
We continue to monitor the Citizen’s account in preparation for
closing it completely. There are still a few minor systems which
deposit sub-100 donations to that account. And there may still be a
few sponsors’ PO systems that need updating. We’ll synchronize with
fundraising before taking the last step.
Introduction of virtual credit cards
Roll out to the officers of virtual and physical credit cards issued
from Ramp.com is complete. We have canceled our Citizen’s credit
cards and officers have been instructed to destroy their existing
Citizen’s credit cards.
Preparation of tax returns
IgniteSpot, WernerCPA and the Treasurer’s office have begun
collaboration to prepare the 990s for the fiscal year 2020 through
2021. We have identified a handful of questions requiring information
outside of the Treasurer’s office, and have asked the relevant
officers. Officers have been helpful in providing the
information we need.
Getting an overview of the Treasurer’s systems
In order to evaluate our organizational truck factor, with the
intention of improving it, we’ve begun collecting information about
the accounts and digital platforms currently relevant to the work of
the Treasurer’s office. The analysis also includes who has access to
and ownership of the various systems, how the systems interact with
each other, and what kinds of access controls are applied within each
system. The analysis is placed in a private confluence document
available to members of The Foundation.
Summary: Collaboration with IgniteSpot on accounting continues to work smoothly. IgniteSpot is now supporting Conferences Fundraising in addition to their normal Fundraising support. We’ve hit a hitch on the transition from the Citizens’ bank account to TDBank, but we are resolving it. We have shifted from cash-based to accrual-based accounting with the beginning of the new fiscal year on May 1st. We discovered that Charity Navigator rates us lower than warranted because they have inaccurate information about us. Craig Russell is helping us rectify the situation by pointing them to our most recent audit and our CoI policy. In the process we have also updated records with GuideStar.org. We have ended acceptance of BitCoin donations to The Foundation. We have also finished the recovery of our PayPal account. We believe that now all treasury-related accounts are in the hands of the treasurer, or accounting. We have also updated treasurer.apache.org to contain current external information and moved internal information about invoice approval processes and similar to the ASF internal confluence page. Thank you Dave Fisher for moving the Treasurer website to Pelican/Github to make this process much easier. Going forward we plan to move finance-related externally-visible corporate documents such as 990s and audit reports to the treasurer website. Transition to TDBank We discovered that TDBank did not have exceptions in ACH blocking for bill.com. Because of that, we continue to pay vendors via Citizen’s while we wait for TDBank to workaround the bug in their ACH blocking. We have moved PEO (ADP Total Source) to TDBank, and that has gone smoothly. As of April 16th, all outgoing sponsorship invoices have contained the new bank account number. A number of sponsors have requested that we provide extra proof of the new bank account, and IgniteSpot has taken on the extra work. We’ll continue to monitor the Citizen’s account in preparation for closing it completely. There may still be a few sponsors’ PO systems that need updating. We’ll synchronize with fundraising before taking the last step. Introduction of virtual credit cards Greg Stein’s tests of virtual and physical credit cards issued from Ramp.com have been successful. As a result we are proceeding with the full roll out to the officers. All officers have been invited to the platform. We may need to fine-tune expense policies and approval rights over the next couple of months, but the platform is fully ready for go-live. The resonance among those who have tried it has been overwhelmingly positive. As a result, we plan to cancel our Citizen’s credit cards as soon as the last bill has been paid.
Summary: Collaboration with IgniteSpot on accounting continues to work smoothly. We’ve mostly completed the transition from the Citizens’ bank account to TDBank. We are currently introducing a new credit card provider which will change the way volunteers interact financially with the foundation. The shift to accrual accounting will begin at the new fiscal year on May 1st. Under accrual accounting, budgeting hiccups like the one mentioned in the Brand report won’t happen if invoices are paid after services were rendered. Charges will be placed on our books in the month goods and services were received. We’ve changed the treasurer slack channel to be private and we have updated the subscriber list. At fundraising's request, we have added “soft collections” to our contract with IgniteSpot. This and the addition of bill.com data entry increases our accounting expenses, but they will still be lower than last year. IgniteSpot is also taking on event sponsor invoicing. We have received and signed an engagement letter with the CPA to begin work on our taxes for the fiscal year that completes at the end of April 2021. Transition to TDBank TDBank has now completed the implementation of Treasury services, including ACH blocking. We have begun moving our money from Citizens to TDBank. Starting on April 16th, all outgoing sponsorship invoices contain the new bank account number. PayPal and Stripe now deposit to TDBank. Greg has begun moving PEO to TDBank, and will complete that move by the end of April. We’ll continue to monitor the Citizen’s account for a few months after that before closing it completely. There may still be a few sponsors’ PO systems that need updating. We’ll synchronize with fundraising before taking the last step. Introduction of virtual credit cards As of April 14th, we have an account with Ramp.com for the purposes of issuing virtual and physical credit cards. Last year we had an incident in which a vendor was repeatedly charging an officer’s card for a service that had been canceled. We were forced to cancel that officer’s credit card to stop the incorrect charges. With virtual credit cards, each vendor receives a separate credit card number, making it possible for us to cancel a credit card and stop incorrect charges from one vendor without affecting other vendors. Virtual credit cards also make it possible for officers to name the budget line item in QuickBooks Online that a charge should be applied to automatically. This approach reduces the accounting effort caused by the credit cards, especially for recurring charges. This solution also improves our ability to support volunteers who rarely make charges. In the past we asked our volunteers to pay for things out-of-pocket and then reimbursed them. Examples include board members traveling to the once-yearly face-to-face, or ordering stickers and swag for ApacheCon and FOSDEM. We want to be able to issue a virtual card to those volunteers for a specific purpose, and then void the card when they’re done. Greg is testing both physical and virtual ramp.com cards on Infrastructure vendors, IgniteSpot is testing accounting systems integration, and I am testing user management. Early results are excellent. We expect to begin rolling this out with further officers towards the end of May. Once that rollout is complete, we will cancel all Citizens’ credit cards.
Shift to accrual accounting We are preparing for a change to accrual accounting at the beginning of the new fiscal year on May 1st. IgniteSpot has combed our books for any problematic entries, and over the course of several meetings we have discussed how to handle various cases. In general we expect this to produce budgets and reports that are more intuitive for officers and board members to read. The price of this is that the accounting effort to generate those reports will increase in some cases. The good news is that because of our shift to bill.com, most of the information necessary to make that transition is already available and extracted for accounting purposes. Advising VP Data Privacy VP Data Privacy is putting together a list of external services consumed, and Treasury is assisting. Reporting and Budget preparation We continue to work with the president and the officers to prepare the budget for the coming year. In particular, in preparation for a switch to accrual accounting, we are meeting with officers individually to give them an opportunity to ask questions and discuss how this impacts their budgeting areas. We also prepared the quarterly and the yearly member’s meeting report this last month. Tax filings Our 990 is now complete and submitted. Transition to TDBank TDBank now has all of the paperwork necessary to implement Treasury services. By their predictions, that should be completed within the next week. Once Treasury services are implemented, we can start shifting accounts receivable to TDBank.
Treasurer’s work this month primarily consisted of providing the information and reviews necessary to complete our audit, and prepare our tax return. I have been going slower on the goal of transitioning to TDBank, but the urgency for that task has not diminished. I’ll be renewing our efforts in the coming month. Budget preparation IgniteSpot is currently preparing a pro forma budget as a starting point for officers based on the previous year’s expenses. YTD officer’s expense control has been very good. In general, I expect spending in the coming year to necessarily increase to cover expenses that have been delayed in the past year. But because there is still a greater than normal amount of economic uncertainty, I would ask that officers approach this carefully. Audit We completed our audit for the fiscal year ending on April 30, 2020 with an unqualified result. The full report has been provided to the board. The auditor did identify an area in which we can improve, with respect to apportioning our funds in a manner which keeps them under FDIC insurance. Some improvements had already been made by the time of the audit, and we will continue to seek to improve in this area. Tax filings The work to complete our 990s is almost, but not quite complete. All change requests have been discovered and we await only the final version. This fiscal year there were several changes from previous years, including the introduction of ALC, and the introduction of a Conflict of Interest policy. We are grateful to the TAC community for helping us respond to questions about grant making activities. Boston Private The assistant treasurer is now also listed as a signatory on the Boston Private account. Thank you to the board for helping us get this done. Transition to TDBank The transition to TDBank is currently blocked on the introduction of treasury services. Taxes and audit had higher priority in the last month, and so this work was put on pause, but it will proceed in the coming month. Accounting transition The transition to the new accountant is mostly complete. We did identify one final item that we missed in the transition up till this point. The ownership of our credit card account remained with Virtual until last Friday, the 12th. I am still awaiting confirmation that transfer was successful. Presumably the holidays and the inclement weather have produced additional obstacles. This will result in interest and fees. My hope is to bring our credit card service provider to the point where we can also easily transfer information between volunteers and accounting, and transfer responsibility from one volunteer to another. Financial reporting: Foundation financial reporting can be found in our quarterly report: https://blogs.apache.org/foundation/entry/the-apache-software-foundation-operations11
While reading this and future reports, please keep in mind that reducing manual labor and increasing automatically accessible insights for volunteers and paid staff alike has been the major theme behind the changes we have made and will continue to make in the Treasurer’s office. Transition to TDBank: We have opened a new bank account with TDBank. Currently we are depositing all donor checks to TDBank and directing payments from Stripe and PayPal to TDBank. We are not currently requesting that sponsors remit to the TDBank account, and we also are not currently paying expenses out of it. Our evaluation of virtualizing our credit card expenditures is still lower priority, but opening the TD Bank account helps us towards this goal, because it allows us to provide the virtual credit card provider with read-only access to our bank account. TDBank also syncs automatically with QuickBooks Online, which reduces our manual work in accounting reconciliation. In the process of transitioning Boston Private, I requested that Trevor Grant be added to the signatories. We’ve been asked to sign an agreement very similar to the Citizen’s agreement that recently required board action. We should discuss how we wish to handle this. Support of Fundraising: Our new treasurer/accounting team spent a lot of extra cycles supporting fundraising/sponsor relations in December to help bring in last minute, end-of-year sponsorships, including a rather exciting double Platinum sponsorship invoice created and submitted to the Microsoft purchase order system by the Treasurer herself on the morning of the January 1st (European time) with extensive support from Greg Stein and Sally Khudairi. IgniteSpot was very responsive, sometimes even during their vacation. Accounting transition: The transition to the new accountant is mostly complete. Still outstanding are: * Complete the tax and audit of our books from the last fiscal year, which are still held by our previous accounting firm. Progress has been made, but this is not yet complete. * Recovering access to two last donation channel accounts. Of the outstanding items from the accounting transition mentioned in our previous report, we’ve been able to complete: * Transition our bank account out from under the previous accounting firm’s relationship with our bank, and provide the new accounting firm with read access to our banking data. * Complete the integration between bill.com and QuickBooks online, in order to automatically sync payment data. * Migrate the PayPal account, and the Boston Private account. Other items we have accomplished: * Our current accountant, with support from our previous accountant, was also able to complete the 1099’s for the year and is sending them out. * We have agreed on a notification schedule and format for incoming payments for fundraising. And finally, a reminder: for *all* email communications with our accounting team, please include team@treasurer.apache.org.
For the most recent quarterly financial report, please see:
https://blogs.apache.org/foundation/entry/the-apache-software-foundation-operations10
Our switch to a new account firm known as IgniteSpot Accounting also
known as “Dashboard Accountants” in Utah is almost complete. We have:
* Completed the transfer of our accounting data to them
** successfully imported data into QuickBooks online
** created accounts for all relevant people to access this data, which
includes President, Treasurer, and Assistant Treasurer.
* Transitioned our invoicing process to IgniteSpot.
** created new invoice templates
** onboarded the IgniteSpot team onto fundraising tools and processes
* Begun transitioning our accounts payable process to IgniteSpot.
** Set up IgniteSpot’s access to our bill.com accounts
* Freshened up our mailing list structure and subscribers to
facilitate communication and role clarity, while protecting data
privacy.
** For all communications with our accounting team please use the
team@treasurer.apache.org mailing list.
** For details, please see https://issues.apache.org/jira/browse/INFRA-21126
I have been very pleased with the energy and accuracy with which
IgniteSpot has approached this transition.
We still need to:
* Complete the transition of our bank account out from under the
previous accounting firm’s relationship with our bank, and provide
the new accounting firm with read access to our banking data.
* Complete the tax and audit of our books from the last fiscal year,
which are still held by our previous accounting firm.
* Complete the integration between bill.com and QuickBooks online, in
order to automatically sync payment data.
* Complete the migration of various other accounts such as PayPal,
Boston Private, etc.
Related tasks that we have also completed:
* Moved PEO for our employees to ADP Total Source. Kudos to Greg
Stein for working through the details of this process.
* Set up a new lock box in the State of Delaware, resulting in a new
mailing address for our corporation.
Our evaluation of virtualizing our credit card expenditures (mentioned
in last month's report) is lower priority, but to facilitate progress
on this in the future, we’re implementing solutions to support credit
worthiness checks common to virtual card offerings:
* moving money from CDARS into our bank account to support a minimum
balance.
* seeking a method to create read only access into our bank account.
We continue to evaluate virtualizing some of our credit card expenditures. This has proved surprisingly complex, because virtual credit card offerings generally have underwriting requirements on our funding levels. In order to keep their costs low, virtual credit card offerers generally try to verify those requirements via bank API access. The ASF Operating reserve is well above the ASAE standard average of 6 months of reserve for Non-Profits. A full financial report will be included in the Foundation’s next quarterly report. I remain pleased with the officers’ execution in holding down costs and using foundation funds effectively to fulfill our mission. Because of these efforts, our organization is well able to withstand a long economic downturn. @Myrle: include link to financial report in future
As previously announced, we will no longer provide full financial reporting within every board report. Full financial reporting will still be available to the public as part of our quarterly and annual reports, the most recent of which can be found here: https://blogs.apache.org/foundation/entry/the-apache-software-foundation-operations10 Monthly reports will still be provided to the board. With this adjustment, we hope to make the treasurer’s office easier to fill for current and future volunteers. We are evaluating virtualizing some of our credit card expenditures. Some of our officers need a physical card some of the time. But officers who use a card for online purchases, may benefit from more flexibility, better protection against mistaken and fraudulent credit card charges, and better tracking of expenses against budget items through some of the current offers. We have adjusted the accounting of the Pineapple fund donation of $893K made in January 2018. Previously this was a board restricted fund; we are now recognizing it as unrestricted funds. This change makes a massive difference in our calculated operating reserves, and other key indicators. These will now have to be footnoted so as to prevent misleading. However the original donation was provided without restrictions; these funds were available to the board since the time of their donation to apply to appropriate uses within our organization. So, while this represents an accounting adjustment, it does not have an impact on our underlying financial situation. I remain pleased with the officers’ execution in holding down costs and using foundation funds effectively to fulfill our mission. Because of these efforts, our organization is well able to withstand a long economic downturn.
This month was mostly uneventful for the Treasurer's office. We have
been working with Trademarks to resolve an issue that has made the
credit card unusable that was issued to the VP Trademarks.
After discussions on the board mailing list, we have decided to draw
down our monthly financial reporting. The board will continue to
receive this information on the private board mailing list, and we will
continue to post it in our quarterly and annual reports. But this will
be the last month in which we will include it in the Treasurer's
board report.
The Treasurer will, of course, continue to report on the activities of
the Treasurer's office in the board report.
Operating Cash on August 31st, 2020 was $1,915.4K, which is down
$44.2K from last month’s ending balance (July 20) of $1,959.6K. Total
Cash as of August 31st, 2020 is $3,341.3K (includes the Pineapple,
Restricted Donation, and project funds) as compared to $3,844.3K on
August 31st, 2019, (a decrease of $503K year over year). The August
31st, 2020 ending Operating Cash balance of $1,915.4K represents an
Operating Cash Reserve of 13.7 months based on the “Estimated” FY21
Cash forecast average monthly spending of $139.8K/month. The ASF
actual Operating Cash Reserve of 13.7 months at the end of July 2020 is
ahead of the August 2020 budgeted 12.8 months of reserve. The
forecasted ASF Operating reserve for the end of FY21 is 14.6 months.
The ASF Operating reserve is well above the ASAE standard average of 6
months of reserve for Non-Profits.
Revenue through August 31st 2020 was ahead of budget by $24.2K,
primarily due to the timing of Sponsor payments year to date vs the
Budget. As compared to FY20, FY21 YTD revenue is behind by $357.4K.
This is due to Sponsorship and registration revenue for ACNA and ACEU
in 2019 ( $358.6K of Conference income in 2019 vs $24.5K in 2020),
which are not happening as a face to face events in FY21. Also,
Foundation Sponsorship payments are down $27.9K from 2019 to 2020
though Donations are up $4.2K during the first 4 months of the Fiscal
year as compared to the same time period in FY20.
Expenses through August 31st, 2020 are under budget by $25K. This is
due to timing of Conference expenses for the online event platform,
planned for later in the year as well as the timing of the payments of
the anniversary video and timing of some Brand management invoices.
This is offset by under-spending in all other departments.
Regarding Net Income (NI), YTD FY21 the ASF finished with a Negative
<$221K>NI vs a budgeted negative <$270.3K> NI or $49.3K better than
the Budgeted NI as of August 31st 2020. FY21 compared to FY20 as of
August 31st 2020, while we are behind in revenue, by $357.4K as noted
above, we are also behind on expenses by $106.2K. So year over year
as of August 31st 2020 we are behind in NI by $251.2K. We are however
holding to our FY21 Budgeted NI which is a favorable sign for the
first 4 months of FY21.
Current Balances:
Boston Private CDARS Account 3,031,000.29
Citizens Money Market 223,401.39
Citizens Checking 85,473.07
Paypal - ASF 1,417.29
Total Checking/Savings 3,341,292.04
Aug-20 Budget Variance
Income Summary:
Public Donations 10,376.51 3,367.00 7,009.51
Sponsorship Program 12,000.00 49,500.00 -37,500.00
Programs Income 0.00 0.00
Conference/Event Income 24,542.25 0.00 24,542.25
Other Income 0.00 0.00
Interest Income 1,668.26 0.00 1,668.26
Total Income 48,587.02 52,867.00 -4,279.98
Expense Summary
Infrastructure 65,653.75 78,999.50 -13,345.75
Programs Expense 0.00 0.00 0.00
Publicity 97.13 21,458.00 -21,360.87
Brand Management 7,040.58 7,500.00 -459.42
Conferences 10.20 0.00 10.20
Travel Assistance Committee 0.00 2,917.00 -2,917.00
Fundraising 11,053.13 16,334.00 -5,280.87
Privacy 0.00 0.00
Treasury Services 3,656.39 4,267.00 -610.61
General & Administrative 5,192.46 5,782.00 -589.54
Diversity and Inclusion 0.00 1,250.00 -1,250.00
Total Expense 92,703.64 138,507.50 -45,803.86
Net Income -44,116.62 -85,640.50 41,523.88
YTD FY21 Budget Variance
Income Summary:
Public Donations 19,781.45 16,706.00 3,075.45
Sponsorship Program 274,048.15 279,500.00 -5,451.85
Programs Income 0.00 0.00 0.00
Conference/Event Income 24,542.25 0.00 24,542.25
Other Income 0.00 0.00 0.00
Interest Income 2,019.24 0.00 2,019.24
Total Income 320,391.09 296,206.00 24,185.09
Expense Summary
Infrastructure 247,047.27 315,986.00 -68,938.73
Programs Expense 89.99 0.00 89.99
Publicity 147,302.48 98,332.00 48,970.48
Brand Management 36,508.71 30,000.00 6,508.71
Conferences 29,766.73 0.00 29,766.73
Travel Assistance Committee 0.00 11,668.00 -11,668.00
Fundraising 60,148.15 71,336.00 -11,187.85
Privacy 0.00 0.00 0.00
Treasury Services 13,977.72 17,068.00 -3,090.28
General & Administrative 6,605.66 17,128.00 -10,522.34
Diversity and Inclusion 0.00 5,000.00 -5,000.00
Total Expense 541,446.71 566,518.00 -25,071.29
Net Income -221,055.62 -270,312.00 49,256.38
The Treasurer's office has signed and submitted an engagement letter
for our regular audit which should be starting soon.
In addition the Treasurer's office has renewed our D&O insurance
through to August 2021.
The Treasurer's office was also consulted with on the topic of
lending our Hopin access to a non-Apache event (the other event was
also paying for Hopin access, but had a timing problem). With
Virtual's assistance, we determined that there was no financial risk
to the Foundation in doing so, and provided our blessing for this use.
The Treasurer's office was notified by Infra that our website is based
on deprecated technology, and that it is time to convert. The
Treasurer's website is in need of a refresh from the ground up to
reflect new AP processes as well.
Operating Cash on July 31st, 2020 was $1,959.6K, which is down $28.1K
from last month’s ending balance (June 20) of $1,987.7K. Total Cash
as of July 31st, 2020 is $3,385.4K (includes the Pineapple, Restricted
Donation and project funds) as compared to $3,866.9K on July 31st,
2019, (a decrease of $481.5K year over year). The July 31st 2020
ending Operating Cash balance of $1,959.6K represents an Operating
Cash reserve of 13.5 months based on the “Estimated” FY21 Cash
forecast average monthly spending of $142.2K/month. The ASF actual
Operating Reserve of 13.5 months at the end of July 2020 is slightly
ahead of the July 2020 budgeted 13.4 months of reserve. The ASF
Operating Reserve is well above the ASAE standard average of 6 months
of reserve for Non-Profits.
Revenue through July 31st 2020 was ahead of budget by $28.5K,
primarily due to the timing of sponsor payments year to date vs the
Budget. As compared to FY20, FY21 YTD revenue is behind by $269.7K.
This is due to sponsorship and registration revenue for ACNA and ACEU
in 2019 ( $296.9K of Conference income in 2019 vs $0 in 2020), which
is not happening in 2020, that is offset with more Foundation
sponsorship payments( $32K more in FY21 vs FY21 at this point in the
fiscal year) received through July 31st 2020 as compared to Foundation
sponsorship payments received as of July 31st 2019.
Expenses through July 31st, 2020 are over budget by $20.7K. This is
due to timing of Conference expenses for the online event platform,
planned for later in the year as well as the timing of the payments of
the Anniversary video and timing of some Brand management invoices.
This is offset by underspending in all other depts.
Regarding Net Income (NI), YTD FY21 the ASF finished with a Negative
<$176.9K>NI vs a budgeted negative <$184.7K> NI or $7.8K better than
the Budgeted NI as of July 31st 2020. FY21 compared to FY20 as of
July 31st 2020, while we are behind in revenue, by $269.7K as noted
above, we are also behind on expenses by $40K. So year over year as
of July 31st 2020 we are behind in NI by $229.7K, though we are
holding to our FY21 Budget. For three months into the new Fiscal we
are doing well as compared to budget. However I will be connecting
with dept heads and Fundraising so we can update our cash forecast for
the final three quarters of FY21, as we complete the August 2020
Financial close.
Current Balances:
Boston Private CDARS Account 3,029,335.81
Citizens Money Market 222,385.56
Citizens Checking 6,935.24
Paypal - ASF 126,752.05
Total Checking/Savings 3,385,408.66
Jul-20 Budget Variance
Income Summary:
Public Donations 5,521.05 1,763.00 3,758.05
Sponsorship Program 131,048.15 137,000.00 -5,951.85
Programs Income 0.00
Conference/Event Income 0.00
Other Income 0.00
Interest Income 149.39 149.39
Total Income 136,718.59 138,763.00 -2,044.41
Expense Summary
Infrastructure 82,108.11 78,995.50 3,112.61
Programs Expense 0.00 0.00 0.00
Publicity 43,367.62 43,958.00 -590.38
Brand Management 881.10 7,500.00 -6,618.90
Conferences 23,402.61 0.00 23,402.61
Travel Assistance Committee 0.00 2,917.00 -2,917.00
Fundraising 11,053.13 16,334.00 -5,280.87
Privacy 0.00 833.00 -833.00
Treasury Services 3,676.59 4,267.00 -590.41
General & Administrative 406.52 2,949.00 -2,542.48
Diversity and Inclusion 0.00 1,250.00 -1,250.00
Total Expense 164,895.68 159,003.50 5,892.18
Net Income -28,177.09 -20,240.50 -7,936.59
YTD FY21 Budget Variance
Income Summary:
Public Donations 9,404.94 13,339.00 -3,934.06
Sponsorship Program 262,048.15 230,000.00 32,048.15
Programs Income 0.00 0.00 0.00
Conference/Event Income 0.00 0.00 0.00
Other Income 0.00 0.00 0.00
Interest Income 350.98 0.00 350.98
Total Income 271,804.07 243,339.00 28,465.07
Expense Summary
Infrastructure 195,413.98 236,986.50 -41,572.52
Programs Expense 89.99 0.00 89.99
Publicity 133,184.89 76,874.00 56,310.89
Brand Management 29,468.13 22,500.00 6,968.13
Conferences 29,756.53 0.00 29,756.53
Travel Assistance Committee 0.00 8,751.00 -8,751.00
Fundraising 49,095.02 55,002.00 -5,906.98
Privacy 0.00 2,499.00 -2,499.00
Treasury Services 10,321.33 12,801.00 -2,479.67
General & Administrative 1,413.20 8,847.00 -7,433.80
Diversity and Inclusion 0.00 3,750.00 -3,750.00
Total Expense 448,743.07 428,010.50 20,732.57
Net Income -176,939.00 -184,671.50 7,732.50
Operating cash on June 30th, 2020 was $1,987.7K, which is down $189.2K
from last month’s ending balance (May 20) of $2,176.9K. Total cash as
of June 30th, 2020 is $3,413.6K (includes the Pineapple, Restricted
Donation and project funds) as compared to $3,696.7K on June 30th,
2019, (a decrease of $283.1K year over year). The June 30th 2020
ending operating cash balance of $1,987.7K represents an operating
cash reserve of 13.7 months based on the “Estimated” FY21 cash
forecast average monthly spending of $144.9K/month. The ASF actual
operating reserve of 13.7 months at the end of June 2020 is slightly
ahead of the June 2020 budgeted 13.5 months of reserve. The ASF
operating reserve is well above the ASAE standard average of 6 months
of reserve for non-profits.
Revenue through June 30th 2020 was ahead of budget by $11.5K,
primarily due to the timing of sponsor payments during the month. As
compared to FY20, FY21 YTD revenue is behind by $72.1K. This is due
to sponsorship and registration revenue for ACNA in 2019, which is not
happening in 2020, that is offset with more Foundation sponsorship
payments received through June 30th 2020 as compared to Foundation
sponsorship payments received as of June 30th 2019.
Expenses through June 30th, 2020 are over budget by $15.9K. Some of
this is due to some payments being missed in May 2020 and being
released in June 2020, as well as the timing of a few payments, as
compared to the FY21 Budget. These have been accounted for in the
updated cash forecast so they can be tracked.
Regarding Net Income (NI), YTD FY21 the ASF finished with a negative
<$148.8K> NI vs a budgeted negative <$163.3K> NI or $14.6K better than
the Budgeted NI as of June 30th 2020. FY21 compared to FY20 as of
June 30th 2020, while we are behind in revenue, by $72.1K as noted
above, we are also behind on expenses by $40.8K. So year over year as
of June 30th 2020 we are behind in NI by $31.3K and holding to
our FY21 Budget. We are now two months into the new fiscal year, and
we are doing well as compared to budget and last year.
This month we completed the transition of our payment approvals
tracking from a subversion-based system to bill.com. We are
now able to track all approvals, and pay all of our vendors using this
new method. This has already made our bill pay more reliable, and more
transparent, with less effort from our hard-working volunteers. We
will be going over the approved budget by about $4000 this year for
this item because we have chosen to pay for API access. We need API
access to regularly download our invoices and approvals data. This
ensures that we continue to own Foundation data.
Many thanks to Greg Stein who is writing the relevant script, and who
has been extremely helpful in general in getting our processes shifted
from subversion to bill.com. And many thanks to our officers who made
the shift in approvals process very easy.
Income and Expenses for June 2020
Current Balances:
Boston Private CDARS Account $3,029,190
Citizens Money Market $221,850
Citizens Checking $161,264
Paypal - ASF $1,282
Total Checking/Savings $3,413,586
Jun-20 Budget Variance
Income Summary:
Public Donations $2,084 $3,645 $(1,561)
Sponsorship Program $50,000 $37,000 $13,000
Programs Income $-
Conference/Event Income $-
Other Income $-
Interest Income $77 $77
Total Income $52,161 $40,645 $11,516
Expense Summary
Infrastructure $78,909 $77,893 $1,016
Programs Expense $90 $- $90
Publicity $86,781 $16,458 $70,323
Brand Management $23,947 $7,500 $16,447
Conferences $6,354 $- $6,354
TAC $- $2,917 $(2,917)
Fundraising $37,723 $16,334 $21,389
Privacy $- $833 $(833)
Treasury Services $6,645 $4,267 $2,378
General & Administrative $942 $2,949 $(2,007)
Diversity and Inclusion $- $1,250 $(1,250)
Total Expense $241,391 $130,401 $110,990
Net Income $(189,230) $(89,756) $(99,474)
YTD FY21 YTD Budget Variance
Income Summary:
Public Donations $3,884 $11,576 $(7,692)
Sponsorship Program $131,000 $93,000 $38,000
Programs Income $- $- $-
Conference/Event Income $- $- $-
Other Income $- $- $-
Interest Income $202 $- $202
Total Income $135,085 $104,576 $30,509
Expense Summary
Infrastructure $113,306 $156,889 $(43,583)
Programs Expense $90 $- $90
Publicity $89,817 $32,916 $56,901
Brand Management $28,587 $15,000 $13,587
Conferences $6,354 $- $6,354
TAC $- $5,834 $(5,834)
Fundraising $38,042 $38,668 $(626)
Privacy $- $1,666 $(1,666)
Treasury Services $6,645 $8,534 $(1,889)
General & Administrative $1,007 $5,898 $(4,891)
Diversity and Inclusion $- $2,500 $(2,500)
Total Expense $283,847 $267,905 $15,943
Net Income $(148,762) $(163,329) $14,567
Operating cash on May 31st, 2020 was $2,176.9K, up $40.4K from last
month’s ending balance (Apr 20) of $2,136.5K. Total cash as of May
31st, 2020 is $3,602.8K (includes the Pineapple, Restricted Donation
and project funds) as compared to $3,754.1K on May 31st, 2019 (a
decrease of $151.3K year over year). The May 31st 2020 ending
operating cash balance of $2,176.9K represents an operating cash
reserve of 15 months based on the “Estimated” FY21 cash forecast
average monthly spending of $145.3K/month. The ASF actual operating
reserve of 15 months at the end of May 2020 is slightly ahead of the
May 2020 budgeted 14.2 months of reserve. The ASF operating reserve
is well above the ASAE standard average of 6 months of reserve for
non-profits.
Revenue through May 31st 2020 was ahead of budget by $18.9K, primarily
due to timing of Sponsor payments during the month. As compared to
FY20, FY21 YTD revenue is behind by $44.8K. This is due to
sponsorship and registration revenue for ACNA in 2019, which is not
happening in 2020, which is offset by slightly higher sponsorship
payments in May 2020 vs May 2019.
Expenses through May 31st, 2020 are under budget by $97.6K, spread
across all departments, primarily due to some vendor payments that
missed the 5.31.20 cutoff. These expenses missed the cutoff due to
necessary delays in expense approval outside the control of the
Treasurer's office. They are accounted for in the cash forecast for
June 2020.
Regarding Net Income (NI), YTD FY21 the ASF finished with a positive
$40.5K NI vs a budgeted negative <$76K> NI or $116.5K better than the
budgeted NI as of May 31st 2020. In comparison with FY20, as of May
31st 2020, as noted above, we are behind on revenue by $44.5K, but we
are also behind on expenses by $145.3K. Had all expenses been paid on
time in May, we still would have been more than $45K lower in expenses
in May of 2020 vs May of 2019. So one month into the new fiscal year
we are doing well.
In addition, the Treasurer's office is reviewing our financial risks.
In that context we have made minor adjustments to credit card issuance
and credit limits (mostly lowering) to reflect current responsibility
and current budget needs. We can review and increase those limits
again when, for example, it becomes possible to do in-person
conferences again. Also in the context of improving our risk profile,
we will be moving $750k out of Citizens into Boston Private CDARS
where that portion of our money will be interest-bearing and
FDIC-insured.
Current Balances:
Boston Private CDARS Account 2,279,121
Citizens Money Market 721,410
Citizens Checking 601,103
Paypal - ASF 1,182
Total Checking/Savings 3,602,816
May-20 Budget Variance
Income Summary:
Public Donations 1,800 7931 -6,131
Sponsorship Program 81,000 56,000 25,000
Programs Income 0 0 0
Conference/Event Income 0 0 0
Other Income 0 0 0
Interest Income 124 0 124
Total Income 82,925 63,931 18,994
Expense Summary
Infrastructure 34,792 78,996 -44,204
Programs Expense 0 0 0
Publicity 3,000 16,458 -13,458
Brand Management 4,640 7,500 -2,860
Conferences 0 2,500 -2,500
Travel Assistance Committee 0 2,917 -2,917
Fundraising 0 22,333 -22,333
Treasury Services 0 4,267 -4,267
General & Administrative 24 2,950 -2,926
Diversity and Inclusion 0 1,250 -1,250
Total Expense 42,456 140,005 -97,548
Net Income 40,469 -76,073 116,542
YTD FY21 Budget Variance
Income Summary:
Public Donations 1,800 7931 -6,131
Sponsorship Program 81,000 56,000 25,000
Programs Income 0 0 0
Conference/Event Income 0 0 0
Other Income 0 0 0
Interest Income 124 0 124
Total Income 82,925 63,931 18,994
Expense Summary
Infrastructure 34,792 78,996 -44,204
Programs Expense 0 0 0
Publicity 3,000 16,458 -13,458
Brand Management 4,640 7,500 -2,860
Conferences 0 2,500 -2,500
Travel Assistance Committee 0 2,917 -2,917
Fundraising 0 22,333 -22,333
Treasury Services 0 4,267 -4,267
General & Administrative 24 2,950 -2,926
Diversity and Inclusion 0 1,250 -1,250
Total Expense 42,456 140,005 -97,548
Net Income 40,469 -76,073 116,542
Operating Cash on April 30th, 2020 was $2,118.9K, which is up $29.4K
from last month’s ending balance (Mar 20) of $2,089.5K. Total Cash as
of April 30th, 2020 is $3,562.4K (includes the Pineapple, Restricted
Donation and project funds) as compared to $3,814.2K on April 30th,
2019, (a decrease of $251.8K year over year). The April 30th 2020
ending Operating cash balance of $2,118.9K represents an Operating
cash reserve of 10.1 months based on the “Estimated” FY20 Cash
forecast average monthly spending of $209.3K/month. The ASF actual
Operating reserve of 10.1 months at the end of April 2020 is
significantly ahead of the April 2020 budgeted 7.6 months of reserve.
The ASF Operating reserve is above the ASAE standard average of 6
months of reserve for Non-Profits.
Reviewing the YTD Cash P&L, total Revenue ended the Fiscal year behind
budget by $245.2K (this is due to timing of sponsor and donation
payments. In addition Conference income was lower than budget). As
compared to FY19, FY20 YTD revenue is ahead by $157.3K primarily due
to FY20 Events exceeding Revenue as compared to FY19 ($352.7K higher
Conference revenue in FY20 compared to FY19 with two conferences in
2020 compared to one in 2019).
YTD expenses through April 30th, 2020 are under budget by $478.4K,
spread across all depts except for Infra, which was slightly over
budget due to prepaying for TravisCI FY21 in March 2020.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$277.4K> NI vs a budgeted negative <$520K> NI, or $242.6K better than
the Budgeted NI for FY20. With regard to the Cash Forecast we thank
all executive officers because in the March close we noted an
estimated YE NI of <-$272K> and we finished with a <-277K>. Being
this close to our estimate shows that with the pertinent information
about future activity as the year goes along, the cash forecast can be
a very important management tool. With regard to FY19, while we are
ahead in revenue by $157.3K, as noted above, we are also ahead on
expenses by $764.2K (due to ACNA19, ACEU19, and the Leaseweb payment
which should have taken place in FY19, but did not); thus, year over
year NI FY20 is behind FY19 by <-$606.9K>. All in all the ASF,
compared to its approved FY20 budget had a very good year.
In April and May we have continued to make the transition to approving
and tracking payable invoices with bill.com. We have on-boarded
officers, and tested invoice approvals and vendor on-boarding with
each of them. The transition hit some unexpected bumps. In those
cases we fell back to our previous processes to insure the invoices
were paid. Because of those problems, we may not be able to complete
the transition by the end of May. We also still need to onboard one
officer. We thank those who have worked hard to get us this far, and
we will continue to move the transition forward.
Current Balances:
Boston Private CDARS Account 2,279,050.84
Citizens Money Market 719,591.46
Citizens Checking 561,240.45
Paypal - ASF 2,464.91
Total Checking/Savings 3,562,347.66
Apr-20 Budget Variance
Income Summary:
Public Donations 2,223.68 4,775.82 -2,552.14
Sponsorship Program 175,000.00 33,000.00 142,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 0.00 0.00 0.00
Other Income 0.00 0.00 0.00
Interest Income 427.99 300.00 127.99
Total Income 177,651.67 38,075.82 139,575.85
Expense Summary
Infrastructure 75,677.79 85,436.09 -9,758.30
Programs Expense 4,166.00 3,333.34 832.66
Publicity 16,710.96 21,233.32 -4,522.36
Brand Management 13,427.35 8,166.66 5,260.69
Conferences 27,038.50 7,250.00 19,788.50
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 6,186.51 16,120.00 -9,933.49
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 1,465.40 6,760.00 -5,294.60
Diversity and Inclusion 0.00 5,833.34 -5,833.34
Total Expense 148,022.51 157,482.75 -9,460.24
Net Income 29,629.16 -119,406.93 149,036.09
YTD FY20 Budget Variance
Income Summary:
Public Donations 77,062.50 134,999.75 -57,937.25
Sponsorship Program 1,510,100.00 1,625,000.00 -114,900.00
Programs Income 15,578.49 14,000.00 1,578.49
Conference/Event Income 610,161.06 700,000.00 -89,838.94
Other Income 0.00 0.00
Interest Income 20,854.20 5,000.00 15,854.20
Total Income 2,233,756.25 2,478,999.75 -245,243.50
Expense Summary
Infrastructure 1,091,178.97 1,083,000.00 8,178.97
Programs Expense 25,596.80 40,000.00 -14,403.20
Publicity 317,854.75 402,955.00 -85,100.25
Brand Management 49,385.44 98,000.00 -48,614.56
Conferences 708,925.28 860,000.00 -151,074.72
Travel Assistance Committee 50,361.68 165,000.00 -114,638.32
Fundraising 141,560.55 193,000.00 -51,439.45
Treasury Services 42,509.00 42,700.00 -191.00
General & Administrative 23,789.68 44,345.00 -20,555.32
Diversity and Inclusion 60,000.00 70,000.00 -10,000.00
Total Expense 2,511,162.15 2,999,000.00 -487,837.85
Net Income -277,405.90 -520,000.25 242,594.35
The Treasurer has been working with Infrastructure to migrate our bill
approvals and payments to a SaaS system. We spent our Easter holiday
marveling at new features and increased usability as compared to our
current processes which use only SVN and Gsuite. We have started a test
run with a first invoice, and hope to complete that test run by the end
of April, with enough time to ensure that, if it fails, that invoice
can still be paid using traditional methods.
As already discussed at the previous board meeting, but worth
reiterating, the financial uncertainty currently resulting from the
COVID19 pandemic will not directly touch our bank balances. All our
funds are in low-interest FDIC-insured investments called CDARS, or in
our bank account. However the we are concerned about the
possible effects of the current uncertain economic situation on our
sponsors. In an abundance of caution, we request that all officers look
for ways to reduce or freeze costs. We ask that the board hold us to
that. We also ask that everyone be on the look out for financial risks
to the foundation, avoidable or unavoidable. Please share those with us
in a timely manner.
Operating Cash on March 31st, 2020 was $2,089.5K, which is down $17.9K
from last month’s ending balance (Feb 20) of $2,107.4 K. Total Cash
as of March 31st, 2020 is $3,510.4K (includes the Pineapple,
Restricted Donation and project funds) as compared to $3,895.4K on
March 31st, 2019, (a decrease of $385K year over year). The March 31st
2020 ending Operating cash balance of $2,089.5K represents an
Operating cash reserve of 10 months based on the “Estimated” FY20 Cash
forecast average monthly spending of $209.1K/month. The ASF actual
Operating reserve of 10 months at the end of March 2020 is a bit ahead
the budgeted 8 months of reserve for YTD March 31st, 2020. The
estimated YE Operating reserve of 10.2 months is ahead of the Budgeted
YE reserve of 7.6 months. The ASF Operating reserve is above the ASAE
standard average of 6 months of reserve for Non-Profits.
Reviewing the YTD Cash P&L, total Revenue is behind budget at this
point in the Fiscal year by $384.6K (this is mostly due to timing of
sponsor payments and Conference and Donations lagging a bit behind
budget at this point in the Fiscal) The open Accounts Receivable is
at $467.1K, which as of the end of March 2020 Financial Close is
enough, if it all arrives in the bank, before 4.30.20, to achieve the
FY20 Foundation Sponsorship Budget. As compared to FY19, FY20 YTD
revenue is ahead by $28.6K primarily due to FY20 Events exceeding
Revenue as compared to FY19, YTD.
YTD expenses through March 31st, 2020 are under budget by $478.4K,
spread across all depts except Infra due to prepaying for Travis CL
FY21 in March 2020. The updated Cash forecast expects this underage
in expenses to continue as we conclude the current Fiscal year.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$306.8K> NI vs a budgeted negative <$400.6K> NI or $93.8K better
than the Budgeted NI for FY20 at this point in the Fiscal year. The
cash forecast has been updated, with the information we have at hand,
and at this point with one month left in the Fiscal year, we are still
on pace to, if everything goes according to the Forecast, exceed our
FY20 budgeted NI.
We want to thank the Dept heads for their review of the FY20 actual
activity which has allowed us to move some expenses to the correct
accounts and departments, which has made the cash forecast a much more
valuable management tool as we move forward and close out FY21. With
regard to FY19, we are ahead in revenue, by $28.6K as noted above, but
we are also ahead on expenses by $746.5K (due to ACNA19, ACEU19, the
Lease web payment which should have taken place in FY19, but did not,
as well as other expenses that occurred in FY20 and not in FY19);
thus, year over year NI FY20 is behind FY19 by $717.9K. It is
estimated that this will even out, to a degree, as we conclude FY20 at
the end of April 2020.
Current Balances:
Boston Private CDARS Account 2,278,681.78
Citizens Money Market 715,879.67
Citizens Checking 510,238.82
Paypal - ASF 5,588.80
Total Checking/Savings 3,510,389.07
Feb-20 Budget Variance
Income Summary:
Public Donations -20,189.01 2,912.58 -23,101.59
Sponsorship Program 128,500.00 202,000.00 -73,500.00
Programs Income 678.49 0.00 678.49
Conference/Event Income 0.00 0.00 0.00
Other Income 0.00 0.00 0.00
Interest Income 385.71 450.00 -64.29
Total Income 109,375.19 205,362.58 -95,987.39
Expense Summary
Infrastructure 96,954.08 85,733.09 11,220.99
Programs Expense 4,844.49 3,333.34 1,511.15
Publicity 8,507.39 21,233.32 -12,725.93
Brand Management 0.00 8,166.66 -8,166.66
Conferences 0.00 207,250.00 -207,250.00
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Fundraising 11,478.44 16,080.00 -4,601.56
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 2,139.67 6,915.00 -4,775.33
Diversity and Inclusion 0.00 5,833.34 -5,833.34
Total Expense 127,274.07 367,894.75 -240,620.68
Net Income -17,898.88 -162,532.17 144,633.29
YTD FY20 Budget Variance
Income Summary:
Public Donations 75,039.63 130,223.93 -55,184.30
Sponsorship Program 1,335,100.00 1,592,000.00 -256,900.00
Programs Income 15,578.49 14,000.00 1,578.49
Conference/Event Income 610,161.06 700,000.00 -89,838.94
Other Income 0.00 0.00
Interest Income 20,426.21 4,700.00 15,726.21
Total Income 2,056,305.39 2,440,923.93 -384,618.54
Expense Summary
Infrastructure 1,015,501.18 997,563.92 17,937.26
Programs Expense 21,430.80 36,666.67 -15,235.87
Publicity 301,143.79 381,721.67 -80,577.88
Brand Management 35,958.09 89,833.33 -53,875.24
Conferences 681,886.78 852,750.00 -170,863.22
Travel Assistance Committee 50,361.68 165,000.00 -114,638.32
Fundraising 135,374.04 176,880.00 -41,505.96
Treasury Services 39,159.00 39,350.00 -191.00
General & Administrative 22,324.28 37,585.00 -15,260.72
Diversity and Inclusion 60,000.00 64,166.67 -4,166.67
Total Expense 2,363,139.64 2,841,517.25 -478,377.61
Net Income -306,834.25 -400,593.32 93,759.07
Operating Cash on February 29th, 2020 was $2,107.4K, which is down
$30.4K from last month’s ending balance (Jan 20) of $2,137.8 K. Total
Cash as of February 29th, 2020 is $3,501.3K (includes the Pineapple,
Restricted Donation) as compared to $4,052.8K on January 31st, 2019,
(a decrease of $551.5K year over year). The February 29th 2020 ending
Operating cash balance of $2,107.4K represents an Operating cash
reserve of 9.7 months based on the “Estimated” FY20 Cash forecast
average monthly spending of $249.9K/month. The ASF actual Operating
reserve of 9.7 months at the end of February 2020 is a bit ahead the
budgeted 8.7 months of reserve for YTD February 29th, 2020. The
estimated YE Operating reserve of 10.5 months is ahead of the Budgeted
YE reserve of 7.6 months. The ASF Operating reserve is above the ASAE
standard average of 6 months of reserve for Non-Profits.
Reviewing the YTD Cash P&L, total Revenue is behind budget at this
point in the Fiscal year by $288.6K (this is partly due to timing of
sponsor payments and Conference and Donations lagging a bit behind
budget at this point in the Fiscal) The open Accounts Receivable is
very healthy at $448K, which as of the February 20 Financial Close is
enough, if it all arrives in the bank, before 4.30.20, to achieve the
FY20 Foundation Sponsorship Budget. As compared to FY19, FY20 YTD
revenue is ahead by $131.6K primarily due to FY20 Events exceeding
Revenue as compared to FY19, YTD.
YTD expenses through February 29th, 2020 are under budget by $237.8K,
spread across all depts except Conferences, Infra and D&I, which are
minor amounts, comparatively speaking. The updated Cash forecast
expects this underage in expenses to continue through the end of the
Fiscal year.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$288.9K> NI vs a budgeted negative <$238K> NI or $50.9K behind the
Budgeted NI for FY20 at this point in the Fiscal year. The cash
forecast has been updated, with the information we have at hand, and
at this point with about 2 months left in the Fiscal year, we are
still on pace to, if everything goes according to the Forecast,
exceed our FY20 budgeted NI. I want to thank the Dept heads for their
review of the FY20 actual activity which has allowed us to move some
expenses to the correct accounts and departments, which has made the
cash forecast a much more valuable management tool as we move forward
and close out FY21. With regard to FY19, we are ahead in revenue, by
$131.6K as noted above, but we are also ahead on expenses by $989.1K
(due to ACNA19, ACEU19, the Lease web payment which should have taken
place in FY19, but did not, as well as other expenses that occurred
in FY20 and not in FY19); thus, year over year NI FY20 is behind FY19
by $857.5K. It is estimated that this will even out, to a degree, as
the FY20 progresses.
Current Balances:
Boston Private CDARS Account 2,278,368.45
Citizens Money Market 715,009.35
Citizens Checking 505,788.54
Paypal - ASF 2,143.00
Total Checking/Savings 3,501,309.34
Feb-20 Budget Variance
Income Summary:
Public Donations 3,363.27 2,455.29 907.98
Sponsorship Program 150,000.00 162,000.00 -12,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 0.00 0.00 0.00
Other Income 0.00
Interest Income 11,752.52 400.00 11,352.52
Total Income 165,115.79 164,855.29 260.50
Expense Summary
Infrastructure 88,951.27 85,733.09 3,218.18
Programs Expense 4,166.00 3,333.33 832.67
Publicity 46,863.34 29,308.32 17,555.02
Brand Management 0.00 8,166.66 -8,166.66
Conferences 2,750.00 12,250.00 -9,500.00
Travel Assistance Committee 4,302.87 10,000.00 -5,697.13
Fundraising 12,020.01 16,080.00 -4,059.99
Treasury Services 5,659.00 5,850.00 -191.00
General & Administrative 780.84 1,915.00 -1,134.16
Diversity and Inclusion 30,000.00 5,833.33 24,166.67
Total Expense 195,493.33 178,469.73 17,023.60
Net Income -30,377.54 -13,614.44 -16,763.10
YTD FY20 Budget Variance
Income Summary:
Public Donations 95,228.64 127,311.35 -32,082.71
Sponsorship Program 1,206,600.00 1,390,000.00 -183,400.00
Programs Income 14,900.00 14,000.00 900.00
Conference/Event Income 610,161.06 700,000.00 -89,838.94
Other Income 0.00 0.00
Interest Income 20,040.50 4,250.00 15,790.50
Total Income 1,946,930.20 2,235,561.35 -288,631.15
Expense Summary
Infrastructure 918,547.10 911,830.82 6,716.28
Programs Expense 16,586.31 33,333.32 -16,747.01
Publicity 295,977.82 360,488.36 -64,510.54
Brand Management 35,958.09 81,666.68 -45,708.59
Conferences 681,886.78 645,500.00 36,386.78
Travel Assistance Committee 50,361.68 155,000.00 -104,638.32
Fundraising 123,895.60 160,800.00 -36,904.40
Treasury Services 35,809.00 36,000.00 -191.00
General & Administrative 16,843.19 30,670.00 -13,826.81
Diversity and Inclusion 60,000.00 58,333.32 1,666.68
Total Expense 2,235,865.57 2,473,622.50 -237,756.93
Net Income -288,935.37 -238,061.15 -50,874.22
Operating Cash on January 31st, 2020 was $2,137.8K, which is down $1K
from last month’s ending balance (Dec 19) of $1,738.8K. Total Cash as
of Jan 31st, 2020 is $3,531.7K (includes the Pineapple, Restricted
Donation as well as the Tides Restricted Donations) as compared to
$3,3,993.1K on January 31st, 2019, (a decrease of $461.4K year over
year). The January 31st 2020 ending Operating cash balance of
$2,137.8K represents an Operating cash reserve of 10.1 months based on
the “Estimated” FY20 Cash forecast average monthly spending of
$249.9K/month. The ASF actual Operating reserve of 10.1 months at the
end of January 2020 is a bit ahead the budgeted 8.7 months of reserve
for YTD through January 31st 2020. The estimated YE Operating reserve
of 10.6 months is ahead of the Budgeted YE reserve of 7.6 months. The
ASF Operating reserve is above the ASAE standard average of 6 months
of reserve for Non Profits.
Reviewing the YTD Cash P&L, total Revenue is behind budget at this
point in the Fiscal year by $288.9K (this is partly due to timing of
sponsor payments) The open Accounts Receivable is very healthy at
$593K, which as of the Jan 20 Fin Close is enough, if it comes in
before 4.30.20, to achieve the FY20 Foundation Sponsorship Budget. As
compared to FY19, FY20 YTD revenue is ahead by $133.6K primarily due
to FY20 Events exceeding Revenue as compared to FY19, YTD.
YTD expenses through January 31st, 2020 are under budget by $254.8K,
spread across all depts except Conferences. Which we expect to
continue as the FY20 comes to an end.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$258.6K> NI vs a budgeted negative <$224.5K> NI or $34.1K behind the
Budgeted NI for FY20 at this point in the Fiscal year. After being
behind Budgeted NI by $117K, last month, with the timing of Sponsor
payments, and expenses under budget, we are getting closer to being
back on track for FY20 as compared to budget. The cash forecast has
been updated, with the information we have at hand, and at this point
with about 3 months left in the Fiscal year, we are still on pace to,
if everything goes according to the Forecast, possibly exceed our
FY20 budgeted NI. We have one slight change to the Monthly Financial
Pkg. We have added a tab for each department, that has their Cash
basis GL activity for the month, compared to the combined Cash Basis
GL detail that had previously been included. We hope that this
provides a more efficient view for department budget holders to
review the details of their monthly spending. That said, as I have
done in previous months, I urge all dept heads to review their depts
in the Cash forecast, for the last 3 months of the Fiscal year, and
let us know if there is anything that they are aware of that could
change the estimates for the remaining 3 months of FY20. This effort
will make the Cashforecast a much more accurate management tool for
the Foundation. With regard to FY19, we are ahead in revenue, by
$133.6K as noted above, but we are also ahead on expenses by $901.1K
(due to ACNA19, ACEU19, the Lease web payment which should have taken
place in FY19, but did not etc); thus, year over year NI FY20 is
behind FY19 by $767.5K. It is estimated that this will even out, to
a degree, as the FY20 progresses.
Current Balances:
Boston Private CDARS Account 2,266,757.51
Citizens Money Market 714,205.22
Citizens Checking 550,057.58
Paypal - ASF 666.57
Total Checking/Savings 3,531,686.88
Jan-20 Budget Variance
Income Summary:
Public Donations 11,153.89 7,452.19 3,701.70
Sponsorship Program 87,000.00 337,000.00 -250,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 70,018.15 0.00 70,018.15
Other Income 0.00
Interest Income 1,667.08 400.00 1,267.08
Total Income 169,839.12 344,852.19 -175,013.07
Expense Summary
Infrastructure 127,667.10 85,733.08 41,934.02
Programs Expense 5,012.78 3,333.33 1,679.45
Publicity 20,689.32 21,233.34 -544.02
Brand Management 0.00 8,166.67 -8,166.67
Conferences 0.00 17,250.00 -17,250.00
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Fundraising 11,420.01 16,080.00 -4,659.99
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 2,639.97 1,915.00 724.97
Diversity and Inclusion 0.00 5,833.33 -5,833.33
Total Expense 170,779.18 172,894.75 -2,115.57
Net Income -940.06 171,957.44 -172,897.50
YTD FY20 Budget Variance
Income Summary:
Public Donations 91,865.37 124,856.06 -32,990.69
Sponsorship Program 1,056,600.00 1,228,000.00 -171,400.00
Programs Income 14,900.00 14,000.00 900.00
Conference/Event Income 610,161.06 700,000.00 -89,838.94
Other Income 0.00 0.00
Interest Income 8,287.98 3,850.00 4,437.98
Total Income 1,781,814.41 2,070,706.06 -288,891.65
Expense Summary
Infrastructure 812,412.73 826,097.75 -13,685.02
Programs Expense 12,420.31 30,000.00 -17,579.69
Publicity 276,066.08 331,180.00 -55,113.92
Brand Management 35,958.09 73,500.00 -37,541.91
Conferences 651,816.47 633,250.00 18,566.47
Travel Assistance Committee 46,058.81 145,000.00 -98,941.19
Fundraising 111,875.59 144,720.00 -32,844.41
Treasury Services 30,150.00 30,150.00 0.00
General & Administrative 33,614.16 28,755.00 4,859.16
Diversity and Inclusion 30,000.00 52,500.00 -22,500.00
Total Expense 2,040,372.24 2,295,152.75 -254,780.51
Net Income -258,557.83 -224,446.69 -34,111.14
Operating Cash on December 31st, 2019 was $2,135.4K, which is up
$400.4K from last month’s ending balance (Nov 19) of $1,735K. Total
Cash as of Dec 31st, 2019 is $3,529.3K (includes the Pineapple,
Restricted Donation as well as the Tides Restricted Donations) as
compared to $3,720.7K on December 31st, 2018, (a decrease of $191.4K
year over year). The December 2019 ending Operating cash balance of
$2,135.4K represents an Operating cash reserve of 9.3 months based on
the “Estimated” FY20 Cash forecast average monthly spending of
$230.2K/month. The ASF actual Operating reserve of 9.3 months at the
end of December 2019 is a bit ahead the budgeted 8.1 months of reserve
for YTD through December 2019. The estimated YE Operating reserve of
8.9 months is ahead of the Budgeted YE reserve of 7.6 months. The ASF
Operating reserve is above the ASAE standard average of 6 months of
reserve for Non Profits.
Reviewing the YTD Cash P&L, total Income is behind budget at this
point in the Fiscal year by $117.3K ( with the timing of Sponsor
payments the gap as of Nov 30th was closed by $351.8K), partly due to
ACNA19 Registration income was behind but, offset that to a degree,
by ANCA 19 Sponsorship exceeding the budget. Public Donations are a
bit behind due to a bit of timing however as of the December YTD
close, Foundation sponsorship is ahead by $78.8K as the timing of
payments has caught up( The open Accounts Receivable is very healthy
at $701.5K, which as of the Dec 19 Fin Close is enough, if it comes in
before 4.30.20, to achieve the FY20 Foundation Sponsorship Budget). As
compared to FY19, FY20 YTD revenue is ahead by $249.3K primarily due
to FY20 Events exceeding Revenue as compared to FY19, YTD.
YTD expenses through December 31st, 2019 are under budget by $232.8K,
spread across all depts except Conferences. As noted in last month’s
narrative the budgeted loss for ACNA19 was $55K and we were estimating
it to be in the $110K-$120K loss range, once all expenses are in. As
noted in the November Narrative, the estimated loss for ACEU19 could
be 107K Euros. The goal is to have both ACNA19 and ACEU19 closed, as
we close the ASF books for Jan 2020.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$260.9K> NI vs a budgeted negative <$376.4K> NI or $115.5K ahead of
Budgeted NI for FY20 at this point in the Fiscal year. After being
behind last month, with the timing of Sponsor payments we are back on
track for FY20 as compared to budget. The cash forecast has been
updated, with the information we have at hand, and at this point with
about 4 months left in the Fiscal year, we are still on pace to meet
our FY20 budgeted NI. Again as I have done in previous months, I urge
all dept heads to review their depts in the Cash forecast, for the
last 4 months of the Fiscal year, and let us know if there is
anything that they are aware of that could change the estimates for
the remaining four months of FY20. This effort will make the Cash
forecast a much more accurate management tool for the Foundation
With regard to FY19, we are ahead in revenue, by $249.3K as noted
above, but we are also ahead on expenses by $770.2K (due to ACNA19 and
the Lease web payment which should have taken place in FY19, but did
not etc); thus, year over year NI for FY20 is behind FY19 by $520.9K.
It is estimated that this will even out, to a degree, as the FY20
progresses.
Current Balances:
Boston Private CDARS Account 2,265,241.60
Citizens Money Market 710,333.57
Citizens Checking 553,331.27
Paypal - ASF 414.57
Total Checking/Savings 3,529,321.01
Dec-19 Budget Variance
Income Summary:
Public Donations 41,220.41 6,822.05 34,398.36
Sponsorship Program 490,600.00 204,000.00 286,600.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 18,120.30 0.00 18,120.30
Other Income 0.00
Interest Income 150.79 400.00 -249.21
Total Income 550,091.50 211,222.05 338,869.45
Expense Summary
Infrastructure 77,383.20 98,233.08 -20,849.88
Programs Expense 6,249.00 3,333.33 2,915.67
Publicity 11,680.59 21,233.34 -9,552.75
Brand Management 4,367.07 8,166.67 -3,799.60
Conferences 4,618.75 17,250.00 -12,631.25
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Fundraising 11,395.41 16,080.00 -4,684.59
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 619.36 1,925.00 -1,305.64
Diversity and Inclusion 30,000.00 5,833.33 24,166.67
Total Expense 149,663.38 185,404.75 -35,741.37
Net Income 400,428.12 25,817.30 374,610.82
YTD FY20 Budget Variance
Income Summary:
Public Donations 77,273.66 117,403.87 -40,130.21
Sponsorship Program 969,600.00 891,000.00 78,600.00
Programs Income 14,900.00 14,000.00 900.00
Conference/Event Income 540,142.91 700,000.00 -159,857.09
Other Income 0.00 0.00
Interest Income 6,620.90 3,450.00 3,170.90
Total Income 1,608,537.47 1,725,853.87 -117,316.40
Expense Summary
Infrastructure 688,088.31 740,364.64 -52,276.33
Programs Expense 7,407.53 26,666.64 -19,259.11
Publicity 255,376.76 309,946.72 -54,569.96
Brand Management 35,958.09 65,333.36 -29,375.27
Conferences 651,771.73 616,000.00 35,771.73
Travel Assistance Committee 43,092.21 115,000.00 -71,907.79
Fundraising 100,306.82 128,640.00 -28,333.18
Treasury Services 26,800.00 26,800.00 0.00
General & Administrative 30,659.72 26,840.00 3,819.72
Diversity and Inclusion 30,000.00 46,666.64 -16,666.64
Total Expense 1,869,461.17 2,102,258.00 -232,796.83
Net Income -260,923.70 -376,404.13 115,480.43
Operating Cash on November 30th, 2019 was $1,735K, which is up $34K
from last month’s ending balance (Oct 19) of $1,701K. Total Cash as
of Nov 30th, 2019 is $3,158.9K (includes the Pineapple, Restricted
Donation as well as the Tides Restricted Donations) as compared to
$3,599.9K on October 31st, 2018, (a decrease of $441K year over year).
The November 2019 ending Operating cash balance of $1,735K represents
an Operating cash reserve of 7.5 months based on the FY20 Cash
forecast average monthly spending of $229.8K/month. The ASF actual
Operating reserve of 7.5 months at the end of November 2019 is a bit
behind the budgeted 8 months of reserve for YTD through November 2019.
The estimated YE Operating reserve of 8.2 months is ahead of the
Budgeted YE reserve of 7.6 month. The ASF Operating reserve is above
the ASAE standard average of 6 months of reserve for Non Profits.
Reviewing the YTD Cash P&L, total Income is behind budget at this
point in the Fiscal year by $469.1K, partly due to ACNA19 Registration
income was behind but the budget but was, offset to a degree, by
ANCA 19 Sponsorship exceeding the budget. Public Donations are a bit
behind as is Foundation sponsorship due to some timing of payments (
The open Accounts Receivable is very healthy at $1,123.2K). As
compared to FY19, YTD revenue is behind by $95.9K primarily due to
timing of some Sponsor payments.
YTD expenses through November 30th, 2019 are under budget by $203.3K.
All departments are under budget, except for Conferences. As noted in
last month’s narrative the budgeted loss for ACNA19 was $55K and we
were estimating it to be in the $110K-$120K loss range, once all
expenses are in. As noted in the October Narrative, the estimated
loss for ACEU19 could be 107K Euros, however as ACEU19 took place in
October 2019, the final reconciliation is still being compiled.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$668K> NI vs a budgeted negative <$402.2K> NI or $265.8K behind
Budgeted NI for FY20 at this point in the Fiscal year. This is
attributable to timing of Conference payments, Timing of TAC, Timing
of the Lease web payment as well as timing of Sponsor payments vs the
FY20 Budget. The cash forecast has been updated, with the information
we have at hand, and at this point more than halfway through the
Fiscal year, we are still on pace to meet our budget. I would urge
all dept heads to review, their depts in the Cash forecast, for the
last 5 months of the Fiscal year, and let us know if there is
anything that they are aware of that could change the estimates for
the remaining five months of FY2020. This effort will make the Cash
forecast a much more accurate management tool for the Foundation
With regard to FY19, we are behind in revenue, by $95.9K as noted
above, but we are also ahead on expenses by $693.7K (due to ACNA19 and
the Lease web payment which should have taken place in FY19, but did
not); thus, year over year NI for FY20 is behind FY19 by $789.6K. It
is estimated that this will even out, to a degree, as the FY20
progresses.
Current Balances:
Boston Private CDARS Account 2,265,241.60
Citizens Money Market 710,182.78
Citizens Checking 183,053.94
Paypal - ASF 414.57
Total Checking/Savings 3,158,892.89
Nov-19 Budget Variance
Income Summary:
Public Donations 14,157.66 6,502.09 7,655.57
Sponsorship Program 134,000.00 105,000.00 29,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 3,287.10 180,000.00 -176,712.90
Other Income 0.00 0.00 0.00
Interest Income 481.92 400.00 81.92
Total Income 151,926.68 291,902.09 -139,975.41
Expense Summary
Infrastructure 64,701.09 95,733.08 -31,031.99
Programs Expense 0.00 3,333.33 -3,333.33
Publicity 11,340.31 52,738.34 -41,398.03
Brand Management 1,143.87 8,166.67 -7,022.80
Conferences 7,360.42 27,250.00 -19,889.58
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Fundraising 11,420.01 16,080.00 -4,659.99
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 1,088.05 1,925.00 -836.95
Diversity and Inclusion 0.00 5,833.33 -5,833.33
Total Expense 100,403.75 224,409.75 -124,006.00
Net Income 51,522.93 67,492.34 -15,969.41
YTD FY20 Budget Variance
Income Summary:
Public Donations 29,502.03 110,581.82 -81,079.79
Sponsorship Program 479,000.00 687,000.00 -208,000.00
Programs Income 14,900.00 14,000.00 900.00
Conference/Event Income 516,012.91 700,000.00 -183,987.09
Other Income 0.00 0.00 0.00
Interest Income 6,132.99 3,050.00 3,082.99
Total Income 1,045,547.93 1,514,631.82 -469,083.89
Expense Summary
Infrastructure 610,705.11 642,131.56 -31,426.45
Programs Expense 1,158.53 23,333.31 -22,174.78
Publicity 243,696.17 288,713.38 -45,017.21
Brand Management 31,591.02 57,166.69 -25,575.67
Conferences 641,029.28 598,750.00 42,279.28
Travel Assistance Committee 43,092.21 105,000.00 -61,907.79
Fundraising 88,911.41 112,560.00 -23,648.59
Treasury Services 23,450.00 23,450.00 0.00
General & Administrative 29,974.10 24,915.00 5,059.10
Diversity and Inclusion 0.00 40,833.31 -40,833.31
Total Expense 1,713,607.83 1,916,853.25 -203,245.42
Net Income -668,059.90 -402,221.43 -265,838.47
Operating Cash on October 31st, 2019 was $1,701K, which is down
$659.9K from last month’s ending balance (Sept 19) of $2,360.9K.
Total Cash as of October 31st, 2019 is $3,124.9K (includes the
Pineapple, Restricted Donation as well as the Tides Restricted
Donations) as compared to $3,564.4K on Sept. 30th, 2018, (a decrease
of $439.5K year over year). The October 2019 ending Operating cash
balance of $1,701K represents an Operating cash reserve of 7.3 months
based on the FY20 Cash forecast average monthly spending of
$233.7K/month. The ASF actual Operating reserve of 7.3 months at the
end of October 2019 is bit behind the budgeted 7.7 month’s reserve for
YTD through October 2019. The estimated YE Operating reserve of 8.1
months is ahead of the Budgeted YE reserve of 7.6 month. The ASF
Operating reserve is above the ASAE standard average of 6 months of
reserve for Non Profits.
Reviewing the YTD Cash P&L, total Income is behind budget at this
point in the Fiscal year by $322.2K. ACNA19 Sponsorship exceeded the
budget, however ACNA 19 Registration is below budget. Public
Donations are a bit behind as is Foundation sponsorship due to some
timing of payments ( The open Accounts Receivable is very healthy at
$945K). As compared to FY19, YTD revenue is behind by $107.8K
primarily due to timing of some Sponsor payments.
YTD expenses through October 31st, 2019 are under budget by $79.1K.
Most departments are under budget, however due to the finalization of
the amount owed to Leaseweb Infra is slightly over budget, again a
timing issue as compared to the budget . Conferences expenses at this
point are over budget, as the ANCA19 Hotel bill was paid in October.
As noted in last month’s narrative the budgeted loss for ACNA19 is
$55K and we were estimating it to be in the $110K-$120K loss range.
At this point the Loss for ACNA19 stands at $110.5K. For ACEU19 as
noted in last month’s narrative, estimated loss could be 107K Euros,
however as ACEU19 took place in October 2019, it will be a month or
two before we have a preliminary P&L.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$712.9K> NI vs a budgeted negative <$469.7K> NI or $243.2K behind
Budgeted NI for FY20 at this point in the Fiscal year. This is
attributable to timing of Conference payments, Timing of TAC, Timing
of the Leaseweb payment as well as timing of Sponsor payments vs the
FY20 Budget. The cash forecast has been updated and at this point
halfway through the Fiscal year, we are on pace to meet our budget. I
would ask that all dept heads review the Cash forecast and let us know
if there is anything that could change in the estimates for the
remaining six months of FY2020. With regard to FY19, we are behind
in revenue, by $107.8K as noted above, but we are also ahead on
expenses by $691.2K (due to ACNA19 and the Leaseweb payment which
should have taken place in FY19, but did not); thus, year over year NI
for FY20 is behind FY19 by $799K. It is estimated that this will even
out as the second six months of FY 20 progresses.
Current Balances:
Boston Private CDARS Account 2,265,241.60
Citizens Money Market 701,618.65
Citizens Checking 156,027.87
Paypal - ASF 2,011.82
Total Checking/Savings 3,124,899.94
Oct-19 Budget Variance
Income Summary:
Public Donations 1,682.91 2,276.96 -594.05
Sponsorship Program 31,000.00 170,000.00 -139,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 47,400.95 189,000.00 -141,599.05
Other Income 0.00 0.00 0.00
Interest Income 4,084.23 450.00 3,634.23
Total Income 84,168.09 361,726.96 -277,558.87
Expense Summary
Infrastructure 162,378.47 85,733.08 76,645.39
Programs Expense 1,158.53 3,333.33 -2,174.80
Publicity 64,877.89 44,233.34 20,644.55
Brand Management 3,187.97 8,166.67 -4,978.70
Conferences 457,860.82 48,250.00 409,610.82
Travel Assistance Committee 16,837.65 10,000.00 6,837.65
Fundraising 14,330.37 16,080.00 -1,749.63
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 13,654.35 1,915.00 11,739.35
Diversity and Inclusion 0.00 5,833.33 -5,833.33
Total Expense 737,636.05 226,894.75 510,741.30
Net Income -653,467.96 134,832.21 -788,300.17
YTD FY20 Budget Variance
Income Summary:
Public Donations 21,895.59 104,079.73 -82,184.14
Sponsorship Program 345,000.00 582,000.00 -237,000.00
Programs Income 14,900.00 14,000.00 900.00
Conference/Event Income 512,725.81 520,000.00 -7,274.19
Other Income 0.00 0.00 0.00
Interest Income 5,988.19 2,650.00 3,338.19
Total Income 900,509.59 1,222,729.73 -322,220.14
Expense Summary
Infrastructure 558,291.02 546,398.48 11,892.54
Programs Expense 1,158.53 19,999.98 -18,841.45
Publicity 232,355.86 235,975.04 -3,619.18
Brand Management 30,447.15 49,000.02 -18,552.87
Conferences 633,668.86 571,500.00 62,168.86
Travel Assistance Committee 30,805.21 95,000.00 -64,194.79
Fundraising 77,491.40 96,480.00 -18,988.60
Treasury Services 20,100.00 20,100.00 0.00
General & Administrative 29,066.57 22,990.00 6,076.57
Diversity and Inclusion 0.00 34,999.98 -34,999.98
Total Expense 1,613,384.60 1,692,443.50 -79,058.90
Net Income -712,875.01 -469,713.77 -243,161.24
Operating Cash on September 30th, 2019 was $2,360.9K, which is down
$89.5K from last month’s ending balance (Aug 19) of $2,450.4K. Total
Cash as of September 30, 2019 is $3,784.8K (includes the Pineapple,
Restricted Donation and the Tides Restricted and Unrestricted
Donations) as compared to $3,489.2K on Sept. 30th, 2018, (an increase
of $295.6K year over year). The September 2019 ending Operating cash
balance of $2,360.9K represents an Operating cash reserve of 9.8
months based on the FY20 Cash forecast average monthly spending of
$241.8K/month. The ASF actual Operating reserve of 9.8 months at the
end of September 2019 is ahead of the budgeted 7.3 month’s reserve for
YTD through September 2019. The ASF Operating reserve continues to be
very healthy for an organization of the ASF’s size and Operating
activity.
Reviewing the YTD Cash P&L, total Income is behind budget at this
point in the Fiscal year by $44.7K due to Public Donations and
Sponsorship Program income being under plan, while Conference income
is ahead of plan. Breaking down the specifics of Conference income,
ACNA 19 Sponsorship is ahead of plan which is offset by ACNA 19
Registration being under plan (there are still some outstanding items
that will adjust this hopefully next month). Further offsetting this
is that for ACEU 19 both its Sponsorship and Registration are also
behind plan, as of the end of Sept 19, (the event is in Oct 19). FY20
YTD Income as compared to FY19 YTD Income, at this point in the fiscal
year, we are ahead in Income by $93.3K, due primarily to Conference
income, year over year.
YTD expenses through September 30, 2019 are under budget by $589.8K.
All departments are under budget, which is primarily due to timing of
payments for the depts. Conferences expenses at this point are under
budget due to timing and are expected to normalize as ACNA 19 has
already taken place and ACEU is set to take place in October. As of
this date the budgeted loss for ACNA19 was $55K and we are estimating
it to be in the $110K-$120K range. For ACEU19 which has yet to
happen, as of the date of this report the estimated loss could be
107k€.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$59.4K> NI vs a budgeted negative <$604.5K> NI or $545.1K ahead of
Budgeted NI for FY20 at this point in the Fiscal year. This is
attributable to timing of Conference payments, Timing of TAC as well
as underspending in most depts YTD vs the FY20 Budget, again due to
timing. At this point in the FY we are doing well, behind the budget
in Revenue but well under budget in Expenses, per the estimates, even
taking timing variances into account. With regard to FY19, we are
outpacing revenue, by $93.3K as noted above, but we are also ahead on
expenses by $163.7K; thus, year over year NI for FY20 is behind FY19
by $70.3K.
Current Balances:
Boston Private CDARS Account 2,261,344.76
Citizens Money Market 1,101,431.36
Citizens Checking 419,989.76
Paypal - ASF 2,011.82
Total Checking/Savings 3,784,777.70
Sep-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,879.10 1,475.34 1,403.76
Sponsorship Program 12,000.00 125,000.00 -113,000.00
Programs Income 14,900.00 14,000.00 900.00
Conference/Event Income 106,728.90 180,000.00 -73,271.10
Other Income 1,727.39 328.55 1,398.84
Interest Income 305.34 400.00 -94.66
Total Income 138,540.73 321,203.89 -182,663.16
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 77,786.98 95,733.08 -17,946.10
Programs Expense 0.00 3,333.33 -3,333.33
Publicity 19,039.55 44,233.34 -25,193.79
Brand Management 18,534.89 8,166.67 10,368.22
Conferences 95,268.42 86,250.00 9,018.42
Travel Assistance Committee 0.00 15,000.00 -15,000.00
Fundraising 11,398.76 16,080.00 -4,681.24
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 2,690.49 8,915.00 -6,224.51
Diversity and Inclusion 0.00 5,833.33 -5,833.33
Total Expense 228,069.09 286,894.75 -58,825.66
Net Income -89,528.36 34,309.14 -123,837.50
YTD FY20 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 10,766.70 80,685.82 -69,919.12
Sponsorship Program 314,000.00 412,000.00 -98,000.00
Programs Income 14,900.00 14,000.00 900.00
Conference/Event Income 465,324.86 331,000.00 134,324.86
Other Income 9,445.98 21,116.95 -11,670.97
Interest Income 1,904.06 2,200.00 -295.94
Total Income 816,341.60 861,002.77 -44,661.17
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 395,912.55 460,665.40 -64,752.85
Programs Expense 0.00 16,666.65 -16,666.65
Publicity 167,477.97 191,741.70 -24,263.73
Brand Management 27,259.18 40,833.35 -13,574.17
Conferences 175,808.04 523,250.00 -347,441.96
Travel Assistance Committee 13,967.56 85,000.00 -71,032.44
Fundraising 63,161.03 80,400.00 -17,238.97
Treasury Services 16,750.00 16,750.00 0.00
General & Administrative 15,412.22 21,075.00 -5,662.78
Diversity and Inclusion 0.00 29,166.65 -29,166.65
Total Expense 875,748.55 1,465,548.75 -589,800.20
Net Income -59,406.95 -604,545.98 545,139.03
Operating Cash on August 31st, 2019 was $2,450.4K, which is down
$22.6K from last month’s ending balance (Jul 19) of $2,473.1K. Total
Cash as of August 31st, 2019 is $3,844.3K (includes the Pineapple and
restricted Donation) as compared to $3,448.1K on August 31st 2018 (an
increase of $396.2K year over year). The August 2019 ending Operating
cash balance of $2,450.4K represents an Operating cash reserve of 9.9
months based on the FY20 Cash forecast average monthly spending of
$246.8K/month. The ASF actual Operating reserve of 9.9 months at the
end of August 2019 is ahead of the budgeted 7.1 month’s reserve for
YTD through August 2019. The ASF Operating reserve continues to be
very healthy for an organization of the ASF’s size and Operating
activity.
Reviewing the YTD Cash P&L, total Income is ahead of budget at this
point in the Fiscal year by $138.0K. As compared to FY19, YTD revenue
is ahead by $133.2K primarily due to Conference income year over year
at this point in time.
YTD expenses through August 31, 2019 are under budget by $530.9K. All
departments are either under budget or showing minor variances, which
is primarily due to timing of payments for depts. Conferences
expenses at this point are under budget due to timing and it is
expected to normalize over the next two months as ACNA and ACEU are
happening in September and October, respectively.
Regarding Net Income (NI), YTD FY20 the ASF finished with a positive
$30.1K NI vs a budgeted negative <$638.8K> NI or $668.9K ahead of
Budgeted NI for FY20 at this point in the Fiscal year. This is
attributable to timing of Conference payments, Timing of TAC as well
as underspending in most depts YTD vs the FY20 Budget. At this point
in the FY we are doing very well, ahead in Revenue and well under
budget in Expenses, even taking timing variances into account. With
regard to FY19, we are outpacing revenue, by $133.2K as noted above,
but we are also out pacing ahead on expenses by $104.4K; thus, year
over year NI for FY20 is ahead of FY19 by $28.8K.
I would like to inform the board that I am stepping down from the
office of the Treasurer effective Oct 31st 2019. I ask the board to
appoint a successor as soon as possible to ensure a smooth and
orderly handover of duties.
Current Balances:
Boston Private CDARS Account 2,261,344.76
Citizens Money Market 1,089,390.13
Citizens Checking 491,895.04
Paypal - ASF 1,676.13
Total Checking/Savings 3,844,306.06
Aug-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 1,675.67 72,454.00 -70,778.33
Sponsorship Program 72,000.00 25,000.00 47,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 61,729.96 91,000.00 -29,270.04
Other Income 591.92 18,506.00 -17,914.08
Interest Income 291.63 450.00 -158.37
Total Income 136,289.18 207,410.00 -71,120.82
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 83,774.73 107,733.08 -23,958.35
Programs Expense 0.00 3,333.33 -3,333.33
Publicity 31,182.37 52,733.34 -21,550.97
Brand Management 3,298.85 8,166.67 -4,867.82
Conferences 7,726.45 211,250.00 -203,523.55
Travel Assistance Committee 13,967.56 20,000.00 -6,032.44
Fundraising 11,494.76 16,080.00 -4,585.24
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 4,149.16 1,915.00 2,234.16
Diversity and Inclusion 0.00 5,833.33 -5,833.33
Total Expense 158,943.88 430,394.75 -271,450.87
Net Income -22,654.70 -222,984.75 200,330.05
YTD FY20 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 7,887.60 79,210.48 -71,322.88
Sponsorship Program 302,000.00 287,000.00 15,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 358,595.96 151,000.00 207,595.96
Other Income 7,718.59 20,788.40 -13,069.81
Interest Income 1,598.72 1,800.00 -201.28
Total Income 677,800.87 539,798.88 138,001.99
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 318,125.57 364,932.32 -46,806.75
Programs Expense 0.00 13,333.32 -13,333.32
Publicity 148,438.42 147,508.36 930.06
Brand Management 8,724.29 32,666.68 -23,942.39
Conferences 80,539.62 437,000.00 -356,460.38
Travel Assistance Committee 13,967.56 70,000.00 -56,032.44
Fundraising 51,762.27 64,320.00 -12,557.73
Treasury Services 13,400.00 13,400.00 0.00
General & Administrative 12,721.73 12,160.00 561.73
Diversity and Inclusion 0.00 23,333.32 -23,333.32
Total Expense 647,679.46 1,178,654.00 -530,974.54
Net Income 30,121.41 -638,855.12 668,976.53
@Myrle: look for a new assistant treasurer
Operating Cash on July 31st, 2019 was $2,473K, which is up $170.2K
from last month’s ending balance (Jun 19) of $2,302.8K. Total Cash as
of July 31st, 2019 is $3,866.9K (includes the Pineapple and restricted
Donation) as compared to $3,435.3K on July 31st 2018 (an increase of
$431.6K year over year). The July 2019 ending Operating cash balance
of $2,473K represents an Operating cash reserve of 10 months based on
the FY20 Cash forecast average monthly spending of $247.9K/month. The
ASF actual Operating reserve of 10 months at the end of July 2019 is
ahead of the budgeted 8.1 month reserve for YTD through July 2019.
The ASF Operating reserve continues to be very healthy for an
organization of the ASF’s size and Operating activity.
Reviewing the YTD Cash P&L, total Income is ahead of budget at this
point in the Fiscal year by $209.1K. As compared to FY18, YTD revenue
is ahead by $205.1K primarily due to Conference income year over year
at this point in time
YTD expenses through July 31, 2019 are under budget by $259.5K. All
departments, except for Publicity, are under budget at the end of July
2019, which is primarily due to timing and expenses for ACNA19.
Conference are at this point under budget due to timing and it is
expected to normalize over the next two months as ACNA and ACEU are
happening in the next few months.
Regarding Net Income (NI), YTD FY20 the ASF finished with a positive
$52.8K NI vs a budgeted negative <$415.9K> NI or $468.7K ahead of
Budget, NI, for FY20 at this point in the Fiscal year. This is
attributable to timing of Conference payments, Timing of TAC as well
as underspending in most depts YTD vs the FY20 Budget. At this point
in the FY we are doing very well, ahead in Revenue and well under
budget in Expenses, even taking timing variances into account. With
regard to FY19, we are outpacing revenue, by $205.1K as noted above,
but we are also out pacing expenses by $125.9K; thus, year over year
NI for FY20 is ahead of FY19 by $79.2K.
Current Balances:
Boston Private CDARS Account 2,261,344.76
Citizens Money Market 1,084,270.11
Citizens Checking 520,360.73
Paypal - ASF 985.16
Total Checking/Savings 3,866,960.76
Jul-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 1,262.66 988.07 274.59
Sponsorship Program 137,000.00 126,000.00 11,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 195,232.00 60,000.00 135,232.00
Other Income 499.59 1,247.35 -747.76
Interest Income 324.03 450.00 -125.97
Total Income 334,318.28 188,685.42 145,632.86
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 89,195.44 85,733.08 3,462.36
Programs Expense 0.00 3,333.33 -3,333.33
Publicity 24,244.17 44,233.34 -19,989.17
Brand Management 5,425.44 8,166.67 -2,741.23
Conferences 28,334.00 211,250.00 -182,916.00
Travel Assistance Committee 0.00 30,000.00 -30,000.00
Fundraising 11,398.76 16,080.00 -4,681.24
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 2,136.29 1,915.00 221.29
Diversity and Inclusion 0.00 5,833.33 -5,833.33
Total Expense 164,084.10 409,894.75 -245,810.65
Net Income 170,234.18 -221,209.33 391,443.51
YTD FY20 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 6,211.93 6,756.48 -544.55
Sponsorship Program 230,000.00 262,000.00 -32,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 296,866.00 60,000.00 236,866.00
Other Income 7,126.67 2,282.40 4,844.27
Interest Income 1,307.09 1,350.00 -42.91
Total Income 541,511.69 332,388.88 209,122.81
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 234,350.84 257,199.24 -22,848.40
Programs Expense 0.00 9,999.99 -9,999.99
Publicity 117,256.05 94,775.02 22,481.03
Brand Management 5,425.44 24,500.01 -19,074.57
Conferences 72,813.17 225,750.00 -152,936.83
Travel Assistance Committee 0.00 50,000.00 -50,000.00
Fundraising 40,267.51 48,240.00 -7,972.49
Treasury Services 10,050.00 10,050.00 0.00
General & Administrative 8,572.57 10,245.00 -1,672.43
Diversity and Inclusion 0.00 17,499.99 -17,499.99
Total Expense 488,735.58 748,259.25 -259,523.67
Net Income 52,776.11 -415,870.37 468,646.48
Operating Cash on June 30, 2019 was $2,302.8K, which is down $57.4K
from last month’s ending balance (May 19) of $2,360.2K. Total Cash as
of June 30, 2019 is $3,696.7K (includes the Pineapple and restricted
Donation) as compared to $2,847.9K on June 30th 2018 (an increase of
$320.0K year over year). The June 2019 ending Operating cash balance
of $2,302.8K represents an Operating cash reserve of 9.2 months based
on the FY20 Cash forecast average monthly spending of $250.1K/month.
The ASF actual Operating reserve of 9.2 months at the end of June 2019
is ahead of the budgeted 8.9 month reserve for YTD through June 2019.
The ASF Operating reserve continues to be very healthy for an
organization of the ASF’s size and Operating activity.
Reviewing the YTD Cash P&L, total Income is ahead of budget at this
point in the Fiscal year by $63.5K. As compared to FY19, YTD revenue
is ahead by $45.0K because of prepaid revenue for ApacheCon NA 2019;
however, Sponsorship Program revenue is under budget.
YTD expenses through June 30, 2019 are under budget by $13.7K. All
departments, except for Publicity and Conferences, are under budget at
the end of June 2019. Publicity and Conferences are over budget
primarily due to the timing of some payments, at this early point in
the Fiscal year.
Regarding Net Income (NI), YTD FY20 the ASF finished with a negative
<$117.5K> NI vs a budgeted negative <$194.7K> NI or $77.2K ahead of
Budget, NI, for FY20 at this point in the Fiscal year. This is
attributable to timing of Conference payments as well as underspending
in most depts YTD vs the FY20 Budget. At this point in the FY we are
doing very well, ahead in Revenue and well under budget in Expenses,
even taking timing variances into account. With regard to FY19, we
are outpacing revenue, by $45.0K as noted above, but we are also out
pacing expenses by $77.5K; thus, year over year NI for FY20 is behind
FY19 by $32.5K.
Current Balances:
Boston Private CDARS Account 2,261,344.76
Citizens Money Market 1,078,966.19
Citizens Checking 351,276.45
Paypal - ASF 5,139.18
Total Checking/Savings 3,696,726.58
Jun-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 836.05 2,860.61 -2,024.56
Sponsorship Program 37,000.00 57,000.00 -20,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 38,342.00 0.00 38,342.00
Other Income 2,809.15 324.93 2,484.22
Interest Income 494.52 500.00 -5.48
Total Income 79,481.72 60,685.54 18,796.18
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 69,614.02 85,733.08 -16,119.06
Programs Expense 0.00 3,333.33 -3,333.33
Publicity 14,683.48 21,233.34 -6,549.86
Brand Management 0.00 8,166.67 -8,166.67
Conferences 36,306.59 7,250.00 29,056.59
Travel Assistance Committee 0.00 20,000.00 -20,000.00
Fundraising 11,250.00 16,080.00 -4,830.00
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 1,652.75 6,915.00 -5,262.25
Diversity and Inclusion 0.00 5,833.33 -5,833.33
Total Expense 136,856.84 177,894.75 -41,037.91
Net Income -57,375.12 -117,209.21 59,834.09
YTD FY20 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 4,949.27 5,768.41 -819.14
Sponsorship Program 93,000.00 136,000.00 -43,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 101,634.00 0.00 101,634.00
Other Income 6,627.08 1,035.05 5,592.03
Interest Income 983.06 900.00 83.06
Total Income 207,193.41 143,703.46 63,489.95
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 145,155.40 171,466.16 -26,310.76
Programs Expense 0.00 6,666.66 -6,666.66
Publicity 93,011.88 50,541.68 42,470.20
Brand Management 0.00 16,333.34 -16,333.34
Conferences 44,479.17 14,500.00 29,979.17
Travel Assistance Committee 0.00 20,000.00 -20,000.00
Fundraising 28,868.75 32,160.00 -3,291.25
Treasury Services 6,700.00 6,700.00 0.00
General & Administrative 6,436.28 8,330.00 -1,893.72
Diversity and Inclusion 0.00 11,666.66 -11,666.66
Total Expense 324,651.48 338,364.50 -13,713.02
Net Income -117,458.07 -194,661.04 77,202.97
@Daniel: Check in on treasurer availability
As the FY 20 budget is still being worked on we will be comparing May
2019 to the actuals of May 2018
Please note that we have updated the “Board Summary”
Here is a summary of the Foundation’s Financial performance in May
2019:
Operating Cash on May 31, 2019 was $2,360.2K, which is down $60.1K
from last month’s ending balance (April 19) of $2,420.3K. Total Cash
as of May 31, 2019 is $3,754.1K (includes the Pineapple and restricted
Donation) as compared to $3,391.8K on May 31st 2018 (an increase of
$362.2K year over year). The May 2019 ending Operating cash balance of
$2,360.2K represents an Operating cash reserve of 16.3 months based on
the FY19 actual average monthly spending of $144.5K/month (this is
expected to increase in FY20, but the FY20 budget has not yet been
approved yet). The ASF Operating reserve continues to be very healthy
for an organization of the ASF’s size and Operating activity.
Reviewing the Cash P&L, May 2019 revenue exceeded that of May 2018 by
$44.8K. However total expenses are higher in May of 2019 by $32.3K.
As had been noted in the April 2019 narrative, that based on the
preliminary FY20 budget information that has been accumulated, FY20
spending will be more than FY19, and the first month of the fiscal
year is bearing that out. Some of which is purely a timing issue,
such as there was a Board F2F in May of 19 and not in May of 18,
similarly Infra has filled their team positions, which were open in
May of 2018. This all equates to a <$60.1K> deficit in May of 2019 vs
a <$72.6K> for May of 2018. So year over year, we are Thus the net
deficit for May 2019 is ($60.1K) compared to a deficit of ($72.6K) May
2018.
Current Balances:
Boston Private CDARS Account 2,261,344.76
Citizens Money Market 1,078,522.96
Citizens Checking 409,510.65
Paypal - ASF 4,723.33
Total Checking/Savings 3,754,101.70
May-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 4,113.22 2,907.80 1,205.42
Sponsorship Program 56,000.00 79,000.00 -23,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 63,292.00 0.00 63,292.00
Other Income 3,817.93 710.12 3,107.81
Interest Income 488.54 293.63 194.91
Total Income 127,711.69 82,911.55 44,800.14
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 75,541.38 59,757.16 15,784.22
Programs Expense 0.00 0.00 0.00
Publicity 78,328.40 62,389.47 15,938.93
Brand Management 0.00 5,129.39 -5,129.39
Conferences 8,172.58 500.00 7,672.58
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 17,618.75 20,836.39 -3,217.64
Treasury Services 3,350.00 5,895.00 -2,545.00
General & Administrative 4,783.53 970.08 3,813.45
Total Expense 187,794.64 155,477.49 32,317.15
Net Income -60,082.95 -72,565.94 12,482.99
YTD FY20 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 4,113.22 2,907.80 1,205.42
Sponsorship Program 56,000.00 79,000.00 -23,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 63,292.00 0.00 63,292.00
Other Income 3,817.93 710.12 3,107.81
Interest Income 488.54 293.63 194.91
Total Income 127,711.69 82,911.55 44,800.14
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 75,541.38 59,757.16 15,784.22
Programs Expense 0.00 0.00 0.00
Publicity 78,328.40 62,389.47 15,938.93
Brand Management 0.00 5,129.39 -5,129.39
Conferences 8,172.58 500.00 7,672.58
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 17,618.75 20,836.39 -3,217.64
Treasury Services 3,350.00 5,895.00 -2,545.00
General & Administrative 4,783.53 970.08 3,813.45
Total Expense 187,794.64 155,477.49 32,317.15
Net Income -60,082.95 -72,565.94 12,482.99
Operating Cash on April 30, 2019 was $2,409.0K, which is down $92.5K
from last month's ending balance (Mar 19) of $2,501.5K. Total Cash as
of April 30, 2019 is $3,802.8K (includes the Pineapple and restricted
Donation) as compared to $2,964.4K on April 30th 2018 (an increase of
$838.4K year over year). The April 2019 ending Operating cash balance
of $2,409.0K represents an Operating cash reserve of 16.7 months based
on the FY19 Cash forecast average monthly spending of $144.5K/month
(this will most change for FY20, as there was a fair amount of
budgeted spend in FY19 that has not occurred but may in FY20 as we
continue to work on the budget). The ASF actual Operating reserve of
16.7 months at the end of April 2019 is ahead of the budgeted 11.6
month reserve for YTD through April 2019. The ASF Operating reserve
continues to be very healthy for an organization of the ASF's size and
Operating activity.
Reviewing the YTD Cash P&L, total Revenue is ahead of FY18 by $256.2K.
As compared to the FY19 Budgeted revenue, we are ahead by $413.4K.
YTD expenses, through April 30, 2019 are under budget by $162.2K. All
departments, except for Total Conferences, are under budget, at the
end of April 2019. Total Conferences is over budget because we put a
75% down payment on ACEU19 of $229.6K plus VAT of $43.3K. With regards
to the areas that are under budget, one being Infra, as noted in the
Board summary is $263.2K under budget due to the timing of hiring of
staff (though this did change in April 19 as they have hired two new
staff members, Congrats) and not having to pay any Lease web invoices
YTD, thank you Fundraising. The other being TAC at $50K under budget
for FY19.
Regarding Net Income (NI), YTD FY19 the ASF finished with a positive
$331.0K NI vs a budgeted negative <$244.5K> NI or $575.5K ahead of
Budget, NI, for FY19. This is attributable to timing of some Sponsor
payments as well as more Donations than were budgeted as well as
underspending in most depts YTD vs the FY19 Budget. In comparison to
last year, FY19 revenue exceeds FY18's by $256.2K as noted above;
similarly, expenses exceed last year's by $483.1K. Thus, year over
year NI for FY19 is behind FY18 by $226.9K.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Market 1,078,065.15
Citizens Checking 473,525.77
Paypal - ASF 1,248.97
Total Checking/Savings 3,802,839.89
Apr-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 4,084.24 1,817.30 2,266.94
Sponsorship Program 32,000.00 210,000.00 -178,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 140.00 0.00 140.00
Other Income 701.85 512.27 189.58
Interest Income 546.63 875.61 -328.98
Total Income 37,472.72 213,205.18 -175,732.46
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 70,889.49 78,128.36 -7,238.87
Programs Expense 0.00 0.00 0.00
Publicity 23,903.23 16,479.54 7,423.69
Brand Management 1,582.09 8,166.66 -6,584.57
Conferences 13,704.73 20,500.00 -6,795.27
Travel Assistance Committee 54.50 10,000.00 -9,945.50
Fundraising 11,250.00 17,333.32 -6,083.32
Treasury Services 3,350.00 3,475.00 -125.00
General & Administrative 5,657.93 2,179.56 3,478.37
Total Expense 130,391.97 156,262.44 -25,870.47
Net Income -92,919.25 56,942.74 -149,861.99
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 135,583.80 120,699.59 14,884.21
Sponsorship Program 1,617,371.47 1,299,000.00 318,371.47
Programs Income 17,200.00 14,400.00 2,800.00
Conference/Event Income 257,466.49 184,000.00 73,466.49
Other Income 31,001.54 19,300.41 11,701.13
Interest Income 6,557.70 14,400.00 -7,842.30
Total Income 2,065,181.00 1,651,800.00 413,381.00
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 702,347.35 965,540.00 -263,192.65
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 232,702.58 238,300.00 -5,597.42
Brand Management 59,749.66 98,000.00 -38,250.34
Conferences 513,273.00 244,500.00 268,773.00
Travel Assistance Committee 15,054.50 65,000.00 -49,945.50
Fundraising 145,268.64 208,000.00 -62,731.36
Treasury Services 45,170.00 46,200.00 -1,030.00
General & Administrative 20,610.04 26,399.98 -5,789.94
Total Expense 1,734,175.77 1,896,339.98 -162,164.21
Net Income 331,005.23 -244,539.98 575,545.21
Below is a summary of the Foundation’s Financial performance for the
first eleven months of FY19;
However, before we get into the Financials I want to point out that we
are now in April which is the LAST month of Fiscal year 2019. So if
anyone has any expenses that pertain to May 1 2018 thru April 30 2019.
Please have them submitted and approved for payment with the April
2019 AP run by the 26th of April 2019. If you have any questions
please let me know as soon as possible so we can close out FY19.
Operating Cash on March 31, 2019 was $2,501.5K, which is down $157.4K
from last month’s ending balance (Feb 19) of $2,658.9K. Total Cash as
of March 31, 2019 is $3,895.3K (includes the Pineapple and restricted
Donation) as compared to $2,847.9K on March 31th 2018 (an increase of
$1,047.5K year over year). The March 2019 ending Operating cash
balance of $2,501.5K represents an Operating cash reserve of 16.3
months based on the FY19 Cash forecast average monthly spending of
$153.7K/month ( this will most likely change for FY 20, as there was a
fair amount of budgeted spend in FY19 that has not occurred but may in
FY20 as we continue to work on the budget). The ASF actual Operating
reserve of 16.3 months at the end of March 2019 is ahead of the
budgeted 11.2 month reserve for YTD through March 2019. The ASF
Operating reserve continues to be very healthy for an organization of
the ASF’s size and Operating activity.
Reviewing the YTD Cash P&L, total Income is ahead of FY18 at this
point in the Fiscal year by $448.6K . As compared to the FY19
Budgeted Income, YTD, we are ahead by $589.1K.
YTD expenses, through March 31, 2019 are under budget by $136.3K. All
departments, except for Conferences, are under budget, at the end of
March 2019. Conferences are over budget due to the 75% down payment
for ACEU19 that was paid in Mar 2019 as
noted in the narrative last month. A couple of other areas that
continue to be under budget, YTD, are Infra, at $256K under budget is
due to the timing of hiring of staff ( though this will change in
April 19 as they have hired two new staff members, Congrats) and not
paying any Lease web invoices YTD, and TAC which is also under budget
by $40K YTD for FY19 as well as .
Regarding Net Income (NI), YTD FY19, the ASF finished with a positive
$423.9K NI vs a budgeted negative <$301.5K> NI or $725.4K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This is
attributable to timing of some Sponsor payments as well as more
Donations than were budgeted as well as underspending in most depts
YTD vs the FY19 Budget. With regard to FY18, we are outpacing
revenue, by $448.6K as noted above, but we are also out pacing
expenses by $474.2K; thus, year over year NI for FY19 is behind FY18
by $25.6K, again due to the 75% down payment that was made for ACEU19.
As FY19 comes to a close we should all be very proud of the
exceptional financial performance of the Foundation, both vs our
budget and compared to the prior year, which has allowed the
foundation to do a great many things during FY19.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Market 1,068,519.95
Citizens Checking 568,340.14
Paypal - ASF 8,499.05
Total Checking/Savings 3,895,359.14
Mar-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,481.41 2,218.37 263.04
Sponsorship Program 202,000.00 250,000.00 -48,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 6,898.08 0.00 6,898.08
Other Income 431.17 596.96 -165.79
Interest Income 594.85 933.52 -338.67
Total Income 212,405.51 253,748.85 -41,343.34
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 49,194.83 78,128.36 -28,933.53
Programs Expense 0.00 0.00 0.00
Publicity 14,476.07 16,729.54 -2,253.47
Brand Management 4,877.26 8,166.66 -3,289.40
Conferences 284,055.85 14,000.00 270,055.85
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Fundraising 11,505.00 17,333.32 -5,828.32
Treasury Services 3,375.00 3,475.00 -100.00
General & Administrative 2,360.58 2,040.57 320.01
Total Expense 369,844.59 149,873.45 219,971.14
Net Income -157,439.08 103,875.40 -261,314.48
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 131,499.56 118,882.29 12,617.27
Sponsorship Program 1,585,371.47 1,089,000.00 496,371.47
Programs Income 17,200.00 14,400.00 2,800.00
Conference/Event Income 257,326.49 184,000.00 73,326.49
Other Income 30,299.69 18,788.14 11,511.55
Interest Income 6,011.07 13,524.39 -7,513.32
Total Income 2,027,708.28 1,438,594.82 589,113.46
Expense Summary
In Kind Expense 0.00 0.00 0.00
Infrastructure 631,458.29 887,411.64 -255,953.35
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 208,799.01 221,820.46 -13,021.45
Brand Management 58,166.72 89,833.34 -31,666.62
Conferences 499,568.27 224,000.00 275,568.27
Travel Assistance Committee 15,000.00 55,000.00 -40,000.00
Fundraising 134,019.00 190,666.68 -56,647.68
Treasury Services 41,820.00 42,725.00 -905.00
General & Administrative 14,952.11 24,220.42 -9,268.31
Total Expense 1,603,783.40 1,740,077.54 -136,294.14
Net Income 423,924.88 -301,482.72 725,407.60
Here is a summary of the Foundation’s Financial performance for the
first ten months of FY19;
Operating Cash on February 28, 2019 was $2,658.9K, which is up $59.7K
from last month’s ending balance (Jan 19) of $2,599.2K. Total Cash as
of Feb 28, 2019 is $4,052.8K ( includes the Pineapple and restricted
Donation) as compared to $2,500.2K on Feb 28th 2018 (an increase of
$1,552.6K year over year). The Feb 2019 ending Operating cash balance
of $2,658.9K represents an Operating cash reserve of 20 months based
on the FY19 conservative Cash forecast average monthly spending of
$132.8K/month ( this will most change for FY 20, as there was a fair
amount of budgeted spend in FY19 that has not occurred but may in FY20
as we continue to work on the budget). The ASF actual Operating
reserve of 20 months at the end of Feb 2019 is ahead of the budgeted
10.6 month reserve for YTD through Feb 2019. The ASF Operating
reserve continues to be very healthy for an organization of the ASF’s
size and Operating activity.
Reviewing the YTD Cash P&L, total Income is ahead of FY18 at this
point in the Fiscal year by $501.7K . As compared to the FY19
Budgeted Income, YTD, we are ahead by $630.5K.
YTD expenses, through Feb 28, 2019 are under budget by $382.1K. All
depts. are under budget, at the end of Feb 2019. There are still a
couple items worth mentioning, one being Infra, as noted in the Board
summary is $227K under budget due to the timing of hiring of staff (
though this will change in Mar19 as they have hired two new staff
members, Congrats) and not having to pay any Lease web invoices YTD.
The other being TAC at $45K under budget YTD for FY19. The Expenses
vs Budget will also change in Mar 19 as we just put a 75% down payment
on ACEU19 of $229.6K as well. So with both of these for the Mar 19
close we will be closer to our FY19 Expense Budget.
Regarding Net Income (NI), YTD FY19 the ASF finished with a positive
$607.2K NI vs a budgeted negative <$405.4K> NI or $1,012.6K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This is
attributable to timing of some Sponsor payments as well as more
Donations than were budgeted as well as underspending in all depts
YTD, vs the FY19 Budget. At this point in the FY we are doing very
well, ahead in Revenue and well under budget in Expenses, even taking
timing variances into account. We will continue to monitor this as we
finish out FY19. With regard to FY18, we are outpacing revenue, by
$501.7K as noted above, but we are also out pacing expenses by
$180.8K. However, year over year NI for FY19 exceeds FY18 by $320.9K,
another good yard stick of the Foundation’s financial health at this
point in time.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Market 1,068,066.39
Citizens Checking 727,720.86
Paypal - ASF 7,011.37
Total Checking/Savings 4,052,798.62
Feb-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,344.90 77,774.15 -75,429.25
Sponsorship Program 162,000.00 18,000.00 144,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 2,000.00 0.00 2,000.00
Other Income 310.85 1,655.23 -1,344.38
Interest Income 466.38 974.45 -508.07
Total Income 167,122.13 98,403.83 68,718.30
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 47,454.80 78,128.36 -30,673.56
Programs Expense 0.00 0.00 0.00
Publicity 16,701.34 13,729.53 2,971.81
Brand Management 13,108.32 8,166.66 4,941.66
Conferences 7,623.35 10,000.00 -2,376.65
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 8,560.50 17,333.32 -8,772.82
Treasury Services 3,350.00 5,825.00 -2,475.00
General & Administrative 2,938.01 2,117.69 820.32
Total Expense 99,736.32 135,300.56 -35,564.24
Net Income 67,385.81 -36,896.73 104,282.54
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 129,218.61 116,663.92 12,554.69
Sponsorship Program 1,383,371.47 839,000.00 544,371.47
Programs Income 17,200.00 14,400.00 2,800.00
Conference/Event Income 250,227.95 184,000.00 66,227.95
Other Income 29,868.52 18,191.18 11,677.34
Interest Income 5,416.22 12,590.87 -7,174.65
Total Income 1,815,302.77 1,184,845.97 630,456.80
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 582,263.03 809,283.28 -227,020.25
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 194,322.95 205,090.92 -10,767.97
Brand Management 53,290.31 81,666.68 -28,376.37
Conferences 204,635.42 210,000.00 -5,364.58
Travel Assistance Committee 0.00 45,000.00 -45,000.00
Fundraising 122,513.77 173,333.36 -50,819.59
Treasury Services 36,135.00 39,250.00 -3,115.00
General & Administrative 14,901.53 22,179.85 -7,278.32
Total Expense 1,208,062.01 1,590,204.09 -382,142.08
Net Income 607,240.76 -405,358.12 1,012,598.88
Operating Cash on January 31st, 2019 was $2,599.2K, which is up
$272.4K from last month’s ending balance (Dec 18) of $2,326.8K. Total
Cash as of Jan 31st, 2019 is $3,993.1 ( includes the Pineapple and
restricted Donation) as compared to $1,793.4K on Jan 31st 2018 ( an
increase of $2,199.7K year over year. If we exclude the Pineapple and
Restricted donation that is a year over year increase of $805.8K in
net cash). The Jan 2019 ending Operating cash balance of $2,599.2K
represents an Operating cash reserve of 19.1 months based on the FY19
conservative Cash forecast average monthly spending of $136.2K/month (
this will most likely change for FY 20 as we continue to work on the
budget). The ASF actual Operating reserve of 19.1 months at the end
of Jan 2019 is ahead of the budgeted 11.1 month reserve for YTD
through Jan 2019. The ASF Operating reserve continues to be very
healthy for an organization of the ASF’s size and Operating activity.
Reviewing the YTD Cash P&L, total Income, is ahead of FY 18, at this
point in the Fiscal year by $436.6K. As compared to the FY 19 Budgeted
Income, YTD, we are ahead by $561.7K.
ApacheCon NA 2018 has now been reconciled and considered closed. We
have added two tabs to this month’s finance package – “Conference P&L”
and “Conference P&L Detail.” Total revenue for the Conference came to
$226.0K and expenses came to $193.4K. Thus, the net income for the
event came to $32.6K versus a budgeted loss of $60.5K, Congrats to the
entire team who helped make this event not only a success for the
attendees but also a financial success as well.
YTD expenses, through Jan 31st, 2019 are under budget by $346.6K. All
depts. are under budget, at the end of Jan 2019. There are still a
couple items worth mentioning, one being Infra, as noted in the Board
summary is $196.3K under budget due to the timing of hiring of staff
and not having to pay any Lease web invoices YTD. The other being TAC
at $45K under budget YTD for FY19. We have moved most of the dept
underspending forward in the Cash forecast and will be reviewing the
underspending with the departments as we move forward in FY19 Q4.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a positive
$539.8K NI vs a budgeted negative <$368.5K> NI or $908.3K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This is
attributable to timing of some Sponsor payments offset by more
Donations than were budgeted as well as underspending in all depts
YTD, vs the FY19 Budget. At this point in the FY we are doing very
well, ahead in Revenue and well under budget in Expenses, even taking
timing variances into account. We will continue to monitor this as we
finish out FY19. With regard to FY18, we are outpacing revenue, by
$436.6K as noted above, but we are also out pacing expenses by
$166.8K. However, year over year NI for FY19 exceeds FY18 by $269.8K,
another good yard stick of the Foundation’s financial health at this
point in time.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Market 1,067,656.88
Citizens Checking 669,173.49
Paypal - ASF 6,291.24
Total Checking/Savings 3,993,121.61
Jan-19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 4,777.55 5,309.61 -532.06
Sponsorship Program 337,000.00 186,000.00 151,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 0.00 0.00 0.00
Other Income 2,674.64 2,916.94 -242.30
Interest Income 453.20 1,652.41 -1,199.21
Total Income 344,905.39 195,878.96 149,026.43
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 49,747.75 78,128.36 -28,380.61
Programs Expense 0.00 0.00 0.00
Publicity 10,689.59 14,146.20 -3,456.61
Brand Management 0.00 8,166.66 -8,166.66
Conferences 0.24 0.00 0.24
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 8,141.09 17,333.32 -9,192.23
Treasury Services 3,350.00 3,475.00 -125.00
General & Administrative 762.87 2,013.59 -1,250.72
Total Expense 72,691.54 123,263.13 -50,571.59
Net Income 272,213.85 72,615.83 199,598.02
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 126,873.71 38,889.77 87,983.94
Sponsorship Program 1,221,371.47 821,000.00 400,371.47
Programs Income 17,200.00 14,400.00 2,800.00
Conference/Event Income 248,227.95 184,000.00 64,227.95
Other Income 29,557.67 16,535.95 13,021.72
Interest Income 4,949.84 11,616.42 -6,666.58
Total Income 1,648,180.64 1,086,442.14 561,738.50
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 534,808.23 731,154.92 -196,346.69
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 177,621.61 191,361.39 -13,739.78
Brand Management 40,181.99 73,500.02 -33,318.03
Conferences 197,012.10 200,000.00 -2,987.90
Travel Assistance Committee 0.00 45,000.00 -45,000.00
Fundraising 113,953.27 156,000.04 -42,046.77
Treasury Services 32,785.00 33,425.00 -640.00
General & Administrative 11,962.68 20,062.16 -8,099.48
Total Expense 1,108,324.88 1,454,903.53 -346,578.65
Net Income 539,855.76 -368,461.39 908,317.15
Here is a summary of the Foundation's Financial performance for the
first eight months of FY19:
Operating Cash on Dec 31st, 2018 was $2,326.8K, which is up $120.9K
from last month's ending balance (Nov 18) of $2,205.9K. Total Cash
as of Dec 31st, 2018 is $3,720.7K ( includes the Pineapple and
restricted Donation) as compared to $1,663.1K on Dec 31st 2017. The
Dec 2018 ending Operating cash balance of $2,326.8K represents an
Operating cash reserve of 15.5 months based on the FY19 conservative
Cash forecast average monthly spending of $150.3K/month. The ASF
actual Operating reserve of 15.5 months at the end of Dec 2018 is
ahead of the budgeted 10.6 month reserve for YTD through Dec 2018.
The ASF Operating reserve continues to be very healthy for an
organization of the ASF's size and Operating activity.
Reviewing the YTD Cash P&L, total Income, was ahead of FY 18, at this
point in the Fiscal year by $326.1K . As compared to the FY 19
Budgeted Income, YTD, we are ahead by $412.7K.
YTD expenses, through Dec 31st, 2018 are under budget by $296.0K. All
depts. are under budget, at the end of Dec 2018. There are still a
couple items worth mentioning, one being Infra, as noted in the Board
summary is $167.9K under budget due to the timing of hiring of staff
and not having to pay any Lease web invoices YTD. The other being TAC
at $45K under budget YTD for FY19. We have moved most of the dept
underspending forward in the Cash forecast and will be reviewing the
underspending with the departments as we move forward in FY19 Q3.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a positive
$267.6K NI vs a budgeted negative <$441.1K> NI or $708.7K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This is
attributable to timing of some Sponsor payments offset by more
Donations than were budgeted as well as underspending in all depts
YTD, vs the FY19 Budget. At this point in the FY we are doing very
well, ahead in Revenue and well under budget in Expenses, even taking
timing variances into account. We will continue to monitor this as we
move further into FY19. With regard to FY18, we are outpacing revenue
but are also out pacing expenses $206.3K. Thus, year over year NI
exceeds FY18 by $119.8K, and is significantly ahead of FY19 budget in
all categories.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Market 1,067,203.68
Citizens Checking 399,660.51
Paypal - ASF 3,867.87
Total Checking/Savings 3,720,732.06
Dec-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 4,020.00 5,225.76 -1,205.76
Sponsorship Program 204,000.00 135,000.00 69,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 0.00 0.00 0.00
Other Income 2,927.05 2,514.10 412.95
Interest Income 814.05 1,576.31 -762.26
Total Income 211,761.10 144,316.17 67,444.93
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 51,555.92 78,128.32 -26,572.40
Programs Expense 0.00 0.00 0.00
Publicity 9,838.92 12,896.21 -3,057.29
Brand Management 3,189.40 8,166.67 -4,977.27
Conferences 6.10 0.00 6.10
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 11,233.95 17,333.34 -6,099.39
Treasury Services 3,350.00 3,475.00 -125.00
General & Administrative 838.00 1,905.49 -1,067.49
Total Expense 80,012.29 121,905.03 -41,892.74
Net Income 131,748.81 22,411.14 109,337.67
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 122,096.16 33,580.16 88,516.00
Sponsorship Program 884,371.47 635,000.00 249,371.47
Programs Income 17,200.00 14,400.00 2,800.00
Conference/Event Income 248,227.95 184,000.00 64,227.95
Other Income 26,883.03 13,619.01 13,264.02
Interest Income 4,496.64 9,964.01 -5,467.37
Total Income 1,303,275.25 890,563.18 412,712.07
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 485,054.38 653,026.56 -167,972.18
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 166,932.02 177,215.19 -10,283.17
Brand Management 40,181.99 65,333.36 -25,151.37
Conferences 197,018.20 200,000.00 -2,981.80
Travel Assistance Committee 0.00 45,000.00 -45,000.00
Fundraising 105,812.18 138,666.72 -32,854.54
Treasury Services 29,435.00 29,950.00 -515.00
General & Administrative 11,200.62 18,048.57 -6,847.95
Total Expense 1,035,634.39 1,331,640.40 -296,006.01
Net Income 267,640.86 -441,077.22 708,718.08
Operating Cash on Nov 30th, 2018 was $2,205.9K, which is up $36.4K
from last month's ending balance (Oct 18) of $2,169.5K. Total Cash
as of Nov 30th, 2018 is $3,599.8K ( includes the Pineapple and
restricted Donation) as compared to $1,611.7K on Nov 30th 2017. The
Nov 2018 ending Operating cash balance of $2,205.9K represents an
Operating cash reserve of 14 months based on the FY19 conservative
Cash forecast average monthly spending of $157.4K/month. The ASF
actual Operating reserve of 14 months at the end of Nov 2018 is ahead
of the budgeted 10.5 month reserve for YTD through Nov 2018. The ASF
Operating reserve continues to be very healthy for an organization of
the ASF' s size and Operating activity.
Reviewing the YTD Cash P&L, total Income, was ahead of FY 18, at this
point in the Fiscal year by $12.2K . As compared to the FY 19
Budgeted Income, YTD, we are ahead by $345.3K.
YTD expenses, through Nov 30th, 2018 are under budget by $254.1K. All
depts. are under budget, at the end of Nov 2018. There are still a
couple items worth mentioning, one being Infra, as noted in the Board
summary is $141.4K under budget due to the timing of hiring of staff
and not having to pay any Lease web invoices YTD. The other being TAC
at $45K under budget YTD for FY19. We have moved most of the dept
underspending forward in the Cash forecast and will be reviewing the
underspending with the departments as we move forward in FY19 Q3.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a positive
$135.9K NI vs a budgeted negative <$463.5K> NI or $599.4K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This is
attributable to timing of some Sponsor payments offset by more
Donations than were budgeted as well as underspending in all depts
YTD, vs the FY19 Budget. At this point in the FY we are doing very
well, ahead in Revenue and well under budget in Expenses, even taking
timing variances into account. We will continue to monitor this as we
move further into FY19. With regard to FY18, we are outpacing revenue
but are also out pacing expenses ($230.2K), and therefore trailing NI
year over year, by $-218K, but again significantly ahead of FY19
budget in all categories.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Aprket 1,066,750.68
Citizens Checking 281,663.74
Paypal - ASF 1,402.83
Total Checking/Savings 3,599,817.25
Nov-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 7,504.09 7,828.94 -324.85
Sponsorship Program 105,000.00 20,000.00 85,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 20,000.00 0.00 20,000.00
Other Income 0.00 0.00 0.00
Interest Income 679.97 1,444.93 -764.96
Total Income 133,184.06 29,273.87 103,910.19
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 50,335.96 78,128.32 -27,792.36
Programs Expense 0.00 0.00 0.00
Publicity 21,330.77 12,896.21 8,434.56
Brand Management 5,117.09 8,166.67 -3,049.58
Conferences 4,590.06 0.00 4,590.06
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 11,257.67 17,333.34 -6,075.67
Treasury Services 3,350.00 3,475.00 -125.00
General & Administrative 1,773.28 2,137.15 -363.87
Total Expense 97,754.83 122,136.69 -24,381.86
Net Income 35,429.23 -92,862.82 128,292.05
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 142,032.14 39,459.31 102,572.83
Sponsorship Program 680,371.47 500,000.00 180,371.47
Programs Income 17,200.00 14,400.00 2,800.00
Conference/Event Income 248,227.95 184,000.00 64,227.95
Other Income 0.00 0.00 0.00
Interest Income 3,682.59 8,387.70 -4,705.11
Total Income 1,091,514.15 746,247.01 345,267.14
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 433,498.46 574,898.24 -141,399.78
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 157,093.10 164,318.98 -7,225.88
Brand Management 36,992.59 57,166.69 -20,174.10
Conferences 197,012.10 200,000.00 -2,987.90
Travel Assistance Committee 0.00 45,000.00 -45,000.00
Fundraising 94,578.23 121,333.38 -26,755.15
Treasury Services 26,085.00 26,475.00 -390.00
General & Administrative 10,362.62 16,143.08 -5,780.46
Total Expense 955,622.10 1,209,735.37 -254,113.27
Net Income 135,892.05 -463,488.36 599,380.41
Operating Cash on Oct 31st, 2018 was $2,169.5K, which is up $73.2K
from last month's ending balance (Sep 18) of $2,096.3K. Total Cash as
of Oct 31st, 2018 is $3,563.4K (includes the Pineapple and restricted
Donation) as compared to $1,690.5K on Oct 31st 2017. The Oct 2018
ending Operating cash balance of $2,169.5K represents an Operating
cash reserve of 13.8 months based on the FY19 conservative Cash
forecast average monthly spending of $157.1K/month. The ASF actual
Operating reserve of 13.8 months at the end of Oct 2018 is ahead of
the budgeted 11.1 month reserve for YTD through Oct 2018. The ASF
Operating reserve continues to be very healthy for an organization of
the ASF's size and Operating activity.
Reviewing the YTD Cash P&L, total Income was ahead of FY 18 at this
point in the Fiscal year by $151.9K. As compared to the FY 19
Budgeted Income, YTD we are ahead by $241.4K as compared to being
ahead of budget at the end of Sept 2018 by $34.3K, a significant
increase.
YTD expenses through Oct 31st, 2018 are under budget by $228.7K, as
compared to being under budget in expense by $329.1K at the end of Sep
2018. All depts. are under budget at the end of Oct 2018. The timing
variance has narrowed a bit as can be seen by the reduction in
the amount under budget from Sept 2018 to Oct 2018. There are
still a couple worth mentioning, one being Infra, as noted in
the Board summary is $112.1K under budget due to Timing of
hiring of staff and timing of Lease web invoices. The other
being TAC at $45K under budget YTD for FY19. We have moved
most of the dept underspending forward in the Cash forecast and
will be reviewing the underspending with the departments as we
move forward in FY19 Q3.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a positive
$99.5K NI vs a budgeted negative <$370.6K> NI or $470.1K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This was
attributable to timing of some Sponsor payments offset by more
Donations than were budgeted as well as underspending in all depts
YTD, vs the FY19 Budget. At this point in the FY we are doing very
well, ahead in Revenue and well under budget in Expenses, even taking
timing variances into account. We will continue to monitor this as
we move further into FY19. With regard to FY18, we are outpacing
revenue but are also out pacing expenses, and therefore training in
NI year over year, but again significantly ahead of FY19 budget in
all categories.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Aprket 1,066,312.47
Citizens Checking 246,891.28
Paypal - ASF 184.27
Total Checking/Savings 3,563,388.02
Oct-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,276.96 7,033.96 -4,757.00
Sponsorship Program 170,000.00 70,000.00 100,000.00
Programs Income 0.00 0.00 0.00
Conference/Event Income 112,427.95 0.00 112,427.95
Other Income 0.00 1.00 -1.00
Interest Income 609.19 1,172.93 -563.74
Total Income 285,314.10 78,207.89 207,106.21
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 60,186.32 81,128.32 -20,942.00
Programs Expense 0.00 0.00 0.00
Publicity 14,760.97 13,312.88 1,448.09
Brand Management 15,117.30 8,166.67 6,950.63
Conferences 103,313.09 0.00 103,313.09
Travel Assistance Committee 0.00 0.00 0.00
Fundraising 12,082.60 17,333.34 -5,250.74
Treasury Services 3,350.00 3,475.00 -125.00
General & Administrative 2,293.27 2,366.94 -73.67
Total Expense 211,103.55 125,783.15 85,320.40
Net Income 74,210.55 -47,575.26 121,785.81
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 134,528.05 31,630.37 102,897.68
Sponsorship Program 575,371.47 480,000.00 95,371.47
Programs Income 17,200.00 14,400.00 2,800.00
Conference/Event Income 228,227.95 184,000.00 44,227.95
Other Income 0.00 0.00 0.00
Interest Income 3,002.62 6,942.77 -3,940.15
Total Income 958,330.09 716,973.14 241,356.95
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 384,662.50 496,769.92 -112,107.42
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 135,762.33 151,422.77 -15,660.44
Brand Management 31,875.50 49,000.02 -17,124.52
Conferences 194,805.48 200,000.00 -5,194.52
Travel Assistance Committee 0.00 45,000.00 -45,000.00
Fundraising 81,820.56 104,000.04 -22,179.48
Treasury Services 22,735.00 23,000.00 -265.00
General & Administrative 7,206.21 14,005.93 -6,799.72
Total Expense 858,867.58 1,087,598.68 -228,731.10
Net Income 99,462.51 -370,625.54 470,088.05
Here is a summary of the Foundation’s Financial performance for the
first five months of FY19.
Operating Cash on Sep 30th, 2018 was $2,096.3K, which is up $41K from
last month’s ending balance (Aug 18) of $2,055.3K. Total Cash as of
Sep 30th, 2018 is $3,489.2K ( includes the Pineapple and restricted
Donation) as compared to $1,727.5K on Sept 30th 2017. The Sep 2018
ending Operating cash balance of $2,096.3K represents an Operating
cash reserve of 13.5 months based on the FY19 conservative Cash
forecast average monthly spending of $154.8K/month. The ASF actual
reserve of 13.5 months at the end of Sep 2018 is ahead of the
budgeted 11.4 month reserve for YTD through Sep 2018. The ASF
Operating reserve continues to be very healthy for an organization of
the ASF’ s size and Operating activity.
Reviewing the YTD Cash P&L, the ASF, with regard to Income, was ahead
vs the FY19 budget and has now caught up and exceeded where we were at
this time in FY18 . With regard to the FY 19 Income vs Budget, YTD,
we are up $34.3K in total. We are now ahead of where we were this time
last year in all Revenue categories.
YTD expenses, through Sep 30th, 2018 are under budget by $329.1K, with
just about all depts being under budget. Infra as noted in the Board
summary is $89.7K under budget due to Timing of hiring of staff and
timing of Lease web invoices. The other major timing issue is
Conferences is under by $115.1K, which will draw closer to the budget
as the final bills come in. In addition to this we will be performing
a review in Oct to make sure all Conference related expenses are in
the appropriate expense lines . We have moved most of the dept
underspending forward in the Cash forecast and will be reviewing the
underspending with the departments as we move forward in FY19 Q2.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a positive
$40.3K NI vs a budgeted negative <$323.1K> NI or $363.3K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This was
attributable to some timing of Sponsor payments offset by more
Donations than were budgeted as well as underspending in just about
all depts YTD, vs the FY19 Budget. At this point in the FY we are
doing well, ahead in Revenue and well under budget in Expenses. We
will continue to monitor this as we move further into FY19.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Market 967,564.03
Citizens Checking 267,227.04
Paypal - ASF 4,386.40
Total Checking/Savings 3,489,177.47
Sep-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 1,803.89 2,141.30 -337.41
Sponsorship Program 125,000.00 100,000.00 25,000.00
Programs Income 17,200.00 14,400.00 2,800.00
Event Income 34,000.00 184,000.00 -150,000.00
Other Income 0.00 0.00 0.00
Interest Income 445.48 1,143.82 -698.34
Total Income 178,449.37 301,685.12 -123,235.75
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 79,573.59 82,128.32 -2,554.73
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 25,509.66 17,896.22 7,613.44
Brand Management 140.26 8,166.67 -8,026.41
Conferences 14,998.36 30,000.00 -15,001.64
Travel Assistance Committee 0.00 5,000.00 -5,000.00
Fundraising 11,166.67 17,333.34 -6,166.67
Treasury Services 3,350.00 3,475.00 -125.00
General & Administrative 2,612.46 2,432.49 179.97
Total Expense 137,351.00 170,832.04 -33,481.04
Net Income 41,098.37 130,853.08 -89,754.71
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 111,134.58 18,225.95 92,908.63
Sponsorship Program 405,371.47 410,000.00 -4,628.53
Programs Income 17,200.00 14,400.00 2,800.00
Event Income 115,800.00 184,000.00 -68,200.00
Other Income 21,116.51 6,370.46 14,746.05
Interest Income 2,393.43 5,769.84 -3,376.41
Total Income 673,015.99 638,766.25 34,249.74
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 325,945.94 415,641.60 -89,695.66
Programs Expense 0.00 4,400.00 -4,400.00
Publicity 115,375.07 138,109.89 -22,734.82
Brand Management 16,859.23 40,833.35 -23,974.12
Conferences 84,934.57 200,000.00 -115,065.43
Travel Assistance Committee 0.00 45,000.00 -45,000.00
Fundraising 65,320.75 86,666.70 -21,345.95
Treasury Services 19,385.00 19,525.00 -140.00
General & Administrative 4,943.25 11,638.99 -6,695.74
Total Expense 632,763.81 961,815.53 -329,051.72
Net Income 40,252.18 -323,049.28 363,301.46
Virtual Report:
Here is a summary of the Foundation’s Financial performance for the
first four months of FY19;
Operating Cash on Aug 31st, 2018 was $2,055.3K, which is up $12.8K
from last month’s ending balance (Jul 18) of $2,042.5K. Total Cash
as of Aug 31st, 2018 is $3,448.1K ( includes the Pineapple and
restricted Donation). The Aug 2018 ending Operating cash balance of
$2,055.3K represents an Operating cash reserve of 13 months based on
the FY19 conservative Cash forecast average monthly spending of
$158K/month. The ASF actual reserve of 13 months at the end of Aug
2018 is ahead of the budgeted 10.2 month reserve for YTD through Aug
2018. The ASF Operating reserve continues to be very healthy for an
organization of the ASF’ s size and Operating activity.
Reviewing the YTD Cash P&L, the ASF, with regard to Income, was
ahead vs the FY19 budget but behind where we were at this time in
FY18. With regard to the Income vs Budget, YTD, we are up $157.6K
in total. Compared to FY18 the variance continues to be the timing of
when Platinum Sponsor payments arrived in FY18 vs FY19. We are
however now ahead in donation income, due to the Handshake
contribution, which has offset the timing variance of some
sponsorship payments, as compared to the FY19 budget YTD.
YTD expenses, through Aug 31st, 2018 are under budget by $295.6K,
with all depts being under budget. Infra as noted in the Board
summary is $87K under budget due to Timing of hiring of staff and
timing of Lease web invoices. The other major timing issue is
Conferences is under by $118.8K, which as we draw near the ACNA 2018
it will resolve itself . We have moved most of the dept
underspending forward in the Cash forecast and will be reviewing the
underspending with the departments as we move forward in FY19 Q2.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a -
<$.783> NI (or Breakeven YTD FY19) vs a budgeted negative <$453.9K>
NI or $453.1K ahead of Budget, NI, for FY19 at this point in the
Fiscal year. This was attributable to timing of Sponsor payments
offset by more Donations than were budgeted as well as underspending
in all depts YTD, vs the FY19 Budget. At this point in the FY we are
doing well, ahead in Revenue and well under budget in Expenses. We
will continue to monitor this as we move further into FY19.
Current Balances:
Boston Private CDARS Account 2,250,000.00
Citizens Money Market 967,166.57
Citizens Checking 227,279.59
Paypal - ASF 3,695.77
Total Checking/Savings 3,448,141.93
Aug-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 121,408.32 2,979.02 118,429.30
Sponsorship Program 25,000.00 0.00 25,000.00
Event Revenue 11,250.00 0.00 11,250.00
Programs Income 0.00 0.00 0.00
Conference Income 0.00 0.00 0.00
Other Income 0.00 505.94 -505.94
Interest Income 526.98 1,162.09 -635.11
Total Income 158,185.30 4,647.05 153,538.25
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 70,083.83 82,128.32 -12,044.49
Programs Expense 0.00 0.00 0.00
Publicity 8,548.52 18,646.22 -10,097.70
Brand Management 2,392.55 8,166.67 -5,774.12
Conferences 49,785.62 90,000.00 -40,214.38
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Fundraising 11,214.40 17,333.34 -6,118.94
Treasury Services 3,350.00 3,475.00 -125.00
General & Administrative 543.52 3,540.03 -2,996.51
Total Expense 145,918.44 233,289.58 -87,371.14
Net Income 12,266.86 -228,642.53 240,909.39
YTD FY19 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 109,761.13 16,651.79 93,109.34
Sponsorship Program 280,371.47 310,000.00 -29,628.53
Event Revenue 81,800.00 0.00 81,800.00
Programs Income 0.00 0.00 0.00
Conference Income 0.00 0.00 0.00
Other Income 20,748.57 5,803.32 14,945.25
Interest Income 1,947.95 4,626.02 -2,678.07
Total Income 494,629.12 337,081.13 157,547.99
Expense Summpry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 246,372.30 333,513.28 -87,140.98
Programs Expense 0.00 0.00 0.00
Publicity 108,586.20 120,213.67 -11,627.47
Brand Management 16,718.97 32,666.68 -15,947.71
Conferences 51,214.83 170,000.00 -118,785.17
Travel Assistance Committee 0.00 40,000.00 -40,000.00
Fundraising 54,201.15 69,333.36 -15,132.21
Treasury Services 16,035.00 16,050.00 -15.00
General & Administrative 2,283.50 9,206.50 -6,923.00
Total Expense 495,411.95 790,983.49 -295,571.54
Net Income -782.83 -453,902.36 453,119.53
The Treasurer has worked with the President to create a credit card
policy governing the use of ASF-issued credit cards. This addresses as
finding that came up during our audit. Existing card holders will be
asked shortly to submit a signed copy.
During the discussions about our new credit card policy it became
apparent that we need clarity on our receipt handling policies. I am
therefore preparing a request to our CPAs to give us an authoritative
answer on how we should handle receipts. This is afterwards to be
merged into our existing policy around invoice handling.
Virtual Report:
Here is a summary of the Foundation’s Financial performance for the
first three months of FY19;
Operating Cash on July 31st, 2018 was $2,042.5K, which is up $58.7K
from last month’s ending balance (June 18) of $1,983.8K. Total
Cash as of July 31st, 2018 is $3,435.4K ( includes the Pineapple and
restricted Donation). The July 2018 ending Operating cash balance of
$2,042.5K represents an Operating cash reserve of 12.9 months based
on the FY19 conservative Cash forecast average monthly spending of
$158.1K/month. The ASF reserve continues to be very healthy for an
organization of the ASF’ s size.
Reviewing the YTD Cash P&L, the ASF, with regard to Income, it was up
vs budget but down vs FY18. With regard to the Income vs Budget,
YTD, we are up $4Kin total. Compared to FY18 the variance is due to
the timing of when Sponsor payments arrived FY18 vs FY19. We are
however ahead in Conference income, again based on timing which
offsets some of the sponsorship variance FY19 YTD. YTD expenses,
through July 31st, 2018 are under budget by $208.2K, with all depts
being under budget. Infra as noted in the Board summary is $75K
under budget due to Timing of hiring of staff, timing of Travis CL
bill and timing of Lease web invoices. Brand Management is under by
$78.6K. We have moved these expenses forward in the Cash Forecast,
as we have done with all the depts, since we are only one quarter
into the new Fiscal year. We will continue to review on a monthly
basis for variances to Budget.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a -
<$13.1K> NI vs a budgeted negative <$225.3K> NI or $212.2K ahead of
Budget, NI, for FY19 at this point in the Fiscal year. This was
attributable to timing of Sponsor payments offset by more
underspending, vs the FY19 Budget. As we are through Q1 of the
Fiscal year, this type of result is not A-typical and we will
continue to monitor it as we move into of Q2 FY19.
Current Balances:
Boston Private Checking Account 2,250,000.00
Citizens Money Aprket 966,756.03
Citizens Checking 215,684.98
Paypal - ASF 2,934.06
Total Checking/Savings 3,435,375.07
Jul 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 988.07 3,121.88 -2,133.81
Sponsorship Program 126,000.00 45,000.00 81,000.00
Event Revenue 45,550.00 0.00 45,550.00
Programs Income 0.00 0.00 0.00
Conference Income 0.00 0.00 0.00
Other Income 1,247.35 703.38 543.97
Interest Income 418.76 1,161.83 -743.07
Total Income 174,204.18 49,987.09 124,217.09
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 58,603.83 82,128.32 -23,524.49
Programs Expense 0.00 0.00 0.00
Publicity 37,270.58 14,146.22 23,124.36
Brand Management 4,264.71 8,166.67 -3,901.96
Conferences 0.00 40,000.00 -40,000.00
Travel Assistance Committee 0.00 20,000.00 -20,000.00
Fundraising 11,167.00 17,333.34 -6,166.34
Treasury Services 3,395.00 3,475.00 -80.00
General & Administrative 404.28 1,918.32 -1,514.04
Total Expense 115,105.40 187,167.87 -72,062.47
Net Income 59,098.78 -137,180.78 196,279.56
YTD 2019 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 6,818.98 13,672.77 -6,853.79
Sponsorship Program 255,371.47 310,000.00 -54,628.53
Event Revenue 70,550.00 0.00 70,550.00
Programs Income 0.00 0.00 0.00
Conference Income 0.00 0.00 0.00
Other Income 2,282.40 5,297.38 -3,014.98
Interest Income 1,420.97 3,463.93 -2,042.96
Total Income 336,443.82 332,434.08 4,009.74
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 176,288.47 251,384.96 -75,096.49
Programs Expense 0.00 0.00 0.00
Publicity 100,037.68 101,567.45 -1,529.77
Brand Management 14,326.42 24,500.01 -10,173.59
Conferences 1,429.21 80,000.00 -78,570.79
Travel Assistance Committee 0.00 30,000.00 -30,000.00
Fundraising 42,986.75 52,000.02 -9,013.27
Treasury Services 12,685.00 12,575.00 110.00
General & Administrative 1,739.98 5,666.47 -3,926.49
Total Expense 349,493.51 557,693.91 -208,200.40
Net Income -13,049.69 -225,259.83 212,210.14
Virtual Report:
Here is a summary of the Foundation’s Financial
performance for the first two months of FY19;
Operating Cash on June 30th, 2018 was $1,983.8K, which is down $15.2K
from last month’s ending balance (May 18) of $1,999K. Total Cash
as of June 30th, 2018 is $3,376.7K (includes the Pineapple and
restricted Donation). The June 2018 ending Operating cash balance of
$1,983.8K represents an Operating cash reserve of 12.6 months based
on the FY19 conservative Cash forecast average monthly spending of
$158K/month (which is roughly $55K/month higher than the FY18 avg
monthly expense amount). The ASF reserve continues to be very
healthy for an organization of the ASF’ s size.
Reviewing the YTD Cash P&L, the ASF, with regard to Income, was down
both vs budget and vs FY18. With regard to the Income vs Budget,
YTD, we are off $102.2K ($135.6K due mostly to timing of sponsor
payments). This is the same issue when compared to FY18 where a
couple of Platinum sponsor payments arrived in May vs April. We are
however ahead in Conference income, again based on timing which
offsets some of the sponsorship variance. YTD expenses, through June
30th, 2018 are under budget by $136.1K, with all depts being under
budget. Infra as noted in the Board summary is $53.8K under budget
due to Timing of hiring of staff, timing of Travis CL bill and timing
of Lease web invoices. We have moved these expenses, as we have done
with all the depts, as we are only two months into the new Fiscal
year, forward in the Cash forecast and will review them next month at
the end of the first fiscal quarter. Expenses, as compared to YTD
FY18 were $5.5K higher which is a very good measure at this point of
the Fiscal year.
Regarding Net Income (NI), YTD FY 19 the ASF finished with a -
<$54.2K> NI vs a budgeted negative <$88.1K> NI or $33.9K ahead of
Budget, NI, for FY19 at this point in the year. This was
attributable to timing of Sponsor payments offset by more
underspending, vs the FY19 Budget, as this is the only the second
month of the Fiscal year, this type of result is not A-typical and we
will continue to monitor it as we move into the last month of Q1
FY19.
Financials:
Current Balances:
Boston Private Checking Account 2,250,000.00
Citizens Money Aprket 966,345.66
Citizens Checking 157,898.70
Paypal - ASF 2,531.93
Total Checking/Savings 3,376,776.29
Jun-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,860.61 2,338.66 521.95
Sponsorship Program 50,371.47 100,000.00 -49,628.53
Programs Income 0.00 0.00 0.00
Conference Income 25,000.00 0.00 25,000.00
Other Income 324.93 1,712.83 -1,387.90
Interest Income 708.58 1,141.45 -432.87
Total Income 79,265.59 105,192.94 -25,927.35
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 55,676.02 79,128.32 -23,452.30
Sponsorship Program 13,234.82 17,333.34 -4,098.52
Programs Expense 0.00 0.00 0.00
Publicity 377.63 14,562.89 -14,185.26
Brand Management 4,932.32 8,166.67 -3,234.35
Conferences 929.21 40,000.00 -39,070.79
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,395.00 3,475.00 -80.00
General & Administrative 365.62 1,906.87 -1,541.25
Total Expense 78,910.62 174,573.09 -95,662.47
Net Income 354.97 -69,380.15 69,735.12
YTD 2019 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 5,870.30 10,550.89 -4,680.59
Sponsorship Program 129,371.47 265,000.00 -135,628.53
Programs Income 0.00 0.00 0.00
Conference Income 43,000.00 0.00 43,000.00
Other Income 995.66 4,594.00 -3,598.34
Interest Income 1,002.21 2,302.10 -1,299.89
Total Income 180,239.64 282,446.99 -102,207.35
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 115,433.18 169,256.64 -53,823.46
Sponsorship Program 34,071.21 34,666.68 -595.47
Programs Expense 0.00 0.00 0.00
Publicity 62,767.10 87,421.23 -24,654.13
Brand Management 10,061.71 16,333.34 -6,271.63
Conferences 1,429.21 40,000.00 -38,570.79
Travel Assistance Committee 0.00 10,000.00 -10,000.00
Tax and Audit 2,500.00 2,150.00 350.00
Treasury Services 6,790.00 6,950.00 -160.00
General & Administrative 1,335.70 3,748.15 -2,412.45
Total Expense 234,388.11 370,526.04 -136,137.93
Net Income -54,148.47 -88,079.05 33,930.58
Virtual Report:
Here is a summary of the Foundation’s Financial performance for the
first month of FY19;
Operating Cash on May 31st, 2018 was $1,999K, which is down $73K from
last month’s ending balance (Apr 18) of $2,072K. Total Cash as of
May 31st, 2018 is $3,392K ( includes the Pineapple and restricted
Donation). The May 2018 ending Operating cash balance of $1,999K
represents an Operating cash reserve of 12.6 months based on the FY19
conservative Cash forecast average monthly spending of $158.1K/month(
which is roughly $55K/month higher than the FY18 avg monthly expense
amount). The ASF reserve continues to be very healthy for an
organization of the ASF’s size.
Regarding the YTD Cash P&L, the ASF, with regard to Income, was down
both vs budget and vs FY18. With regard to the Income vs Budget we
were off $94K due mostly to timing of sponsor payments. This is the
same issue when compared to FY18 where a couple of Platinum sponsor
payments arrived in May vs April. YTD expenses, through May 31st,
2018 are under budget by $40.4K, with all but Fundraising being under
budget ( this is timing related as both the May and Jun Sponsorship
paid service, were made in May and Infra is under due to timing of
Lease web and staffing expenses as is Publicity due to timing of some
vendor invoices ). Expenses, as compared to May 2017 were $38.2K
higher due to increases in Fundraising and the timing of some
Publicity vendor payments, that were offset by lower Infra costs due
to the timing of the Travis CL and Lease web payments.
Regarding Net Income (NI), for May 2018 the ASF finished with a -
$72.5K NI vs a budgeted negative <$18.6K> NI or $53.9K behind the
May 2018 budget for Net Income. This was mostly attributable to
timing of Sponsor payments though there were some vendor invoice
timing issues as well so we will monitor this going forward, however
as this is the first month of the Fiscal year, this type of result is
not A-typical.
Financials:
Current Balances:
Boston Private Checking Account 2,250,000.00
Citizens Money Aprket 965,948.70
Citizens Checking 173,934.78
Paypal - ASF 2,037.84
Total Checking/Savings 3,391,921.32
May-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,970.30 8,212.23 -5,241.93
Sponsorship Program 70,000.00 165,000.00 -95,000.00
Programs Income 0.00 0.00 0.00
Other Income 9,710.12 2,881.17 6,828.95
Interest Income 293.63 1,160.65 -867.02
Total Income 82,974.05 177,254.05 -94,280.00
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 59,757.16 90,128.32 -30,371.16
Sponsorship Program 20,836.39 17,333.34 3,503.05
Programs Expense 0.00 0.00 0.00
Publicity 62,389.47 72,858.34 -10,468.87
Brand Management 5,129.39 8,166.67 -3,037.28
Conferences 500.00 0.00 500.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 2,500.00 2,150.00 350.00
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 1,015.08 1,841.28 -826.20
Total Expense 155,477.49 195,827.95 -40,350.46
Net Income -72,503.44 -18,573.90 -53,929.54
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,970.30 8,212.23 -5,241.93
Sponsorship Program 70,000.00 165,000.00 -95,000.00
Programs Income 0.00 0.00 0.00
Other Income 9,710.12 2,881.17 6,828.95
Interest Income 293.63 1,160.65 -867.02
Total Income 82,974.05 177,254.05 -94,280.00
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 59,757.16 90,128.32 -30,371.16
Sponsorship Program 20,836.39 17,333.34 3,503.05
Programs Expense 0.00 0.00 0.00
Publicity 62,389.47 72,858.34 -10,468.87
Brand Management 5,129.39 8,166.67 -3,037.28
Conferences 500.00 0.00 500.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 2,500.00 2,150.00 350.00
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 1,015.08 1,841.28 -826.20
Total Expense 155,477.49 195,827.95 -40,350.46
Net Income -72,503.44 -18,573.90 -53,929.54
Virtual Report:
Here is a summary of the Foundation’s performance for
the 12 months of FY18.
Operating Cash on April 30, 2018 was $2,072K, which is up $117K from
last month’s ending balance (Mar 18) of $1,955K. Total Cash as of
Apr 30th, 2018 is $2,964.4K. The Apr 2018 ending Operating cash
balance of $2,072K represents an Operating cash reserve of 20.1 months
based on the FY18 conservative Cash forecast average monthly spending
of $103.1K/month( using the FY19 budgeted expense budget of $1,896.3K,
the FY19 monthly expense amount is $158K which using the ending Oper
Cash balance of $2,072K, gives us 13.1 months of Oper based on FY19
expenses as of 4.30.18). The ASF reserve continues to be very healthy
for an organization of ASF’ s size.
Regarding the YTD Cash P&L, we had a very strong and favorable showing
against our FY18 budget, however we need to keep an eye on any
invoices that come in that may have pertained to FY18 as we move
through May and June 2018, for comparative purposes. For April 2018
we were over the FY 18 budget for Revenue by $18.8K due to timing of
Sponsor payments compared to the Apr 18 Budget. The Foundation was
also under the FY18 budget in Expenses as well for Apr 18 (all depts
were under for April 2018 except Publicity due the timing of some
invoice payments). The Fundraising team did an excellent job in both
areas, servicing both new and existing Sponsors for FY18. With total
actual FY18 Revenue, as of Apr 30th, 2018, of $1,785.9K (up $211.8K
from Mar 18 and up $796.6K from Apr 17), we finished at 145.6% ahead
of our FY18 budgeted Total Revenue of $1,226.5K. Regarding Sponsor
revenue, we finished FY18 at $1,616.9K, (up $210K from Mar 18 and up
$838K from Apr 17) which has us at an increase of 149.2% over our
budgeted Sponsor revenue goal of $1,084K for FY18. This is a great
accomplishment as we exceeded our FY18 Sponsorship budget by more than
a half million dollars if FY18 and are poised to keep that momentum up
into FY19. As for the remaining revenue categories, we have received
$169K against a total budget of $142.5K or 118.6% ahead of our FY 18
budget. With regard to FY18 vs FY17 for the other revenue categories,
we had $167K in FY18 and $139.9K in FY17 or 121% increase, due in
large part to what we have received via the Hopsie platform, which
again is fantastic as it is no real cost to the foundation but another
option for Fundraising.
KAM Comment: Including the Pineapple fund conversion to cash increases
the fundraising for FY18 by just about another $900k as well.
YTD expenses, through Apr 30th, 2018 are under budget by $157.1K, with
Infra as the only dept over budget ($2.6K or basically breakeven to
their FY18 budget). This is due primarily to a number of FY18 budgeted
expenses not being utilized (TAC legal fees in Brand, EA, etc).
Regarding Net Income (NI), for FY18 the ASF finished with a positive
$548.6K NI vs a budgeted negative <$167.9K> NI or $716.5K ahead of the
FY 18 Budget for Net Income, which is more than 3 times better than
the FY18 budget. Again, I want to congratulate the entire Foundation
on these very positive Operating results as FY 18. It does truly
take a team effort to achieve these types of results. Now that we see
what can be achieved by our efforts, we do need to continue to keep
these efforts up as we move into FY19. We need to continue to provide
Fundraising all the support and resources to continue with the
traction that has been created with in the last year, while keeping an
eye on our expenses at the same time. We should also recognize that
the Foundation as compared to not only its FY18 budget but also to FY
17 actuals, is in “an extremely good place” by all measures and we
should all be very proud of that fact, as FY 18 has ended and we enter
FY19, which in turn is very good for all of our ongoing projects and
initiatives.
Financials:
Current Balances:
Boston Private Checking Account 2,250,000.00
Citizens Money Aprket 465,655.07
Citizens Checking 247,531.09
Paypal - ASF 1,238.60
Total Checking/Savings 2,964,424.76
Apr-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 1,154.09 2,951.42 -1,797.33
Sponsorship Program 210,000.00 189,750.00 20,250.00
Programs Income 0.00 0.00 0.00
Other Income 291.20 0.00 291.20
Interest Income 334.86 292.92 41.94
Total Income 211,780.15 192,994.34 18,785.81
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 61,987.77 70,706.17 -8,718.40
Sponsorship Program 2,466.12 14,000.00 -11,533.88
Programs Expense 0.00 0.00 0.00
Publicity 39,750.00 22,625.00 17,125.00
Brand Management 4,971.49 7,416.67 -2,445.18
Conferences 0.00 4,000.00 -4,000.00
Travel Assistance Committee 0.00 27,500.00 -27,500.00
Tax and Audit 0.00 4,500.00 -4,500.00
Treasury Services 3,350.00 8,000.00 -4,650.00
General & Administrative 728.54 8,518.00 -7,789.46
Total Expense 113,253.92 167,265.84 -54,011.92
Net Income 98,526.23 25,728.50 72,797.73
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 129,388.43 110,999.85 18,388.58
Sponsorship Program 1,616,850.17 1,084,000.00 532,850.17
Programs Income 15,100.00 28,025.00 -12,925.00
Other Income 16,647.57 0.00 16,647.57
Interest Income 7,941.25 3,515.04 4,426.21
Total Income 1,785,927.42 1,226,539.89 559,387.53
Expense SumApry:
In Kind Expense 0.00 0.00 0.00
Infrastructure 820,828.11 818,219.04 2,609.07
Sponsorship Program 30,947.07 46,250.00 -15,302.93
Programs Expense 0.00 0.00 0.00
Publicity 161,391.61 194,000.00 -32,608.39
Brand Management 62,465.95 89,000.04 -26,534.09
Conferences 5,200.15 12,418.00 -7,217.85
Travel Assistance Committee 2,191.81 50,000.00 -47,808.19
Tax and Audit 10,687.00 14,700.00 -4,013.00
Treasury Services 39,950.00 41,450.00 -1,500.00
General & Administrative 103,635.52 128,350.16 -24,714.64
Total Expense 1,237,297.22 1,394,387.24 -157,090.02
Net Income 548,630.20 -167,847.35 716,477.55
Asst. Treasurer Report:
- Treasurer is going well.
- Purchased and implemented 10 more Google Vault Licenses for
$100/year. All users have Vault on Google. Might want to look at
bouncing all our mail archives to an infra user to use for
e-discovery noting last months evidenciary hold notice.
- We are working on the annual report due May 18 to SK.
- The public 990 is still not available for the update of the Apache
page. I am checking https://www.guidestar.org/profile/47-0825376
and clicking the show 990 button for downloads which shows it is not
yet available.
- KAM is stepping down from his Asst Treasurer role now that the
Fundraising contract is signed:
As my role has shifted to a paid role with Fundraising please accept
this notice of resignation as Assistant Treasurer as an action item at
the next board meeting.
It has been my pleasure to help and Uli has agreed that I will
continue to help monitor treasurer@/accounting@/etc. and retain the
RSA token for Citizens in case he needs a backstop.
Virtual Report:
Here is a summary of the Foundation’s performance for the first eleven
months of FY18.
Operating Cash on Mar 31st, 2018 was $1,955K, which is up $150.4K from
last month’s ending balance (Feb 18) of $1,804.6K. Total Cash as of
Mar 31st, 2018 is $2,847.9K. The Mar 2018 ending Operating cash
balance of $1,955K represents an Operating cash reserve of 17.7 months
based on the FY18 conservative Cash forecast average monthly spending
of $110.3K/month. The ASF reserve continues to be very healthy for an
organization of ASF’ s size, with a conservative FY18 YE estimate of
17.5 months of Operating cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong and
favorable showing against our FY18 budget through eleven months of
FY18, however as I will continue to mention, because we are on a cash
basis, the timing of Sponsor payments received (including multi-year
sponsors) and Payables released plays a big part in how well we
perform financially month to month and year over year. This month we
were under the FY 18 budget for Revenue (Timing of estimated sponsor
payments were over but offset by a large donation that was budgeted to
be received in Mar 2018 but was received in Feb 18). The Foundation
was also over the FY18 budget in Expenses as well for Mar 18 (Infra
was over in staff and Spare parts as well as timing of paying two
months of Lease web. Sponsorship was also budget due to the timing of
travel vs the budget. YTD all deps are under budget except Infra).
The Fundraising team continues to do an excellent job in both areas,
servicing both new and existing Sponsors. With total actual Revenue,
as of Mar 31st, 2018, of $1,574.1K (up $265.5K from the Feb 18 and up
$560.2K from Mar 2017), we are 154.6% of the way to our Total Revenue
budget of $1,226.5K for FY18, with a month of FY18 remaining.
Regarding Sponsor revenue, we have received in the first 11 months of
FY18, $1574.1K, (up $263,3K from Feb 18 and up $599.3 from Mar 17)
which has us at 157.3% for YTD and exceeding the budgeted Sponsor
revenue goal of $1,084K for FY18. This is a great accomplishment as
we still have a month left of FY 18 and we have exceeded our
Sponsorship goal by $263.3K (and we are estimating another $161K to
arrive in Apr 18). As for the remaining revenue categories, we have
received $167.3K against a total budget of $139.3K or 1.20% of our FY
18 budget with a month of FY18 left. I would also like to point out
that in FY17 to this point we had $135.9K vs the $167.3K we have as of
Mar 31st which is an increase of $31.4K or basically what we have
received via the Hopsie platform, which again is fantastic as it is no
real cost to the foundation but another option for Fundraising.
YTD expenses, through Mar31st, 2018 are under budget by $103.1K, with
Infra as the only dept over budget. We will continue to monitor the
actual vs budget as we move through the remaining month of FY18. As
we finish up Apr 2018, I will be in contact with the dept. heads, to
make sure, as we are on a cash basis, that any FY18 expenses are
accounted for in FY18 and do not carry over to FY19.
Regarding Net Income (NI), YTD for FY18 the ASF finished with a
positive $450.1K NI vs a budgeted negative <$193.6K> NI or $643.7K
ahead of the FY 18 Budget for Net Income eleven months into the FY,
which is also 233% ahead of the FY18 budget. With the current
conservative forecasted revenue, and expenses for the remainder of FY
18, we are now estimating, at the Fiscal year end, a positive $413.7K
NI vs a budgeted NI loss of -$167.8K or about a $581.6K better NI than
the FY18 budget. This is attributable to a combination of additional
revenue and lower than budgeted expenses for FY18 ($511.4K more in
revenue and $70.4K in lower expenses based on our conservative
forecast). I would also like to point out that YTD 18 NI vs YTD 17 NI
we are $560.2K ahead in Revenue while Expenses were $7.3K higher year
over year, for a $552.9K increase in NI year over year ($450.1K
positive NI in FY18 vs <-$102.8K> NI in FY 17, as of Mar 31st, 2018).
Again, I want to congratulate the entire Foundation on these very
positive Operating results now that FY 18 is ending. It does truly
take a team effort to achieve these types of results. Now that we see
what can be achieved by our efforts, we do need to continue to keep
these efforts up as we move through the remainder of FY 18, and into
FY19. We need to continue to provide Fundraising all the support and
resources to continue with the traction that has been created with in
the last year, while keeping an eye on our expenses at the same time.
We should also recognize that the Foundation as compared to not only
its FY18 budget but also to FY 17 actuals, is in “an extremely good
place” by all measures and we should all be very proud of that fact,
as we finish out FY 18 and enter FY19.
Board Summary Financials:
Current Balances:
Boston Private Checking Account 2,250,000.00
Citizens Money Market 465,463.78
Citizens Checking 131,875.51
Paypal - ASF 559.24
Total Checking/Savings 2,847,898.53
Mar-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 1,555.16 78,211.81 -76,656.65
Sponsorship Program 263,238.09 217,000.00 46,238.09
Programs Income 0.00 0.00 0.00
Other Income 375.89 0.00 375.89
Interest Income 395.52 292.92 102.60
Total Income 265,564.66 295,504.73 -29,940.07
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 77,497.56 62,956.17 14,541.39
Sponsorship Program 5,038.19 2,000.00 3,038.19
Programs Expense 0.00 0.00 0.00
Publicity 6,700.00 10,000.00 -3,300.00
Brand Management 2,714.72 7,416.67 -4,701.95
Conferences 0.00 0.00 0.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 6,000.00 0.00 6,000.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 1,025.51 8,948.00 -7,922.49
Total Expense 102,325.98 94,820.84 7,505.14
Net Income 163,238.68 200,683.89 -37,445.21
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 128,234.34 108,048.43 20,185.91
Sponsorship Program 1,406,850.17 894,250.00 512,600.17
Programs Income 15,100.00 28,025.00 -12,925.00
Other Income 16,356.37 0.00 16,356.37
Interest Income 7,606.39 3,222.12 4,384.27
Total Income 1,574,147.27 1,033,545.55 540,601.72
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 758,840.34 747,512.87 11,327.47
Sponsorship Program 28,480.95 32,250.00 -3,769.05
Programs Expense 0.00 0.00 0.00
Publicity 121,641.61 171,375.00 -49,733.39
Brand Management 57,494.46 81,583.37 -24,088.91
Conferences 5,200.15 8,418.00 -3,217.85
Travel Assistance Committee 2,191.81 22,500.00 -20,308.19
Tax and Audit 10,687.00 10,200.00 487.00
Treasury Services 36,600.00 37,950.00 -1,350.00
General & Administrative 102,906.98 115,332.16 -12,425.18
Total Expense 1,124,043.30 1,227,121.40 -103,078.10
Net Income 450,103.97 -193,575.85 643,679.82
Asst Treasurer's Report:
- Things going smoothly with A/R & A/P going well.
- Guidestar now at the Gold Level
- Purchased 30 Google Vault licenses for $300 /year. Likely to be
needed for ediscovery due to an subpoena for evidence received re:
Equifax.
- Have moved 750K additional funds to our CDARS account (Boston Private
Checking Account)
Virtual Report:
Here is a summary of the Foundation’s performance for the first Ten
months of FY18.
Operating Cash as of Feb 28th, 2018 was $1,804.6K, which is up $11.2K
from last month’s ending balance (Jan 18) of $1,793.4K. As a
majority of the Pineapple Donation was collected in Feb 18 ($695.6K)
this has been segregated as non-operating funds at this point until
the Board makes decision as to how to permanently record it. Total
Cash as of Feb 28th, 2018 is $2,500.2K. The Feb 2018 Operating cash
balance is up $382.2K from the Feb 17 month end balance of $1,476.4K
(and $1,023.8K in total cash compared to Feb 17, due to the $695.6K
Pineapple Donation amount collected). The Feb 2018 ending Operating
cash balance of $1,804.6K represents an Operating cash reserve of 16
months based on the FY18 conservative Cash forecast average monthly
spending of $112.6K/month. The ASF reserve continues to be very
healthy for an organization of ASF’ s size, with a conservative FY18
YE estimate of 15.9 months of Operating cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong and
favorable showing as compared to our FY18 budget through ten months
of FY18, however as I will continue to mention, because we are on a
cash basis, the timing of Sponsor payments received (including
multi-year sponsors) and Payables released plays a big part in how
well we perform financially month to month and year over year. This
month we were over the FY 18 budget for Revenue (Timing of estimated
sponsor payments were under but offset by a large annual donation
that was budgeted to be received in Mar 2018 offset the sponsorship
timing issue). The Foundation was also under the FY18 budget in
Expenses as well for February. As I have mentioned in previous
months we want to continue to focus on our new Sponsors, but we also
cannot take away any focus from our existing sponsors as that was how
the FY18 budget was constructed. If anything, the Fundraising effort
will become one of the most critical functions within the Foundation
especially with the upward trend in expenses noted in the 5-year plan
as the Foundation continues to grow each year. Any significant
disruption in the momentum that the Fundraising efforts have gained
in the last year, puts achieving the results noted in the 5-year plan
(that was voted in last month) in serious jeopardy, which will result
in the Foundation not continuing to grow as planned. The Fundraising
team continues to do an excellent job in both areas, servicing both
new and existing Sponsors. With total actual Revenue, as of Feb
28th, 2018, of $1,308.6K (up $97K from Jan 18 and up $615.9K from Feb
2017), we are 106.7% of the way to our Total Revenue budget of
$1,226.5K for FY18, with two months of FY18 remaining. Regarding
Sponsor revenue, we have received in the first ten months of FY18,
$1,143.6K, (up $18K from Jan 18 and up $579.1K from Feb 17) which has
us at 105.5% for YTD, exceeding the budgeted Sponsor revenue goal of
$1,084K for FY18. This is a great accomplishment as we still have 2
months left of FY 18 and we have exceeded our Sponsorship goal by
$59.6K (and we are estimating another $310K+ to come in between Mar
and Apr 18). As for the remaining revenue categories, we have
received $164.9K against a total budget of $142.5K or 1.16% of our FY
budget with 2 months left of FY18 (due to the timing of a large,
annual, one-time donation, which was budgeted to be received in Mar
18).
YTD expenses, through Feb 28th, 2018 are under budget by $110.6K.
All depts., for the first time in FY18, are under budget. We will
continue to monitor the actual vs budget as we move through the
remaining 2 months of FY18. As we finish up Mar 2018, I will be in
contact with the dept. heads, to make sure, as we are on a cash
basis, that any FY18 expenses are accounted for in FY18 and do not
carry over to FY19.
Regarding Net Income (NI), YTD for FY18 the ASF finished with a
positive $286.9K NI vs a budgeted negative <$394.2K> NI or $681.1K
ahead of the FY 18 Budget for Net Income ten months into the FY.
With the current conservative forecasted revenue, and expenses for
the remainder of FY 18, we are now estimating, at the Fiscal year
end, a positive $276.6K NI vs a budgeted NI loss of -$167.8K or about
a $444.4K better NI than the FY18 budget. This is attributable to a
combination of additional revenue and lower than budgeted expenses
for FY18 ($400.8K more in revenue and $43.6K in lower expenses based
on our conservative forecast). I would also like to point out that
YTD 18 NI vs YTD 17 NI we are $615.9K ahead in Revenue while Expenses
were $35.9K higher year over year, for a $580K increase in NI year
over year ($281.3K positive NI in FY18 vs <-$298.7K> NI in FY 17).
Again, I want to congratulate the entire Foundation on these very
positive Operating results now that we are ten months into FY 18 and
coming down the home stretch for the remainder of FY18. It does
truly take a team effort to achieve these types of results. Now that
we see what can be achieved by all our efforts, we do need to
continue to keep these efforts up as we move through the remainder of
FY 18, and into FY19. We need to continue to provide Fundraising all
the support and resources we can, to continue with the traction that
has been created with in the last year, while keeping an eye on our
expenses at the same time. We should also recognize that the
Foundation as compared to not only its FY18 budget but also to FY 17
actuals, is in “an extremely good place” by all measures and we
should all be very proud of that fact, as we finish out FY 18 and
enter FY19.
The Cash Basis Audit has been completed, and the ASF came through it
with flying colors, as we knew it would, receiving the highest rating
possible, that being an Unqualified opinion from the Auditors.
Everyone should be very proud of this result for the Foundation’s
first ever Independent Audit. Also, the 990 for FY17 was signed by
the Treasurer, submitted and accepted by the IRS well in advance of
the 3.15.18 due date. So, the Foundation is not only on very solid
financial footing but has been audited, for the first time, and has
filed all of its required compliance returns, both State and Federal
for FY17. One last item is the transfer of $1,500K of the
Foundations funds has been successfully transferred to CDARS, as the
assistant Treasurer had noted during the last Board meeting. This is
a CD “laddering” option that is administered by banks accredited by
the Treasury and is now fully insured by the FDIC which was not the
case when the deposits were in Citizens as the FDIC only insures up
to $205K per tax id number. Moving the Pineapple donation into the
CDAR system will begin in the next month or so.
Current Balances:
Boston Private Checking Account 1,500,000.00
Citizens Money Market 111,471.96
Citizens Checking 886,948.67
Paypal - ASF 1,813.47
Total Checking/Savings 2,500,234.10
Feb-18 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 77,110.94 2,141.85 74,969.09
Sponsorship Program 18,000.00 61,000.00 -43,000.00
Programs Income 0.00 0.00 0.00
Other Income 1,434.16 0.00 1,434.16
Interest Income 436.45 292.92 143.53
Total Income 96,981.55 63,434.77 33,546.78
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 59,389.40 62,956.17 -3,566.77
Sponsorship Program 3,944.35 2,000.00 1,944.35
Programs Expense 0.00 0.00 0.00
Publicity 7,799.29 10,000.00 -2,200.71
Brand Management 10,618.72 7,416.67 3,202.05
Conferences 0.00 0.00 0.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 646.29 8,628.62 -7,982.33
Total Expense 85,748.05 94,501.46 -8,753.41
Net Income 11,233.50 -31,066.69 42,300.19
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 126,679.18 29,836.62 96,842.56
Sponsorship Program 1,143,612.08 677,250.00 466,362.08
Programs Income 15,100.00 28,025.00 -12,925.00
Other Income 15,980.48 0.00 15,980.48
Interest Income 7,210.87 2,929.20 4,281.67
Total Income 1,308,582.61 738,040.82 570,541.79
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 681,342.78 684,556.70 -3,213.92
Sponsorship Program 23,442.76 30,250.00 -6,807.24
Programs Expense 0.00 0.00 0.00
Publicity 114,941.61 161,375.00 -46,433.39
Brand Management 54,779.74 74,166.70 -19,386.96
Conferences 5,200.59 8,418.00 -3,217.41
Travel Assistance Committee 2,191.81 22,500.00 -20,308.19
Tax and Audit 4,687.00 10,200.00 -5,513.00
Treasury Services 33,250.00 34,450.00 -1,200.00
General & Administrative 101,881.47 106,384.16 -4,502.69
Total Expense 1,021,717.76 1,132,300.56 -110,582.80
Net Income 286,864.85 -394,259.74 681,124.59
Asst Treasurer's Report:
- [IMPORTANT] Identified an operational concern caused by unclear
budgets for items crossing over fiscal years coupled with a lack
of signatory limits that presents a risk for the foundation. To
be clear, the issue at hand is that the status quo allows officers
to sign contracts in excess of their budgets because of a
precedent to use estimated net amounts for budget authority.
The solution I recommend is that the board is three fold:
1) be more specific on budget limits that look at the maximum,
worst-case scenario risk not the net. As a specific example, this
means that the VP of Conferences has a spending budget of 100K Net
with a Maximum Risk Authority of 250K covering the events in CALENDAR
year 2018 (not Fiscal Year).
2) expressly discuss during budget discussions that some expenditures
will be across FY and that VP is authorized to act in this manner.
Specific Example, we are looking to execute agreements for ApacheCon
2019.
3) require the treasurer’s agreement before committing the foundation
for any amounts over $5,000 (or that person’s credit card authority
whichever is greater). This adds a similar oversight to what exists
right now when sending actual money but applies to contracts,
purchase orders, etc..
Additionally, more clarity is needed for future years especially for
roles involving large sums of money and future events which is
primarily going to be our Events.
See this email for my initial report on the matter:
https://lists.apache.org/thread.html/af95e4303d2b7801a1d2da3f4841133b33b4583b8494da98859cac1b@%3Cboard.apache.org%3E
- Proposed Budget for Treasurer FY19
NOTE: Spreadsheet version available at:
https://docs.google.com/spreadsheets/d/1WdNOj0qvtCJEFtuxh7owrYR3488OOEC3gl1M9GQ3gEA/edit#gid=0
TREASURER FY19 Rationale Income Interest Income $14,400 CDARS &
Money Market - Interest income has been estimated conservatively.
This is an estimate based on market conditions that we cannot
influence. See below for the exact method used for the estimation.
Total Income $14,400 USD
Expenses Finance, Accounting and HQ services $40,200 The ASF is using
Virtual for our services at a cost of $3350/mth. Paid Expense
Solution $1,500 The ASF is using some paid solutions to streamline
processes and protect data confidentiality. This includes services
such as bill.com, dropbox (currently in use), Expensify, etc. CPA
Financial review / Audit $0 The Audit Is anticipated to be done every
3 years. Last done for FY17. Skipping FY18 and FY19 for an audit in
FY20. CPA 990 Preparation $4,500 The ASF files a United States IRS
tax return for non-profits called a 990. This is the anticipated
budget to prepare and file this form. We will work to reduce this to
$2500 with another vendor. Total Expense $46,200 USD
Total (Expenses - Income) $31,800 USD
- I've converted the BTC to $892,881.67 USD after bank fees and value
loss due to the volatility of the BTC. As of today, March 17,BTC
is at 8271. Upon donation, it was ~11,300.
- Filed 3rd quarter report for Treasurer and working on the annual
members meeting report
- 990 filing for the FY ending Apr 2017 is completed and e-filed.
- First audit completed with unqualified status for records through
FY ending Apr 2017 (that’s good). Next audit scheduled for FY2020.
- I have handled the PackT royalties and expect it to be annoying
ongoing. They now have my personal account having refused to send
the money any longer to a “business account”.
- Previously Reported Items Still Tracking w/Nothing to Report
Have not tested transferwise.com, pending a contractor’s help
testing.
Contribution Language for Car Donations - No update. Not a high
priority.
Need still to get contracts for Virtual, Hopsie & HALO confirmed and
in ASF SVN or drive.
Quickbooks Backups - Need to ping Virtual and check on progress for
this.
Documenting payment privacy changes is still in KAM’s court.
There is consensus that the budget should include both the
expected expense as well as offsetting expected revenue. This
will be reflected in the budget that will be discussed next
month.
Virtual Report:
Here is a summary of the Foundation’s performance for the first Nine
months of FY18.
Cash on Jan 31st, 2018 was $1,793.4K, which is up $130.4K from last
month’s ending balance (Dec 17) of $1,663K. The Jan 2018 cash
balance is up $288.2K from the Jan 2017 month end balance of
$1,505.2K. The Jan 2018 ending cash balance of $1,793.4K represents
a cash reserve of 16.2 months based on the FY18 conservative Cash
forecast average monthly spending of $110.8K/month. The ASF reserve
continues to be very healthy for an organization of ASF’ s size, with
a conservative FY18 YE estimate of 15.9 months of Operating cash
reserve.
Regarding the YTD Cash P&L, we continue to have a very strong and
favorable showing against our FY18 budget at this of point of the FY,
however as I will continue to mention, because we are on a cash
basis, the timing of Sponsor payments received and Payables released
plays a big part in how well we perform financially month to month
and year over year. This month we were over the FY 18 budget for
Revenue (Payments were received this month from Google, IBM, ARM,
Horton Works and Cloud soft) and the Foundation was under the FY18
budget in Expenses. As I have mentioned in previous months we want
to continue to focus on our new sponsors but we also cannot take away
any focus from our existing sponsors as that was how the FY18 budget
was constructed. The Fundraising team continues to do an excellent
job in both areas, servicing both new and existing Sponsors. With
total actual Revenue, as of Jan 31st, 2018, of $1,211.6K ( up $234.5K
from Dec 2017), we are 98.8% of the way to our Total Revenue budget
of $1,226.5K for FY18, while only 75% of the way through FY18.
Regarding Sponsor revenue, we have received in the first nine months
of FY18, $1,125.6K, ( up $226K from Dec 2017) which has us at 103.8%
exceeding the budgeted Sponsor revenue goal of $1,084K for FY18.
This is a great accomplishment as we still have 3 months left of FY
18 and we have exceeded our Sponsorship goal by $41.6K. As for the
remaining revenue categories, we have received $86.1K against a total
budget of $139K or 61.9% of our FY budget with 3 months left of FY18.
YTD expenses, through Jan 31st, 2018 are under budget by $96.3K.
Most depts. are either under budget or at budget. We will continue to
monitor the actual vs budget as we move through the remaining 3
months of FY18. As we finish up Feb 2018, I will be in contact with
the dept. heads, to better forecast the final months of FY18.
Regarding Net Income (NI), YTD for FY18 the ASF finished with a
positive $270.1K NI vs a budgeted negative <$363.2K> NI or $633.3K
ahead of the FY 18 Budget for Net Income nine months into the FY.
With the current conservative forecasted revenue, and expenses for
the remainder of FY 18, we are now estimating, at the Fiscal year
end, a positive $243.9K NI vs a budgeted NI loss of -$167.8K or about
a $411.7K better NI than the FY18 budget. This is attributable to a
combination of additional revenue and lower than budgeted expenses
for FY18 ($347.4K more in revenue and $64.3K in lower expenses based
on our conservative forecast). I would also like to point out that
YTD 18 NI vs YTD 17 NI we are $576.8K ahead in Revenue while Expenses
were only $28K ahead year over year, for a $548.8K increase in NI
year over year ($270.1K positive NI in FY18 vs <-$278.7K> NI in FY
17). Again, I want to congratulate the entire Foundation on these
very positive Operating results now that we are nine months through
FY 18, and coming down the home stretch for FY18. It does truly take
a team effort to achieve these types of results. Now that we see
what can be achieved by our efforts, we do need to continue to keep
these efforts up as we move through the remainder of FY 18, and into
FY19. We need to continue to give Fundraising all the support we
can, while keeping an eye on our expenses at the same time. We
should also recognize that the Foundation as compared to not only its
FY18 budget but also to FY 17 actuals, is in “a very good place” and
we should all be very proud of that fact, as we finish out FY 18 and
enter FY19.
The Cash Basis Audit is almost complete.
Board Summary Financials
Cash Balances:
Citizens Checking 281,093.30
Citizens Money Market 1,511,199.17
Paypal - ASF 1,077.29
Total Checking/Savings 1,793,369.76
Jan-18 Budget Variance
Income Summary:
Public Donations 4,646.40 4,291.00 355.40
Sponsorship Program 226,000.00 25,000.00 201,000.00
Programs Income 0.00 0.00 0.00
Other Income 2,695.87 0.00 2,695.87
Interest Income 1,114.41 292.92 821.49
Total Income 234,456.68 29,583.92 204,872.76
Expense Summary:
Infrastructure 64,918.47 71,672.39 -6,753.92
Sponsorship Program 2,666.45 5,000.00 -2,333.55
Programs Expense 0.00 0.00 0.00
Publicity 7,104.76 24,375.00 -17,270.24
Brand Management 0.00 7,416.67 -7,416.67
Conferences 5,520.44 0.00 5,520.44
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 2,525.00 4,200.00 -1,675.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 26,087.10 12,664.87 13,422.23
Total Expense 112,172.22 128,828.93 -16,656.71
Net Income 122,284.46 -99,245.01 221,529.47
YTD 2018 Budget Variance
Income Summary:
Public Donations 49,568.24 27,694.77 21,873.47
Sponsorship Program 1,125,612.08 616,250.00 509,362.08
Programs Income 15,100.00 28,025.00 -12,925.00
Other Income 14,546.32 0.00 14,546.32
Interest Income 6,774.42 2,636.28 4,138.14
Total Income 1,211,601.06 674,606.05 536,995.01
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 621,953.38 621,600.53 352.85
Sponsorship Program 19,498.41 28,250.00 -8,751.59
Programs Expense 0.00 0.00 0.00
Publicity 107,142.32 151,375.00 -44,232.68
Brand Management 44,161.02 66,750.03 -22,589.01
Conferences 10,720.59 8,418.00 2,302.59
Travel Assistance Committee 2,191.81 22,500.00 -20,308.19
Tax and Audit 4,687.00 10,200.00 -5,513.00
Treasury Services 29,900.00 30,950.00 -1,050.00
General & Administrative 101,235.18 97,755.54 3,479.64
Total Expense 941,489.71 1,037,799.10 -96,309.39
Net Income 270,111.35 -363,193.05 633,304.40
Assistant Treasurer's Report:
Pineapple Fund conversion to cash continues. We have converted 500k
to date with $375K of the agreed cash received. Bank transfers have
been a problem.
Virtual has merged with DMG and PCS. There are no changes except
good ones expected from the merger. Tom will remain our account
manager. Lynsey will also remain with us. Michelle is getting a
promotion so she'll be available but her work will be transitioning
to someone else.
Taxes ending FY 4/3/2017 coming along well. Expect to get them to
the board for a short (3 days) review.
Audit is closing soon. Expect to receive a statement without
condition that the audit through 4/30/2017 reflects the foundation as
expected with scheduling audits ever 3 years thereafter. Please make
sure to respond to the Audit Questions sent 2/16 to the board ASAP.
AUDIT QUESTION: In September 2016, a Credit Card Policy and Procedure
was put forth. Was that ever implemented?
1.5mm CDAR Transfers from Citizens to Boston Private done: 800K in 52
week, auto renewing CDAR Starting day 1 400K in 26 week, auto
renewing CDAR Starting day 1 150K in 4 week, auto renewing CDAR
Starting one month after the above 150K in 2nd 4 week, auto renewing
CDAR starting 2 weeks after the above
Documenting payment privacy changes is now in KAM’s court.
Previously Reported Items Still Tracking w/Nothing to Report
- Have not tested transferwise.com, pending a contractor’s help
testing.
- Contribution Language for Car Donations - No update. Not a high
priority.
- Need still to get contracts for Virtual, Hopsie & HALO confirmed
and in ASF SVN or drive.
- Quickbooks Backups - Need to ping Virtual and check on progress for
this.
- Have not handled the PackT royalties
- Minimum donation still pending Hopsie
Virtual Report:
Here is a summary of the Foundation’s performance for the first Eight
months of FY18.
Cash on Dec 31st, 2017 was $1,663K, which is up $31K from last month’s
ending balance (Nov 17) of $1,632K. The Dec 2017 cash balance is up
$65.1K from the Dec 2016 month end balance of $1,597.9K. The Dec 2017
ending cash balance of $1,663K represents a cash reserve of 14.7
months based on the FY18 conservative Cash forecast average monthly
spending of $112.8K/month. The ASF reserve continues to be very
healthy for an organization of ASF's size, with a conservative FY18
YE estimate of 13.5 months of Operating cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong and
favorable showing against our FY18 budget at this of point of the FY,
however as I will continue to mention, because we are on a cash basis,
the timing of Sponsor payments received and Payables released plays a
big part in how well we perform financially month to month and year
over year. This month we were over the FY 18 budget for Revenue
(Payments were received this month from Facebook Platinum Sponsor,
Aetna Silver Sponsor and STS Web Hosting Bronze Sponsor) and the
Foundation was under the FY18 budget in Expenses. As I have mentioned
in previous months we want to continue to focus on our new sponsors
but we also cannot take away any focus from our existing sponsors as
that was how the FY18 budget was constructed. The Fundraising team
continues to do an excellent job in both areas, servicing both new and
existing Sponsors. With total actual Revenue, as of Dec 31st, 2017,
of $977.1K, we are 79.7% of the way to our Total Revenue budget of
$1,226.5K for FY18, while only 67% of the way through FY18. Regarding
Sponsor revenue, we have received in the first eight months of FY18,
$899.6K, which has us 82.9% of the way to our budgeted Sponsor revenue
goal of $1,084K for FY18. This is fantastic, only 67% of the way
through the current Fiscal Year. As for the remaining revenue
categories, we have received $77.5K against a total budget of $139K or
55.8% of our FY budget eight months into the FY.
YTD expenses, through Dec 31st, 2017 are under budget by $79.7K. Most
depts. are either under budget or at budget, (Infra, due to being
right on budget for Dec 2017 remains YTD where it was at the end of
Nov 2017). We will continue to monitor the actual vs budget as we move
through the remaining four months of FY18. As we finish up Jan 2018, I
will be in contact with the dept. heads, to better forecast the final
quarter of FY18.
Regarding Net Income (NI), YTD for FY18 the ASF finished with a
positive $147.8K NI vs a budgeted negative <$263.9K> NI or $411.7K
ahead of the FY 18 Budget for Net Income eight months into the FY.
With the current conservative forecasted revenue, and expenses for the
remainder of FY 18, we are now estimating, at the Fiscal year end, a
positive $12.8K NI vs a budgeted NI loss of -$167.8K or about a
$180.6K better NI than the FY18 budget. This is attributable to a
combination of additional revenue and lower than budgeted expenses for
FY18 ($139.7K more in revenue and $40.9K in lower expenses based on
our conservative forecast). I would also like to point out that YTD
18 NI vs YTD 17 NI we are $372.8K ahead in Revenue while Expenses were
only $40.1K ahead year over year, for a $332.7K increase in NI year
over year ($147.8K positive NI in FY18 vs <-$184.9K> NI in FY 17).
Again, I want to congratulate the entire Foundation on these very
positive Operating results now that we are eight months through FY 18,
as it truly takes a team effort to achieve these types of results.
Now that we see what can be achieved by our efforts, we do need to
continue to keep these efforts up as we move through the remainder of
FY 18, and continue to give Fundraising all the support we can, while
keeping an eye on our expenses at the same time. We should also
recognize that the Foundation as compared to not only its FY18 budget
but also to FY 17 actuals, is in "a very good place" and we should all
be very proud of that fact.
The Cash Basis Audit continues to move along.
Board Summary Financials
Current Balances:
Citizens Money Market 1,496,525.97
Citizens Checking 152,548.57
Paypal - ASF 14,010.77
Total Checking/Savings 1,663,085.31
Dec-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 4,562.55 5,670.32 -1,107.77
Sponsorship Program 135,000.00 20,000.00 115,000.00
Programs Income 0.00 0.00 0.00
Other Income 2,293.03 0.00 2,293.03
Interest Income 1,038.31 292.92 745.39
Total Income 142,893.89 25,963.24 116,930.65
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 66,197.97 66,196.42 1.55
Sponsorship Program 2,000.00 2,000.00 0.00
Programs Expense 0.00 0.00 0.00
Publicity 6,954.83 17,000.00 -10,045.17
Brand Management 4,403.14 7,416.67 -3,013.53
Conferences 0.00 0.00 0.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 8,630.01 14,052.73 -5,422.72
Total Expense 91,535.95 110,165.82 -18,629.87
Net Income 51,357.94 -84,202.58 135,560.52
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 44,921.84 23,403.77 21,518.07
Sponsorship Program 899,612.08 591,250.00 308,362.08
Programs Income 15,100.00 28,025.00 -12,925.00
Other Income 11,850.45 0.00 11,850.45
Interest Income 5,660.01 2,343.36 3,316.65
Total Income 977,144.38 645,022.13 332,122.25
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 557,034.91 549,928.14 7,106.77
Sponsorship Program 16,831.96 23,250.00 -6,418.04
Programs Expense 0.00 0.00 0.00
Publicity 100,037.56 127,000.00 -26,962.44
Brand Management 44,161.02 59,333.36 -15,172.34
Conferences 5,200.15 8,418.00 -3,217.85
Travel Assistance Committee 2,191.81 22,500.00 -20,308.19
Tax and Audit 2,162.00 6,000.00 -3,838.00
Treasury Services 26,550.00 27,450.00 -900.00
General & Administrative 75,148.08 85,090.67 -9,942.59
Total Expense 829,317.49 908,970.17 -79,652.68
Net Income 147,826.89 -263,948.04 411,774.93
Asst Treasurer Report:
- Things are running very smoothly.
- Canceled CSC renewal - $441 just for registered agent, canceled -
Requested refund and we MIGHT get $155 returned for the annual
report filing.
- Hired incorp for $104 annually for registered agent fee. Virtual is
filing annual report at no extra charge. Will file the first,
correct Annual report in about a decade soon (as of 1/12)
Question: Where to store the invoice/contract information for incorp,
our new registered agent?
- PackT royalties will not be sent to the ASF directly. I will have
to give them a personal bank account as the contract is “personal
not business” and has my name on it. Even though it’s royalties
donated by Doug Cutting to the ASF. I haven’t decided if I like
giving them my personal account as a passthrough.
- Network for Good database is updated and they sent a replacement
check which was confirmed cashed.
- A Donation Minimum will be implemented soon with Hopsie. Likely in
the ~$5 range as fees otherwise make it pointless and we get $1
donations and $0.01 donations.
- Any comments or questions to add and answer on the D&O Governance
FAQ?
https://docs.goog le.com/document/d/1k1rjAe8w38pi25Qaksoeu5m45EVnGBXvuK2jqiJo43k/edit#
Previously Reported Items Still Tracking w/Nothing to Report
- Have not tested transferwise.com, pending a contractor’s help
testing.
- Contribution Language for Car Donations - No update. Not a high
priority.
- Documenting payment privacy changes - No update but pinged so we can
consider moving to Google instead of Dropbox since G Suite is
donated.
- CDARS - Paperwork is done and this should be implemented soon.
- Will to get contracts for Virtual, Hopsie & HALO confirmed and in
ASF SVN or drive. Working to make sure as much as possible is
documented.
- Quickbooks Backups - Need to ping Virtual and check on progress for
this.
Virtual Report:
Here is a summary of the Foundation’s performance for the first Seven
months of FY18.
Cash on Nov 30th, 2017 was $1,632K, which is down $78K from last
month’s ending balance (Oct 17) of $1,710K, due to the timing of some
Sponsor payments and Payables released. The Nov 2017 cash balance is
down $67K from the Nov 2016 month end balance of $1,699K. The Nov
2017 ending cash balance of $1,632K represents a cash reserve of 14.3
months based on the FY18 conservative Cash forecast average monthly
spending of $114.2K/month. The ASF reserve continues to be very
healthy for an organization of ASF’s size, with a conservative FY18 YE
estimate of 13.1 months of Operating cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong and
favorable showing against our FY18 budget at this of point of the FY,
however as I will continue to note, because we are on a cash basis,
the timing of Sponsor payments received and Payables released plays a
big part in how well we perform financially month to month and year
over year. This month we are under the FY 18 plan for Revenue, and
over plan in Expenses again due basically to timing. So again, I just
want to keep this on the radar that we need to continue to focus on
our new sponsors but we also cannot afford to take any focus away from
our existing sponsors as that was how the FY18 budget was constructed.
The Fundraising team continues to do an excellent job in both areas,
servicing both new and existing Sponsors. With total actual Revenue,
as of Nov 30th, 2017, of $854.2K, we are 69.6% of the way to our total
Revenue budget for FY18 of $1,226.5K, being only 58% of the way
through FY18. Regarding Sponsor revenue, we have received so far in
the first seven months of FY18, $764.6K, which has us 70.5% of the way
to our budgeted Sponsor revenue goal of $1,084K for FY18. This is
fantastic, only 58% of the way through the current Fiscal Year. As
for the third revenue category, “donations” we have received $60.3K
against a total budget of $111K or 54% of our budget seven months into the
FY. This is due in part to the success we have had utilizing the “Hopsie”
donation platform for the first time. We remain conservative in our
forecasting, showing modest annual increases in annual Sponsorship and
Donations, due to actual collected amounts such as those coming from
Hopsie (which was not budgeted for FY 18).
YTD expenses, through Nov 30th, 2017 are under budget by $60.8K. Most
depts. are either under budget or at budget, (Infra, YTD, is over in
total by $7.1K due to a few budget items such as spare parts and the
currency conversion to GBP vs what was estimated in the FY18 budget
for the Lease web payments). We will continue to monitor the actual vs
budget as we move through the remaining five months of FY18 and we
will stay in contact with the dept. heads as we close each month going
forward so that we have a clearer picture for the remainder of the
Fiscal year.
Regarding Net Income (NI), YTD for FY18 the ASF finished with a
positive $116.2K NI vs a budgeted negative <$179.8K> NI or $296K ahead
of the FY 18 Budget for Net Income seven months into the FY. With the
current conservative forecasted revenue, and expenses for the
remainder of FY 18, we are estimating a $-91.8K negative NI for FY18
vs a budgeted NI loss of -$167.8K or about a $76K better NI than the
FY18 budget. I would also like to point out that YTD 18 vs YTD 17 we
are $282.7K ahead in Revenue while Expenses were only $82.6K ahead
year over year, for a $200K increase in Net Income year over year
($116.2K positive NI in FY18 vs <-$83.8K> NI in FY 17). Again, I want
to congratulate the entire Organization on these very positive
financial results as we are now seven months through FY 18. Though we
do need to continue to keep these efforts up as we move through the
back half of FY 18, and continue to give Fundraising all the support
we can, while keeping an eye on our expenses at the same time, we
should also recognize that the Foundation as compared to not only its
FY18 budget but also FY 17 is in “a very good place” and we should all
be very proud of that fact.
The Cash Basis Audit has begun in December 2017 and we will keep
everyone updated as to its progress as continues into 2018.
Financial Board Summary:
Current Balances:
Citizens Money Market 1,495,890.73
Citizens Checking 134,046.28
Paypal - ASF 1,570.06
Total Checking/Savings 1,631,507.07
Nov-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 6,068.28 2,323.84 3,744.44
Sponsorship Program 20,000.00 45,000.00 -25,000.00
Programs Income 0.00 28,025.00 -28,025.00
Other Income 1,154.88 0.00 1,154.88
Interest Income 906.93 292.92 614.01
Total Income 28,130.09 75,641.76 -47,511.67
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 74,347.65 67,481.16 6,866.49
Sponsorship Program 2,000.00 2,000.00 0.00
Programs Expense 0.00 0.00 0.00
Publicity 14,659.67 10,000.00 4,659.67
Brand Management 3,570.31 7,416.67 -3,846.36
Conferences 212.53 0.00 212.53
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 12.00 0.00 12.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 8,431.72 8,664.87 -233.15
Total Expense 106,583.88 99,062.70 7,521.18
Net Income -78,453.79 -23,420.94 -55,032.85
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 60,333.07 17,733.45 42,599.62
Sponsorship Program 764,612.08 571,250.00 193,362.08
Programs Income 15,100.00 28,025.00 -12,925.00
Other Income 9,557.42 0.00 9,557.42
Interest Income 4,616.69 2,050.44 2,566.25
Total Income 854,219.26 619,058.89 235,160.37
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 490,836.94 483,731.72 7,105.22
Sponsorship Program 14,831.96 21,250.00 -6,418.04
Programs Expense 0.00 0.00 0.00
Publicity 93,082.73 110,000.00 -16,917.27
Brand Management 39,757.88 51,916.69 -12,158.81
Conferences 5,200.15 8,418.00 -3,217.85
Travel Assistance Committee 2,191.81 22,500.00 -20,308.19
Tax and Audit 2,162.00 6,000.00 -3,838.00
Treasury Services 23,200.00 23,950.00 -750.00
General & Administrative 66,707.13 71,037.94 -4,330.81
Total Expense 737,970.60 798,804.35 -60,833.75
Net Income 116,248.66 -179,745.46 295,994.12
Asst. Treasurer Report:
Reviewed and submitted significant input regarding 5 year outlook and
FY23 budget projections.
https://docs.google.com/spreadsheets/d/1Eatobj9_VSYq0kOS0PmaPp2QBF2B9-mWWwzLwCUDp8g/edit#gid=0
Have approved a switch to incnow for our registered agent service -
https://www.incnow.com/delaware-registered-agent/ ($99) with a minor
refund being discussed from CSC Global
Will file a 2018 CY annual report with Delaware after Jan 6th per
discussions with Delaware.
Have added a disclaimer about no goods or services in return for
donations to both invoices and Hopsie
Have reviewed and submitted input regarding the 5 year ASF plan.
CDAR Paperwork in progress and working through identity requirements
for Uli
Donation minimums for Hopsie pending some code changes at Hopsie
Virtual Report:
Here is a summary of the Foundation’s performance for the first Six
months of FY18.
Cash on Oct 31st, 2017 was $1,710K, which is down $24.3K from last
month’s ending balance (Sept 17) of $1,734.3K, due to the timing of
some Sponsor payments and Payables released. The Oct 2017 cash
balance is down $86.8K from the Oct 2016 month end balance of
$1,796.8K. The Oct 2017 ending cash balance of $1,710K represents a
cash reserve of 14.9 months based on the FY18 Cash forecast average
monthly spending of $114.6K/month. The ASF reserve continues to be
very healthy for an organization of ASF’s size, with an FY18 YE
estimate of 12.4 month’s cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong showing
against our FY18budget at the halfway point of the year, however as I
noted last month the timing of Sponsor payments and Payables releases
plays a big part in how well we perform financially each month. This
month while we are under the FY 18 plan for Revenue, we are also under
plan for Expenses, by more, and that gets us to a better actual Net
Income as compared to our FY18 Budget. Therefore, we need to
continue to focus on our new sponsors but we also cannot afford to
take any focus away from our existing sponsors as that was how the
FY18 budget was constructed. The Fundraising team continues to do an
excellent job in both areas, servicing both new and existing Sponsors.
With total actual Revenue, as of Oct 31st, 2017, of $826.1K, we are
67.4% of the way to our total Revenue budget for FY18 of $1,226.5K.
Regarding Sponsor revenue, specifically, we have received so far in
the first six months of FY18, $744.6K, which has us 68.7% to our
budgeted Sponsor revenue goal of $1,084K for FY18, which is fantastic,
at the halfway point of the current Fiscal Year. We remain
conservative in our forecasting, showing modest annual increases in
annual Sponsorship and Donations, due to actual collected amounts such
as those coming from Hopsie (which was not budgeted for FY 18).
YTD expenses, through Oct 31st, 2017 are under budget by $68.4K. All
depts. are either under budget or at budget, (Infra, YTD, is slightly
over budget by $0.2K or flat to FY18 budget YTD which is another $10K
improvement vs Budget, from last month). I also completed a review of
the Forecast for expenses, in Oct and have either spoken to or had
email correspondence with the Dept. heads after last month’s close and
have incorporated those discussions in the current forecast for the
last six months of FY18. We will continue to monitor the actual vs
budget as we move through the remaining six months of FY18 and we will
stay in contact with the dept. heads as we close each month going
forward so that we have a clearer picture for the remainder of the
Fiscal year.
Regarding Net Income (NI), YTD for FY18 the ASF finished with a
positive $194.7K NI vs a budgeted negative <$156.3K> NI or $351K ahead
of FY 18 Budget at the half year for Net Income. With the current
conservative forecasted revenue, and expenses for the remainder of FY
18, we are estimating a $-97K negative NI for FY18 vs a budgeted NI
loss of -$167.8K or about $70.8K better NI than the FY18 budget. I
would also like to point out that YTD 18 vs YTD 17 we are $336.4K
ahead in Revenue while Expenses were only $140.8K ahead year over
year, for a $195.6K increase in Net Income year over year ($194.7K
positive NI in FY18 vs <-$.84K> NI in FY 17.) Again, I want to
congratulate the entire Organization on these very positive numbers as
we have arrived at the halfway point of FY 18, though we do need to
continue to keep these efforts up as we move through the back half of
FY 18 and continue to give Fundraising all the support we can as we
move forward, while keeping an eye on our expenses at the same time.
We have been in contact with the CPA and we will be getting the Cash
Basis Audit underway shortly, and we will keep everyone updated as to
its progress once it starts.
Board Summary Financials:
Current Balances:
Citizens Money Market 1,495,276.23
Citizens Checking 214,684.63
Paypal - ASF 0.00
Total Checking/Savings 1,709,960.86
Oct-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 12,707.53 3,415.15 9,292.38
Sponsorship Program 70,000.00 105,000.00 -35,000.00
Programs Income 0.00 0.00 0.00
Other Income 3,137.43 0.00 3,137.43
Interest Income 629.92 292.92 337.00
Total Income 86,474.88 108,708.07 -22,233.19
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 62,255.13 72,187.44 -9,932.31
Sponsorship Program 2,000.00 5,000.00 -3,000.00
Programs Expense 0.00 0.00 0.00
Publicity 13,628.17 25,375.00 -11,746.83
Brand Management 22,156.06 7,416.67 14,739.39
Conferences 0.00 4,418.00 -4,418.00
Travel Assistance Committee 0.00 17,500.00 -17,500.00
Tax and Audit 2,150.00 6,000.00 -3,850.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 8,281.57 12,637.21 -4,355.64
Total Expense 113,820.93 154,034.32 -40,213.39
Net Income -27,346.05 -45,326.25 17,980.20
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 54,264.79 15,409.61 38,855.18
Sponsorship Program 744,612.08 526,250.00 218,362.08
Programs Income 15,100.00 0.00 15,100.00
Other Income 8,402.54 0.00 8,402.54
Interest Income 3,709.76 1,757.52 1,952.24
Total Income 826,089.17 543,417.13 282,672.04
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 416,488.29 416,250.56 237.73
Sponsorship Program 12,788.66 19,250.00 -6,461.34
Programs Expense 0.00 0.00 0.00
Publicity 78,466.36 100,000.00 -21,533.64
Brand Management 36,187.57 44,500.02 -8,312.45
Conferences 4,987.62 8,418.00 -3,430.38
Travel Assistance Committee 2,191.81 22,500.00 -20,308.19
Tax and Audit 2,150.00 6,000.00 -3,850.00
Treasury Services 19,850.00 20,450.00 -600.00
General & Administrative 58,275.41 62,373.07 -4,097.66
Total Expense 631,385.72 699,741.65 -68,355.93
Net Income 194,703.45 -156,324.52 351,027.97
Assistant Treasurer Report:
* Transferwise.com account setup for the ASF. Thanks to all directors
for their info.
* We are now storing some ASF data for Treasurer and Fundraising such
as these reports up on the G Suite instance. Custom URLs are now setup thanks to
Infra’s help with DNS. drive.gsuite.cloud.apache.org, for example.
* Working with Infra and President to greenlight G Suite for the
foundation. Expect to move dropbox services to G Suite in the near future and hand off
administration to Infra currently just pending multi factor auth setup for Greg.
Soon, it will be considered just another system under operations control and Superadmin
(like root/wheel) will be controlled by existing policies in place now for infra.
* Met with Boston Private Bank and Virtual with Uli about CDARS and
designed a multi-tiered approach for different sums on different schedules since vetted
by Treasurer with Virtual and the Bank, Boston Private. See
https://docs.google.com/document/d/1JAYMfSuXf5aK6dUJUR39omwT62uuiqYKINUNZG8sH1I/edit#
CDARS paperwork is with Uli for review/signature.
* D&O Policy was issued. Added to svn:
https://svn.apache.org/repos/private/foundation/legal/2017%20Directors%20and%20Officers%20Policy.pdf
* Working on getting backups of the ASF Quickbooks file at Virtual
submitted periodically to SVN for an extra backup. Have reviewed Virtual’s internal
backup regimen and it is excellent.
* Certificate of Residence for the ASF pending IRS.
* I validated a volunteer hour request by Microsoft
* Previously Reported Items Still Tracking w/Nothing to Report
- Contribution Language for Car Donations - No update
- Payment Privacy changes to move away from Dropbox, etc. Virtual will
be documenting what they do now which is working - No update since last meeting.
- Network for Good - Missing a $125 check - Will ask for a reissue. No
Update
Virtual Report
Here is a summary of the Foundation’s performance for the first five
months of FY18.
Cash on Sept. 30th, 2017 was $1,737.3K, which is up $52.8K from last
month’s ending balance (Aug 17) of $1,684.5K, due to the timing of
some Sponsor payments and Payables released. The Sept 2017 cash
balance is down $49.6K from the Sept 2016 month end balance of
$1,786.9K. The Sept 2017 ending cash balance of $1,737.3K represents
a cash reserve of 15 months based on the FY18 Cash forecast average
monthly spending of $116.2K/month. The ASF reserve continues to be
very healthy for an organization of ASF’s size, with an FY18 YE
estimate of 11.8 month’s cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong showing
against our FY18 Budget five months in to the year, however as I noted
last month the timing of Sponsor payments and Payables releases plays
a big part in how we do each month. So, while last month we had our
first down month of FY18, we have rebounded nicely with an above
budget month in Revenue while expenses were down leaving us with
another above budget month for Net Income. Again, this is why we need
to continue to focus on the new sponsors but we cannot afford to take
any focus away from our existing sponsors as that was how the FY18
budget was constructed. The Fundraising team continues to do an
excellent job in both areas, both new and existing. This has us for
revenue, $304.9K ahead of budget through Sept 2017. So, with the
$674.6K of Sponsor revenue received so far in the first five months of
FY18 we are more than 62% to our budgeted Sponsor revenue goal of
$1,084K for FY18, which is fantastic for less than six months into the
FY. We remain conservative in our forecasting, however for
Sponsorship we are showing a very modest $3.6K increase over the FY 18
Budget of $1,084K. Where we are showing increases in the forecast is
the $7.5K of Donations coming from Hopsie (which was not budgeted for
FY 18) as well as Interest from our Deposits which is about $1.6K
ahead of Budget. These three are offsetting the GSOC which was
budgeted at $28K but only $15K had been received so far. It is the
one-time donations, where we are showing a $29K increase over budget
based on actuals through Sept 17 being much higher than budget. For
total revenue, we are 60% ahead of budget five months into FY 18
($739.6K/$1,226.5K).
YTD expenses are under budget by $28.1K. Infra, YTD, is over by
$10.2K (about a $6K improvement over YTD through Aug 17) and the other
depts. combined are under by $27.9K. I have completed a review of the
Forecast for expenses and I am reaching out to the Dept. heads
individually now that we are five months into the FY with some
questions regarding the remaining seven months of FY18. Based on the
information I receive I will incorporate it into the forecast in the
Oct 17 close if needed. I would still add a bit of caution that we
are only five months into the current fiscal year so it is still early
yet.
Regarding Net Income (NI), YTD for FY18 the ASF finished with a
positive $222.1K NI vs a budgeted negative $110.9K NI or $333K ahead
of Budget for the first five months of FY18, for Net Income. With the
current conservative forecasted revenue, and expenses at budget for FY
18, we are estimating a $-138.6K negative NI for FY18 vs a budgeted NI
loss of -$167.8K or about $29K better NI than the FY18 budget. I
would also like to point out that YTD 18 vs YTD 17 we are $365K ahead
in Revenue while Expenses were only $132K ahead year over year, for a
$233K increase in Net Income year over year ( $223K NI in FY18 vs
<-$10K NI in FY 17.) I want to congratulate the entire Organization
on these very positive numbers as we start to approach the halfway
point of FY 18 ( and better than FY 17 as well), though we do need to
continue to keep these efforts up as we move farther into FY 18 and
continue to give Fundraising all the support we can as we move
forward, while keeping an eye on our expenses at the same time.
I have been in contact with the CPA and we will be getting the Cash
Basis Audit underway around the middle of Nov 2017. I will keep
everyone updated as to its progress once it starts. Also, there is a
meeting scheduled next week for the Treasurer’s to talk to the Bank
that has been identified as an option for CDARS (a regulated form of
CD laddering) which will help mitigate risk of our deposits. We will
keep the Board updated as to the progress in this area as well.
Board Summary Financials:
Current Balances:
Citizens Money Market 1,480,646.31
Citizens Checking 253,073.53
Paypal - ASF 3,587.07
Total Checking/Savings 1,737,306.91
Sep-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 10,910.95 1,375.89 9,535.06
Sponsorship Program 105,000.00 70,000.00 35,000.00
Programs Income 15,100.00 0.00 15,100.00
Other Income 346.07 0.00 346.07
Interest Income 605.82 292.92 312.90
Total Income 131,962.84 71,668.81 60,294.03
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 56,688.72 62,956.17 -6,267.45
Sponsorship Program 2,000.00 2,000.00 0.00
Programs Expense 0.00 0.00 0.00
Publicity 8,259.28 10,000.00 -1,740.72
Brand Management 0.00 7,416.67 -7,416.67
Conferences 0.00 0.00 0.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 8,817.01 8,664.87 152.14
Total Expense 79,115.01 94,537.71 -15,422.70
Net Income 52,847.83 -22,868.90 75,716.73
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 41,557.26 11,994.46 29,562.80
Sponsorship Program 674,612.08 421,250.00 253,362.08
Programs Income 15,100.00 0.00 15,100.00
Other Income 5,265.11 0.00 5,265.11
Interest Income 3,079.84 1,464.60 1,615.24
Total Income 739,614.29 434,709.06 304,905.23
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 354,233.16 344,063.12 10,170.04
Sponsorship Program 10,831.96 14,250.00 -3,418.04
Programs Expense 0.00 0.00 0.00
Publicity 64,794.89 74,625.00 -9,830.11
Brand Management 14,031.51 37,083.35 -23,051.84
Conferences 4,987.62 4,000.00 987.62
Travel Assistance Committee 2,191.81 5,000.00 -2,808.19
Tax and Audit 0.00 0.00 0.00
Treasury Services 16,500.00 16,950.00 -450.00
General & Administrative 49,993.84 49,735.86 257.98
Total Expense 517,564.79 545,707.33 -28,142.54
Net Income 222,049.50 -110,998.27 333,047.77
Asst Treasurer's Report
- Working to setup Transferwise.com account for the ASF. Need Country
of Residence and Date of Birth for all Directors for OFAC. Reminder
Sent to board@
- Audit engagement letter signed which also includes a discounted 990
filing cost as well.
- Meeting with Bank about CDARS is scheduled for 10/17.
- Working on getting backups of the ASF Quickbooks file at Virtual
submitted periodically to SVN for an extra backup. Working with
Virtual on a Certificate of Residence for the ASF to enable Emirio to
pay without withholding 20% for taxes.
- Previously Reported Items Still Tracking w/Nothing to Report
- Contribution Language for Car Donations - No update
- Annual fees for handling service and annual report filing - Virtual
is working to get us a lower cost option.
- Payment Privacy changes to move away from Dropbox, etc. Virtual will
be documenting what they do now which is working - No update since
last meeting.
- Network for Good - Missing a $125 check - Will ask for a reissue. No
Update
We had a discussion about what a conservative estimate means
in this context. We expect to do better than the forecasted
deficit even with a conservative estimate, but we still expect
to be running a deficit for this year.
- Virtual Report
Here is a summary of the Foundation’s performance for
the first four months of FY18.
Cash on Aug 31th 2017 was $1,684.5K, which is down $104.5K from last
month’s ending balance (Jul 17) of $1,789K, due to the timing of some
Sponsor payments. The Aug 2017 cash balance is down $69.8K from the
Aug 2016 month end balance of $1,754.3K. The Aug 2017 ending cash
balance of $1,684.5K represents a cash reserve of 14.4 months based on
the FY18 Cash forecast average monthly spending of $117.1K/month. The
ASF reserve continues to be very healthy for an organization of ASF’s
size, with an FY18 YE estimate of 11.7 month’s cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong showing
against our FY18 Budget four months in however as you can see the
effect of the timing of Sponsor payments, which for Aug we had
budgeted a few but had none, leaves us with our first down month of
FY18. Now we need to continue to focus not only on the new but the
existing sponsors as that was how the FY18 budget was constructed.
This has us for revenue, $244.6K ahead of bud through Aug 2017. So,
with the $607.7K of Sponsor revenue received so far in the first four
months of FY18 we are more than 56% to our budgeted Sponsor revenue
goal of $1,084K for FY18. We are remaining conservative in our
forecasting and showing a slight increase in Net income for FY18,
which is predicated on achieving our budgeted revenue figure of $1.084
million in Sponsor revenue and expenses staying relatively flat
(currently YTD they are under budget) then the reserve would be 11.7
months which is one month below our budget of 12.7 months, which is
still an extremely healthy reserve.
YTD expenses are under by $12.7K. Infra, YTD, is over by $16.3K and
the other depts. combined are under by $29K. I will be doing a more
thorough review and will connect with Greg as there could be some
items that are possibly miscoded. I would caution that we are only
four months into the current fiscal year so it is very early yet.
That said now that we are four months into the fiscal year I will be
reaching out to the VP’s and Dept. heads to see if there have any
information that could change our FY 18 forecast, for our Oct close.
With regard to Net Income (NI), YTD for FY18 the ASF finished with a
positive $169.2K NI vs a budgeted negative $88.1K NI or $257.3K ahead
of Budget for the first four months of FY18. With the forecasted
revenue, ahead of budget due to the Pivotal and Microsoft FY 17
payments as well as the Coinbase funds coming in FY18 and expenses
close to Budget at this point we are estimating a $-148.9K negative NI
for FY18 vs a budgeted NI loss of $167.8K. I want to congratulate
the entire Organization on this very positive start to FY 18, it is
still a bit early in the FY at this point, so we do need to continue
to keep these efforts up as we move farther into FY 18 and continue to
give Fundraising all the support we can as we move forward, while
keeping an eye on our expenses at the same time.
One last note is we will be getting the Cash Basis Audit underway in
Q4 of 2017 for FY 17. I will keep everyone updated as to its progress
once it starts.
Current Balances:
Citizens Money Market 1,470,260.79
Citizens Checking 210,983.97
Paypal - ASF 3,214.32
Total Checking/Savings 1,684,459.08
Aug-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,315.81 2,593.33 -277.52
Sponsorship Program 0.00 120,000.00 -120,000.00
Programs Income 0.00 0.00 0.00
Other Income 284.87 0.00 284.87
Interest Income 624.09 292.92 331.17
Total Income 3,224.77 122,886.25 -119,661.48
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 66,860.33 62,956.17 3,904.16
Sponsorship Program 2,084.73 2,000.00 84.73
Programs Expense 0.00 0.00 0.00
Publicity 6,700.00 10,000.00 -3,300.00
Brand Management 6,552.46 7,416.67 -864.21
Conferences 0.00 0.00 0.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 13,418.73 10,414.87 3,003.86
Total Expense 98,966.25 96,287.71 2,678.54
Net Income -95,741.48 26,598.54 -122,340.02
Cash Proof 1,780,200.56
1,684,459.08
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 30,646.31 10,618.57 20,027.74
Sponsorship Program 569,612.08 351,250.00 218,362.08
Programs Income 0.00 0.00 0.00
Other Income 4,919.04 0.00 4,919.04
Interest Income 2,474.02 1,171.68 1,302.34
Total Income 607,651.45 363,040.25 244,611.20
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 297,544.44 281,106.95 16,437.49
Sponsorship Program 8,831.96 12,250.00 -3,418.04
Programs Expense 0.00 0.00 0.00
Publicity 56,535.61 64,625.00 -8,089.39
Brand Management 14,031.51 29,666.68 -15,635.17
Conferences 4,987.62 4,000.00 987.62
Travel Assistance Committee 2,191.81 5,000.00 -2,808.19
Tax and Audit 0.00 0.00 0.00
Treasury Services 13,150.00 13,450.00 -300.00
General & Administrative 41,176.83 41,070.99 105.84
Total Expense 438,449.78 451,169.62 -12,719.84
Net Income 169,201.67 -88,129.37 257,331.04
- Assistant Treasurer's Report
CDARS discussion ongoing to confirm an appropriate amount to leave in
the operational checking and the amounts to tie up in CDARS.
Emirio tax issue for payment being actively worked and almost
completed.
GSOC Payment received
Engagement letter received 9/15 for “FY 17 Engagement letter noting
the capped fees of $9,500 for the Cash Basis audit and $1,500 for the
FY 17 990 prep as outlined in their proposal”. Under review but
expected to sign if it matches the proposed numbers.
Virtual Report:
Here is a brief summary of the Foundation’s performance for the first
three months of FY18.
Cash on July 31th 2017 was $1,789K, which is down $53K from last
month’s ending balance (Jun 17) of $1,842K, due to the timing of
Sponsor pmts vs payables. The July 2017 cash balance is up $35K from
the July 2016 month end balance of $1,754K. The June 2017 ending cash
balance of $1,789K represents a cash reserve of 15.4 months based on
the FY18 Cash forecast average monthly spending of $116.5K/month. The
ASF reserve continues to be very healthy for an organization of ASF’s
size, with an FY18 YE estimate of 13.3 month’s cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong showing
against our FY18 Budget. Revenue YTD is $604.4K vs a budget of
$240.2K. This was due to the Platinum Sponsor payments for Google,
Comcast (upgraded to Platinum from Gold) and Microsoft which had been
forecasted to arrive later in the year. This has us for revenue,
$364.3K ahead of bud through July 2017. So with the $604.4K of
Sponsor revenue received so far in the first three months of FY18 we
are more than 55% to our budgeted Sponsor revenue goal of $1,084K for
FY18. We are also now forecasting with the remaining sponsorships,
and the Coinbase base revenue to be about $176.8K ahead of the $1,084K
FY18 budget, if the sponsors that were budgeted for the last 9 months
of FY18 all renew and pay.
YTD expenses are under by $23.9K. Infra is over by $4K and the other
depts. combined are under by $27.9K. I would caution that we are only
three months into the current fiscal year so it is still early yet.
In our forecast we have pushed some expenses that have not been spent
yet, “ahead” in the year and we will follow up with dept heads
accordingly.
With regard to Net Income (NI), YTD for FY18 the ASF finished with a
positive $273.4K NI vs a budgeted negative $114.7K NI or $388.1K ahead
of Budget for the first three months of FY18. With the forecasted
revenue ahead of budget due to the Pivotal and Microsoft FY 17
payments as well as the Coinbase funds coming in FY18 and expenses at
$23.9K under Budget at this point we are estimating a $31.7K positive
NI for FY18 vs a budgeted NI loss of $167.8K. While it is a fantastic
start and we should very pleased with all the hard work that everyone
has put into the FY so far, it is still a bit early in the FY at this
point and this forecast could change if we take our eye off the ball.
KAM NOTE: Discussed with Tom and this report and the financials
reflects accrual for payments authorized in July but paid Aug 2
because of the approval process.
Current Balances:
Citizens Money Market 1,469,636.70
Citizens Checking 316,730.00
Paypal - ASF 2,308.82
Total Checking/Savings 1,788,675.52
Jul-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 2,458.67 2,657.88 -199.21
Sponsorship Program 45,000.00 70,000.00 -25,000.00
Programs Income 0.00 0.00 0.00
Other Income 482.31 0.00 482.31
Interest Income 623.83 292.92 330.91
Total Income 48,564.81 72,950.80 -24,385.99
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 74,937.67 74,451.17 486.50
Sponsorship Program 2,000.00 5,000.00 -3,000.00
Programs Expense 0.00 0.00 0.00
Publicity 10,318.00 28,625.00 -18,307.00
Brand Management 0.00 7,416.67 -7,416.67
Conferences 240.55 0.00 240.55
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,350.00 3,500.00 -150.00
General & Administrative 11,290.22 12,672.74 -1,382.52
Total Expense 102,136.44 131,665.58 -29,529.14
Net Income -53,571.63 -58,714.78 5,143.15
Cash Proof 1,842,247.15
1,788,675.52
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 28,330.76 8,025.24 20,305.52
Sponsorship Program 569,612.08 231,250.00 338,362.08
Programs Income 0.00 0.00 0.00
Other Income 4,634.17 0.00 4,634.17
Interest Income 1,849.93 878.76 971.17
Total Income 604,426.94 240,154.00 364,272.94
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 222,210.15 218,150.78 4,059.37
Sponsorship Program 6,747.23 10,250.00 -3,502.77
Programs Expense 0.00 0.00 0.00
Publicity 49,835.61 54,625.00 -4,789.39
Brand Management 7,479.05 22,250.01 -14,770.96
Conferences 4,987.62 4,000.00 987.62
Travel Assistance Committee 2,191.81 5,000.00 -2,808.19
Tax and Audit 0.00 0.00 0.00
Treasury Services 9,800.00 9,950.00 -150.00
General & Administrative 27,758.10 30,656.12 -2,898.02
Total Expense 331,009.57 354,881.91 -23,872.34
Net Income 273,417.37 -114,727.91 388,145.28
Asst Treasurer Report:
- A few more bitcoin monies donated. Was able to easily convert to
cash. $1005 confirmed received yesterday.
- DMCA Filing for ASF Agent is Done.
- Requested an Engagement Letter to Move forward with the Audit. This
will be for FY17 because I forgot we are already in FY18 as discussed
at the last board meeting. Thanks to Tom for reminding me.
- Payoneer Signup was completed by Uli for GSOC
- Benevity continues to pay dividends and we got an $800 donation
unsolicited
- CDARS - Virtual has gotten the information and it is perfect. See
https://www.youtube.com/watch?v=PEiVU1Kyl14 for more info about CDARS.
Uli, Tom & I will confirm an appropriate amount to leave in
operational checking and the amounts to tie up in CDARS but they can
be done at very short, revolving intervals so liquidity can be
maintained.
- Greg Stein identified some oddities with Spare Hardware cost center.
Virtual is working with him to fix how it’s recorded.
- We are renewing the NPO Management Liability policy currently in
force. This covers Directors and Officers Insurance and Employment
Practices.
- Credit Card with a lower foreign transaction fee - Lynsey got
Citizens to lower the Foreign fees on the current card, and is working
on changing the current cards to Small Business cards in the next
month or so. UPDATE: Citizens is now waiving all the foreign fees
and that they will be crediting April-July on the Sept statement.
Kudos to Lynsey.
Previously Reported Items Still Tracking:
- Contribution Language for Car Donations - No update
- Payment Privacy changes to move away from Dropbox, etc. Virtual will
be documenting what they do now which is working - No update since
last meeting.
- Network for Good - Missing a $125 check - Will ask for a reissue. No
Update
Virtual Report:
Here is a brief summary of the Foundation’s performance for the first
two months of FY18.
Cash on June 30th 2017 was $1,842K, which is up $202.1K from last
month’s ending balance (May 17) of $1,639.9K, due to the timing of
some Sponsor payments (Google, Comcast and Microsoft Platinum sponsor
payments arrived in June 2017). The June 2017 cash balance is up
$82K from the June 2016 month end balance of $1,760K. The June 2017
ending cash balance of $1,842K represents a cash reserve of 15.7
months based on the FY18 Cash forecast average monthly spending of
$117.1K/month. The ASF reserve continues to be very healthy for an
organization of ASF’s size, with an FY18 YE estimate of 13 month’s
cash reserve.
Regarding the YTD Cash P&L, we continue to have a very strong showing
against our FY18 Budget. Revenue YTD is $555.8K vs a budget of
$167.2K. This was due to the Platinum Sponsor payments for Google,
Comcast (upgraded to Platinum from Gold) and Microsoft which had been
forecasted to arrive later in the year. This has us for revenue,
$388.6K ahead of budget through June 2017. So with the $555.8K of
Sponsor revenue received so far in the first two months of FY18 we are
more than 50% to our budgeted Sponsor revenue goal of $1,084K for
FY18. We are also now forecasting with the remaining sponsorships,
and the Coinbase base revenue to be about $181K ahead of the $1,084K
FY18 budget, if the sponsors that were budgeted for the last 10
months of FY18 all renew.
YTD expenses are over by $11K. Infra is over by $13K and the other
depts. combined are under by $2K. I would caution that we are only two
months into the current fiscal year so it is very early yet. That
said I have included all of the VP’s and dept heads on this email and
will follow up with them to make sure that the forecast looks
accurate.
With regard to Net Income (NI), YTD for FY18 the ASF finished with a
positive $383K NI vs a budgeted negative $55K NI or $383K ahead of
Budget for the first two months of FY18. With the forecasted revenue
ahead of budget due to the Pivotal and Microsoft FY 17 payments as
well as the Coinbase funds coming in FY18 and expenses close to Budget
at this point we are estimating a $2K positive NI for FY18 vs a
budgeted NI loss of $168K. While it is a fantastic start and we
should very pleased with all the hard work that everyone has put into
the FY so far, it is still a bit early in the FY at this point.
Current Balances:
Citizens Money Market 1,469,012.87
Citizens Checking 371,883.32
Paypal - ASF 1,350.96
Total Checking/Savings 1,842,247.15
Jun-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 1,675.45 4,064.38 -2,388.93
Sponsorship Program 300,000.00 46,250.00 253,750.00
Programs Income 0.00 0.00 0.00
Other Income 1,491.76 0.00 1,491.76
Interest Income 603.45 292.92 310.53
Total Income 303,770.66 50,607.30 253,163.36
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 70,593.70 68,743.44 1,850.26
Sponsorship Program 2,405.33 2,000.00 405.33
Programs Expense 0.00 0.00 0.00
Publicity 14,829.85 10,000.00 4,829.85
Brand Management 5,782.03 7,416.67 -1,634.64
Conferences 4,287.04 0.00 4,287.04
Travel Assistance Committee 2,191.81 0.00 2,191.81
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,350.00 3,350.00 0.00
General & Administrative 8,122.70 8,905.52 -782.82
Total Expense 111,562.46 100,415.63 11,146.83
Net Income 192,208.20 -49,808.33 242,016.53
Cash Proof 1,650,038.85
1,842,247.05
YTD 2018 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 25,871.83 5,367.36 20,504.47
Sponsorship Program 524,612.08 161,250.00 363,362.08
Programs Income 0.00 0.00 0.00
Other Income 4,151.86 0.00 4,151.86
Interest Income 1,226.10 585.84 640.26
Total Income 555,861.87 167,203.20 388,658.67
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 147,271.48 143,699.61 3,571.87
Sponsorship Program 4,747.23 5,250.00 -502.77
Programs Expense 0.00 0.00 0.00
Publicity 39,517.61 26,000.00 13,517.61
Brand Management 7,479.05 14,833.34 -7,354.29
Conferences 4,747.07 4,000.00 747.07
Travel Assistance Committee 2,191.81 5,000.00 -2,808.19
Tax and Audit 0.00 0.00 0.00
Treasury Services 6,450.00 6,450.00 0.00
General & Administrative 16,467.88 17,983.38 -1,515.50
Total Expense 228,872.13 223,216.33 5,655.80
Net Income 326,989.74 -56,013.13 383,002.87
Assistant Treasurer:
Audit and Tax Quote: See
https://drive.google.com/open?id=0B7wNkTj2wH_Tamc1dmR1Mmw3b3c for the
full information but here’s the most relevant information:
“Based on our experience and the information furnished to us, we
anticipate our fees for this engagement to be as follows: Fees Hours
The Apache Software Foundation modified cash basis financial statement
audit as of April 30, 2017. $9,500
Preparation of Form 990 for the Apache Software Foundation as of April
30, 2017. $1,500
Note: The above fees include all out-of-pocket expenses and a 15%
discount for non-profit organizations.”
KAM: Based on Tom's recommendations* and our past work with this firm,
I believe it's a good choice. And from reviewing the budget, we have
this already in the approved FY18 budget.
Board’s thoughts on waiting 4.5 more months and do the audit for 2017
rather than 2016? Seems like it might be a good use of the
association funds to do that.
* Tom: “attached please find the updated proposal from Overton
that includes a full FY 17 Audit, as well as FY16 balance
review and the FY 17 990 prep ( which at $1,500 is discounted
from the FY16 version). So at $11,000 combined with what
they need to do in an audit vs a Review, i.e doing walk
through etc , is reasonable as Accrual audits alone we
typically see $16K plus 990 prep. “
- Bitcoins complete. All “dust” converted to USD - $120.14 USD
deposit confirmed
- PayPal is now set to accept Euros.
- Overall things are becoming more routine so my reports as Asst
Treasurer should be much shorter while I continue to backstop Uli as
needed.
Previously Reported Items Still Tracking:
- Contribution Language for Car Donations - No update and I’m guessing
we might not get feedback.
- Payment Privacy changes to move away from Dropbox, etc. - UPDATE:
Virtual will be documenting what they do now which is working so we
can discuss if change is needed.
- CDARS - Virtual is working towards a method to FDIC insure our
entire balance and is researching CDARS - Virtual is meeting with the
bank to discuss.
- Network for Good - Missing a $125 check - Will ask for a reissue.
- Credit Card with a lower foreign transaction fee still being
researched - no update
Summary from Virtual:
Here is a brief summary of the Foundation’s performance for the first
month of FY18.
Cash at May 31st 2017 was $1,639.9K, which is up $124.6K from last
month’s ending balance (Apr 17) of $1,515.3K, due to the timing of
some Sponsor payments. The May 2017 cash balance is down $134.8K
from the May 2016 month end balance of $1,774.7K, however AR is up
$100K from May of 2016. The May 2017 ending cash balance of $1,639.9K
represents a cash reserve of 14.2 months at the end of May 2017 based
on the FY18 Cash forecast average monthly spending of $115.2K/month.
The ASF reserve continues to be very healthy for an organization of
ASF’s size, with an FY18 YE estimate of 12 months cash reserve.
Regarding the Cash P&L, for May 2017, we are starting out very well
right out of the gate due to some timing issues. Revenue was $241.8K
vs a budget of $116.6K. This was due to the Platinum Sponsor payment
for Pivotal Labs which had been forecasted to arrive in April but
actually hit the bank in May as well as $21.5K of Coinbase ( Kevin did
a fantastic job cashing out the bitcoin donation) and $2.7K from
Hopsie. This left us $125.2K ahead of bud through May 2017. The
open AR at this point is over $406K, again $100K more than last year
at this time and with the increased Sponsorship effort and follow
through we are well on our way to making our numbers for FY18. In
addition to this I would also like to point out that year over year
for May we were $163K ahead in revenue, while only $16K ahead in
expense for a NI for May 2017 that $147K better than May of 2016 again
a very good way to start off FY 18.
In May 2017 expenses were in total under Budget by $5.6K. There were
a few variances, which I will circle back with the respective budget
stake holders to make sure it was just timing and will factor that
into an updated forecast, which will include an updated revenue
forecast based on the updated fundraising efforts over the past couple
of weeks.
With regard to Net Income (NI), for May 2017 the ASF finished with a
positive $124.7K NI vs a budgeted negative $6.2K NI or $130.9K ahead
of Budget for the first month of FY18, as compared to the Negative
$131K NI for April 2017 again starting off FY18 on a great note.
Report from Assistant Treasurer:
Bitcoins - We received and have effectively cashed in on all the
bitcoins Donated to-date excepting 0.02965575 BTC which I transfered
to Coinbase on 6/16 to zero out our multibit wallet.
Corporate Service Company - Service and Annual Report - Virtual will
be looking to switch/handle the annual report. We are currently
paying just under $700 annually to CSC which is exorbitant in
comparison to the work required.
Thanks to Roy Fielding, the Safety Deposit box was closed and old
checks shredded.
Executed contract addendum for a $250/mo increase in fees with
Virtual. This was already known and encompassed in the budget.
We are discussing an Audit and vendors to perform the work with
Virtual. The ASF has never undergone an audit which is helpful for
Guidestar and similar fundraising requirements. We have had a
successful financial review.
Items Still Tracking:
- Contribution Language for Car Donations
- Payment Privacy changes to move away from Dropbox, etc.
- CDARS - Virtual is working towards a method to FDIC insure our
entire balance and is researching CDARS
- Network for Good - Missing a $125 check
- Credit Card with a lower foreign transaction fee still being
researched
Things should be slower for Treasurer role as I believe many of the
tasks I’ve been working on for the past many months have been coming
to completion.
Other than that, Uli is quite busy with a new child (Congrats!) so if
there are time-sensitive issues for the treasurer, please ping me.
Board Summary Financials:
Current Balances:
Citizens Money Market 1,465,786.77
Citizens Checking 171,131.62
Paypal - ASF 2,983.86
Total Checking/Savings 1,639,902.25
May-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 24,177.42 1,302.98 22,874.44
Sponsorship Program 215,000.00 115,000.00 100,000.00
Programs Income 0.00 0.00 0.00
Other Income 2,660.10 0.00 2,660.10
Interest Income 0.00 292.92 -292.92
Total Income 241,837.52 116,595.90 125,241.62
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 76,677.78 74,956.17 1,721.61
Sponsorship Program 2,341.90 3,250.00 -908.10
Programs Expense 0.00 0.00 0.00
Publicity 24,687.76 16,000.00 8,687.76
Brand Management 1,697.02 7,416.67 -5,719.65
Conferences 460.03 4,000.00 -3,539.97
Travel Assistance Committee 0.00 5,000.00 -5,000.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,100.00 3,100.00 0.00
General & Administrative 8,228.19 9,077.86 -849.67
Total Expense 117,192.68 122,800.70 -5,608.02
Net Income 124,644.84 -6,204.80 130,849.64
YTD 2017 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 24,177.42 1,302.98 22,874.44
Sponsorship Program 215,000.00 115,000.00 100,000.00
Programs Income 0.00 0.00 0.00
Other Income 2,660.10 0.00
Interest Income 0.00 292.92 -292.92
Total Income 241,837.52 116,595.90 122,581.52
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 76,677.78 74,956.17 1,721.61
Sponsorship Program 2,341.90 3,250.00 -908.10
Programs Expense 0.00 0.00 0.00
Publicity 24,687.76 16,000.00 8,687.76
Brand Management 1,697.02 7,416.67 -5,719.65
Conferences 460.03 4,000.00 -3,539.97
Travel Assistance Committee 0.00 5,000.00 -5,000.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,100.00 3,100.00 0.00
General & Administrative 8,228.19 9,077.86 -849.67
Total Expense 117,192.68 122,800.70 -5,608.02
Net Income 124,644.84 -6,204.80 130,849.64
Virtual Monthly Report:
Here is a brief summary of the Foundation’s performance for FY 2017.
Cash at April 30th 2017 was $1,515.3K, which is down $131K from last
month’s ending balance (Mar 17) of $1,646.3K, due to the timing of some
Sponsor payments. The April 2017 cash balance is down $282.4K from the
April 2016 month end balance of $1,797.7K. The March 2017 ending cash
balance of $1,515.3K represents a cash reserve of 15.3 months based on
the FY17 Cash forecast average monthly spending of $98.8K/month. The ASF
reserve continues to be very healthy for an organization of ASF’s size.
Regarding the Cash P&L, for April 2017, Revenue was $9.1K vs a budget of
$82.3K. The Foundation’s total revenue YTD through April 17 was $917.6K
which was behind the “UPDATED” budget by $171.1K. This deficit was due
more to timing of Sponsor payments than missing the budget. We had
estimated $189.8K in Sponsor payments based on the open AR as of 3.31.17
and in May so far we have collected $105K, which will count toward FY18.
The open AR at this point is over $626K ($105K already collected), which
when compared to how the FY18 monthly Sponsor payments is constructed,
if these are all collected it will cover the FY 18 Budgeted Sponsor
revenue through Dec 2017. So what this means is that we are well on our
way to making our FY 18 revenue targets, as the New Fiscal Year begins
In April 2017 expenses were over Budget by $12.2K. This was a timing
issue due to some publicity invoices that were paid in April vs May, as
compared to the Budget. With regard to YTD, we are $33.7K under Budget
in expenses as of the end of the FY. This is being driven by
underspending in Prog, Fundraising, Brand, TAC, and G/A, offset by Infra
and Publicity which were over budget, some of which again was timing.
With regard to Net Income (NI), for April 2017 ASF finished with a
negative $131K NI vs a budgeted negative $45.6K NI or $85.4K behind
Budget for the month. ASF for Fiscal 17 finished with a negative
$267.5K NI vs a Budgeted negative NI of $130K, for a negative $137.5K
variance to budget for FY17. The deficit is due to a combination of
being $171.2K under in Revenue offset by $33.7K underspending in
expenses, to the FY 17 Budget. So in conclusion we were very close to
making the FY17 budgeted NI except for a few timing issues, which is a
good way to move into FY18.
Current Balances:
Citizens Checking 48,486.78
Citizens Money Market 1,465,786.77
Paypal - ASF 983.86
Total Checking/Savings 1,515,257.41
Apr-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 3,543.01 0.00 3,543.01
Sponsorship Program 5,000.00 82,334.00 -77,334.00
Programs Income 0.00 0.00 0.00
Other Income 0.00 0.00 0.00
Interest Income 602.03 0.00 602.03
Total Income 9,145.04 82,334.00 -73,188.96
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 62,093.69 74,539.00 -12,445.31
Sponsorship Program 1,250.00 2,000.00 -750.00
Programs Expense 0.00 0.00 0.00
Publicity 52,988.13 3,310.00 49,678.13
Brand Management 2,836.92 8,500.00 -5,663.08
Conferences 0.00 0.00 0.00
Travel Assistance Committee 8,815.16 27,456.00 -18,640.84
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,100.00 3,100.00 0.00
General & Administrative 9,060.44 8,996.00 64.44
Total Expense 140,144.34 127,901.00 12,243.34
Net Income -130,999.30 -45,567.00 -85,432.30
YTD 2017 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 105,525.82 88,873.67 16,652.15
Sponsorship Program 777,795.00 968,297.00 -190,502.00
Programs Income 27,200.00 27,200.00 0.00
Other Income 825.00 825.00
Interest Income 6,209.35 3,515.00 2,694.35
Total Income 917,555.17 1,088,710.67 -171,155.50
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 725,848.62 723,067.00 2,781.62
Sponsorship Program 4,750.00 7,750.00 -3,000.00
Programs Expense 0.00 27,200.00 -27,200.00
Publicity 174,347.27 140,900.18 33,447.09
Brand Management 70,182.43 84,291.00 -14,108.57
Conferences 4,862.32 12,418.00 -7,555.68
Travel Assistance Committee 47,549.67 61,519.00 -13,969.33
Tax and Audit 7,850.00 10,500.00 -2,650.00
Treasury Services 37,200.00 37,200.00 0.00
General & Administrative 112,463.95 113,904.00 -1,440.05
Total Expense 1,185,054.26 1,218,749.18 -33,694.92
Net Income -267,499.09 -130,038.51 -137,460.58
Report from Assistant Treasurer:
It's been a busy month with continued foundational work to change
addresses, document accounts, improve our fundraising/accounting
processes. Here are some highlights.
PayPal - We are now a registered & confirmed Charity after a long,
arduous path.
eBay - We are also now a member of the PayPal Giving Fund -
http://charity.ebay.com/charity/charity.jsp?NP_ID=1696565
Bitcoins - Transferred from our Wallet to Coinbase. First deposit of
$14850 received on Tuesday, May the 16th and confirmed. 6,499.68
expected on Thursday. This effectively cashes in on all the bitcoins
donated.
Corporate Service Company - Charges us $487~ fee for service and $180~
annual report. This is relatively high. Does anyone know any
alternatives for a Delaware corporation? Not a big spend but it tells
me I need to start a corporate service company
Revised Budgets for Fundraising breakdowns. This is the amounts
already approved just clarifying:
https://docs.google.com/spreadsheets/d/1bd7FRaC5gmfLBYX4zBHU4vmNBVK3SR
C4sKfyDRQx3fY/edit#gid=0
Revised Budget for Treasurer breakdowns. This is the amounts already
approved just clarifying:
https://docs.google.com/spreadsheets/d/1Eatobj9_VSYq0kOS0PmaPp2QBF2B9-
mWWwzLwCUDp8g/edit#gid=0
Items Still Tracking:
- Contribution Language for Car Donations
- Payment Privacy changes to move away from Dropbox, etc.
- We have a Safety Deposit Box still at Wells Fargo. Working to get
it closed out.
- CDARS - Virtual is working towards a method to FDIC insure our
entire balance and is researching CDARS
- Network for Good - Missing a $125 check
- Credit Card with a lower foreign transaction fee
Report from Virtual re: Foundation’s performance through March 2017:
Cash at March 31st 2017 was $1,646.3K, which is UP $169.9K from last
month’s ending balance (Feb 17) of $1,476.4K, due to collection of a
number of open Sponsorship invoices and the $75K one time donation
from a donor who wishes to remain private.
The March 2017 cash balance is down $198.4K from
the March 2016 month end balance of $1,844.6K. The March 2017 ending
cash balance of $1,646.3K represents a cash reserve of 16 months based
on the FY17 Cash forecast average monthly spending of $102.9K/month.
The “Estimated” yearend cash reserve for the ASF, based on the Cash
Forecast tab is also 16 months, as we are estimating a breakeven
month for April 2017, if the estimated sponsorship payments come in
and spending follows the estimate. The ASF reserve continues to be
very healthy for an organization of ASF’s size.
Regarding the Cash P&L, for March 2017, Revenue was $295.3K vs a
budget of $58K or $237.3K ahead of Budget. The Foundation’s total
revenue YTD through March 17 was $908.4K ( up $295.2K from February
2017) and is behind the “UPDATED” budget by $98K ( a decrease in the
deficit by $237.1K from Feb 2017 to Mar 2017). The VP of Fundraising
and Virtual are working on the $189.8K that remains in the forecast,
for the rest of FY17, with open AR of $266.8K to support this effort.
If we collect the $189.8K it will leave us just under $6K below plan,
for Sponsorship income, for FY17, but $9.5K ahead of Bud for total
Income for FY17. Sponsor payments and Donations collected in March
2017 were from the following sponsors: Facebook $100K, $75K private,
$40K Bloomberg, $40K ODPI, $20K Auto General, $12K Blue host,
$5K Digital Brands. It was a very good month for collections and
really caught the organization backup to “updated” Budget.
In March 2017 expenses were Over Budget by $13.7K. This was a timing
issue in that Lease Web Feb and Mar invoices were paid in Mar and TAC,
budgeted for Apr had a portion paid out early in Mar as compared to
the Budget. With regard to YTD, we are $45.9K under Budget in
expenses as of the end of Mar. This is being driven by Infra which
was over bud by $15.3K ( in Service, Travel and Staffing). Prog is
under by $27.2K as is Publicity by $16.2K which may be timing of
spending. Tac & Conference is under by $2.9K. Brand is under budget
by $8.5K and Treasury is under budget by $2.7K with G&A slightly under
budget by $1.5K and Fundraising is under by $2.3K.
With regard to Net Income, for March 2017 ASF finished at $169.9K vs a
budget of Minus $53.5K or $223.4K ahead of Budget for the month. ASF
YTD through March 17 is under budget by just $52K, gaining more than
$223K in Net income from the February deficit of $275K. The deficit
is due to a combination of being $98K under in Revenue offset by $45K
underspending in expenses. At this point we are estimating being
$9.5K ahead of Budget at Year End in Net income, and Over Budget in
Expenses by $16K or $6.5K Under Budget in Net Income for FY 17, which
is just about on Budget if the estimated Sponsor payments come in and
Expenses stay at the estimate for April 2017.
Current Balances:
Citizens Checking 180,859.00
Citizens Money Market 1,463,685.00
Paypal - ASF 1,713.00
Total Checking/Savings 1,646,257.00
Mar-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 77,660.39 0.00 77,660.39
Sponsorship Program 217,000.00 58,167.00 158,833.00
Programs Income 0.00 0.00 0.00
Other Income 0.00 0.00 0.00
Interest Income 596.56 0.00 596.56
Total Income 295,256.95 58,167.00 237,089.95
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 85,571.91 67,360.00 18,211.91
Sponsorship Program 1,250.00 2,000.00 -750.00
Programs Expense 0.00 7,200.00 -7,200.00
Publicity 8,545.97 7,954.54 591.43
Brand Management 6,369.19 8,500.00 -2,130.81
Conferences 40.00 2,009.00 -1,969.00
Travel Assistance Committee 10,000.00 199.00 9,801.00
Tax and Audit 1,850.00 4,500.00 -2,650.00
Treasury Services 3,100.00 3,100.00 0.00
General & Administrative 8,656.74 8,881.00 -224.26
Total Expense 125,383.81 111,703.54 13,680.27
Net Income 169,873.14 -53,536.54 223,409.68
YTD 2017 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 101,982.81 88,873.67 13,109.14
Sponsorship Program 772,795.00 885,963.00 -113,168.00
Programs Income 27,200.00 27,200.00 0.00
Other Income 825.00 825.00
Interest Income 5,607.32 3,515.00 2,092.32
Total Income 908,410.13 1,006,376.67 -97,966.54
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 663,754.93 648,528.00 15,226.93
Sponsorship Program 3,500.00 5,750.00 -2,250.00
Programs Expense 0.00 27,200.00 -27,200.00
Publicity 121,359.03 137,590.18 -16,231.15
Brand Management 67,345.51 75,791.00 -8,445.49
Conferences 4,862.32 12,418.00 -7,555.68
Travel Assistance Committee 38,734.51 34,063.00 4,671.51
Tax and Audit 7,850.00 10,500.00 -2,650.00
Treasury Services 34,100.00 34,100.00 0.00
General & Administrative 103,403.44 104,908.00 -1,504.56
Total Expense 1,044,909.74 1,090,848.18 -45,938.44
Net Income -136,499.61 -84,471.51 -52,028.10
Treasurer:
Looked into Bill.com and Expensify as more permanent solutions to our expense
process. None of them support automated reimbursements to international
Bank/PayPal accounts though, so we would be stuck with a slightly better
process but not painless end-to-end.
Assistant Treasurer:
PayPal
- Still for the love of Pete trying to confirm charity status with
PayPal - This started in 2015 and continues with repeated pinging of
PayPal. - as of 4/10, PayPal asked for more information during a phone
call and promised to escalate it personally. As of 4/18, still
pending.
- Money is not being kept in PayPal and is being periodically moved to
FDIC backed bank as previously reported.
- We still cannot process credit cards directly as of 4/8 "Note: Live
credentials are disabled for direct credit card processing in your
app. We are processing your information and will email you when live
API credentials are enabled." 4/10 update: Auto Decline - No
information available. Even the paypal rep was surprised how rude the
backend group was. Short answer, apply for PayPal Payments Pro for
$30 a month. Not sure Hopsie accepts that or that we need it. From
testing and discussions with PayPal, we likely have enough of the
PayPal developer section completed for Hopsie to accept paypal
donations.
- The account is now set to Kevin A. McGrail instead of Chris
Mattmann. It had to be changed for Patriot Act and verification
purposes and could not be Uli (more information about this below).
PayPal Giving Fund
- We were notified someone donated us $6 to PayPal giving fund.
Aggravating part... You must confirm your charity status... Clicking
that is the EXACT SAME VERIFICATION ABOVE which has been stuck at the
1-3 days mark for eons.
Foundation Mailing Address
- Changing any addresses I see to 401 Edgewater Place, Suite 600,
Wakefield, MA 01880 c/o Virtual for the Association.
Benevity
- I have re-upped our benevity causes account and confirmed it worked
with a Googler who brought it to my attention.
- I have jumped through the hoops for EFT - The account is now 100%
back working
Contributing Tweaks
- More tweaks to www.apache.org/foundation/contributing.html post ASF
birthday. This includes specifying benevity under corporate sponsors.
And now that PayPal is handled by Hopsie, that link points to
donate.apache.org.
- And of course, the Hopsie page launched. Thanks to Sally for
driving this. Small hiccups but so far working well.
US Patriot Act Note
- As an American corporation, we fall under various banking laws.
Many accounts require home address verification including names,
identification, etc. This requirement will make role accounts less
and less feasible and affects accounts like coinbase, stripe, and
paypal. This will be a growing concern for the foundation especially
if a non-US resident is ever considered for treasurer. No way to sugar
coat it. A lot of the grief I have been dealing with for the Hopsie
launch has all resulted from the extra security checks involved.
FY18 budget
- Budget for the office of the treasurer was submitted - no numbers
have changed from the FY22 submission but the rationale for the
numbers was added. A Google Sheets version is available at
https://docs.google.com/spreadsheets/d/1Eatobj9_VSYq0kOS0PmaPp2QBF2B9-
mWWwzLwCUDp8g/edit#gid=0
More FDIC Fun
- In order to protect our funds, I have suggested we look at
mechanisms like CDARS which the Treasurer and Virtual will be
handling.
Car Donations
- The company that does car donations for the foundation is identified
and for future knowledge:
http://www.donateacar.com/
Automotive Recovery Services, Inc. Two Westbrook Corporate Center,
Suite 500 Westchester, IL 60154 708-492-7000
or dba Insurance Auto Auctions Centralized Support Services 69
Hinckley Road PO Box 280 Clinton, ME 04927 800-610-0071
centralizedSuppsvc@iaai.com
On 4/3/17, we changed the reports to go electronically to
contributions@apache.org. We have asked them to review our
information at http://apache.org/foundation/contributing.html. They
confirmed the email address change on 4/3. I have repeated the review
question on 4/8 and asked that they change the physical address to the
401. No update from them as of 4/18.
Coinbase
- Working through the identify verification hurdles - At the physical
id verification point - I uploaded my id, they said it was too blurry,
tried to use webcam version, failed 3 times which then triggers a 24
hour wait. Submitted again on 4/8 - 1-3 day review theoretically...
4/18, still waiting...
Wells Fargo Safety Deposit Box
- We still have one in Orange County. Need to likely close it. Anyone
live near there? Roy?
* Not much changed due to short time between board meetings
* Worked with Virtual on preparing and filing our annual 990 for FY15 and
updated our public records
* A first look at a long-term solution to invoice filing meeting privacy
requirements showed that the preferred Bill.com cannot meet our requirements
due to missing international wiring capabilities. Further discussions are
ongoing
Virtual Update:
Here is a brief summary of the Foundation’s performance through
February 2017.
Cash at February 28th 2017 was $1,476.4K, which is down $28.8K from
last month’s ending balance (Jan 17) of $1,505.2K, due to monthly AP
and lower than expected sponsorship pmts received for Feb 2017. The
Feb 17 cash balance is down $194.1K from the Feb 2016 month end
balance of $1,67.5K. The Feb 17 ending cash of $1,476.4K represents a
cash reserve of 15 months based on the FY17 Cash forecast average
monthly spending of $99.7K/month. The "Estimated" year-end cash reserve
for the ASF, based on the Cash Forecast is 16.5 months which continues
to be very healthy for an organization of ASF's size.
Regarding the Cash P&L, the Foundation's total revenue YTD through Feb
17 was $613.2K and is behind the “UPDATED” budget by $335.1K. VP of
Fundraising is working on the $441.8K that remains in the forecast, for
the rest of FY17, which will leave us about $34K under for the year.
The good news is that we have enough open AR and the donation of $75K
arrived in Mar 2017. Currently we have $332K in open AR. Sponsorship
payment was received from ARM in Feb 17 for $40K. With regard to
sponsorship we have the 7 sponsors we anticipate remitting payment in
Mar and the 4 sponsors estimated to remit in April and we will be
following up with them.
In Feb expenses were under budget by $49.4K This was driven by under
spending in Infra ($10K in under-spending in Staffing alone), as well
as under-spending in Programs was under by $10K, Publicity was under
budget by $8.4K due primarily to underspending in Press Releases
(which we have moved forward assuming timing as the issue). Brand was
under by $6K which we have moved forward as well and Conferences was
under by $5K due to Hackathons which we have moved forward. With
regard to YTD, Infra was under bud by $3K. Prog is under by $20K as
is Publicity by $16.8K which may be timing of spending. Tac &
Conference is under by $10.7K. Brand and Treasury are right on budget
with G&A slightly under budget by $1.3K. Sponsorship is under by
$1.5K and Brand is under bud by 6.3K. This leaves us YTD $59.6K under
budget in expenses.
With regard to Net Income, for Feb 17 we were under by $204.2K, due
to $253.6K under in Revenue offset by $49.4K underspent in expenses.
From a YTD perspective we are $335K under in revenue and $59.6K under
in Expenses so net we are under budget, for Net income by $275.4K,
YTD. At this point we are estimating being $16K under bud in Net
income, due to revenue being under bud by $34 and Expenses being under
bud by $18K.
The FY 16 990 was signed and filed on 2017-03-09.
Board Summary Financials:
Current Balances:
Citizens Checking 163,053.00
Citizens Money Market 1,312,588.00
Paypal - ASF 742.00
Total Checking/Savings 1,476,383.00
Feb-17 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 1,590.43 75,000.00 -73,409.57
Sponsorship Program 40,000.00 220,667.00 -180,667.00
Programs Income 0.00 0.00 0.00
Other Income 0.00 0.00 0.00
Interest Income 473.62 0.00 473.62
Total Income 42,064.05 295,667.00 -253,602.95
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 48,709.75 67,307.00 -18,597.25
Sponsorship Program 1,250.00 2,000.00 -750.00
Programs Expense 0.00 10,000.00 -10,000.00
Publicity 6,759.04 15,137.54 -8,378.50
Brand Management 2,195.25 8,500.00 -6,304.75
Conferences 0.00 5,000.00 -5,000.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,100.00 3,100.00 0.00
General & Administrative 8,832.14 9,189.00 -356.86
Total Expense 70,846.18 120,233.54 -49,387.36
Net Income -28,782.13 175,433.46 -204,215.59
YTD 2017 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 24,322.42 88,873.67 -64,551.25
Sponsorship Program 555,795.00 827,796.00 -272,001.00
Programs Income 27,200.00 27,200.00 0.00
Other Income 825.00 825.00
Interest Income 5,010.76 3,515.00 1,495.76
Total Income 613,153.18 948,209.67 -335,056.49
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 578,183.02 581,168.00 -2,984.98
Sponsorship Program 2,250.00 3,750.00 -1,500.00
Programs Expense 0.00 20,000.00 -20,000.00
Publicity 112,813.06 129,635.64 -16,822.58
Brand Management 60,976.32 67,291.00 -6,314.68
Conferences 4,822.32 10,409.00 -5,586.68
Travel Assistance Committee 28,734.51 33,864.00 -5,129.49
Tax and Audit 6,000.00 6,000.00 0.00
Treasury Services 31,000.00 31,000.00 0.00
General & Administrative 94,746.77 96,027.00 -1,280.23
Total Expense 919,526.00 979,144.64 -59,618.64
Net Income -306,372.82 -30,934.97 -275,437.85
(Continued) Asst Treasurer [KAM]
* Short time window since last report so not too much
* Treasurer / Individual Giving Contribution Work (Hadrian, Sally & KAM) on
Hopsie Continues - Thanks to Sally for her work on the beta.
We've set Hopsie up for SPF and DKIM thanks to Infra.
* Still no word from PayPal re: charity status
* More work on Hopsie and cleaning up the individual contribution page
* PayPal re: FDIC, you can see on the summary that monies have been removed
from PayPal. This will continue monthly so as to protect these funds.
* Will be Attending F2F for Fundraising
* At F2F will be attempting to convert our existing Bitcoins to cash using
Bitstamp so another person can be physically present in case there are
hiccups or complete disasters.
* Will then sign up for Coinbase and replace any donation pages for Bitcoin
with that.
Mark: how confident are we in the receivables actually coming
in?
Kevin: don't know but will report later
Tom: one sponsor dropped out as reported; but others look good
Sam: will discuss this in detail in fundraising meeting
Virtual Update:
Cash at January 31st 2017 was $1,505.2K, which is down $92.8K from
last month's ending balance (Dec 2016) of $1,598K, due to monthly AP
and lower than expected sponsorship pmts received for Jan 2017. The
January 2017 cash balance is down $53.2K from the January 2016 month
end balance of $1,558.3K. The January 2017 ending cash of $1,505.2K
represents a cash reserve of 14.8 months based on the FY17 Cash
forecast average monthly spending of $101.9/month. The "Estimated"
yearend cash reserve for the ASF, based on the Cash Forecast tab is
16.1 months and the reserve continues to be very healthy for an
organization of ASF's size.
Regarding the Cash P&L, the Foundation's total revenue YTD through
January 2017 was $571.2K and is behind the "UPDATED" budget by $81.3K.
VP of Fundraising is working on the $433K that remains in the
forecast, for the rest of FY17, to make it to the updated budget
number. Currently we have $375K in open AR, which is $58K short to
the updated budget, remaining revenue in the forecast to make it to
the FY 17 Budget. However there are some sponsors who have not been
billed yet as their renewal is not up until April. Sponsorship
payments were received from the following Sponsor in January 2017:
WANdisco for $20K.
In January expenses were over budget by $1.7K This was driven by over
spending in Infra ( $16K due to overspending in Staffing, Hardware,
and particularly the timing of the Carbonite payment of $10K vs a Bud
of $6K for a 2 yr service agreement). Programs was under by $10K
which helped to offset this. Publicity was over budget in Dec by $4K
due to an additional Meltwater invoice paid in Jan. Brand and G& A
were under budget as was Fundraising, with Treasury being right on
budget for the month. With regard to YTD, Infra was over bud by $15K
( $5K in staffing, $5K in Service contracts, due to timing of
carbonite and Travel is also over by $5K). Prog is under by $10K as
is Publicity by $8.5K which may be timing of spending. Tac &
Conference is under by $5.7K. Brand and Treasury are right on budget
with G&A slightly under budget by $.8K. This leaves us YTD $10K under
budget in expenses.
With regard to Net Income, for Jan 2017 we were under by $45K, due to
$43K under in Revenue and $2K over in expenses. From a YTD
perspective we are $81K under in revenue and $10K under in Expenses so
net we are under budget, for Net income by $72K, YTD.
We have a first draft of the FY 16 990 that is out for review with the
Treasurer and we anticipate it being signed and submitted to the IRS
before the final due date of 3.15.17.
Income and Expenses for January 2017:
Current Balances:
Citizens Checking 192,880.07
Citizens Money Market 1,205,478.65
Paypal - ASF 106,806.98
Total Checking/Savings 1,505,165.70
January 2017 Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 3,739.58 0.00 3,739.58
Sponsorship Program 20,000.00 68,167.00 -48,167.00
Programs Income 0.00 0.00 0.00
Other Income 0.00 0.00 0.00
Interest Income 511.70 0.00 511.70
Total Income 24,251.28 68,167.00 -43,915.72
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 83,432.51 66,913.00 16,519.51
Sponsorship Program 1,000.00 1,750.00 -750.00
Programs Expense 0.00 10,000.00 -10,000.00
Publicity 15,372.71 11,507.54 3,865.17
Brand Management 6,137.39 7,877.00 -1,739.61
Conferences 0.00 0.00 0.00
Travel Assistance Committee 0.00 0.00 0.00
Tax and Audit 0.00 0.00 0.00
Treasury Services 3,100.00 3,100.00 0.00
General & Administrative 7,945.19 14,142.00 -6,196.81
Total Expense 116,987.80 115,289.54 1,698.26
Net Income -92,736.52 -47,122.54 -45,613.98
YTD YTD Budget Variance
Income Summary:
Inkind Revenue 0.00 0.00 0.00
Public Donations 22,892.29 13,873.67 9,018.62
Sponsorship Program 515,795.00 607,129.00 -91,334.00
Programs Income 27,200.00 27,200.00 0.00
Other Income 825.00 825.00
Interest Income 4,537.14 3,515.00 1,022.14
Total Income 571,249.43 652,542.67 -81,293.24
Expense Summary:
In Kind Expense 0.00 0.00 0.00
Infrastructure 529,473.27 513,861.00 15,612.27
Sponsorship Program 1,000.00 1,750.00 -750.00
Programs Expense 0.00 10,000.00 -10,000.00
Publicity 106,054.02 114,498.10 -8,444.08
Brand Management 58,781.07 58,791.00 -9.93
Conferences 4,822.32 5,409.00 -586.68
Travel Assistance Committee 28,734.51 33,864.00 -5,129.49
Tax and Audit 6,000.00 6,000.00 0.00
Treasury Services 27,900.00 27,900.00 0.00
General & Administrative 86,074.93 86,838.00 -763.07
Total Expense 848,840.12 858,911.10 -10,070.98
Net Income -277,590.69 -206,368.43 -71,222.26
(Continued) Asst Treasurer [KAM]
* Produced draft FY18 budget and FY22 budget at
https://s.apache.org/PdM3
NOTE that I added extra for Bill.com, Expensify or Dropbox.
* I am talking to Bill.com about a discounted account for ASF. It is
pending a manager as of 2/11.
* Treasurer / Individual Giving Contribution Work (Hadrian, Sally & KAM)
* Work on Hopsie Continues - https://s.apache.org/hErs
Please request access.
* Working to confirm our charity status with PayPal. Paperwork
sent Jan 11. Pinged Feb 4 for status.
* Amazon Smiles / Amazon Seller Central changed from psteitz@
to contributions@a.o
* I’ll be working on
https://www.apache.org/foundation/contributing.html to make
sure it’s complete and implement Hopsie soon.
* Question: Does anyone know where proceeds from the donation
of old cars go?
* Next month I plan to work a lot more on Hopsie and cleaning
up the individual contribution items.
* As I get control of various accounts, encrypted passwords are
stored at
https://svn.apache.org/repos/private/financials/Accounts in
case I am hit by a bus. Getting these documented and
appropriately encrypted and appropriately shared is a goal.
* Re: PayPal. I recently learned that PayPal is NOT FDIC Insured
https://www.paypal.com/us/webapps/mpp/ua/useragreement-full - Any
PayPal balance you hold represents an unsecured claim against PayPal
and is not insured by the Federal Deposit Insurance Corporation
(FDIC).
As such, I Requested Transfer of $106900 to another appropriate ASF
FDIC insured account. Virtual created a Money Market Account at
Citizens for this on Monday the 6th of February.
I’ve also added a task to move all funds out of paypal monthly into
an appropriate ASF FDIC-backed account
* Please note my continued thanks to Virtual. It is a joy to work with
them.
* Request board discussion and consensus re: Bitcoins as there is a
risk to association funds. Specifically, here is my recommended plan:
- use Bitstamp to convert existing current bitcoins to cash. There
is a risk I could mess this up and lose our bitcoins. I am not an
expert in cryptocurrency and the technology is far from user
friendly.
- Stop accepting what are effectively investment vehicles as
donations and switch to Coinbase so we aren’t receiving effectively
“investments” but rather cash via bitcoins. This will reduce risk
of loss of money from Bitcoins, simply accounting (because Bitcoins
simply aren’t tracked right now) and simplify donations.
Kevin asked that the board authorize him to convert current
Bitcoin assets to cash and immediately convert future Bitcoin
contributions to cash going forward.
The board agrees.
We have started preparing the production and filing of the FY2016 990 for the
ASF which is due on March 15 2017.
We are also currently trying to figure out how to convert our significant
bitcoin balance into traditional currency and are waiting for Virtual to come
back with guidance on that.
Especially VP Infrastructure has seen problems with our current SVN based
invoice submission and approval process which in principal is open for all
members to see. This transparency has caused unneccessary and painful
discussions. In order to protect employee and contractor privacy and to simplify
the reimbursement process, we will be looking into third-party expense
management solutions to replace the current system. We hope to have a concrete
proposal for next month's board meeting.
Virtual Update:
Here is a brief summary of the Foundation's performance through December
2016.
Cash at December 31st 2016 was $1,598K, which is down $100.9K from last
month's ending balance (Nov 2016) of $1,698.9K, due to monthly AP. The
December 2016 cash balance is up $14.4K from the December 2015 month end
balance of $1,583.5K. The December 2016 ending cash of $1,598K represents a
cash reserve of 15.7 months based on the FY17 Cash forecast average monthly
spending of $100.8K/month. The "Estimated" yearend cash reserve for
the ASF, based on the Cash Forecast tab is 16.3 months and the reserve
continues to be very healthy for an organization of ASF’s size.
Regarding the Cash P&L, the Foundation's total revenue YTD through
December 2016 was $546.8K and is behind the "UPDATED" budget by
$37.5K. We will connect with the VP of Fundraising to review the outstanding
Sponsorship billing. Sponsorship payments were received from the following
Sponsor in December 2016: iSIGMA for $20K.
In December expenses were under budget by $12K due primarily to Publicity
underspending. We have in the forecast moved that spending forward. Because
we have an adjusted budget with actuals through Nov 2016 and we have moved
underspending from Dec forward for Publicity the YTD variance is the same as
the Monthly variance, for Dec 2016. The rest of the depts. had small
variances that washed each other out in total for the month of Dec 2016.
Regarding the bottom line the Foundation on a YTD Cash Basis has generated a
Net deficit of -$184.9K,vs a budgeted net deficit of -$159.2K for FY17. The
deficit shows that the Foundation is investing in area’s such as Branding
and Infra and we have moved underspending and sponsor billing forward
accordingly to address this for the YTD numbers.
So in summary with the close of the first month of the "UPDATED
BUDGET" for 2017 we are still on track both from an expense and a revenue
standpoint.
We continue to work on the FY 16 990 with the CPA, and have a target date of
Wed Jan 18th to send it to the CPA, with the final due date to the IRS of
3.15.17.
Income and Expenses for December 2016
Current Balances:
December 2016 Orig FY17 Budget Variance
Citizens Checking $287,999
Citizens Money Market $1,204,967
Paypal - ASF $104,936
Total Checking/Savings $1,597,902
Income Summary:
Public Donations $5,119 $- $5,119
Sponsorship Program $20,000 $63,167 $(43,167)
Programs Income $- $- $-
Other Income $- $- $-
Interest Income $510 $- $510
Total Income $25,629 $63,167 $(37,538)
Expense Summary:
Infrastructure $80,889 $81,798 $(909)
Sponsorship Program $- $- $-
Programs Expense $- $- $-
Publicity $5,500 $17,809 $(12,309)
Brand Management $11,729 $10,000 $1,729
Conferences $2,629 $3,215 $(586)
Travel Assistance Committee $8,871 $14,000 $(5,129)
Tax and Audit $- $- $-
Treasury Services $3,100 $3,100 $-
General & Administrative $13,928 $8,655 $5,273
Total Expense $126,645 $138,577 $(11,932)
Net Income $(101,016) $(75,410) $(25,606)
YTD 2016 YTD FY17 Orig Budget Variance
Income Summary:
Public Donations $18,992 $13,874 $5,119
Sponsorship Program $495,795 $538,962 $(43,167)
Programs Income $27,200 $27,200 $-
Other Income $825 $825 $-
Interest Income $4,025 $3,515 $510
Total Income $546,838 $584,376 $(37,538)
Expense Summary:
In Kind Expense $- $- $-
Infrastructure $446,041 $446,948 $(907)
Sponsorship Program $- $- $-
Programs Expense $- $- $-
Publicity $90,681 $102,991 $(12,309)
Brand Management $52,644 $50,914 $1,730
Conferences $4,822 $5,409 $(587)
Travel Assistance Committee $28,735 $33,864 $(5,129)
Tax and Audit $6,000 $6,000 $-
Treasury Services $24,800 $24,800 $-
General & Administrative $77,969 $72,696 $5,273
Total Expense $731,692 $743,622 $(11,930)
Net Income $(184,854) $(159,246) $(25,608)
@Tom: post the treasurer's report to board minutes @Sam: work
with Tom to explore having Tom add raw data to treasurer's
report before the board meeting
Income and Expenses for November 2016 CASH BASIS "Preliminary"
Current Balances:
Orig FY17 YTD FY17 Orig
November 2016 Budget Variance YTD 2016 Budget Variance
Citizens Checking $ 393,623
Citizens Money Market $ 1,204,457
Amazon- ASF Payments $ -
Paypal - ASF $ 100,838
Total Checking/Savings $ 1,698,918
Income Summary:
Public Donations $ 1,772 - 1,772 13,874 - 13,874
Sponsorship Program $ 45,000 88,667 (43,667) 475,795 207,667 268,128
Programs Income $ 27,200 - 27,200 27,200 - 27,200
Other Income $ - - - 825 - -
Interest Income $ 493 - 493 3,515 - 3,515
Total Income $ 74,466 88,667 (14,201) 521,209 207,667 312,717
Expense Summary:
Infrastructure $ 54,975 57,929 (2,954) 365,152 348,197 16,955
Sponsorship Program $ - - - - - -
Programs Expense $ - - - - - -
Publicity $ 7,078 5,455 1,623 85,181 82,593 2,589
Brand Management $ 11,623 1,959 9,664 40,914 4,823 36,091
Conferences $ - - - 2,194 10,778 (8,585)
Travel Assistance Committee $ - 1,294 (1,294) 19,864 33,975 (14,111)
Tax and Audit $ - - - 6,000 6,000 -
Treasury Services $ 3,100 3,100 - 21,700 21,700 -
General & Administrative $ 10,412 8,371 2,041 64,042 65,084 (1,042)
Total Expense $ 87,188 78,108 9,080 605,047 573,150 31,898
Net Income $ (12,722) 10,559 (23,281) (83,839) (365,483) 281,644
As requested going forward I will include not only data for the current month
but also an overview actuals vs budget both for the current month as well as
year-to-date. Since we still don't have a budget for FY2017 the FY17 "budget"
is based on the 2016 actuals.
In October we have been operating with a small net income vs a projected loss.
YTD we have been operating with a significant smaller loss then projected so we
still are in a very comfortable financial situation.
There is an ongoing effort to get a spending policy for credit card holders in
place which has been delayed due to my dayjob duties.
Income and Expenses for October 2016
Current Balances:
October 2016 FY17 Budget Variance
Citizens Checking $498,205
Citizens Money Market $1,203,963
Amazon- ASF Payments $-
Paypal - ASF $94,649
Wells Fargo Checking - ASF $-
Wells Fargo Savings $-
Total Checking/Savings $1,796,818
Income Summary:
Public Donations $2,864 $- $2,864
Sponsorship Program $105,000 $39,167 $65,833
Programs Income $- $- $-
Other Income $- $- $-
Interest Income $510 $- $510
Total Income $108,373 $39,167 $69,207
Expense Summary:
Infrastructure $53,326 $47,384 $5,942
Sponsorship Program $- $- $-
Programs Expense $- $- $-
Publicity $17,518 $(4,556) $22,073
Brand Management $6,960 $1,760 $5,200
Conferences $829 $3,215 $(2,386)
Travel Assistance Committee $5,224 $13,646 $(8,422)
Tax and Audit $- $- $-
Treasury Services $3,100 $3,100 $-
General & Administrative $8,421 $8,546 $(126)
Total Expense $95,377 $73,096 $22,281
Net Income $12,997 $(33,929) $46,926
YTD 2016 YTD FY17 Budget Variance
Income Summary:
Public Donations $12,101 $- $12,101
Sponsorship Program $430,795 $119,000 $311,795
Programs Income $- $- $-
Other Income $825 $- $825
Interest Income $3,022 $- $3,022
Total Income $446,743 $119,000 $327,743
Expense Summary:
Infrastructure $310,177 $290,268 $19,909
Sponsorship Program $- $- $-
Programs Expense $- $- $-
Publicity $78,103 $77,138 $965
Brand Management $29,292 $2,864 $26,427
Conferences $2,194 $10,778 $(8,585)
Travel Assistance Committee $19,864 $32,680 $(12,816)
Tax and Audit $6,000 $6,000 $-
Treasury Services $18,600 $18,600 $-
General & Administrative $53,630 $56,713 $(3,083)
Total Expense $517,859 $495,042 $22,818
Net Income $(71,116) $(376,042) $304,926
Apologies for failing to submit a report on time for the last board
meeting. The past two months have been relatively uneventful except
for some out-of-cycle payments. We are currently working on a spending
policy for credit card holders, a first draft has been circulated and
is waiting for comments. A request from the membership has been made
to find out whether a company claiming to donate to the ASF for every
survey response they receive actually even donated.
Income and Expenses for August 2016 CASH BASIS
Current Balances:
August 2016
Citizens Checking $459,120
Citizens Money Market $1,202,961
Amazon- ASF Payments $-
Paypal - ASF $92,254
Wells Fargo Checking - ASF $-
Wells Fargo Savings $-
Total Checking/Savings $1,754,334
Income Summary:
Inkind Revenue $6,163
Public Donations $7,042
Sponsorship Program $66,003
Programs Income $-
Other Income $-
Interest Income $509
Total Income $79,718
Expense Summary:
In Kind Expense $7,167
Infrastructure $47,110
Sponsorship Program $-
Programs Expense $-
Publicity $6,091
Brand Management $4,990
Conferences $528
Travel Assistance Committee $-
Tax and Audit $-
Treasury Services $3,100
General & Administrative $10,090
Total Expense $79,076
Net Income $642
Income and Expenses for September 2016 CASH BASIS
Current Balances:
September 2016
Citizens Checking $490,751
Citizens Money Market $1,203,454
Amazon- ASF Payments $-
Paypal - ASF $92,733
Wells Fargo Checking - ASF $-
Wells Fargo Savings $-
Total Checking/Savings $1,786,937
Income Summary:
Inkind Revenue $6,163
Public Donations $824
Sponsorship Program $71,003
Programs Income $-
Other Income $-
Interest Income $493
Total Income $78,484
Expense Summary:
In Kind Expense $7,167
Infrastructure $76,508
Sponsorship Program $-
Programs Expense $-
Publicity $8,337
Brand Management $4,976
Conferences $-
Travel Assistance Committee $11,000
Tax and Audit $-
Treasury Services $3,100
General & Administrative $8,186
Total Expense $119,274
Net Income $(40,790)
No report was submitted.
Operations continue as normal. We are operating with a slight deficit
but our cash reserves are still healthy. Treasurer still needs to find
out a suitable way to make use of our bitcoin wallet, no progress has
been made there.
Income and Expenses for July 2016 CASH BASIS
Current Balances:
July 2016
Citizens Checking $464,797
Citizens Money Market $1,202,452
Amazon- ASF Payments $-
Paypal - ASF $86,444
Wells Fargo Checking - ASF $-
Wells Fargo Savings $-
Total Checking/Savings $1,753,692
Income Summary:
Inkind Revenue $6,163
Public Donations $2,106
Sponsorship Program $71,003
Programs Income $-
Other Income $-
Interest Income $509
Total Income $79,782
Expense Summary:
In Kind Expense $7,167
Infrastructure $49,198
Sponsorship Program $-
Programs Expense $-
Publicity $5,455
Brand Management $12,365
Conferences $-
Travel Assistance Committee $-
Tax and Audit $-
Treasury Services $3,100
General & Administrative $9,011
Total Expense $86,295
Net Income $(6,513)
Nothing special to report.
Income and Expenses for June 2016 CASH BASIS
Current Balances:
June 2016
Citizens Checking $472,501
Citizens Money Market $1,201,943
Amazon- ASF Payments $-
Paypal - ASF $85,762
Wells Fargo Checking - ASF $-
Wells Fargo Savings $-
Total Checking/Savings $1,760,205
Income Summary:
Inkind Revenue $6,163
Public Donations $3,513
Sponsorship Program $47,253
Programs Income $-
Other Income $-
Interest Income $492
Total Income $57,422
Expense Summary:
In Kind Expense $7,167
Infrastructure $45,166
Sponsorship Program $-
Programs Expense $-
Publicity $5,504
Brand Management $-
Conferences $(234)
Travel Assistance Committee $2,017
Tax and Audit $-
Treasury Services $3,100
General & Administrative $9,184
Total Expense $71,903
Net Income $(14,481)
Any action on bitcoin?
Not yet.
Uli has been on-boarded is currently learning the ropes. Virtual and Tom have been very helpful on this front. Access to the BitCoin wallet that Rich set up some time ago has been transferred to the Treasurer office Income and Expenses for May 2016 CASH BASIS Current Balances: May 2016 Citizens Checking $490.110 Citizens Money Market $1.201.450 Amazon- ASF Payments $- Paypal - ASF $83.126 Wells Fargo Checking - ASF $- Wells Fargo Savings $- Total Checking/Savings $1.774.686 Income Summary: Inkind Revenue $7.167 Public Donations $752 Sponsorship Program $69.545 Programs Income $- Other Income $825 Interest Income $509 Total Income $78.797 Expense Summary: In Kind Expense $7.167 Infrastructure $38.868 Sponsorship Program $- Programs Expense $- Publicity $35.200 Brand Management $- Conferences $1.071 Travel Assistance Committee $1.623 Tax and Audit $6.000 Treasury Services $3.100 General & Administrative $8.737 Total Expense $101.767 Net Income $(22.970)
The board has identified a replacement Treasurer that we hope to
appoint during Executive Session. I believe this is the last report
wearing my Treasurer’s hat. Thanks again.
The last remnants of the WFS account are closed now that a former
Treasurer helped close out remaining points on a credit card, and
transfer them into a check form sent to our corporate mailing
address.
The Treasurer supported delivery of input to the ASF quarterly
report in coordination with Virtual and with VP, Press &
Marketing and the President.
Income and Expenses for April 2016 CASH BASIS
Current Balances:
Apr 2016
Citizens Checking $513,957
Citizens Money Market $1,200,942
Amazon- ASF Payments $-
Paypal - ASF $82,757
Wells Fargo Checking - ASF $-
Wells Fargo Savings $-
Total Checking/Savings $1,797,656
Income Summary:
Inkind Revenue $7,167
Public Donations $1,197
Sponsorship Program $50,000
Programs Income $-
Interest Income $492
Total Income $58,856
Expense Summary:
In Kind Expense $7,167
Infrastructure $60,400
Sponsorship Program $-
Programs Expense $-
Publicity $811
Brand Management $4,360
Conferences $-
Travel Assistance Committee $27,456
Tax and Audit $-
Treasury Services $3,100
General & Administrative $8,538
Total Expense $111,831
Net Income $(52,976)
Wells Fargo is officially closed and the money has been moved to
our new account at Citizens. In doing so, we have went through the
following checklist of items to shut down:
1. Corporate Credit Cards
2. Direct Pay
3. Wire Transfer
4. Lockbox
5. Safebox
This has been a lengthy process and to our knowledge the only remaining
service is a corporate credit card of a former Treasurer that is
only still open as we are transferring the hefty amount of rewards
points off of it into some tangible form before shutting it down.
Virtual is assisting with the process.
The Treasurer is working with ASF infra to make sure treasurer@ and
accounting@ are archived, web-accessible (via mail-search) archives.
Chris Mattmann remains the Treasurer until a new Treasurer can be
appointed by the Board during Executive Session.
Income and Expenses for March 2016 CASH BASIS
Current Balances:
Mar 2016
Citizens Checking $562,270
Citizens Money Market $1,200,450
Amazon- ASF Payments $-
Paypal - ASF $81,913
Wells Fargo Checking - ASF $-
Wells Fargo Savings $-
Total Checking/Savings $1,844,632
Income Summary:
Inkind Revenue $7,167
Public Donations $3,370
Sponsorship Program $308,000
Programs Income $-
Interest Income $313
Total Income $318,850
Expense Summary:
In Kind Expense $7,167
Infrastructure $48,714
Sponsorship Program $-
Programs Expense $-
Publicity $5,455
Brand Management $-
Conferences $2,009
Travel Assistance Committee $199
Tax and Audit $4,500
Treasury Services $3,100
General & Administrative $8,530
Total Expense $79,674
Net Income $239,176
The Treasurer’s Office worked with Virtual to finalize and submit
our 990 with the CPA. We should be able to post our FY2015 taxes
online shortly.
The Office is currently working with Virtual to prepare our report
for the Annual Members meeting coming up.
I would like to take the opportunity to thank everyone as I do not
plan to stand for Treasurer beyond this Board cycle, whether I am
elected to serve on the Board or not. I have already worked to
identify a replacement and I plan on recommending that replacement
to the next Board. It’s been an honor being the Treasurer for the
past (almost) 4 years and I appreciate everything I have learned and
thank everyone for their positive contributions towards managing the
ASF’s finances. Thanks again.
Income and Expenses for February 2016 CASH BASIS
Current Balances:
Feb 2016
Citizens Checking $469,139
Citizens Money Market $500,127
Amazon- ASF Payments $-
Paypal - ASF $79,108
Wells Fargo Checking - ASF $333,767
Wells Fargo Savings $288,350
Total Checking/Savings $1,670,490
Income Summary:
Inkind Revenue $7,167
Public Donations $78,849
Sponsorship Program $57,000
Programs Income $-
Interest Income $150
Total Income $143,166
Expense Summary:
In Kind Expense $7,167
Infrastructure $62,914
Sponsorship Program $-
Programs Expense $-
Publicity $14,386
Brand Management $-
Conferences $-
Travel Assistance Committee $-
Tax and Audit $-
Treasury Services $3,108
General & Administrative $8,893
Total Expense $96,468
Net Income $46,698
An updated engagement letter with the CPA has been prepared
for the IRS 990. The Treasurer’s office and Virtual will
submit the signed form to the CPA shortly.
The Treasurer’s Office worked with Virtual and the CPA to
complete the IRS 990 questionnaire form as part of the taxes
submission. We are on schedule to deliver and submit the
990 taxes by March.
The independent audit is also progressing. Virtual has been
working with the CPA agency to produce an initial draft
review which was sent to Jim, Ross, and Chris on Feb 2nd.
Income and Expenses for January 2016 CASH BASIS
Current Balances:
Jan 2016
Citizens Checking $857,580
Amazon- ASF Payments $-
Paypal - ASF $78,458
Wells Fargo Checking - ASF $333,958
Wells Fargo Savings $288,336
Total Checking/Savings $1,558,332
Income Summary:
Inkind Revenue $7,167
Public Donations $13,658
Sponsorship Program $25,000
Programs Income $-
Interest Income $15
Total Income $45,839
Expense Summary:
In Kind Expense $7,167
Infrastructure $45,404
Sponsorship Program $-
Programs Expense $-
Publicity $7,008
Brand Management $-
Conferences $-
Travel Assistance Committee $-
Tax and Audit $-
Treasury Services $3,100
General & Administrative $8,339
Total Expense $71,017
Net Income $(25,177)
The Treasurer’s Office processed out of cycle payments for
infrastructure related services to bring them current.
Jim and Virtual worked to update the website instructions for mailing
checks.
We continue to receive harassing emails from the Brazilian agency
who claims to have handled the SVN Brazilian trademark. No action
is requested beyond Jim’s prior action - this is merely informational.
Virtual and the Treasurer will meet to discuss Bitcoin donations.
Income and Expenses for December 2015 CASH BASIS
Current Balances:
Dec 2015
Citizens Checking $883,759
Amazon- ASF Payments $-
Paypal - ASF $77,309
Wells Fargo Checking - ASF $334,121
Wells Fargo Savings $288,321
Total Checking/Savings $1,583,509
Income Summary:
Inkind Revenue $8,333
Public Donations $7,607
Sponsorship Program $60,000
Programs Income $28,000
Interest Income $15
Total Income $103,955
Expense Summary:
In Kind Expense $8,333
Infrastructure $55,588
Sponsorship Program $-
Programs Expense $-
Publicity $5,455
Brand Management $-
Conferences $-
Travel Assistance Committee $-
Tax and Audit $-
Treasury Services $3,100
General & Administrative $8,403
Total Expense $80,879
Net Income $23,076
The Treasurer’s Office is reviewing paperwork from a book publisher
regarding donation paperwork and working with VP Fundraising to
determine how/who/if it should be signed.
Virtual has turned over the Quickbooks file, questionnaire and
supporting documents to the contracted CPA. A 2nd extension was
filed before December 15th. Review is anticipated in January 2016
with the 990 to follow shortly thereafter ahead of Mar 15, 2016
final deadline.
The Treasurer’s Office is working with Virtual to set up a telecon
before EOY to review the variances that we are seeing in the expenses
as compared to budget.
Income and Expenses for November 2015 CASH BASIS
Current Balances:
Nov 2015
Citizens Checking $867,226
Amazon- ASF Payments $-
Paypal - ASF $70,667
Wells Fargo Checking - ASF $334,234
Wells Fargo Savings $288,307
Total Checking/Savings $1,560,433
Income Summary:
Public Donations $2,837
Sponsorship Program $100,000
Programs Income $-
Interest Income $14
Total Income $102,851
Expense Summary:
Infrastructure $50,762
Sponsorship Program $-
Programs Expense $-
Publicity $5,455
Brand Management $1,959
Conferences $-
Travel Assistance Committee $1,294
Tax and Audit $-
Treasury Services $3,100
General & Administrative $8,371
Total Expense $70,941
Net Income $31,910
The Treasurer’s Office is reviewing paperwork from a book
publisher regarding donation paperwork and working with VP
Sponsorships to determine how/who/if it should be signed.
Our contracted CPA is working to review the ASF's finances
and the results are expected by end of year in order to
complete the 990 by February 2016.
The Treasurer’s Office is working with Virtual to set up a
telecon before EOY to review the variances that we are
seeing in the expenses as compared to budget.
The following financial update is provided by Virtual:
Cash at October 31st 2015 was $1,531K, which is up $75.1K
from last month’s ending balance (September 2015) of
$1,455.9K. The October 2015 cash balance is up $109.3K
from the October 2014 month end balance of $1,421.8K. The
October 2015 ending cash of $1,531K represents a cash reserve
of 17.4 months based on the current year’s budgeted average
monthly spending for FY15-16 of $87.8K/month (which is up
about a 1/2 month from last month’s number). The cash
reserve for the ASF continues to be very healthy at over
17 months, based on this fiscal year’s monthly spend rate,
as compared to the ASAE industry benchmark of 6 months. The
current forecasted Year End Cash reserve is 16.5 months;
again is a very healthy number (if all remains equal to the
Cash Forecast).
Regarding the Cash P&L, the Foundation’s total revenue YTD
through October 2015 was $232.3K which is -$190.2K behind
budget ( $23.2K is Public donation and $167K is sponsorship).
Expenses, on an YTD cash basis are a bit behind budget at
$102.9K less than plan. This is due to underspending vs
Budget in G/A, Sponsored Attendees and Infrastructure,
though this could just be timing though we are six months
into the Fiscal year. The Treasurer's Office will set up a
call with Virtual to review the variances in the expenses
as compared to budget, as it will be beneficial to forecasting
for the last six months of FY 2016.
On an accrual basis the 2016 YTD revenue is behind YTD 2015
by $-104.5K. YTD expenses on an Accrual basis, for 2016
were about $-4.2K less than 2015, due to spending less in
G/A YTD, year over year. This leaves Accrued Net income
for YTD 2016 behind YTD 2015 by $-100.3K as compared to YTD
through September which was $-138.8K year over year, which
is an increase in accrued net income of $38.5K year over
year.
Regarding the bottom line the Foundation on an YTD Cash
Basis has generated a Net loss of $-205.2K, vs a budgeted
net loss of $-117.9K for FY 2016 YTD. Comparing this to FY
2015 YTD, which had a Cash Basis Net loss of $-74K, it
leaves ASF, behind YTD 2015 by $131.2K. This however is
significantly better than the September variance year over
year which was $249.1K worse than September of last FY, or
an increase in Net income of $117.9K for the same time
period.
Income and Expenses for October 2015 CASH BASIS "Preliminary" Contents
Current Balances:
Oct 2015 2016 Budget Variance YTD 2016 YTD 2016 Bud Variance
Citizens Checking $840,074
Amazon- ASF Payments $-
Paypal - ASF $68,336
Wells Fargo Checking - ASF $334,347
Wells Fargo Savings $288,292
Total Checking/Savings $1,531,049
Income Summary:
Public Donations $1,118 $7,070 $(5,952) $15,198 $38,409 $(23,211)
Sponsorship Program $140,000 $22,500 $117,500 $217,000 $384,000 $(167,000)
Programs Income $- $- $- $- $- $-
Interest Income $15 $21 $(6) $87 $125 $(38)
Total Income $141,132 $29,590 $111,542 $232,285 $422,534 $(190,249)
$-
Expense Summary: $-
Infrastructure $40,217 $43,750 $(3,533) $247,268 $324,612 $(77,345)
Sponsorship Program $- $- $- $- $- $-
Programs Expense $- $- $- $- $2,200 $(2,200)
Publicity $(4,556) $7,726 $(12,281) $77,138 $69,480 $7,658
Brand Management $1,760 $2,074 $(314) $2,864 $14,604 $(11,740)
Conferences $3,215 $2,292 $923 $10,778 $5,750 $5,028
Travel Assistance Committee $13,646 $- $13,646 $32,680 $25,730 $6,950
Tax and Audit $- $- $- $- $12,000 $(12,000)
Treasury Services $3,100 $3,100 $- $18,350 $18,600 $(250)
General & Administrative $8,546 $11,240 $(2,693) $48,450 $67,439 $(18,988)
Total Expense $65,929 $70,181 $(4,252) $437,529 $540,414 $(102,886)
Net Income $75,203 $(40,591) $115,794 $(205,244) $(117,881) $(87,363)
Jim observes (again) that there seems to be a substantial
amount of money still sitting in Wells Fargo demand deposit
account.
Chris expects that the account will be closed and the funds
moved to Citizens shortly. The issue is that a personal
appearance at Wells Fargo is necessary in order to close the
account.
Work is progressing to finish off the Wells Fargo account closing.
The Treasurer has sent an email to Wells Fargo (after yet another
customer care representative change) to close out credit cards. The
final step is for the Treasurer to make his way into a branch and
transfer the remaining funds.
The Treasurer’s Office and Virtual are finishing processing and set
up of some paperwork with Citizens for the Foundation’s Business
Signature credit cards.
AR reports are being sent to VP, Fundraising for visibility into
sponsor payment lifecycle and status. Virtual is assisting with the
preparation.
This month's report includes budget/variance information.
Income and Expenses for September 2015 CASH BASIS "Preliminary" Contents
Current Balances:
Sept 2015 2016 Budget Variance YTD 2016 YTD 2016 Bud Variance
Citizens Checking $765,633
Amazon- ASF Payments $-
Paypal - ASF $67,475
Wells Fargo Checking - ASF $334,460
Wells Fargo Savings $288,278
Total Checking/Savings $1,455,846
Income Summary:
Public Donations $1,116 $4,592 $(3,476) $14,080 $31,339 $(17,259)
Sponsorship Program $- $26,500 $(26,500) $77,000 $361,500 $(284,500)
Programs Income $- $- $- $- $- $-
Interest Income $14 $21 $(7) $73 $104 $(32)
Total Income $1,131 $31,113 $(29,982) $91,152 $392,943 $(301,791)
$-
Expense Summary: $-
Infrastructure $47,381 $68,750 $(21,369) $207,050 $280,862 $(73,812)
Sponsorship Program $- $- $- $- $- $-
Programs Expense $- $- $- $- $2,200 $(2,200)
Publicity $21,269 $6,413 $14,856 $81,694 $61,754 $19,940
Brand Management $- $6,114 $(6,114) $1,104 $12,530 $(11,426)
Conferences $- $2,292 $(2,292) $7,564 $3,458 $4,105
Travel Assistance Committee $10,234 $- $10,234 $19,034 $25,730 $(6,696)
Tax and Audit $- $- $- $- $12,000 $(12,000)
Treasury Services $3,100 $3,100 $- $15,250 $15,500 $(250)
General & Administrative $9,769 $11,240 $(1,470) $39,904 $56,199 $(16,295)
Total Expense $91,753 $97,908 $(6,155) $371,600 $470,233 $(98,634)
Net Income $(90,622) $(66,795) $(23,827) $(280,447) $(77,290) $(203,157)
After changing the paypal buttons to reflect a donation, chargebacks
are believed to have been completely nullified. The Treasurer’s
Office does not anticipate any further changes at this time.
An extension for the 990 was filed before the Sept 15th deadline.
Coordination with Jim and audit@a.o has begun concerning if an audit
for 2015 will be done. The Treasurer’s Office is ready to support
the audit in full capacity. D&O Insurance was renewed.
Apache received a $150+ donation from AmazonSmiles. The Treasurer’s
Office suggests considering augmenting our promotion of the link
for this type of donation.
Income and Expenses for August 2015 CASH BASIS
Current Balances:
Citizens Checking $857,095
Amazon- ASF Payments $-
Paypal - ASF $66,537
Wells Fargo Checking - ASF $334,573
Wells Fargo Savings $288,264
Total Checking/Savings $1,546,468
Income Summary:
Public Donations $5,537
Sponsorship Program $20,000
Programs Income $-
Interest Income $15
Total Income $25,552
Expense Summary:
Infrastructure $43,523
Sponsorship Program $-
Programs Expense $-
Publicity $5,455
Brand Management $-
Conferences $1,622
Travel Assistance Committee $8,800
Treasury Services $3,100
General & Administrative $10,987
Total Expense $73,486
Net Income $(47,933)
Closing the Wells Fargo account is in process and should be
complete next month.
The Treasurer's Office is working to reduce PayPal chargebacks which
since 2013 have cost $1855.00 plus $720 in fees. Thanks to Virtual
for their help in analyzing this and reaching out to PayPal. Based
on our investigation, the chargebacks happen because people do not
recognize the name on their statement. Current Statement name:
APACHESOFTW. There is an 11-character limit on this name as well
as a 19 character longer optional that is not currently used. We
are investigating using the domain name “APACHE ORG” with the
assumption that a period is not an acceptable character with no
longer choice.
We also identified that the paypal donation buttons on a.o and AOO
website were incorrectly setup as item/services to be shipped/provided
instead of as donations. The a.o button has been updated however
AOO has made the change but a CMS bug must be resolved before it
can be published.
Virtual is working on the Fiscal Q1 May-June-July 2015 report.
Virtual has reached out to the CPA re: 4.30.15 YE for the
ASF and requested the 990 questionnaire. The need for an extension
will be handled before the Sept 15th deadline. Virtual also added
that they keep track of all 990’s for all our clients. And that
the questionnaire for this year should be very similar to the one
for last year which we helped facilitate for ASF. Books and records
are present for the entire year last year, so there should be very
few questions we will need the Treasurer’s assistance with.
The Treasurer’s Office processed a donation of $4K.
The Office suggests that a thank you is sent due to the size of the
donation and we will work VP, Fundraising to discuss.
Virtual has transferred the remaining funds in Amazon Payments into
the ASF's operational account at Citizens. In a few more months,
they will change the account email to accounting@ instead of the
individual ASF member email that it was under before.
The Treasurer would like to thank for Kevin McGrail, Assistant
Treasurer, who led the preparation of this report.
Income and Expenses for July 2015 CASH BASIS
Current Balances:
Citizens Checking $909,719
Amazon- ASF Payments $338
Paypal - ASF $61,210
Wells Fargo Checking - ASF $334,887
Wells Fargo Savings $288,249
Total Checking/Savings $1,594,402
Income Summary:
Public Donations $3,322
Sponsorship Program $25,000
Programs Income $-
Interest Income $15
Total Income $28,337
Expense Summary:
Infrastructure $44,026
Sponsorship Program $-
Programs Expense $-
Publicity $13,516
Brand Management $1,104
Conferences $1,273
Travel Assistance Committee $-
Treasury Services $3,100
General & Administrative $8,915
Total Expense $71,934
Net Income $(43,598)
A request made to the Treasurer's Office to add the records for the
2013-2014 Taxes has been fulfilled.
The Treasurer's Office is considering how to pay more attention to
PayPal Chargebacks.
There are remaining funds in Amazon Payments that Virtual will
proceed to transfer into the ASF's operational account at Citizens.
Cash at Jun 30th 2015 was down $142.9K from last month’s ending
balance (May 2015) of $1,780.9K primarily due to the May and June
payables were released in June and there were no Sponsor payments
made in June 2015. The June 2015 ending cash of $1,638K represents
a cash reserve of 18.8 months based on the current year’s budgeted
average monthly spending for FY15-16 YTD of $88.9K/month.
The Treasurer's Office, Virtual, and Phil Steitz has moved ongoing
donations for Amazon to its new Amazon Simple Payments platform and those
payments are being recorded in the ASF Citizen's primary account.
The balance in Amazon prior to the platform change to Simple Payments remains
in Amazon. Virtual is working with Amazon to take care of this.
Income and Expenses for June 2015 CASH BASIS
Current Balances:
Citizens Checking $942,639
Amazon- ASF Payments $18,828
Paypal - ASF $58,081
Wells Fargo Checking - ASF $330,218
Wells Fargo Savings $288,234
Total Checking/Savings $1,638,000
Income Summary:
Public Donations $1,689
Sponsorship Program $-
Programs Income $-
Interest Income $14
Total Income $1,704
Expense Summary:
Infrastructure $63,303
Sponsorship Program $-
Programs Expense $-
Publicity $41,455
Brand Management $-
Conferences $4,669
Travel Assistance Committee $-
Treasury Services $5,950
General & Administrative $9,709
Total Expense $125,085
Net Income $(123,381)
The Treasurer's Office welcomes Jan Iversen and Kevin A. McGrail as
our new Assistant Treasurer's. A meeting was held between the
Treasurer, the two new Assistant Treasurer's and the former Assistant
Treasurer Sam Ruby. There is some expected ramp up, and the new
Assistants will begin helping write reports, interacting with Virtual
and spelling Chris.
The transition away from Wells Fargo is proceeding. Currently the
Treasurer's Office is working to transfer and close out the Savings
& Checking accounts, and to wrap up any remaining connections to
WFS. In addition, Credit Card statements have been downloaded from
WFS for record keeping purposes. Citizens Bank is our operational
account at the moment and bills/operational aspects are being paid
out of that account.
Monthly P&L reports are now being regularly sent out. Thanks to
Virtual for taking care of this.
The Treasurer's Office contributed to the ASF Annual Report. Thanks
to Sally and team for pushing that forward.
Amazon payments transition into the new donation system has been
completed. There are remaining funds in Amazon Payments that Virtual
will proceed to transfer into our operational account at Citizens.
Income and Expenses for May 2015 CASH BASIS
Current Balances:
Citizens Checking $1,086,536
Amazon- ASF Payments $18,789
Paypal - ASF $56,813
Wells Fargo Checking - ASF $330,523
Wells Fargo Savings $288,220
Total Checking/Savings $1,780,881
Income Summary:
Public Donations $2,415 Amazon and Paypal
Sponsorship Program $32,000
Programs Income $-
Interest Income $15
Total Income $34,429
Expense Summary:
Infrastructure $8,818
Sponsorship Program $-
Programs Expense $-
Publicity $-
Brand Management $-
Conferences $-
Travel Assistance Committee $-
Treasury Services $-
General & Administrative $524
Total Expense $9,342
Net Income $25,087
The Treasurer’s Office is working to close out the WFS financial
accounts. Virtual held a meeting with our customer contact at WFS
and things are moving forward. We hope to have more to report soon.
The Assistant Treasurer granted access to the board agenda tool to
Tom Pappas from Virtual for situational awareness.
The Treasurer’s Office received a request to include the ASF in All
State’s Employee Giving programs. The request was forwarded to
Virtual for processing. As requested, the Apache Software Foundation
mission statement was sent to All State.
A request to renew the HALO contract was received by the President
and Treasurer.
Phil Steitz provided detail on a need to move away from individual
donations via Amazon Simple Payments which is sunsetting as a service
on June 1, 2015. We need to migrate to the "Login and Pay with
Amazon” service. Phil estimates that the code change will be minimal
and he is happy to help in terms of setting up the donate button -
but has requested help with account setup. Request has been forwarded
on to Virtual.
Income and Expenses for April 2015 CASH BASIS
Current Balances:
Citizens Checking $1,083,388
Amazon- ASF Payments $18,266
Paypal - ASF $55,027
Wells Fargo Checking - ASF $310,908
Wells Fargo Savings $288,205
Total Checking/Savings $1,755,793
Income Summary:
Public Donations $3,904
Sponsorship Program $98,220
Programs Income $-
Interest Income $14
Total Income $102,138
Expense Summary:
Infrastructure $53,641
Sponsorship Program $-
Programs Expense $-
Publicity $14,279
Brand Management $13,594
Conferences $25
Travel Assistance Committee $3,822
Treasury Services $2,850
General & Administrative $7,243
Total Expense $95,454
Net Income $6,684
The Treasurer’s Office worked with Virtual to prepare a report for
the ASF annual members meeting.
Virtual and the Treasurer’s Office worked together to provide input
to the ASF president and his FY16 budget activities for the foundation.
Virtual and the Treasurer’s Office have worked with ASF officers
over the last month to review their budgets, e.g., Brand.
Income and Expenses for March 2015 CASH BASIS
Current Balances:
Citizens Checking $1,087,042
Amazon- ASF Payments $18,168
Paypal - ASF $52,702
Wells Fargo Checking - ASF $243,006
Wells Fargo Savings $288,191
Total Checking/Savings $1,689,109
Income Summary:
Public Donations $2,403 Amazon and Paypal
Sponsorship Program $115,000
Programs Income $-
Interest Income $17
Total Income $117,419
Expense Summary:
Infrastructure $44,363
Sponsorship Program $-
Programs Expense $-
Publicity $5,455
Brand Management $-
Conferences $-
Travel Assistance Committee $7,058
Treasury Services $2,850
General & Administrative $6,889
Total Expense $66,615
Net Income $50,805
The Treasurer’s Office worked with Virtual to handle
remittance for TAC flights in coordination with the EA.
The Treasurer worked with VP, Brand and Virtual to
provide a detailed Brand financial/spending report.
The Treasurer’s Office worked with the President to provide
a monthly accounting for officers to check spending against
the budget. In addition the office worked with the President
to provide input for the President’s budget for the new FY.
The 990 for Apache’s taxes has now been finalized working
with Virtual and the CPA.
Current Balances:
Citizens Checking $1,148,017
Amazon- ASF Payments $18,091
Paypal - ASF $50,715
Wells Fargo Checking - ASF $93,307
Wells Fargo Savings $288,175
Total Checking/Savings $1,598,304
Income Summary:
Public Donations $1,590 Amazon and Paypal
Sponsorship Program $210,000
Programs Income $-
Interest Income $22
Total Income $211,612
Expense Summary:
Infrastructure $42,977
Sponsorship Program $-
Programs Expense $-
Publicity $5,563
Brand Management $1,473
Conferences $1,070
Travel Assistance Committee $8,000
Treasury Services $2,850
General & Administrative $7,369
Total Expense $69,302
Net Income $142,311
The 2013 990 Net Assets and other items have been clarified on our
tax preparation for FY2013. Everything seems in order and Chris and
Tom had a call to discuss on 1/23/15.
The Treasurer’s Office initiated a series of wires to fully transfer
all of the remaining funds in WFS to Citizen’s Bank leaving a small
amount in WFS (less than 10K) to cover any incoming expenses. We
expect to finalize the remaining funds transfer and decommission
WFS in the next month.
1099s for contractors have been issued by Virtual.
Virtual has been working with VP, Press and Marketing for the year
in review reports and quarterly reports, providing financial data
and other information to assist in the report preparation.
Income and Expenses for January 2015 CASH BASIS
Current Balances:
Citizens Checking $701,087
Amazon- ASF Payments $17,926
Paypal - ASF $49,569
Wells Fargo Checking - ASF $399,259
Wells Fargo Savings $288,152
Total Checking/Savings $1,455,994
Income Summary:
Public Donations $1,998 Amazon and Paypal
Sponsorship Program $90,000
Programs Income $24,040
Interest Income $24
Total Income $116,062
Expense Summary:
Infrastructure $40,219
Sponsorship Program $-
Programs Expense $-
Publicity $8,750
Brand Management $-
Conferences $-
Travel Assistance Committee $-
Treasury Services $3,850
General & Administrative $16,670
Total Expense $69,489
Net Income $46,574
Jim: Will the audit be able to start soon? Tom: Can't start
the audit until books are closed; looks like mid summer for
the audit.
The Treasurer’s Office worked with Virtual to get the Apache 990
and Client Organizer submitted and Taxes filed.
New Credit Cards from Citizen’s Bank have been received by the
Treasurer, VP Infrastructure, the President, the EVP, the EA and
the ASF Secretary.
There are a few outstanding actions, including closing down the WF
accounts. Chris and Tom from Virtual will meet in the coming month
and report back.
VP, Press and Marketing has asked for Quarterly Financial Reports
- Virtual is picking up this action and coordinating with Sally on
this front.
Income and Expenses for December 2014 CASH BASIS
Current Balances:
Citizens Checking $148,022
Amazon- ASF Payments $17,146
Paypal - ASF $49,569
Wells Fargo Checking - ASF $906,658
Wells Fargo Savings $288,128
Total Checking/Savings $1,409,523
Income Summary:
Public Donations $10,786 Amazon and Paypal
Sponsorship Program $20,000
Interest Income $24
Total Income $30,811
Expense Summary:
Infrastructure $50,736
Sponsorship Program $-
Programs Expense $-
Publicity $5,994
Brand Management $-
Conferences $-
Travel Assistance Committee $2,347
Treasury Services $2,850
General & Administrative $7,753
Total Expense $69,680
Net Income $(38,869)
The Treasurer’s office continues to work with Virtual to get the
corporate credit cards up and running. A few more forms needed to
be filled out and signed and we are awaiting the cards from Citizen’s
Bank at this point.
Chris and Tom Pappas from Virtual had a call to go over some
outstanding loose ends and information to get the 990 process shored
up. We are on track to get it filed on time with Virtual and the
CPA. The President also assisted in this process by signing the
engagement forms for the 990 to be completed by the CPA and Virtual.
Income and Expenses for November 2014 CASH BASIS
Current Balances:
Citizens Checking $195,676
Amazon- ASF Payments $16,359
Paypal - ASF $40,976
Wells Fargo Checking - ASF $907,279
Wells Fargo Savings $288,103
Total Checking/Savings $1,448,392
Income Summary:
Public Donations $2,160 Amazon and Paypal
Sponsorship Program $80,000
Interest Income $24
Total Income $82,183
Expense Summary:
Infrastructure $29,200
Sponsorship Program $-
Programs Expense $-
Publicity $13,137
Brand Management $279
Conferences $-
Travel Assistance Committee $-
Treasury Services $2,850
General & Administrative $10,221
Total Expense $55,688
Net Income $26,495
A press release for Virtual’s 15th year anniversary was coordinated
with VP, Press and Marketing, and with the President. Treasurer’s
Office was kept in the loop.
Treasurer’s Office coordinated with Lynsey Chaplik from Virtual to
process the forms for Apache Corporate Credit Cards. Form was
submitted and cards should be available soon.
Virtual is trying to coordinate a call to deal with the following
open action items:
1. Closing all of the Wells Fargo accounts
2. Obtaining credit
card statements from some of the
officers to correctly account for the expenses
3. Engaging both the CPA firm and Virtual for the 2014 990
4. Valuing the Bitcoin donation
5. 6 month P&L review to forecast
the remaining 6 months of 2015
Treasurer anticipates a call in the next month or so to address the
items.
At the request of the EVP, Virtual and the Treasurer’s Office
provided a one slide summary of Treasurer categories of expenses
for ApacheCon EU 2014.
Income and Expenses for October 2014 CASH BASIS
Current Balances:
Citizens Checking $216,900
Amazon Payments $15,811
Paypal - ASF $39,623
Wells Fargo Checking - ASF $861,482
Wells Fargo Savings $288,080
Total Checking/Savings $1,421,897
Income Summary:
Public Donations $11,249
Sponsorship Program $10,000
Interest Income $24
Total Income $21,273
Expense Summary:
Infrastructure $37,986
Sponsorship Program $-
Publicity $8,381
Brand Management $4,731
Conferences $-
Travel Assistance Committee $-
Treasury Services $3,100
General & Administrative $9,644
Total Expense $63,841
Net Income $(42,568)
Discussion of BitCoin donations continues. A very useful resource
was passed along regarding the SFLC and their interpretation of
BitCoin and things to look out for:
http://s.apache.org/guK
Regarding the Audit, after a very productive call with the President,
Treasurer, Assistant Treasurer, Tom from Virtual and Brian the CPA
on retainer for the audit and helping us work 990 tax submission,
we decided that we will not audit 2014 accounts and will instead
focus on a correct 990 for 2014. We will push the full audit off
until April 30, 2015. Williams Overman Pierce, LLP will prepare our
990 return for the year ending April 30, 2014 and they have already
filed a form 8688 for us providing a 3 month extension to submit
our taxes.
There is an open inquiry to the Treasurer’s Office to handle TAC
reimbursements on the ground for students/etc. attending ApacheCon
EU 2014 in Budapest. The Treasurer just replied to the inquiry and
is working with Virtual to figure out the best practice for remittance.
Various requests for sponsorship status have been promptly dealt
with by the EA and by Virtual.
Getting a new set of ASF credit cards is near complete, in coordination
with the ASF President, the EA and Virtual.
Income and Expenses for September 2014
Current Balances:
Citizens Checking $271,865
Amazon Prime $15,220
Paypal - ASF $34,240
Wells Fargo Checking - ASF $855,085
Wells Fargo Savings $288,055
Total Checking/Savings $1,464,465
Income Summary:
Public Donations $3,847 Amazon and Paypal
Sponsorship Program $11,971
Interest Income $24
Total Income $15,841
Expense Summary:
Infrastructure $46,856
Sponsorship Program $1,976
Publicity $5,455
Conferences $-
Travel Assistance Committee $-
Treasury Services $2,500
General & Administrative $8,181
Total Expense $64,967
Net Income $(49,126)
A relatively quiet month for the Treasurer's Office.
The Treasurer's Office worked with the EA and infra team to address
credit card issues for hardware purchases.
Virtual and the Treasurer's Office and the Audit team are trying
to put together a call to discuss the next steps on the Audit.
The EVP and VP, Sponsorship set up a mechanism to take Bitcoin as
a donation currency. Great work!
Income and Expenses for August 2014
Current Balances:
Citizens Checking $322,595
Amazon Prime $14,300
Paypal - ASF $31,595
Wells Fargo Checking - ASF $857,069
Wells Fargo Savings $288,032
Total Checking/Savings $1,513,591
Income Summary:
Public Donations $8,415 Amazon and Paypal
Sponsorship Program $-
Interest Income $24
Total Income $8,439
Expense Summary:
Infrastructure $33,826
Sponsorship Program $1,079
Publicity $5,743 HALO monthly fee
Conferences $2,610
Travel Assistance Committee $15,153
Treasury Services $2,750
General & Administrative $7,786 EA monthly exp and Signing bonus for EA
Total Expense $68,947
Net Income $(60,508)
The Treasurer's office has worked with Virtual over the past month
to transition more of the operational functionalities of the Treasurer
role. In particular, Virtual is now responsible for handling
operational monthly payments to contractors and for invoice and
Bill remittance.
Virtual has worked with VP, Fundraising, the EA and the President's Office
to provide Current balances and sponsor funds analysis and projected
income, which was used both by VP, Fundraising at OSCON for situational
awareness to sponsors, and to feed into the President's 2014-2015
budget request.
The Treasurer's Office worked the ASF Audit Lead and President to
provide a retainer for our CPA conducting the ASF financial audit.
Virtual now has guest access to WFS Financials both Checkings and
Savings, allowing for statement download and for balance sheet
generation. Access to Amazon Payments and PayPal have also been
provided.
Sam Ruby has started to populate Treasurer content at
http://treasurer.apache.org/.
D&O Liability Insurance was remitted and the Treasurer's Office is
working with the EA and the President to process the D&O renewal.
An issue regarding the ASF meeting the public funding test is being
discussed amongst ASF audit participants and the President's Office
and the Treasurer's Office in reference to a suggestion made during
OSCON.
The EA and President's Office and Treasurer's Office are discussing
a review of disbursement of ASF credit cards, and expect a disposition
soon that may include issuing new credits and moving to a new credit
card provider.
Virtual is now providing the income and expenses roll up for the
Treasurer's Report.
Income and Expenses
Current Balances:
Citizens Checking $382,921
Amazon Prime $11,489
Paypal - ASF $27,766
Wells Fargo Checking - ASF $863,916
Wells Fargo Savings $288,007
Total Checking/Savings $1,574,099
Income Summary:
Public Donations $5,548
Sponsorship Program $100,000
Interest Income $24
Total Income $105,573
Expense Summary:
Infrastructure $34,711
Publicity $10,455
Travel Assistance Committee $1,670
Treasury Services $7,500
General & Administrative $7,301
Total Expense $61,636
Net Income $43,936
Transition of bill paying and other functions to Virtual continues
as planned. We have a Citizens Bank account up and running that is
being used to make payments and the remainder of the funds in WFS
are in process for being transitioned over to Citizen's and/or
potentially to other assets with higher yield, e.g., CDs. The
Treasurer's Office is awaiting further input from Virtual on a
recommendation for where the remaining assets should be housed.
Chris has received his token for Citizen's Bank. Michelle Ball from
Virtual notes that unlike WFS, Citizen's only requires 1 person to
release funds instead of 2.
Virtual has begun to generate expenses versus actuals reports
starting with data from May. The Treasurer's Office encourages those
that are interested in the gory details to inquire - otherwise they
will be summarized monthly as part of future Treasurer's reports.
Weekly calls with Virtual have continued in both an ad-hoc manner,
and moving to bi-weekly. A digest of the items discussed in the
call include:
1. Continued work on the budget with Ross.
2. Concern from Virtual regarding meeting IRS rules for
contractors.
3. Virtual will not be the ones to prepare our tax returns - this is
contrary to the Treasurer's Office understanding that Virtual
would. Chris to have an action item to follow up with
Virtual/Tom on this.
4. Continued work on documentation for Treasurer processes.
5. Tracking down various bank statements and contracts information,
e.g., for the EA.
6. Interest in collecting information on donations, including
targeted donations - Virtual states little concern in "single digit"
number of these donations, but states that under the current
contract, they would not be able to manage e.g., one targeted
donation per ASF project.
7. Virtual has made progress mapping expenditures to budget
items.
8. Virtual will provide ftp access credentials for
read-only access to
their Sharepoint server and separately to their QuickBooks
server; Sam will place this information into the ASF svn
repository.
9. Virtual will provide a phone number for our vendors to call
when they have Billing issues
10. Virtual would like to know if they can help with organizing
smaller conferences/meetups? This is a service that they provide (for
a fee). Sam and Shane will gather more information.
The invoice from the CPA for the Audit has been received and
remittance is currently awaiting approval from the President or the
EVP.
Sam set up an archived accounting@apache.org list that forwards to
Tom Pappas, Michelle Ball, Chris Mattmann, Sam, and Upayavira. Those
wishing to contact both the Treasurer's officers *and* Virtual
should use this list.
Sam Ruby created a web interface to upload Bills to the received
and approved workflow queue -
https://whimsy.apache.org/treasurer/bill-upload. Sally and others
have begun to successfully use this interface.
Chris provided all the payment information from his Treasurer's
notes to Michelle Ball and Virtual.
The Treasurer's Office is waiting on input from the President's
Office on who should have credit cards. Melissa has volunteered to
also provide help and move the conversation forward.
Treasurer's Office is working with VP, Infrastructure to financially
onboard a new contractor, Dan Norris.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 774,048.79
Wells Fargo Savings: 287,982.71
Citizen's Bank 434,588.01
PayPal: 23,097.96
Amazon: 13,532.82
------------------------------ ---------
Total $ 1,519,717.47
Income Summary:
Amazon 1,625.79
Fundraising 85,000.00
Incoming Citizens 500,000.00
Lockbox 1,000.00
Returned Wire - Citizens 500,000.00
PayPal 3,681.85
---------------------------- ----------
Total $ 1,091,307.64
Expense Summary:
Category Amount
---------------------------- ----------
EA 5,539.20
Sysadmin 31,800.00
misc expense 41,432.16
Press 909.09
ASF credit card - Sam Ruby 4,318.17
ASF credit card - Jim Jagielski 1,070.65
Transfer to Citizen's 1,000,000.00
---------------------------- ----------
Total $ 1,085,069.27
The Treasurer's Office processed the renewal payment for the HALO
contract shortly after the last board meeting.
The Virtual transition has been going smoothly with Assistant
Treasurer attending the phone calls and leading the management of
the ASF-Virtual interface. Some highlights:
1. Existing ASF credit cards are being examined and
will be issued with our new bank, Citizen's Bank. The President's
Office is currently looking at who has credit cards with info
from the Treasurer's Office.
2. Virtual is taking over all invoicing and is in
coordination with Melissa et al. to understand the schedule for
when invoices are sent out.
3. Virtual and Jim have selected an accountant and are
moving forward with the retainer fee for the audit. This will
likely be the same accountant that will take over 990 duties.
4. We have a new bank account at Citizen's Bank. We still
have WFS and are in the transition period, sending over $100K
increments totaling ~$500K to Citizen's so that Virtual can use
the funds to begin payment. The remainder of our funds in WFS
will be transitioned as the account is closed down over the next
month or so.
5. The current payables process was discussed and Virtual
has concluded that they will adopt/follow our
Bills/{received|approved|paid} workflow. Virtual also will take
the lead in streamlining invoice payments, to be paid at the end
of the month. Ad-hoc payments are possible, with a specific
request to treasurer@.
6. Engagement letters to begin the audit have been passed around
and signed by Jim who is leading the audit. The letters were
reviewed by the President/operations@, by the EA, and by the
Treasurer's Office.
7. Virtual is sending a Citizen's Bank token to Chris as of mid-June
and it is on its way.
8. Virtual plans to deliver the first expense vs budget report next
week, and it will be shared as soon as it is ready.
9. Virtual would like to meet with the President's Office and go
through the budget - the meeting is being set up.
10. Virtual is meeting with the ASF auditor on a brief phone call
to see what help Virtual can provide.
A request by the EA for sponsor payment status was promptly responded
to in early June.
Payment of the travel costs for an infrastructure meeting was dealt
with by the assistant treasurer.
Directors & Officers (D&O) Liability Insurance renewal is due and
is being handled by the President and the EA, keeping the Treasurer's
Office in the loop.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 1,207,706.07
Wells Fargo Savings: 287,959.04
PayPal: 19,416.11
Amazon: 13,793.75
------------------------------ ---------
Total $ 1,509,458.86
Income Summary:
Amazon 1,699.62
Fundraising 124,975.00
Lockbox 560.00
PayPal 5,622.36
---------------------------- ----------
Total $ 132,856.98
Expense Summary:
Category Amount
---------------------------- ----------
EA 5,539.20
Sysadmin 48,800.00
misc expense 553.01
ASF credit card - Sam Ruby 1,875.13
ASF credit card - Jim Jagielski 11.95
Press 30,000.00
ApacheCon NA 2014 14,380.63
hardware 1,055.25
---------------------------- ----------
Total $ 102,215.17
The big news is that we have officially signed and executed an
agreement with Virtual, Inc. to provide end-to-end financial
management for the ASF, as a contractor approved by the Board
assisting the Treasurer. Virtual will have a representative Guest
on the board call, Tom Pappas, who will attend and observe the
Treasurer report and the initial portion of the meeting before the
committee reports. The Treasurer and Assistant Treasurer are working
with Virtual to make sure there is a smooth on boarding and that
Virtual is provided with access to all material needed, and that
we carefully consider and document their suggestions. At this point
in time due to schedule flexibility and a general East coast favorable
calling time, calls with Virtual and Apache are being attended by
Sam Ruby, Assistant Treasurer, and Sam is taking point on managing
the connection with Virtual, in coordination with Chris. Jim is
meeting with the CPA to discuss the audit now that Virtual is on
board and the Treasurer's Office expects that Jim can report out
on any progress there during the board call and also via audit@apache.org.
The Treasurer's Office is correcting an error made in the original
1099 filed for our EA Melissa. The Treasurer expects to have that
form in the mail NLT Thursday May 22, 2014. Apologies to the EA for
the delay.
Questions about our accounting mechanism were posed by VP Infrastructure
and answered promptly by the Treasurer's Office.
The HALO contract renewal is coming up and VP Press and Marketing
has reached out to the President and Treasurer's Office to proceed
on this. Treasurer's Office has requested an invoice from VP Press
and Marketing so it can go into our Bills/received folder for
approval by the President and/or EVP.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 1,184,386.24
Wells Fargo Savings: 287,934.59
PayPal: 13,793.75
Amazon: 11,488.70
------------------------------ ---------
Total $ 1,486,114.58
Income Summary:
Amazon 1,284.33
Fundraising 140,000.00
Lockbox 434.62
PayPal 1,479.33
---------------------------- ----------
Total $ 143,198.28
Expense Summary:
Category Amount
---------------------------- ----------
EA 5,539.20
Sysadmin 31,800.00
misc expense 455.87
ASF credit card - Sam Ruby 41.90
ASF credit card - Jim Jagielski 4,559.82
Press 4,545.45
FOSDEM 2013 204.49
Network Services - Traci.net 518.00
---------------------------- ----------
Total $ 47,664.73
We will be transitioning our banking services from Wells Fargo
to Citizens Bank. We expect the transition to take place over
the next few weeks. There is a safety deposit box that Roy
will clear out shortly.
The Treasurer's Office has reviewed a proposal from Virtual, Inc
to provide financial contracting services at the ASF. After a
favorable initial review, the Office asked for broader feedback
from the ASF board. 7 of the 9 directors and the ASF President
replied back and all were favorable of the proposal and the potential
for Virtual to help provide their services to help the financial
mission of the ASF.
Based on the above feedback, the Treasurer's Office is recommending
that we hire Virtual. I propose that Sam and I have a telecon with
Sheila, their Business manager and request a draft services
contract for review.
The EA requested some financial reports on her income and the request
was fulfilled by the Treasurer's Office.
An ASF member covered the on-site expenses for ApacheCon NA 2014,
and will be reimbursed when his request arrives and is approved by
the President or EVP as soon as possible.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 1,091,616.35
Wells Fargo Savings: 287,910.92
PayPal: 12,314.42
Amazon Prime: 9,789.08
---------------------------- ----------
Total $ 1,391,841.69
Income Summary:
Lockbox 100,810.30
Fundraising 105,000.00
---------------------------- ----------
Total $ 205,810.30
Expense Summary:
Category Amount
---------------------------- ----------
EA 5,539.20
Sysadmin 31,800.00
misc expense 399.48
ASF credit card - Sam Ruby 50.87
ASF credit card - Jim Jagielski 1,996.63
Press 6,545.45
PayPal 41,163.79
Network Services - Traci.net 4,951.73
ApacheCon NA 2014 19,282.63
Trademarks 2,508.75
---------------------------- ----------
Total $ 114,238.53
The Treasurer's Office worked with Phil Steitz to get Amazon Payment
account data in the purview of the monthly data collection process.
This is the first month that will include a tag for Amazon payments.
Remittance to a TAC committee member for fronting the payments for
ACNA 2014 flights was completed.
Chris has been in touch with the contractor company for treasurer
services referred by Jim. Treasurer's Office has requested feedback
from the board and will arrive at a decision soon. Jim is awaiting
the decision from an audit perspective as this will affect the way
he proceeds with the audit.
The President's Office inquired to see the difficulty in providing
account access for WFS and other financials necessary for sponsorship
in-transit payment inquiries. The Treasurer's Office is considering
how best to respond to the request.
Finally, the last request for transfer out of PayPal is in transit,
completing an activity desired years ago, to completely move the
bulk of ASF money out of PayPal and into WFS. Thanks to Upayavira
and Sam and others for their help in making this happen.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 958,880.79
Wells Fargo Savings: 287,886.47
PayPal: 53,478.21
Amazon Prime: 8,504.75
---------------------------- ----------
Total $ 1,300,245.47
Income Summary:
Lockbox 50,271.00
Fundraising 40,000.00
---------------------------- ----------
Total $ 90,271.00
Expense Summary:
Category Amount
---------------------------- ----------
EA 8,670.22
Sysadmin 31,800.00
misc expense 493.74
ASF credit card - Sam Ruby 72.42
Press 4,545.45
PayPal 46,925.88
---------------------------- ----------
Total $ 92,507.71
The Treasurer's Office processed repayment for some items related
to the Dublin Meetup and also processed payment to NASDAQ Global
Newswire in coordination with VP Press, Marketing and the President.
The Treasurer and the President identified how a statement of actuals could
be provided to the President quarterly.
Over the past month, the office has periodically provided information
to the EA on sponsors and their incoming payments.
We have processed a payment to the EA and set up her new payment
amount to reflect her updated contract and raise.
The Office dealt with an inquiry from the Apache OOo PMC regarding
reimbursements for FOSDEM 2014.
We are actively coordinating with Virtual, Inc. to obtain a quote
for their financial services.
We are working with EA and Nick Burch to handle wire transfer for
initial payments for TAC flights for ACNA 2014.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 914,191.62
Wells Fargo Savings: 287,864.39
PayPal: 100,404.09
---------------------------- ----------
Total $ 1,302,460.10
Income Summary:
Lockbox 50,737.49
Fundraising 10,965.00
---------------------------- ----------
Total $ 61,702.49
Expense Summary:
Category Amount
---------------------------- ----------
EA 3,462.00
Trademarks 2,613.75
Sysadmin 31,100.00
misc expense 578.29
ASF credit card - Sam Ruby 37.44
ASF credit card - Justin Erenkrantz 50.00
Press 11,545.45
Dublin Meetup 25.44
PayPal 45,312.20
---------------------------- ----------
Total $ 94,724.57
Chris met with the Virtual, Inc. team as introduced by Jim and discussed
what Virtual can provide to the ASF in terms of Treasurer services.
Andy Freed, Virtual President, Terry Lowney, Virtual's COO and Greg
Kohn, Vice President Client Services were in attendance. Virtual
provides services including helping to prepare financials including
board reports on a monthly basis for 40+ clients. The company has
been around for 15+ years (staff of 40 people, based out of Boston
with people all over the country) and has worked with small projects
($100K org) to bigger orgs ($10s of M every year). According to the
team, they can scale their services in a way that makes sense for
a particular organization (e.g., taylor their services). In terms
of the types of contracts Virtual supports, they can do a Master
Services Agreement that covers a full range of what they do (allows
scaling services up or down), and Evergreen agreements with a 90
day termination clause at any time (simple management agreement).
In terms of costing, Virtual stated that they can do per service
billing, e.g., at the core, they would look at the volume of
transactions, and scope of work to be done (core service). They
would also provide costed options to take on all accounts receivable
and accounts payable; invoices and following up on sponsors, managing
the bank accounts. Virtual stated that they could help evaluate
what banking institutions make most sense for the organization and
looking at value added services for finding the right bank and
processes. In terms of taxes, Virtual does not directly file 990N
or prepare it, but they use a CPA firm to do so and to facilitate
financial statement audits for many of their clients. The Treasurer's
Office will follow up once specific costing for services can be
quoted and is happy for feedback from the Board.
PayPal monies continue to stream in. An initial $50,000 transfer was
completed, and another transfer of the same amount has been initiated
in a process to incrementally move money out PayPal and into our WFS
accounts.
The Treasurer's Office reached out to Phil Steitz to figure out how to
check the Amazon Payments donations and include it in the financial
report.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 901,901.50
Wells Fargo Savings: 287,839.94
PayPal: 146,264.42
---------------------------- ----------
Total $ 1,357,089.90
Income Summary:
Lockbox 40,900.48
Paypal -38,677.06
Fundraising 5,000.00
misc deposits 50,000.00
---------------------------- ----------
Total $ 57,223.42
Expense Summary:
Category Amount
---------------------------- ----------
EA 3,462.00
Trademarks 2,613.75
Sysadmin 55,300.00
misc expense 380.36
ASF credit card - Sam Ruby 803.00
Press 15,590.90
Taxes 181.89
---------------------------- ----------
Total $ 78,331.90
FY2012 Taxes were prepared and filed by the Treasurer's Office.
Next Taxes are due for FY2013 nominally by September 15, 2014. The
Assistant Treasurer approved remittance for the Treasurer for costs
incurred for Tax Prep software and for FedEx priority shipping.
An audit list was setup by Jim and Tony and interested folks including
the Treasurer & Assistant Treasurer, the EA, the President and
volunteers have subscribed to the list.
A payment was made for the Media Contact DB in coordination with
VP, Press/Marketing.
PayPal payments are back and working again and that funding stream
continues again. As a test, the Treasurer initiated a transfer of
50,000.00 USD to WFS to make sure that transferring money out of
PayPal works successfully. Will report on the status of this at
the next board meeting.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 884,332.92
Wells Fargo Savings: 287,815.50
PayPal: 184,941.48
---------------------------- ----------
Total $ 1,357,089.90
Income Summary:
Lockbox 447.34
Paypal 1,141.24
misc deposits 2,508.75
---------------------------- ----------
Total $ 4,097.33
Expense Summary:
Category Amount
---------------------------- ----------
EA 3,462.00
Trademarks 9,153.48
Sysadmin 8,300.00
misc expense 577.13
---------------------------- ----------
Total $ 21,492.61
VP, Fundraising the EA and Treasurer's Office worked together to
fix an issue with PayPal that was preventing our donations from
going through. The issue is addressed now and the Treasurer has an
action item in progress to move the majority of our PayPal funds
into our WFS account.
Treasurer's Office confirmed payment made to PR Newswire account
at request of VP, Press/Marketing. In addition, responded to several
requests from EA to confirm sponsor delivery of funds on several
fundraising items.
Phil Steitz worked with VP, Fundraising and Treasurer's Office and
led the way to set up Amazon Simple Pay as another mechanism outside
of PayPal for receiving donations.
An audit list is being set up and will be used for communications
related to the impending audit. Jim Jagielski will lead the audit
and push it forward.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 902,869.44
Wells Fargo Savings: 287,791.84
PayPal: 183,800.24
---------------------------- ----------
Total $ 1,374,461.52
Income Summary:
Lockbox 696.05
Fundraising 169,950.00
Paypal 40.00
misc deposits 2,205.00
---------------------------- ----------
Total $ 172,891.05
Expense Summary:
Category Amount
---------------------------- ----------
EA 7,107.90
Press 13,590.90
Trademarks 2,205.00
hardware 28,450.00
Sysadmin 65,433.33
misc expense 285.57
---------------------------- ----------
Total $ 117,072.70
Amazon payments are not reflected anywhere since this is a new
account and the report reflects activity through the end of
October. Seems like a lot of money in checking not earning any
interest. AI: Chris look into getting a better rate of return
on the assets of the corporation.
The big issue this month is the status of the ASF Audit. Provided
information as requested by the President's Office as to the
Treasurer's side of the audit. Interacted with ASF Audit Lead,
Hadrian Zbarcea and suggested what the next steps as seen by the
Treasurer's Office:
1. Develop contract/procurement order/invoice between ASF and CPA
agency depending on cost/etc. Treasurer's Office is happy for a
recommendation or to simply receive a list and make a selection.
2. Someone besides the Treasurer's Office (Chris/Sam) take point
in starting the audit and levying a set of requests/steps on the
Treasurer's Office. Maybe the EA or the President/EVP?
3. Treasurer's Office replies and provides as much information as
we have in response to requests from #1.
4. Hired CPA agency goes through their audit process based on
responses from #2 and delivers report/results in a timely fashion
(some agreed upon X months after contracting date) to the Treasurer's
Office/Prezo/EVP and EA.
5. Treasurer reports on results to the board in following board
report and identifies responses/actions to the results.
Also referenced former report from May 2013 in which the plan for
the audit was documented.
Working with Sally/Press to handle payment to PR Newswire.
The VP Fundraising and Treasurer's Office are working together to
deal with an issue that has prevented our PayPal contribution system
from accepting payments. Should be closed/fixed this month.
DirectPay set up for the EA and Joe Schaefer as tests to validate
Chris's access to WFS DirectPay. Successfully used to remit payment
to both parties last month.
Was put in touch with our new WFS relationship manager and committed
contact info to financials SVN repo. Investigating issue with wire
payment regarding CloudStack trademark.
Provided information to Ross as requested to deal with lingering
SVN trademark payment questions.
Working with the EA to identify a potential CPA firm to deal with our
corporate tax filing.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 847,091.09
Wells Fargo Savings: 287,767.40
PayPal: 183,212.11
---------------------------- ----------
Total $ 1,318,070.60
Income Summary:
Lockbox 516.04
GSOC 2013 26,622.13
Paypal 78.62
---------------------------- ----------
Total $ 27,216.79
Expense Summary:
Category Amount
---------------------------- ----------
ASF credit card - Jim Jagielski 4,640.84
ASF credit card - Sam Ruby 1,847.73
misc expense 367.38
---------------------------- ----------
Total $ 6,855.95
The biggest ticket items are the filing of form 8688 for an IRS tax
extension for FY2012 taxes which gives us until December 15, 2013
to file. We are currently looking for a CPA to take over filing
the taxes.
Our PayPal account contributions are on hold while Sam investigates
an account update issue. Sam is working on this, with support from
Chris.
Director's & Officer's Liability insurance has been renewed, in
coordination with the Prezo and EVP. Payments for the renewal have
been processed by the Treasurer's Office.
Processed a payment in coordination with infra for new Dell hardware.
Set Melissa and Joe up with Direct Pay and will test it for this
month.
The Brazilian law firm that filed the SVN trademark continues to
contact the ASF regarding a payment that was confirmed to be sent
by the Treasurer's Office per WFS records -- but that can't seem
to be tracked down on the law firm's end. The President has agreed
to take the lead in replying on this, with support from the Treasurer's
Office as needed.
The EA passed along another request by someone in the EU asking to
make EU donations and contributions easier.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 826,808.87
Wells Fargo Savings: 287,743.75
PayPal: 183,133.49
---------------------------- ----------
Total $ 1,297,686.11
Income Summary:
Lockbox 290.10
Paypal 2,357.58
---------------------------- ----------
Total $ 2,647.68
Expense Summary:
Category Amount
---------------------------- ----------
ASF credit card - Jim Jagielski 1,325.80
ASF credit card - Sam Ruby 36.94
EA 3,462.00
Trademarks 4,052.75
D&O insurance 1,521.00
misc expense 473.25
Sysadmin 27,300.00
Press 4,545.45
---------------------------- ----------
Total $ 42,717.19
Treasurer's Office generated a balance sheet and income statement
required to renew Director's and Officer's Liability Insurance,
working with the President and the EA.
The Brazilian company that registered the SVN trademark is asking
again if the ASF would look to see if the payment that was wired
to them was returned to ASF accounts. The Treasurer's Office can
look into this -- but we refer the matter to the President again
to make an official reply since no one has replied since 7/18.
The Treasurer's website has been set up and CMS'ed by infra. Chris
will work to start using the website to document current Treasurer
process and flow documents.
DirectPay capabilities with WFS are now available to Chris and Chris
has full access to the WFS account services.
The Treasurer's Office is working with VP, Brand to pay a legal fee
related to trademark registration.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 869,235.96
Wells Fargo Savings: 287,719.31
PayPal: 180,775.91
---------------------------- ----------
Total $ 1,337,731.18
Income Summary:
Lockbox 184.10
Paypal 2,166.93
Misc Deposits 55,000.00
---------------------------- ----------
Total $ 57,351.03
Expense Summary:
Category Amount
---------------------------- ----------
ASF credit card - Jim Jagielski 897.00
ASF credit card - Sam Ruby 648.11
EA 3,462.00
misc expense 924.34
Sysadmin 69,800.00
Press 9,090.90
---------------------------- ----------
Total $ 84,822.35
AI: Ross to ping Hadrian on audit status.
The first and most important item to report this month is that Chris
has been added as a signer to the account and the list of former
signers has been culled.
The Treasurer's Office is happy
to report that Chris now has full access to the account including
Bill Pay and Direct Pay (or Direct Deposit). This means better
service for the EA, our sysadmin contractors, and others b/c now
both Chris and Sam have the needed access to get things paid and
on time.
The Treasurer's Office paid an open invoice with Corporation Service
Company.
Jim reported IRS Notices that we neglected to submit a Form 941 for
our FY2011 Tax Year. Form 941 corresponds to quarterly tax returns.
After some research Jim and Chris found out that we can simply
respond and state that we have no employees and hence there is no
need to file. Chris is preparing that response and will send it
post haste.
Interactions between Sponsorship and the Treasurer's Office remain
active, with Sam often responding to inquiries from Upayavira
regarding sponsorship visibility quickly.
Sam Ruby was impromptu contacted by Paypal and he worked with them
to add himself and Chris to the PayPal account and to remove Chuck
Murcko. In addition, Sam worked with Paypal to lift the bank transfer
limit (currently $500/month).
Travel expenses to the GSOC 2013 mentors summit were approved by
operations@.
Sam and Chris worked with Daniel Gruno to set up his payment
information now that he has been brought on as a part time
infrastructure contractor.
Chris is still working with the infrastructure team on the setup
of the treasurer website. Again this will be new home for docs and
information on Treasurer Office related policies and procedures,
and information.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 898,874.21
Wells Fargo Savings: 287,694.87
PayPal: 178,608.98
---------------------------- ----------
Total $ 1,365,178.06
Income Summary:
Lockbox 262,683.78
Paypal 10,777.70
Misc Deposits 143,379.45
---------------------------- ----------
Total $ 416,840.93
Expense Summary:
Category Amount
---------------------------- ----------
ASF credit card - Sam Ruby 598.46
EA 3,462.00
misc expense 1,961.69
Network services - Traci.net 518.00
Press 22,954.55
---------------------------- ----------
Total $ 29,494.70
Treasurer's Office tracked down an inquiry from Sally RE: the
Contacts DB item and whether or HALO was paid for the item within
2012-2013 FY. There was no specific records of paying HALO RE: the
Contacts DB.
We reimbursed Ross Gardler for his F2F expenses for last year's
Board meeting.
We received a request from infra@ to bill pay a hardware purchase
from Silicon Mechanics and took care of that.
We've made some real headway with Paschal Greene and WFS. Chris
just needs to enter a WFS local branch and get a WFS account -- at
that point we already have the form and signatures to add Chris as
a signatory on the account and allow him to perform Bill Pay --
while cleaning up our old signators (Justin, Aaron and Geir). Sam
already signed off on the addition as well.
Paid the first retainer on the HALO > ASF FY 2013-14 contract and
invoices as well as the FY 2013-14 Contacts DB fee.
Was provided access to a simple new tool by Upayavira to track our
fundraising activities. This provides a great visible window into
what sponsorship dollars are headed our way to watch for in our
Lockbox and WFS deposits.
Worked with the Executive Assistant and paid some remaining fees
regarding Berlin Buzzwords to Newthinking.
Nick Burch contacted the Treasurer's Office to report that Newthinking
needs to send some money to the ASF regarding ApacheCon EU 2012.
The Treasurer's Office working with Nick to provide the requested
information.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 522,305.68
Wells Fargo Savings: 287,665.71
PayPal: 167,831.28
---------------------------- ----------
Total $ 977,802.67
Income Summary:
Lockbox 203.05
Paypal 7,847.24
Misc Deposits 7,308.00
---------------------------- ----------
Total $ 15,358.29
Expense Summary:
Category Amount
---------------------------- ----------
ASF credit card - Sam Ruby 19.95
EA 6,983.22
misc expense 6,470.49
Network services - Traci.net 518.00
hardware 24,270.66
Press 9,090.90
Sysadmin 54,500.00
---------------------------- ----------
Total $ 101,853.22
For the first time in my tenure as Treasurer (and I think in ASF
history), we are now managing over $1M in finances for the foundation.
A check was cut to deal with final lagging ACNA 2013 charges for
one of our TAC travelers.
Discussion around the audit was picked up again, with Jim calling
for an audit to occur and consensus being reached with Chris, and
Sam. Chris sent a summary email detailing the 4 outcomes of the
discussion, namely:
1. An audit will be pushed forward - Hadrian to lead
2. Chris is concerned about the additional time that this will
add to his plate. Just a concern, but wants it noted.
Sam suggested that rather than hiring a CPA to do this, we
should be leveraging the EA.
3. The audit is assumed be a multi-month process.
4. Chris will proceed with helping with the audit, and continuing
treasurer role. One concrete outcome from this is a desire by Chris
to document the treasurer process. INFRA-6262 created for this.
Ulrich Stärk raised the issue of an EU subsidiary to the Treasurer's
Office and to Upayavira from a sponsorship perspective. The idea
is that EU sponsors would find it easier to deal with us if we had
such a subsidiary. Additionally, ASF members dealing with the
Treasurer's Office for reimbursements, and payments, etc., would
also benefit from this. Though the idea seems like a good one,
from the Treasurer's perspective I suggested that it won't matter
much to me -- most EU folks I reimburse or send $$$ accept wires,
and the only pain point is the charges their banks sometimes charge.
But otherwise it's just as easy on my end to wire money or send
checks (bill pay) regardless. However, I did suggest to Uli to raise
the issue to the board if desired, and that the Treasurer's Office
would work to support whatever is decided. Largely though it's not
the Treasurer's role to do anything other than to implement the
policy not to define it (IMO).
Chris and Sam have both stepped up efforts to get WFS statements
in SVN faster than normal since Upayavira would like to track
sponsorship donations in a more streamlined fashion.
The EA's FY 2012 1099 copy was delivered and received at her
residence. Sorry for the delay. Speaking of Taxes, our FY 2012
taxes can be started since our books for FY 2012 are now closed
(end of April). I believe we have until 9/15 to deliver them without
late fee. So, plenty of time!
Sam and Chris have reached out to WFS and our financial consultant
Paschal to deal with Bill Pay issues.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 616,647.85
Wells Fargo Savings: 287,629.07
PayPal: 159,984.04
---------------------------- ----------
Total $ 1,064,260.96
Income Summary:
Lockbox 578.77
Paypal 1,712.91
Misc Deposits 145,011.00
---------------------------- ----------
Total $ 147,302.68
Expense Summary:
Category Amount
---------------------------- ----------
ASF credit card - Jim Jagielski 1,193.06
ASF credit card - Sam Ruby 494.02
EA 4,752.75
misc expense 390.88
Network services - Traci.net 518.00
ApacheCon NA 2010 - 2011 15,087.50
ApacheCon NA 2013 2,005.00
Sysadmin 15,900.00
---------------------------- ----------
Total $ 40,341.21
Doug noted that Treasurers generally are not immediately reappointed
upon a board election. Ross asks if we have concrete examples of Uli's
concern of potential sponsors. Chris said no, and felt that it was a
lot of work. Ross agreed that without concrete examples we shouldn't
pursue it.
Fairly low activity this month.
Contracted Natasha Livingston with CSC to bring Delaware Annual
Report in good standing for the Foundation, and to pay for their
annual service. Annual report checked into the SVN financials repo.
Obtained account information and forwarded to Jim for yet another
inquiry into the SVN trademark -- Jim told them that according to
our records the funds were sent. On the first inquiry, the law
firm registrant claims that a wire transfer was sent to their account
at HSBC Bank which is closed since 2011. On the second inquiry, the
registrant claims that the wire transfer was sent to the intermediary
account at Citibank NY, not to the beneficiary account at Citibank
SA Brasil.
Obtained 1099 forms from IRS - 5 copies in case anyone else needed
one - for Melissa. Forms will be en route to IRS.
Sam processed an ACNA 2013 registration reimbursement.
Redhat notified us of an address change to their corporate office.
Sam processed Bill pay for InterVision Systems.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 511,399.29
Wells Fargo Savings: 287,593.61
PayPal: 158,271.13
---------------------------- ----------
Total $ 957,264.03
Income Summary:
Lockbox 25,204.58
Paypal 3,277.19
Misc Deposits 109,596.00
---------------------------- ----------
Total $ 138,077.77
Expense Summary:
Category Amount
---------------------------- ----------
ASF credit card - Jim Jagielski 1,567.27
ASF credit card - Sam Ruby 1,537.42
EA 2,308.00
misc expense 379.48
Network services - Traci.net 518.00
Press 4,545.45
Sysadmin 30,000.00
---------------------------- ----------
Total $ 41,355.62
Medium load this month for the Treasurer's Office.
Confirmed to Sally in late February that Global Newswire invoice
has been paid.
Working on payment for Melissa for ACNA 2013 receipts, and to Nick
Burch for TAC related expenses RE: ACNA 2013. Should be completed
in time for the board meeting on 3/20. Some other ACNA 2013 expenses
were charged directly to Jim's credit card (FedEx shipments by
Melissa to ACNA 2013 hotel in Portland).
Melissa noted that after all of the ACNA 2013 flights were booked,
we still have a credit of 440.50 GBP with The Flight Centre for
future bookings.
There was a short discussion between Upayavira, Chris and Daniel
Shahaf regarding providing more visibility into lockbox/sponsor
mapping for traceability. Discussion centered around tooling, but
in the end, Upayavira mentioned if he could simply get access to
the statements monthly he was probably OK.
Melissa Warnkin our EA requested a 1099. Since I've never made one
of those before, I've requested assistance from Sam during my first
time generating it. I should be fine after that.
Upayavira added a bunch of invoices that generated into the financials
SVN repository over the past few months.
Sam and I sent a check to Matt Benson to reimburse his registration
for ACNA 2013. He hasn't received the check, and is looking into
it. Sam and I have provided him with the WFS reference #, which
Matt will use to try and track down the check.
Sam received a routine call from Paschal Greene of Wells Fargo. We
made a number of suggestions and Chris is trying to schedule a con
call with Paschal to enact the following:
1. Remove Geir, Aaron, Phillip, and Justin from account access
(suggested by Sam, +1 from Chris).
2. Provide Chris with full access to Bill Pay (currently missing
access).
3. Reconcile Credit Cards -- Sam and Jim currently have one, as
does Justin. Should we decommission Justin's? (question to
Sam and Jim)
4. Provide Full Signatory Access for Chris.
Jim and Melissa sent along a note from Natasha Livingston of CSC
who mentioned that our we need to get our standing in shape with
the Delaware Secretary of State. Apparently we need to reconcile
a 2012 annual report, and pay off Franchise Taxes. I've sent an
inquiry to Natasha requesting a meeting or email conversation with
her, and I have Jim's approval to contract with CSC to handle this
for us. I've requested a quote from Natasha to take care of this.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 417,954.33
Wells Fargo Savings: 287,556.97
PayPal: 154,993.44
---------------------------- ----------
Total $ 860,504.74
Income Summary:
Lockbox 100,068.98
Paypal 2,348.12
Misc Deposits 4,308.00
---------------------------- ----------
Total $ 106,725.10
Expense Summary:
Category Amount
---------------------------- ----------
ApacheConNA 2010-2011 29,275.98
ApacheConNA 2013 395.00
ASF credit card - Jim Jagielski 84.98
ASF credit card - Sam Ruby 19.95
EA 4,818.01
misc expense 410.30
Network services - Traci.net 518.00
Press 4,545.45
Sysadmin 31,700.00
---------------------------- ----------
Total $ 71,767.67
On Jan 17th, Jim in his President's role informed Gav as TAC
chair that for normal expenses related to TAC he is authorized
to svn move bills from Bills/received to Bills/approved in the
Treasurer workflow. However, TAC must provide a full accounting
of such charges in their monthly report. It was also clarified
that expenses for TAC team members cannot be approved by the
TAC chair and must be approved by Jim and Ross
(operations@apache.org)
All bills continue to be paid as requested. We are currently in
process for payment to the former ApacheCon producer for charges
for ApacheConNA 2011 and 2010 and processing TAC on the ground
helper charges for ApacheCon NA 2013. Sally's flight expenses to
ApacheCon NA 2013 have been taken care of on Sam's credit card,
with details being provided to Sally by Gav.
Sponsorship requested that the Treasurer's office look into
notifications for incoming sponsorship payments from WFS.
Nick Burch made a small update to
https://whimsy.apache.org/fundraising/invoice to allow it to deal
with non-whole numbers in invoices.
Sam and Chris have agreed to send Melissa's check earlier in the
month since her current Bill Pay is still not functioning correctly
and is sent to the incorrect address.
We received another contact from the Brazilian firm handling the
SVN mark regarding its payments it claimed it never received.
Treasurer's office reported that this matter has been handed off
to the ASF President and CC'ed him directly on the reply.
Nick Burch approached the Treasurer's Office mentioning that due
to a TAC dropout the travel agent that handles TAC booking has a
surplus of around 440.50 GBP and requested advice from the Treasurer
on what to do with it. Treasurer's Office is OK with leaving the
surplus with the agent.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 385,345.02
Wells Fargo Savings: 287,523.89
PayPal: 152,645.82
---------------------------- ----------
Total $ 825,514.73
Income Summary:
Lockbox 412.69
Paypal 2,673.19
Misc Deposits 25,000.00
---------------------------- ----------
Total $ 28,085.88
Expense Summary:
Category Amount
---------------------------- ----------
ApacheCon EU 2012 13,300.00
Executive Assistant 2,346.50
Infrastructure Contractors 30,500.00
Network Services - Traci.net 518.00
Public Relations 6,545.45
Misc Expenses 550.85
ASF credit card - Justin Erenkrantz 50.00
ASF credit card - Sam Ruby 36.94
Travel Assistance Committee 10,644.40
---------------------------- ----------
Total $ 64,492.14
December 2012 was a fairly quiet month for the Treasurer's Office.
The Office processed bonuses for infrastructure contractors per
the direction of the VP of Infrastructure. In addition, we
processed a train ticket reimbursement for Melissa from
ApacheCon EU 2012 and the reimbursements for Apache Open Office
travel support for ApacheCon EU 2012 went through.
The Office is working with Sally to process payment for NASDAQ
GlobeNewswire 2013 costs. Waiting for an invoice. We are also
working with Sally and Jim to process payment for Sally's
travel to ApacheCon NA 2013.
We received a strange notice from one sponsor that their bank informed
them while processing an invoice payment that Apache's ACH routing
# has changed -- Chris is investigating.
The Treasurer is giving a heads up to the Prezo and EVP that there
will be a few quick turnaround approvals needed for ApacheCon NA
2013 and TAC (including one that will have hopefully been approved
and Processed by the time of this meeting for the #1st TAC flight
advance).
Note the double bill for the EA below will come back since she is
ripping up one of the checks per month while we try and get Bill pay
fixed for her.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 424,424.47
Wells Fargo Savings: 287,487.26
PayPal: 149,972.63
---------------------------- ----------
Total $ 861,884.36
Income Summary:
Lockbox 1,265.00
Paypal 9,098.72
---------------------------- ----------
Total $ 10,363.72
Expense Summary:
Category Amount
---------------------------- ----------
ApacheCon EU 2012 1,606.38
Executive Assistant 4,616.00
Infrastructure Contractors 40,700.00
Network Services - Traci.net 518.00
Public Relations 4,545.45
Misc Expenses 418.44
ASF credit card - Jim Jagielski 1,333.57
ASF credit card - Sam Ruby 1,651.61
Taxes 243.18
---------------------------- ----------
Total $ 55,632.63
All is well with the Treasurer's office.
The biggest news to report is that our 2011 taxes are due, Saturday,
December 15, 2012, and they have been completed, and submitted!
The ASF's SWIFT bank code was updated on our automated invoice
generation system (thanks to Daniel Shahaf for reporting it).
There was a question that I brought up on the last board call
raised by Nick Burch regarding what exactly needed operations@
and Prezo/EVP approval in terms of reimbursements. It was
expressed on that call by Jim that he is happy that the
Treasurer's office is keeping operations@ and the Prezo/EVP in
the loop on travel and ApacheCon/conference related expenses,
and that approvals being sought on those charges is a good
thing. So, I will continue to seek them.
The Brazilian firm that registered the SVN trademark still claims
to not have been paid due to a snafu in the intermediary bank part
of the transfer. Chris confirmed that WFS lists both wires as having
gone out on 9/24. The Treasurer's office is requesting board advice
on what to do here. One option would be to simply re-issue the wires
with a warning that this is the last time that they will be issued.
The Treasurer processed an update to banking details for Tony
Stevenson.
The EA's check still incorrectly is Bill Paid to her old
address. This is a WFS issue. Chris and Sam still have not had
time to jointly call WFS to get Bill Pay transferred into our
control. This is on the list to take care of hopefully in the
next month. In the meanwhile, the Treasurer's Office will
continue to issue ad-hoc checks (thanks, Sam) to the EA and the
EA shreds the old checks when they eventually get rerouted to
her correct address.
ApacheCon EU 2012
* Both OOO-related reimbursements have been made to imacat, and
to Dwayne Bailey.
Sponsorship
* Google Summer of Code Invoices both for Uli Stark's travel to the
mentor summit, and for our participating students have been paid.
* Upayavira and Sally are taking the lead in processing
sponsorship dues.
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 478,792.10
Wells Fargo Savings: 287,450.64
PayPal: 140,873.91
---------------------------- ----------
Total $ 907,116.65
Income Summary:
GSOC 2012 21,377.00
Misc Deposits 4,985.00
Lockbox 56,897.52
---------------------------- ----------
Total $ 83,259.52
Expense Summary:
Category Amount
---------------------------- ----------
ApacheCon EU 2012 15,223.01
Executive Assistant 6,924.00
Infrastructure Contractors 28,700.00
Network Services - Traci.net 518.00
Public Relations 4,545.45
Misc Expenses 422.00
ASF credit card - Jim Jagielski 1,074.20
ASF credit card - Sam Ruby 19.95
---------------------------- ----------
Total $ 57,427.21
Chris to forward the SVN trademark payments info to Jim who
will follow up (and make use of Melissa if appropriate)
Treasurer's office has been operating smoothly. The looming item
is dealing with our taxes, which are now due December 15th, 2012.
Chris found form 990 online [1] that does e-filing of 990s, so he
will spend some time over the next few weeks to learn how to perform
the filing, and spend some time working with Sam to gather the
needed financial data.
We processed requests for reimbursement for ApacheCon EU and Open
Office travel reimbursement requests, helping to explain the Treasurer
process, and to make sure operations@ is kept in the loop and that
the President and EVP are responsible for providing the approvals
on all travel related expenses per the Board F2F.
Sponsors:
* Google's sponsorship for ApacheCon EU 2012 came through Oct 18,
2012. We also worked with Uli to ensure that the Google Summer of
Code payment is also on its way and to ensure that Uli's travel to
the mentor summit was reimbursed as requested.
Other Requests:
* There was an email by someone from HP on October 25th to provide
some type of Request for Quotation. It's unclear to the Treasurer's
office whether this was SPAM or real, but Upayavira responded
promptly and respectfully and suggested that the person inquiring
came to the wrong place for an RFQ as Apache doesn't provide them.
* Aaron Williamson queried whether or not SFLC had been paid regarding
the Brazilian trademark application for SVN and Greg Stein confirmed
that Sam had made the appropriate international wires (2 of them)
on September 24, 2012.
* Chris, Ulrich Stärk and Upayavira had a brief discussion related to
whether or not the ASF should have an EU based bank account. This
was originally due to Uli's mentioning of the fees that he is charged
on wires, etc., but grew into Upayavira mentioning that sponsorship
may benefit from this especially with EU-based sponsors. Chris thought
that having an EU bank account may have some issues with our US based
corporation and charity status. So, I mentioned that I would raise the
issue to the board. Thoughts?
Budget Rollup/Summary
Income and Expenses
Current Balances:
Wells Fargo Business Checking: 452,959.79
Wells Fargo Savings: 287,415.20
PayPal: 136,903.28
---------------------------- ----------
Total $ 877,278.27
Income Summary:
Lockbox 611.25
ApacheCon EU 2012 7,500.00
---------------------------- ----------
Total $ 8,111.25
Expense Summary:
Category Amount
---------------------------- ----------
ApacheCon EU 2012 12,400.57
Google Summer of Code 2012 897.43
Executive Assistant 2,308.00
Infrastructure Contractors 28,700.00
Network Services - Traci.net 518.00
Public Relations 4,545.45
Misc Expenses 2,778.49
ASF credit card - Jim Jagielski 622.48
ASF credit card - Sam Ruby 19.95
---------------------------- ----------
Total $ 52,790.37
It's been a busy month for the Treasurer, hence the late report.
Most of the business has had to do with various odds and ends for
ApacheCon EU 2012 but the good news is that it's all been really
positive and it looks like there is a ton of progress. Treasurer
is servicing bill pay/EFT and so far so good for payments on-time,
and other such things.
Chris is set up with WFS and has received his token to get online
(thanks Sam). PayPal is set up for Chris as well so full required
access is available for Chris to lead some of the things like EFTs
and Wires which he was previously unable to complete (thanks again
to Sam there). Chris probably does need some training from Sam in
the EFT/Wire area, and Sam has agreed to spend an hour or two
providing it to him at some point in the next month.
We need to transfer the Bill pay access control from Geir to Chris
at some point soon. Chris has reached out to Geir but hasn't heard
back on that front yet. Sam and Chris also discussed our current
system of 1 other person acknowledging an EFT/Wire as something
that is a current SPOF and that should be addressed at some point
in the future.
There was discussion on 10/4 about PayPal pass through insurance
and on PayPal not being insured by the FDIC [2]. No specific actions
came from the discussion.
Chris talked to Hadrian on a telecon announced on treasurer@ to
discuss audit and to bring Hadrian up to speed on the goings on
since Chris took over as Treasurer on 10/5. No specific actions or
outcomes came from the discussion.
==================
ApacheCon EU 2012
* Sponsorship/Fundraising:
- Responded to a request from Sally to invoice Citrix
on 9/20 [1].
- Received confirmation for registration in RedHat Supplier
Management portal necessary for sponsorship (working
with Leslie Hawthorn/Jim Jag on RedHat side) and requested a PO
from Leslie for RedHat sponsorship.
- Confirmed that the ASF is set up as a vendor in the VMWare
system.
* Travel/Flights
- Wire Transfer for ApacheCon EU 2012 initial flights completed
by Sam on 9/24.
* Received a request from Oliver-Rainer Wittmann for Apache Open
Office - fund allocation for ACEU 2012
- Worked out a plan for the Apache OO folks to spend monies the ASF
received on travel reimbursements and other stipends associated
with ApacheCon EU 2012. Treasurer is fine with this policy and
process, and it was agreed to be coordinated with President
(Jim/Ross) and operations@ as requests for travel reimbursement
related to the OO side process occur.
General Sponsorship/Fundraising:
* Inquiries
- Responded to a request from Bill Rowe RE: information on prior
VMWare/SpringSource/Covalent sponsorships for Apache.
General/donations
* Donated Car
- Roy and Chris closed the loop with The Car Program charities
on a check for a vehicle sale donation proceeds check. Amount
unknown at this time. Should be on its way into our lockbox.
Budget Rollup/Summary
Income and Expenses - September 2012
Current Balances:
Wells Fargo Business Checking: 497,638.91
Wells Fargo Savings: 287,371.11
PayPal: 133,126.60
---------------------------- ----------
Total $ 918,136.62
Income Summary:
Lockbox 2,500.00
Other 6,222.12
---------------------------- ----------
Total $ 8,722.12
Expense Summary:
Category Amount
---------------------------- ----------
ApacheCon EU 2012 7,250.00
Executive Assistant 2,308.00
Infrastructure Contractors 25,150.00
Network Services - Traci.net 518.00
Public Relations 4,545.45
Misc Expenses 6,177.82
ASF credit card - Jim Jagielski 864.76
ASF credit card - Sam Ruby 3,801.51
---------------------------- ----------
Total $ 50,615.54
==================
[1] https://whimsy.apache.org/fundraising/invoice/1022
[2] http://s.apache.org/f0
Chris's transition as ASF Treasurer is going along smoothly,
thanks to Sam and others.
The biggest issue is filing 2011 Taxes. Chris filed an
extension using IRS form 8868 [1] and file taxes using form
990. Since our 2011 Taxes were originally due on Sep 15, 2012,
they are now due on Dec 15, 2012.
Chris has been curating a Quicken database [2] based off of Sam's
Treasurer whimsy.apache.org scripts and it is up to date through
August 2012 (CYTD). Chris is working on a 2011 Quicken DB for
the tax situation since we believe Quicken has some bells and
whistles to make this process less difficult.
Sam is working to get Chris account access and an RSA hard/soft
token to the Wells Fargo account. Also Sam has given
Chris access to our Paypal account and Chris confirmed he can log
in.
Chris brought up the need to ensure HALO was paid on time
(request from Sally), and Sam ensured that he would cover bill
paying for August 2012 until Chris has the ability to pay bills
from Wells Fargo.
Sally and Melissa and Upayavira and Greg have been working with
Google and secured $7500 in subsidies for student registration
and select speaker expenses for ApacheCon EU 2012. Chris and
Sam worked with Sally to create an invoice for Google so that we
can get the money headed our way.
Hadrian Zbarcea is leading an effort working with the ASF Board
to get an audit process going for the ASF's finances. Talks
appear to be ongoing and no specific action is required from the
Treasurer at this time.
Income and Expenses - August 2012
Current Balances:
Wells Fargo Business Checking: 539,532.33
Wells Fargo Savings: 287,323.87
PayPal: 128,255.99
---------------------------- ----------
Total $ 955,112.19
Income Summary:
Sponsors 201,193.73
---------------------------- ----------
Total $ 201,193.73
Expense Summary:
Category Amount
---------------------------- ----------
Executive Assistant 2,508.09
Infrastructure Contractors 36,400.00
Network Services - Traci.net 518.00
Public Relations 5,271.08
Misc Expenses 3,802.77
ASF credit card - Jim Jagielski 2,981.81
ASF credit card - Sam Ruby 2,783.79
---------------------------- ----------
Total $ 54,265.54
[1] http://s.apache.org/gI
[2] http://s.apache.org/Uom
AI Chris transfer money from PayPal account; review whether
transfer affects FDIC insurance.
Income and Expenses - July 2012
Current Balances:
Wells Fargo Business Checking: 384,904.14
Wells Fargo Savings: 287,275.07
PayPal: 122,846.52
---------------------------- ----------
Total $ 795,025.73
Income Summary:
Sponsors 20,000.00
Other 2,452.05
---------------------------- ----------
Total $ 22,452.05
Expense Summary:
Category Amount
---------------------------- ----------
Executive Assistant 2,308.00
Infrastructure 518.00
Infrastructure Contractors 25,150.00
Public Relations 10,850.90
Secretary 19.95
Treasurer 411.74
---------------------------- ----------
Total $ 39,258.59
Discussion:
* I was unaware that auto-pay for HALO was set up to expire when
the previous contract ended. This caused July's payment to
be sent out late. I chose to pre-pay August early while this
is being straightened out -- the above summary reflects both
payments.
* Chris Mattmann has begun work on providing status of the financials
as input to the D&O Liability Renewal. (This item should be
complete by the time of the board meeting)
* It is time to begin work on our annual tax returns. I'll
coordinate this with my likely replacement(s) to decide how we
will divvy up this task.
* I have yet to transfer the funds from PayPal to Wells Fargo.
Income and Expenses - June 2012
Current Balances:
Wells Fargo Business Checking: 403,932.73
Wells Fargo Savings: 287,226.28
PayPal: 120,673.26
---------------------------- ----------
Total $811,832.27
Income Summary:
Sponsors 64,992.50
SPI (for AOO PPMC) 21,857.84
Other 6,954.18
---------------------------- ----------
Total $ 93,804.53
Expense Summary:
Category Amount
---------------------------- ----------
Concom 3,337.34
Executive Assistant 2,308.00
Infrastructure 518.00
Infrastructure Contractors 28,700.00
Treasurer 438.55
Uncategorized/Multiple 103.68
---------------------------- ----------
Total $ 35,405.57
Discussion:
* As previously discussed, the nearly $22K from Software in the
Public Interest, Inc. consists of donations collected for the
Open Office project, and we will need to spend those funds
in a manner consistent with the expectations under which
they were collected.
* I have yet to transfer the funds from PayPal to Wells Fargo.
Income and Expenses - May 2012
Wells Fargo Business Checking: $376,195.56
Wells Fargo Savings: $287,083.09
PayPal: $115,164.04
Total Income:
$7,142.08 (4K from ConCom)
Expense Summary:
Category Amount
---------------------------- ----------
Executive Assistant 2,308.00
Infrastructure 20,058.92
Infrastructure Contractors 38,600.00
Public Relations Contractors 29,545.45
Secretary 19.95
Treasurer 368.13
---------------------------- ----------
Total $90,900.45
Discussion items:
1) I proposed a plan to move $100K from PayPal to Wells Fargo.
I received some mild push back and no support. This is not
urgent, so I'm holding on this for the moment.
2) I would like to have a discussion, either at the board meeting,
on the board mailing list, or at the F2F as to what level of
detail we should be publishing this data for external consumption.
The board approved making Sam the named contact at PayPal. Sam
will discuss on the board list the level of reporting for
Treasurer in board reports.
No report was received. Sam made a verbal report: Last month, contractors all were paid, and two bills were paid. Would like to make Noirin assistant treasurer with the idea to become treasurer. Details to follow.
All approved bills are paid with the exception of one wire to Nick Burch. Conveniently, this serves as an illustration of the exact type of support I would like to request. But first, I will back up. When I started this role, my first focus was on documenting the processes as best I understood them. I got little or no feedback to that effort. Then I focused on execution - paying outstanding bills and sending out 1099's. My plan was then to turn to record keeping. The problem with this approach is that I don't want to be a cargo cult Treasurer - doing things merely because that appears to be the way that things were done in the past. Nor do I want to be both the architect of checks and balances as well as the person who executes on transactions. While I do have people in mind for the following roles, and have reason to believe that they are willing to do the tasks I'm about to describe, this time I will merely state the requirements for what I have in mind, and we can discuss how to proceed from there. For the short term, I want two people to help me. In the mid term I will want a third. Short term person number one would be an assistant treasurer. That person needs to have the availability and context to be able to check with SVN and be able to independently make the determination that Sam initiating a wire to Nick Burch based on a request approved by Ross Gardler is a reasonable thing to approve. That's the scope of what that task will entail for the moment. Jim will be the fallback should that person not be available, but we need somebody dedicated to this task. Short term I also want somebody to define the process which -- depending on your perspective -- will reduce the need for an audit or improve the chances than an audit will not identify any problems. That person needs to have access to our current books and have the authority to pay for professional accounting assistance to complete this task. Yes, I could be the interface to that accountant, but for now I would prefer to have one level of indirection. Together they come up with the definition of how we track what we are doing, and myself and the Assistant Treasurer will follow those procedures. Mid term I anticipate that I could do with some clerical help in terms of entering transactions into the books. But that necessarily will have to wait until after the procedures are defined. Discussion: Sam would like to have a short list of candidates for assistant treasurer, solicited privately. An audit committee would be useful, only active a short time per quarter. Continue the discussion on the board mailing list.
All bills are paid. All contractors are paid. A 1099 was sent to Melissa. No taxes are due at this time. I'm documenting the process as I go. Once the situation is under control I plan to identify an Assistant Treasurer and make use of the existing EA. My next priority is producing reports. I have a copy of QuickBooks.
AI: Sam to pursue a report for Treasurer
No report was submitted.
Books are up to date as of 12/1/2011. Current (12/21/2011) balances are
total cash of $747,108.73 at Wells Fargo and $62,126.18 at PayPal.
Bills : All paid. 2 pending payment details from payees.
To Do :
- tax returns on website
- Nov lockbox processing (amounts are in books...)
Statement of Financial Income and Expense - Nov 2011
Ordinary Income/Expense
Income
Interest Income 54.22
Contributions Income
Unrestricted 50,460.00
Total Contributions Income 50,460.00
Total Income 50,514.22
Expense
Bank Service Charges 291.26
Contract Labor 2,308.00
Postage and Delivery 538.78
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 27,215.00
Infrastructure - Other -769.05
Total Infrastructure 26,963.95
Public Relations
Public Relations Staff 4,545.45
Total Public Relations 4,545.45
Conference Expenses 3,801.20
Total Program Expenses 35,310.60
Total Expense 38,448.64
Net Ordinary Income 12,065.58
Net Income 12,065.58
Statement of Financial Position - As of November 30, 2011
Nov 30, 11 Nov 30, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 333.90 333.90 0.00 0.0%
Other Income -411.57 -411.57 0.00 0.0%
Paypal 30,159.58 30,159.58 0.00 0.0%
Wells Fargo Analyzed Account 488,461.09 185,719.13 302,741.96 163.0%
Wells Fargo Savings 286,891.24 286,030.69 860.55 0.3%
Total Checking/Savings 805,434.24 501,831.73 303,602.51 60.5%
Accounts Receivable
Accounts Receivable 20,600.00 80,600.00 -60,000.00 -74.4%
Total Accounts Receivable 20,600.00 80,600.00 -60,000.00 -74.4%
Total Current Assets 826,034.24 582,431.73 243,602.51 41.8%
TOTAL ASSETS 826,034.24 582,431.73 243,602.51 41.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci -322.25 606.37 -928.62 -153.1%
ASF Credit Card - Paul Querna 0.00 16.45 -16.45 -100.0%
ASF Credit Card - Ruby 1,789.08 1,221.14 567.94 46.5%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards 1,416.83 1,843.96 -427.13 -23.2%
Total Current Liabilities 1,416.83 1,843.96 -427.13 -23.2%
Total Liabilities 1,416.83 1,843.96 -427.13 -23.2%
Equity
Retained Earnings 780,865.26 626,337.08 154,528.18 24.7%
Net Income 43,752.15 -45,749.31 89,501.46 195.6%
Total Equity 824,617.41 580,587.77 244,029.64 42.0%
TOTAL LIABILITIES & EQUITY 826,034.24 582,431.73 243,602.51 41.8%
REPORT FROM OCT 2011 RE-SUBMITTED FOR DISCUSSION
Books are up to date as of 10/7/2011. Current (10/26/2011) balances are
total cash of $765,449.55 at Wells Fargo and $44,782.76 at PayPal.
All bills are paid.
Received $40k from Hortonworks, $100k from Yahoo!, $20k from PSW Group, and what
I think was intended to be $5k from LIIP AG (came in at $4987). The $100k and $40k
will be in statement of income/expense next month as they deposited post 10/1.
To Do :
- GSOC PO
- tax returns on website
Statement of Financial Income and Expense - Sept 2011
Ordinary Income/Expense
Income
Interest Income 58.92
Contributions Income
Unrestricted 24,987.00
Total Contributions Income 24,987.00
Total Income 25,045.92
Expense
President Discretionary 82.95
Bank Service Charges 327.41
Contract Labor 2,308.00
Licenses and Permits 275.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 7,622.50
Infrastructure Staff 26,600.00
Total Infrastructure 34,740.50
Public Relations
PRC Travel 2,197.26
Public Relations Staff 4,545.45
Public Relations - Other 300.00
Total Public Relations 7,042.71
Conference Expenses 694.02
Total Program Expenses 42,477.23
Total Expense 45,490.54
Net Ordinary Income -20,444.62
Net Income -20,444.62
Statement of Financial Position - As of September 30, 2011
Sep 30, 11 Sep 30, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 333.90 333.90 0.00 0.0%
Other Income -411.57 -411.57 0.00 0.0%
Paypal 30,159.58 27,685.86 2,473.72 8.9%
Wells Fargo Analyzed Account 354,172.53 210,812.75 143,359.78 68.0%
Wells Fargo Savings 286,776.12 285,839.54 936.58 0.3%
Total Checking/Savings 671,030.56 524,260.48 146,770.08 28.0%
Accounts Receivable
Accounts Receivable 20,600.00 65,000.00 -44,400.00 -68.3%
Total Accounts Receivable 20,600.00 65,000.00 -44,400.00 -68.3%
Total Current Assets 691,630.56 589,260.48 102,370.08 17.4%
TOTAL ASSETS 691,630.56 589,260.48 102,370.08 17.4%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 0.00 3,816.83 -3,816.83 -100.0%
ASF Credit Card - Paul Querna 0.00 7.79 -7.79 -100.0%
ASF Credit Card - Ruby 4,045.13 39.90 4,005.23 10,038.2%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards 3,995.13 3,864.52 130.61 3.4%
Total Current Liabilities 3,995.13 3,864.52 130.61 3.4%
Total Liabilities 3,995.13 3,864.52 130.61 3.4%
Equity
Retained Earnings 780,865.26 626,337.08 154,528.18 24.7%
Net Income -93,229.83 -40,941.12 -52,288.71 -127.7%
Total Equity 687,635.43 585,395.96 102,239.47 17.5%
TOTAL LIABILITIES & EQUITY 691,630.56 589,260.48 102,370.08 17.4%
REGULAR REPORT FOR NOV 2011
Books are up to date as of 11/1/2011. Current (11/15/2011) balances are
total cash of $735,890.83 at Wells Fargo and $50,159.71 at PayPal.
Bills : 2 pending payment details from payees.
To Do :
- GSOC PO
- tax returns on website
Statement of Financial Income and Expense - October 2011
Ordinary Income/Expense
Income
Interest Income 60.90
Contributions Income
Unrestricted 139,950.00
Total Contributions Income 139,950.00
Total Income 140,010.90
Expense
Bank Service Charges 404.68
Contract Labor 2,308.00
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 7,100.0
Total Infrastructure 7,618.0
Public Relations
PRC Travel 218.37
Public Relations Staff 4,545.45
Total Public Relations 4,763.82
Total Program Expenses 12,381.82
Total Expense 15,094.50
Net Ordinary Income 124,916.40
Net Income 124,916.40
Statement of Financial Position - As of October 31, 2011
Oct 31, 11 Oct 31, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 333.90 333.90 0.00 0.0%
Other Income -411.57 -411.57 0.00 0.0%
Paypal 30,159.58 30,159.58 0.00 0.0%
Wells Fargo Analyzed Account 478,314.06 172,623.24 305,690.82 177.1%
Wells Fargo Savings 286,837.02 285,936.67 900.35 0.3%
Total Checking/Savings 795,232.99 488,641.82 306,591.17 62.7%
Accounts Receivable
Accounts Receivable 20,600.00 55,600.00 -35,000.00 -63.0%
Total Accounts Receivable 20,600.00 55,600.00 -35,000.00 -63.0%
Total Current Assets 815,832.99 544,241.82 271,591.17 49.9%
TOTAL ASSETS 815,832.99 544,241.82 271,591.17 49.9%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 0.00 3,809.83 -3,809.83 -100.0%
ASF Credit Card - Paul Querna 0.00 7.79 -7.79 -100.0%
ASF Credit Card - Ruby 3,331.16 2,681.99 649.17 24.2%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards 3,281.16 6,499.61 -3,218.45 -49.5%
Total Current Liabilities 3,281.16 6,499.61 -3,218.45 -49.5%
Total Liabilities 3,281.16 6,499.61 -3,218.45 -49.5%
Equity
Retained Earnings 780,865.26 626,337.08 154,528.18 24.7%
Net Income 31,686.57 -88,594.87 120,281.44 135.8%
Total Equity 812,551.83 537,742.21 274,809.62 51.1%
TOTAL LIABILITIES & EQUITY 815,832.99 544,241.82 271,591.17 49.9%
Sam Ruby was appointed Assistant Treasurer by unanimous roll-call
vote of the Directors present.
Books are up to date as of 10/7/2011. Current (10/26/2011) balances are
total cash of $765,449.55 at Wells Fargo and $44,782.76 at PayPal.
All bills are paid.
Received $40k from Hortonworks, $100k from Yahoo!, $20k from PSW Group, and what
I think was intended to be $5k from LIIP AG (came in at $4987). The $100k and $40k
will be in statement of income/expense next month as they deposited post 10/1.
To Do :
- GSOC PO
- tax returns on website
Statement of Financial Income and Expense - Sept 2011
Ordinary Income/Expense
Income
Interest Income 58.92
Contributions Income
Unrestricted 24,987.00
Total Contributions Income 24,987.00
Total Income 25,045.92
Expense
President Discretionary 82.95
Bank Service Charges 327.41
Contract Labor 2,308.00
Licenses and Permits 275.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 7,622.50
Infrastructure Staff 26,600.00
Total Infrastructure 34,740.50
Public Relations
PRC Travel 2,197.26
Public Relations Staff 4,545.45
Public Relations - Other 300.00
Total Public Relations 7,042.71
Conference Expenses 694.02
Total Program Expenses 42,477.23
Total Expense 45,490.54
Net Ordinary Income -20,444.62
Net Income -20,444.62
Statement of Financial Position - As of September 30, 2011
Sep 30, 11 Sep 30, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 333.90 333.90 0.00 0.0%
Other Income -411.57 -411.57 0.00 0.0%
Paypal 30,159.58 27,685.86 2,473.72 8.9%
Wells Fargo Analyzed Account 354,172.53 210,812.75 143,359.78 68.0%
Wells Fargo Savings 286,776.12 285,839.54 936.58 0.3%
Total Checking/Savings 671,030.56 524,260.48 146,770.08 28.0%
Accounts Receivable
Accounts Receivable 20,600.00 65,000.00 -44,400.00 -68.3%
Total Accounts Receivable 20,600.00 65,000.00 -44,400.00 -68.3%
Total Current Assets 691,630.56 589,260.48 102,370.08 17.4%
TOTAL ASSETS 691,630.56 589,260.48 102,370.08 17.4%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 0.00 3,816.83 -3,816.83 -100.0%
ASF Credit Card - Paul Querna 0.00 7.79 -7.79 -100.0%
ASF Credit Card - Ruby 4,045.13 39.90 4,005.23 10,038.2%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards 3,995.13 3,864.52 130.61 3.4%
Total Current Liabilities 3,995.13 3,864.52 130.61 3.4%
Total Liabilities 3,995.13 3,864.52 130.61 3.4%
Equity
Retained Earnings 780,865.26 626,337.08 154,528.18 24.7%
Net Income -93,229.83 -40,941.12 -52,288.71 -127.7%
Total Equity 687,635.43 585,395.96 102,239.47 17.5%
TOTAL LIABILITIES & EQUITY 691,630.56 589,260.48 102,370.08 17.4%
Books are up to date as of 9/20/2011. Current balances are total cash
of $650,680.73 at Wells Fargo and $41,656.52 at PayPal
All bills are paid.
FY2010 US Tax return filed.
In Progress:
- need to sync w/ Serge to get invoices he independently generates
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - August 2011
Ordinary Income/Expense
Income
Interest Income 60.87
Contributions Income
Unrestricted 61.86
Total Contributions Income 61.86
Total Income 122.73
Expense
Bank Service Charges 453.56
Contract Labor 2,308.00
Insurance
Liability Insurance 1,468.00
Total Insurance 1,468.00
Postage and Delivery 186.59
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 15,269.13
Infrastructure Staff 7,100.00
Infrastructure Travel 1,573.73
Total Infrastructure 24,460.86
Travel Assistance 16,745.31
Public Relations
PRC Travel 26.00
Public Relations Staff 4,545.45
Public Relations - Other 9,000.00
Total Public Relations 13,571.45
Total Program Expenses 54,777.62
Total Expense 59,193.77
Net Ordinary Income -59,071.04
Net Income -59,071.04
Statement of Financial Position - As of August 31, 2011
Aug 31, 11 Aug 31, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 333.90 333.90 0.00 0.0%
Other Income -411.57 -411.57 0.00 0.0%
PayPal 30,159.58 27,629.86 2,529.72 9.2%
Wells Fargo Analyzed Account 373,056.85 190,622.04 182,434.81 95.7%
Wells Fargo Savings 286,717.20 285,745.59 971.61 0.3%
Total Checking/Savings 689,855.96 503,919.82 185,936.14 36.9%
Accounts Receivable
Accounts Receivable 20,600.00 100,000.00 -79,400.00 -79.4%
Total Accounts Receivable 20,600.00 100,000.00 -79,400.00 -79.4%
Total Current Assets 710,455.96 603,919.82 106,536.14 17.6%
TOTAL ASSETS 710,455.96 603,919.82 106,536.14 17.6%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 0.00 573.00 -573.00 -100.0%
ASF Credit Card - Ruby 1,385.91 940.51 445.40 47.4%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards 1,335.91 1,513.51 -177.60 -11.7%
Total Current Liabilities 1,335.91 1,513.51 -177.60 -11.7%
Total Liabilities 1,335.91 1,513.51 -177.60 -11.7%
Equity
Retained Earnings 780,865.26 626,337.08 154,528.18 24.7%
Net Income -71,745.21 -23,930.77 -47,814.44 -199.8%
Total Equity 709,120.05 602,406.31 106,713.74 17.7%
TOTAL LIABILITIES & EQUITY 710,455.96 603,919.82 106,536.14 17.6%
Am away with family on vacation. Things are smooth, and there is nothing that needs the attention of the board at this time. Will file standard report next week when I get back.
Books are up to date as of 7/1/2011. As of 7/20/2011, current balances
are total cash of $632,947.33 at Wells Fargo and $38,339.03 at PayPal.
Next batch of bills will be paid this week.
In Progress:
- sort out credit cards
- followups from member's meeting
- Tax return
- need to sync w/ Serge to get invoices he independently generates
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - June 2011
Ordinary Income/Expense
Income
Interest Income 68.31
Contributions Income
Unrestricted 12,714.20
Total Contributions Income 12,714.20
Total Income 12,782.51
Expense
Bank Service Charges 440.59
Contract Labor 2,308.00
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 7,100.00
Total Infrastructure 7,618.00
Public Relations 25,000.00
Conference Expenses 135.75
Total Program Expenses 32,753.75
Total Expense 35,502.34
Net Ordinary Income -22,719.83
Net Income -22,719.83
Statement of Financial Position - As of June 30, 2011
Jun 30, 11 Jun 30, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 587.38 379.49 207.89 54.8%
Other Income -4,464.12 -649.03 -3,815.09 -587.8%
Paypal 30,159.58 24,137.97 6,021.61 25.0%
Wells Fargo Analyzed Account 324,236.03 250,627.14 73,608.89 29.4%
Wells Fargo Savings 286,595.47 285,551.50 1,043.97 0.4%
Total Checking/Savings 637,114.34 560,047.07 77,067.27 13.8%
Accounts Receivable
Accounts Receivable 70,600.00 100,000.00 -29,400.00 -29.4%
Total Accounts Receivable 70,600.00 100,000.00 -29,400.00 -29.4%
Total Current Assets 707,714.34 660,047.07 47,667.27 7.2%
TOTAL ASSETS 707,714.34 660,047.07 47,667.27 7.2%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 19.95 23.30 -3.35 -14.4%
ASF Credit Card - Striker 0.00 3,215.90 -3,215.90 -100.0%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards -30.05 3,239.20 -3,269.25 -100.9%
Total Current Liabilities -30.05 3,239.20 -3,269.25 -100.9%
Total Liabilities -30.05 3,239.20 -3,269.25 -100.9%
Equity
Retained Earnings 777,066.19 626,337.08 150,729.11 24.1%
Net Income -69,321.80 30,470.79 -99,792.59 -327.5%
Total Equity 707,744.39 656,807.87 50,936.52 7.8%
TOTAL LIABILITIES & EQUITY 707,714.34 660,047.07 47,667.27 7.2%
Larry: do we have too much money? The IRS is not a problem. We
should think about what we should do with the money as it
might discourage contributions.
Sam: has it discouraged contributions? Greg: it hasn't been an
issue with our big platnimum sponsors... at most it might
affect paypal contributions.
Doug: please discuss it on the list, and possibly bring it
back as a discussion item next month.
Larry: What does "receivables" mean? Serge: those are (likely)
sponsorship invoices that have been sent but have not yet been
paid.
Books are up to date. Current balances are total cash of
$630,724.74 at Wells Fargo and $37,950.88 at PayPal.
In terms of lockbox, we received :
contribution checks :
- Cafepress
- Carprogram
payment check :
- Eventbrite for Knockree
mystery check :
- FaceBook for $7500 : currently credited as contribution income,
but if anyone has better information, let me know
Bills paid as of 5/31. Next batch this week.
In Progress:
- Tax return
- need to sync w/ Serge to get invoices he independently generates
- sort out CCs
from QB entered for accrual
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - May 2011
Ordinary Income/Expense
Income
Interest Income 80.84
Contributions Income
Unrestricted 204.61
Total Contributions Income 204.61
Total Income 285.45
Expense
Bank Service Charges 284.15
Contract Labor 2,308.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 5,285.00
Infrastructure Staff 23,350.00
Total Infrastructure 29,153.00
Public Relations
PRC Travel 449.40
Public Relations - Other 5,088.96
Total Public Relations 5,538.36
Conference Expenses 6,600.92
Total Program Expenses 41,292.28
Travel & Ent 2,983.04
Total Expense 46,887.42
Net Ordinary Income -46,601.97
Net Income -46,601.97
Statement of Financial Position - As of May 31, 2011
May 31, 11 May 31, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 587.38 373.83 213.55 57.1%
Other Income -4,464.12 -559.96 -3,904.16 -697.2%
PayPal 30,159.58 24,054.56 6,105.02 25.4%
Wells Fargo Analyzed Account 347,060.57 265,383.36 81,677.21 30.8%
Wells Fargo Savings 286,527.16 285,457.64 1,069.52 0.4%
Total Checking/Savings 659,870.57 574,709.43 85,161.14 14.8%
Accounts Receivable
Accounts Receivable 70,600.00 120,000.00 -49,400.00 -41.2%
Total Accounts Receivable 70,600.00 120,000.00 -49,400.00 -41.2%
Total Current Assets 730,470.57 694,709.43 35,761.14 5.2%
TOTAL ASSETS 730,470.57 694,709.43 35,761.14 5.2%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Gollucci 16.45 0.00 16.45 100.0%
ASF Credit Card - Ruby 39.90 83.30 -43.40 -52.1%
ASF Credit Card - Striker 0.00 1,839.90 -1,839.90 -100.0%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards 6.35 1,923.20 -1,916.85 -99.7%
Total Current Liabilities 6.35 1,923.20 -1,916.85 -99.7%
Total Liabilities 6.35 1,923.20 -1,916.85 -99.7%
Equity
Retained Earnings 777,066.19 626,337.08 150,729.11 24.1%
Net Income -46,601.97 66,449.15 -113,051.12 -170.1%
Total Equity 730,464.22 692,786.23 37,677.99 5.4%
TOTAL LIABILITIES & EQUITY 730,470.57 694,709.43 35,761.14 5.2%
A report was expected, but not received
There are no outstanding issues re treasury. Received form from WF to do credit card reassignments and will need second board signature. Expect to complete that early next week.
Books are up to date. Current balances are total cash of
$724,133.57 at Wells Fargo and $36,892.21 at PayPal.
In terms of lockbox, we received :
contribution checks :
- AOL
- Environmental Defense
- MSFT Matching Gifts Program
sponsorship program checks :
- FaceBook
In Progress:
- ASF monthly expense data
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - February 2011
Ordinary Income/Expense
Income
Interest Income 76.85
Contributions Income
Unrestricted 27,205.14
Total Contributions Income 27,205.14
Total Income 27,281.99
Expense
Bank Service Charges 430.47
Contract Labor 4,616.00
Licenses and Permits 363.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 15,679.00
Infrastructure Staff 0.00
Total Infrastructure 16,197.00
Travel Assistance 1,523.15
Public Relations
PRC Travel 4,990.77
Total Public Relations 4,990.77
Total Program Expenses 22,710.92
Taxes 1,252.43
Travel & Ent
Lodging 524.18
Total Travel & Ent 524.18
Total Expense 29,916.95
Net Ordinary Income -2,634.96
Net Income -2,634.96
Statement of Financial Position - As of Feb 28, 2011
Feb 28, 11 Feb 28, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 587.38 222.48 364.90 164.0%
Other Income -4,464.12 -410.66 -4,053.46 -987.1%
PayPal 30,159.58 19,108.33 11,051.25 57.8%
Wells Fargo Analyzed Account 321,159.85 200,779.19 120,380.66 60.0%
Wells Fargo Savings 286,278.82 285,169.98 1,108.84 0.4%
Total Checking/Savings 633,721.51 504,869.32 128,852.19 25.5%
Accounts Receivable
Accounts Receivable 175,600.00 90,000.00 85,600.00 95.1%
Total Accounts Receivable 175,600.00 90,000.00 85,600.00 95.1%
Total Current Assets 809,321.51 594,869.32 214,452.19 36.1%
TOTAL ASSETS 809,321.51 594,869.32 214,452.19 36.1%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Philip Golucci 0.00 1,191.96 -1,191.96 -100.0%
ASF Credit Card - Paul Querna 16.45 0.00 16.45 100.0%
ASF Credit Card - Ruby 39.90 39.90 0.00 0.0%
ASF Credit Card - Erenkrantz -50.00 198.45 -248.45 -125.2%
Total Credit Cards 6.35 1,430.31 -1,423.96 -99.6%
Total Current Liabilities 6.35 1,430.31 -1,423.96 -99.6%
Total Liabilities 6.35 1,430.31 -1,423.96 -99.6%
Equity
Retained Earnings 626,337.08 363,648.74 262,688.34 72.2%
Net Income 182,978.08 229,790.27 -46,812.19 -20.4%
Total Equity 809,315.16 593,439.01 215,876.15 36.4%
TOTAL LIABILITIES & EQUITY 809,321.51 594,869.32 214,452.19 36.1%
Books are up to date. Current balances are total cash of
$634,042.35 at Wells Fargo and $36,398.30 at Paypal.
In terms of lockbox, we received :
contribution checks :
- LexisNexis
- BiblioLabs LLC
- CafePress
- JustGive.org
- NetworkForGood
- OpenLogic
Tasks Done:
- fundraising support (invoices)
- all bills paid
- backpay for EA
- recurring payments to EA
In Progress:
- ASF monthly expense data
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - January 2011
Ordinary Income/Expense
Income
Interest Income 85.07
Program Income
Conference 12,349.21
Total Program Income 12,349.21
Contributions Income
Unrestricted 101,381.85
Total Contributions Income 101,381.85
Total Income 113,816.13
Expense
Bank Service Charges 342.82
Licenses and Permits 55.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 37,656.42
Infrastructure Staff 6,500.00
Total Infrastructure 44,674.42
Public Relations
PRC Travel 1,586.48
Total Public Relations 1,586.48
Total Program Expenses 46,260.90
Travel & Ent -524.18
Total Expense 46,154.49
Net Ordinary Income 67,661.64
Net Income 67,661.64
Statement of Financial Position - As of January 31, 2011
Jan 31, 11 Jan 31, 10 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 587.38 140.34 447.04 318.5%
Other Income -4,464.12 -409.90 -4,054.22 -989.1%
Paypal 30,159.58 16,710.16 13,449.42 80.5%
Wells Fargo Analyzed Account 348,926.66 224,608.53 124,318.13 55.4%
Wells Fargo Savings 286,201.97 285,062.19 1,139.78 0.4%
Total Checking/Savings 661,411.47 526,111.32 135,300.15 25.7%
Accounts Receivable
Accounts Receivable 150,600.00 90,000.00 60,600.00 67.3%
Total Accounts Receivable 150,600.00 90,000.00 60,600.00 67.3%
Total Current Assets 812,011.47 616,111.32 195,900.15 31.8%
TOTAL ASSETS 812,011.47 616,111.32 195,900.15 31.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 0.00 1,971.79 -1,971.79 -100.0%
ASF Credit Card - Ruby 94.90 39.90 55.00 137.8%
ASF Credit Card - Erenkrantz -50.00 0.00 -50.00 -100.0%
Total Credit Cards 44.90 2,011.69 -1,966.79 -97.8%
Total Current Liabilities 44.90 2,011.69 -1,966.79 -97.8%
Total Liabilities 44.90 2,011.69 -1,966.79 -97.8%
Equity
Retained Earnings 626,337.08 363,648.74 262,688.34 72.2%
Net Income 185,629.49 250,450.89 -64,821.40 -25.9%
Total Equity 811,966.57 614,099.63 197,866.94 32.2%
TOTAL LIABILITIES & EQUITY 812,011.47 616,111.32 195,900.15 31.8%
Books are up to date. Current balances are total cash of $640,059.38 at
Wells Fargo and $34,572.29 at Paypal.
In terms of lockbox, we received :
contribution checks :
- $600 Alpes CME
- $100 Judith Flippen-Anderson
- $5000 FuseSource
other checks :
- $12,349.21 Stone Circle
We also received wires from :
- $100k Microsoft
- $75k Google
- $755.85 / GBP500 - unknown source
- $281.85 / GPB200? - unknown source
Tasks Done:
- fundraising support (invoices)
- bills
- wire $37k to Dell for servers
In Progress:
- find the $20 discrepancy in checking
- bills (I'm behind, will pay this week)
Statement of Financial Income and Expense - December 2010
Ordinary Income/Expense
Income
Interest Income 86.21
Contributions Income
Unrestricted 200,605.85
Total Contributions Income 200,605.85
Total Income 200,692.06
Expense
Bank Service Charges 399.06
Postage and Delivery 19.95
Professional Fees
Accounting 350.00
Total Professional Fees 350.00
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 20,700.00
Infrastructure Travel 1,188.82
Total Infrastructure 22,406.82
Public Relations 10,000.00
Total Program Expenses 32,406.82
Total Expense 33,175.83
Net Ordinary Income 167,516.23
Net Income 167,516.23
Statement of Financial Position - As of December 31, 2010
Dec 31, 10 Dec 31, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 587.38 121.61 465.77 383.0%
Other Income -4,464.12 -408.10 -4,056.02 -993.9%
Paypal 30,159.58 16,140.15 14,019.43 86.9%
Wells Fargo Analyzed Account 301,545.51 223,304.27 78,241.24 35.0%
Wells Fargo Savings 286,116.90 284,941.16 1,175.74 0.4%
Total Checking/Savings 613,945.25 524,099.09 89,846.16 17.1%
Accounts Receivable
Accounts Receivable 130,600.00 50,000.00 80,600.00 161.2%
Total Accounts Receivable 130,600.00 50,000.00 80,600.00 161.2%
Total Current Assets 744,545.25 574,099.09 170,446.16 29.7%
TOTAL ASSETS 744,545.25 574,099.09 170,446.16 29.7%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 0.00 1,537.55 -1,537.55 -100.0%
ASF Credit Card - Paul Querna 16.45 0.00 16.45 100.0%
ASF Credit Card - Ruby 223.87 39.90 183.97 461.1%
ASF Credit Card - Erenkrantz 0.00 287.14 -287.14 -100.0%
Total Credit Cards 240.32 1,864.59 -1,624.27 -87.1%
Total Current Liabilities 240.32 1,864.59 -1,624.27 -87.1%
Total Liabilities 240.32 1,864.59 -1,624.27 -87.1%
Equity
Retained Earnings 626,337.08 363,648.74 262,688.34 72.2%
Net Income 117,967.85 208,585.76 -90,617.91 -43.4%
Total Equity 744,304.93 572,234.50 172,070.43 30.1%
TOTAL LIABILITIES & EQUITY 744,545.25 574,099.09 170,446.16 29.7%
Question: could a summary of income and expenses on a quarterly basis
be made available to the public?
AI: Jim/Melissa will take the raw data as reported and prepare graphs
for the Annual Report.
Books are up to date - $20 discrepancy remains (haven't spent time).
Current balances are total cash of $500,210.35 at Wells Fargo and
$32,633.34 at Paypal.
In terms of lockbox, we've had :
- $40,000 - IBM sponsorship
- $20,000 - Cloudera sponsorship
- $24,000 - Google - I assume SOC 2010
- $5,000 - Lucid Imagination sponsorship
- $250 - Bruce Jaffe
Tasks Done:
- bills paid, some still are outstanding - will pay this week
- fundraising support (invoices)
In Progress:
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - November 2010
Ordinary Income/Expense
Income
Interest Income 94.02
Contributions Income
Unrestricted 65,101.44
Total Contributions Income 65,101.44
Total Income 65,195.46
Expense
Bank Service Charges 426.99
Postage and Delivery 283.90
Program Expenses
Infrastructure
Colocation Expenses 534.45
Infrastructure Staff 13,600.00
Total Infrastructure 14,134.45
Travel Assistance 600.00
Conference Expenses 6,298.19
Total Program Expenses 21,032.64
Travel & Ent 606.37
Total Expense 22,349.90
Net Ordinary Income 42,845.56
Net Income 42,845.56
Statement of Financial Position -As of November 30, 2010
Nov 30, 10 Nov 30, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 587.38 80.25 507.13 631.9%
Other Income -4,464.12 -406.81 -4,057.31 -997.4%
Paypal 30,159.58 14,781.22 15,378.36 104.0%
Wells Fargo Analyzed Account 185,719.13 249,288.75 -63,569.62 -25.5%
Wells Fargo Savings 286,030.69 284,820.18 1,210.51 0.4%
Total Checking/Savings 498,032.66 548,563.59 -50,530.93 -9.2%
Accounts Receivable
Accounts Receivable 80,600.00 0.00 80,600.00 100.0%
Total Accounts Receivable 80,600.00 0.00 80,600.00 100.0%
Total Current Assets 578,632.66 548,563.59 30,069.07 5.5%
TOTAL ASSETS 578,632.66 548,563.59 30,069.07 5.5%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 606.37 0.00 606.37 100.0%
ASF Credit Card - Paul Querna 16.45 4,443.78 -4,427.33 -99.6%
ASF Credit Card - Ruby 1,221.14 39.90 1,181.24 2,960.5%
ASF Credit Card - Striker 0.00 2,329.75 -2,329.75 -100.0%
ASF Credit Card - Erenkrantz 0.00 2,215.44 -2,215.44 -100.0%
Total Credit Cards 1,843.96 9,028.87 -7,184.91 -79.6%
Total Current Liabilities 1,843.96 9,028.87 -7,184.91 -79.6%
Total Liabilities 1,843.96 9,028.87 -7,184.91 -79.6%
Equity
Retained Earnings 626,337.08 363,648.74 262,688.34 72.2%
Net Income -49,548.38 175,885.98 -225,434.36 -128.2%
Total Equity 576,788.70 539,534.72 37,253.98 6.9%
TOTAL LIABILITIES & EQUITY 578,632.66 548,563.59 30,069.07 5.5%
Books are up to date - $20 discrepancy remains (haven't spent time).
Current balances are total cash of $445,093 at Wells Fargo and
$32,264.30 at Paypal.
In terms of lockbox, we've had :
- $101 check from Amazon
Tasks Done:
- all bills paid
- paypal data loaded up to 11/1/2010
- FY2009 990 corporate tax return filed
- fundraising support (invoices)
In Progress:
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - October 2010
Ordinary Income/Expense
Income
Interest Income 97.13
Contributions Income
Unrestricted 3,014.41
Total Contributions Income 3,014.41
Total Income 3,111.54
Expense
Bank Service Charges 356.76
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 4,930.00
Infrastructure Staff 13,600.00
Infrastructure Travel 1,613.48
Total Infrastructure 20,661.48
Travel Assistance 1,442.17
Public Relations
PRC Travel 1,424.80
Public Relations - Other 21,217.29
Total Public Relations 22,642.09
Conference Expenses 4,379.99
Total Program Expenses 49,125.73
Travel & Ent 1,322.16
Total Expense 50,824.60
Net Ordinary Income -47,713.06
Net Income -47,713.06
Statement of Financial Position As of October 31, 2010
Oct 31, 10 Oct 31, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Other Expenses 587.38 69.40 517.98 746.4%
Other Income -4,464.12 -396.79 -4,067.33 -1,025.1%
Paypal 30,159.58 14,469.06 15,690.52 108.4%
Wells Fargo Analyzed Account 172,623.24 281,575.29 -108,952.05 -38.7%
Wells Fargo Savings 285,936.67 284,703.16 1,233.51 0.4%
Total Checking/Savings 484,842.75 580,420.12 -95,577.37 -16.5%
Accounts Receivable
Accounts Receivable 55,600.00 0.00 55,600.00 100.0%
Total Accounts Receivable 55,600.00 0.00 55,600.00 100.0%
Total Current Assets 540,442.75 580,420.12 -39,977.37 -6.9%
TOTAL ASSETS 540,442.75 580,420.12 -39,977.37 -6.9%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 3,809.83 0.00 3,809.83 100.0%
ASF Credit Card - Paul Querna 7.79 4,974.72 -4,966.93 -99.8%
ASF Credit Card - Ruby 2,681.99 2,990.90 -308.91 -10.3%
ASF Credit Card - Erenkrantz 0.00 3,577.03 -3,577.03 -100.0%
Total Credit Cards 6,499.61 11,542.65 -5,043.04 -43.7%
Total Current Liabilities 6,499.61 11,542.65 -5,043.04 -43.7%
Total Liabilities 6,499.61 11,542.65 -5,043.04 -43.7%
Equity
Retained Earnings 626,337.08 363,648.74 262,688.34 72.2%
Net Income -92,393.94 205,228.73 -297,622.67 -145.0%
Total Equity 533,943.14 568,877.47 -34,934.33 -6.1%
TOTAL LIABILITIES & EQUITY 540,442.75 580,420.12 -39,977.37 -6.9%
Books are up to date - $20 discrepancy remains (haven't spent time).
Current balances are total cash of $475,841 at Wells Fargo and
$30,095.66 at PayPal.
In terms of lockbox, we've had :
- $40k check from AMD (deposited 9/27)
- $10k check from Basis (deposited 10/4)
Tasks Done:
- all bills paid
In Progress:
- preparation for FY2010 US Tax filing. Still working on QB but
CPA and I are active on this
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - September 2010
Ordinary Income/Expense
Income
Interest Income 93.95
Contributions Income
Unrestricted 6,662.00 (1)
Total Contributions Income 6,662.00
Total Income 6,755.95
Expense
Bank Service Charges 393.73
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 525.79
Hardware Purchases 6,066.00
Infrastructure Staff 13,007.00
Total Infrastructure 19,598.79
Travel Assistance 3,809.83
Total Program Expenses 23,408.62
Total Expense 23,822.30
Net Ordinary Income -17,066.35
Net Income -17,066.35
(1) Includes $1600 from Eventbrite for Hursley admission. Is this contribution or funds back to Conference?
Statement of Financial Position - as of Sept 30, 2010
Sep 30, 10 Sep 30, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 12,513.63 0.00 0.0%
Wells Fargo Analyzed Account 210,812.75 145,171.07 65,641.68 45.2%
Wells Fargo Savings 285,839.54 284,547.20 1,292.34 0.5%
Total Checking/Savings 509,165.92 442,231.90 66,934.02 15.1%
Accounts Receivable
Accounts Receivable 65,000.00 150,000.00 -85,000.00 -56.7%
Total Accounts Receivable 65,000.00 150,000.00 -85,000.00 -56.7%
Total Current Assets 574,165.92 592,231.90 -18,065.98 -3.1%
TOTAL ASSETS 574,165.92 592,231.90 -18,065.98 -3.1%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 3,816.83 0.00 3,816.83 100.0%
ASF Credit Card - Paul Querna 7.79 796.20 -788.41 -99.0%
ASF Credit Card - Ruby 39.90 2,990.90 -2,951.00 -98.7%
ASF Credit Card - Erenkrantz 0.00 889.53 -889.53 -100.0%
Total Credit Cards 3,864.52 4,676.63 -812.11 -17.4%
Total Current Liabilities 3,864.52 4,676.63 -812.11 -17.4%
Total Liabilities 3,864.52 4,676.63 -812.11 -17.4%
Equity
Retained Earnings 616,490.28 363,648.74 252,841.54 69.5%
Net Income -46,188.88 223,906.53 -270,095.41 -120.6%
Total Equity 570,301.40 587,555.27 -17,253.87 -2.9%
TOTAL LIABILITIES & EQUITY 574,165.92 592,231.90 -18,065.98 -3.1%
Books are up to date - $20 discrepancy remains (haven't spent time).
Current balances are total cash of $461,436.34 at Wells Fargo and
$27,649.12 at Paypal.
There have been no lockbox deposits since last report.
Tasks Done:
- paid D&O insurance
In Progress:
- bills to be paid
- preparation for FY2010 US Tax filing. Still working on QB but
CPA and I are active on this
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - August 2010
Ordinary Income/Expense
Income
Interest Income 97.06
Total Income 97.06
Expense
Bank Service Charges 374.55
Insurance 1,422.00
Postage and Delivery 136.65
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 573.00
Infrastructure Staff 16,500.00
Total Infrastructure 17,591.00
Public Relations
PRC Travel 2,599.48
Total Public Relations 2,599.48
Conference Expenses 5,779.00
Total Program Expenses 25,969.48
Total Expense 27,902.68
Net Ordinary Income -27,805.62
Net Income -27,805.62
Statement of Financial Position - as of August 31, 2010
Aug 31, 10 Aug 31, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 12,513.63 12,513.63 0.00 0.0%
Wells Fargo Analyzed Account 190,622.04 167,521.60 23,100.44 13.8%
Wells Fargo Savings 285,745.59 284,410.81 1,334.78 0.5%
Total Checking/Savings 488,881.26 464,446.04 24,435.22 5.3%
Accounts Receivable
Accounts Receivable 100,000.00 0.00 100,000.00 100.0%
Total Accounts Receivable 100,000.00 0.00 100,000.00 100.0%
Total Current Assets 588,881.26 464,446.04 124,435.22 26.8%
TOTAL ASSETS 588,881.26 464,446.04 124,435.22 26.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 573.00 0.00 573.00 100.0%
ASF Credit Card - Paul Querna 0.00 893.23 -893.23 -100.0%
ASF Credit Card - Ruby 940.51 39.90 900.61 2,257.2%
ASF Credit Card - Erenkrantz 0.00 1,002.96 -1,002.96 -100.0%
Total Credit Cards 1,513.51 1,936.09 -422.58 -21.8%
Total Current Liabilities 1,513.51 1,936.09 -422.58 -21.8%
Total Liabilities 1,513.51 1,936.09 -422.58 -21.8%
Equity
Retained Earnings 616,490.28 363,648.74 252,841.54 69.5%
Net Income -29,122.53 98,861.21 -127,983.74 -129.5%
Total Equity 587,367.75 462,509.95 124,857.80 27.0%
TOTAL LIABILITIES & EQUITY 588,881.26 464,446.04 124,435.22 26.8%
Apologies for lateness - just coming off of personal vacation time.
All transactions are booked, but we have a $20 discrepancy. Current
balances are total cash of $496,111.05 at Wells Fargo and $27,519.24 at Paypal.
Lockbox checks since the last report was a single deposit of checks totaling
around $3000 from Network for Good, Car Program, Microsoft Matching Gifts Program
and Cafe Press.
Tasks Done:
- all approved bills paid.
- wired USD 5250 to UK travel agency as balance for TAC
- submitted request for automatic extension for US tax return
In Progress:
- preparation for FY2010 US Tax filing. Still working on QB but
CPA and I are active on this
- find the $20 discrepancy in checking
Statement of Financial Income and Expense - July 2010
Ordinary Income/Expense
Income
Interest Income 97.03
Contributions Income
Unrestricted 22,799.29
Total Contributions Income 22,799.29
Total Income 22,896.32
Expense
Bank Service Charges 341.08
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 13,257.66
Infrastructure Staff 12,500.00
Infrastructure - Other 49.35
Total Infrastructure 26,325.01
Travel Assistance 16,142.03
Public Relations
PRC Travel 1,377.40
Public Relations - Other 4,500.00
Total Public Relations 5,877.40
Total Program Expenses 48,344.44
Total Expense 48,685.52
Net Ordinary Income -25,789.20
Net Income -25,789.20
Statement of Financial Position
Jul 31, 10 Jul 31, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 12,513.63 12,513.63 0.00 0.0%
Wells Fargo Analyzed Account 221,571.01 180,919.35 40,651.66 22.5%
Wells Fargo Savings 285,648.53 284,292.39 1,356.14 0.5%
Total Checking/Savings 519,733.17 477,725.37 42,007.80 8.8%
Accounts Receivable
Accounts Receivable 100,000.00 0.00 100,000.00 100.0%
Total Accounts Receivable 100,000.00 0.00 100,000.00 100.0%
Total Current Assets 619,733.17 477,725.37 142,007.80 29.7%
TOTAL ASSETS 619,733.17 477,725.37 142,007.80 29.7%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 49.35 1,329.63 -1,280.28 -96.3%
ASF Credit Card - Ruby 19.95 39.90 -19.95 -50.0%
ASF Credit Card - Striker 0.00 1,520.10 -1,520.10 -100.0%
ASF Credit Card - Erenkrantz 0.00 1,555.60 -1,555.60 -100.0%
Total Credit Cards 69.30 4,445.23 -4,375.93 -98.4%
Total Current Liabilities 69.30 4,445.23 -4,375.93 -98.4%
Total Liabilities 69.30 4,445.23 -4,375.93 -98.4%
Equity
Retained Earnings 616,490.28 363,648.74 252,841.54 69.5%
Net Income 3,173.59 109,631.40 -106,457.81 -97.1%
Total Equity 619,663.87 473,280.14 146,383.73 30.9%
TOTAL LIABILITIES & EQUITY 619,733.17 477,725.37 142,007.80 29.7%
Approved by general consent.
Books are currently up to date as of 2010-07-13. Current balances are
total cash of $545,600.31 at Wells Fargo and $26,895.61 at PayPal.
Transactions since 7/13 include ~$10k down payment for TAC travel, a
$4,500 payment for PR Newswire, $13k to Dell, and a $1.3k travel payment
for Sally to OSCON.
Contributions:
Lockbox checks totaled $40,250 ($20K to be accrued in July)
Tasks Done:
- all approved bills paid.
- wired GBP 7,000 to UK travel agency for TAC
In Progress:
- preparation for FY2010 US Tax filing. Still working on QB but
CPA and I are active on this
To Do:
- need to start gathering CC receipts from CC holders. E.g ACON09
Please note that the following statements are going to be different than
the data reported in last week's member's meeting. The statements for
the monthly board report are for the previous calendar month, so they
end on June 30, 2010. The data reported in the members meeting was
up to the day of the member's meeting for the previous year.
Also, I'm happy to continue as Treasurer of the ASF.
Statement of Financial Income and Expense - June 2010
Ordinary Income/Expense
Income
Interest Income 93.86
Contributions Income
Unrestricted 250.00
Total Contributions Income 250.00
Total Income 343.86
Expense
President Discretionary 1,376.00
Bank Service Charges 307.08
Licenses and Permits -30.00
Postage and Delivery 19.95
Professional Fees
Accounting 226.50
Total Professional Fees 226.50
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 12,500.00
Total Infrastructure 13,018.00
Public Relations
PRC Travel 1,404.69
Public Relations Staff 20,000.00
Total Public Relations 21,404.69
Total Program Expenses 34,422.69
Total Expense 36,322.22
Net Ordinary Income -35,978.36
Net Income -35,978.36
Statement of Financial Position - As of June 30, 2010
Jun 30, 10 Jun 30, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 12,394.81 118.82 1.0%
Wells Fargo Analyzed Account 250,627.14 120,018.91 130,608.23 108.8%
Wells Fargo Savings 285,551.50 284,171.69 1,379.81 0.5%
Total Checking/Savings 548,692.27 416,585.41 132,106.86 31.7%
Accounts Receivable
Accounts Receivable 100,000.00 70,000.00 30,000.00 42.9%
Total Accounts Receivable 100,000.00 70,000.00 30,000.00 42.9%
Total Current Assets 648,692.27 486,585.41 162,106.86 33.3%
TOTAL ASSETS 648,692.27 486,585.41 162,106.86 33.3%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 23.30 39.90 -16.60 -41.6%
ASF Credit Card - Striker 3,215.90 0.00 3,215.90 100.0%
Total Credit Cards 3,239.20 39.90 3,199.30 8,018.3%
Total Current Liabilities 3,239.20 39.90 3,199.30 8,018.3%
Total Liabilities 3,239.20 39.90 3,199.30 8,018.3%
Equity
Retained Earnings 616,490.28 363,648.74 252,841.54 69.5%
Net Income 28,962.79 122,896.77 -93,933.98 -76.4%
Total Equity 645,453.07 486,545.51 158,907.56 32.7%
TOTAL LIABILITIES & EQUITY 648,692.27 486,585.41 162,106.86 33.3%
Books are currently up to date as of 2010-06-16 for checking,
savings and credit card accounts. I've been very loaded at work
but believe that all is up to date and in order.
Contributions:
- Current PayPal balance as of 6/16 is $24,073 basically same as last
month. This is not included in financial statements below.
- Received $10,000 check from Basis
- Generated invoice for Gold for AMD at Serge's request
Tasks Done:
- all approved bills paid. We pre-paid the remaining contract amount to
Halo. I'm still working to get a payoff amount from Dell. There
remains what appears to be 2 paid invoices in the approved
section that we need to sort out.
In Progress:
- preparation for FY2010 US Tax filing. Still working on QB but
CPA and I are active on this. Missed my self-imposed deadline of
today but believe 6/30 is a reasonable new deadline for myself.
To Do:
- need to start gathering CC receipts from CC holders. E.g ACON09
- ensure we're tracking JE's new card so it gets paid
1) Statement of Financial Income and Expense - May 2010 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 96.96
Contributions Income
Unrestricted 80,000.00
Total Contributions Income 80,000.00
Total Income 80,096.96
Expense
President Discretionary 1,839.90 (1)
Bank Service Charges 345.09
Postage and Delivery 33.35
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 12,500.00
Total Infrastructure 13,018.00
Conference Expenses -80.53
Total Program Expenses 12,937.47
Total Expense 15,155.81
Net Ordinary Income 64,941.15
Net Income 64,941.15
note 1 : This is pres discretionary fund - need to figure out how to both track for
budget purpose as well as proper tax accounting. Q to CPA
2) Statement of Financial Position - As of May 31, 2010 - Accrual Basis
May 31, 10 May 31, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 11,259.93 1,253.70 11.1%
Wells Fargo Analyzed Account 265,383.36 26,930.92 238,452.44 885.4%
Wells Fargo Savings 285,457.64 299,048.98 -13,591.34 -4.5%
Total Checking/Savings 563,354.63 337,239.83 226,114.80 67.1%
Accounts Receivable
Accounts Receivable 120,000.00 120,000.00 0.00 0.0%
Total Accounts Receivable 120,000.00 120,000.00 0.00 0.0%
Total Current Assets 683,354.63 457,239.83 226,114.80 49.5%
TOTAL ASSETS 683,354.63 457,239.83 226,114.80 49.5%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 0.00 528.39 -528.39 -100.0%
ASF Credit Card - Ruby 83.30 46.37 36.93 79.6%
ASF Credit Card - Striker 1,839.90 0.00 1,839.90 100.0%
Total Credit Cards 1,923.20 574.76 1,348.44 234.6%
Total Current Liabilities 1,923.20 574.76 1,348.44 234.6%
Total Liabilities 1,923.20 574.76 1,348.44 234.6%
Equity
Retained Earnings 616,490.28 363,648.74 252,841.54 69.5%
Net Income 64,941.15 93,016.33 -28,075.18 -30.2%
Total Equity 681,431.43 456,665.07 224,766.36 49.2%
TOTAL LIABILITIES & EQUITY 683,354.63 457,239.83 226,114.80 49.5%
Geir clarified that the only credit cards that appear on the
list are ones with balances. Justin noted that he did not
receive his credit card (Sam never sent it), but will no
longer be needing it.
Books are currently up to date as of 2010-05-17 for checking,
savings and credit card accounts.
Our fiscal year closed April 30. Happy new year.
Contributions:
- Current PayPal balance as of 4/19 is $24,038.89 vs
$21,726.54 from last report. This is not included in
financial statements below.
- Received $100,000 check from Google
- Generated invoice for HP at request of Serge and Greg
- Generated invoice for Basis at request of Serge
Tasks Done:
- all approved bills paid. There remains what appears to be
2 paid invoices in the approved section that we need to sort out.
In Progress:
- preparation for FY2010 US Tax filing. FY has ended, and finishing
prep to get materials to CPA. I prob won't make my original target
of May 31 for filing, but don't see it going too long after that.
Main outstanding is payola load into QB as well as ensuring officer
list is up to date.
- Problem with a Dell bill - was alerted by Sam on Monday night
that he received an overdue bill from Dell financials. I called
the next morning, paid approx $670 w/ personal check to bring
account current, and tried to get them to waive finance charges
(~$300) but only succeeded with $50. Once Dell figures out
balance today, I'll pay the rest with ASF check. Need to figure
out where original invoice went so we can keep this from
happening again.
To Do:
- need to start gathering CC receipts from CC holders. E.g ACON09
1) Statement of Financial Income and Expense - April 2010 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 93.80
Contributions Income
Unrestricted 0.00
Total Contributions Income 0.00
Total Income 93.80
Expense
Bank Service Charges 368.40
Licenses and Permits 30.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 2,116.43
Infrastructure Staff 12,500.00
Infrastructure - Other 21.57
Total Infrastructure 15,156.00
Public Relations 5,000.00
Total Program Expenses 20,156.00
Total Expense 20,574.35
Net Ordinary Income -20,480.55
Net Income -20,480.55
2) Statement of Financial Position - As of April 30, 2010 - Accrual Basis
Apr 30, 10 Apr 30, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 12,513.63 11,025.57 1,488.06 13.5%
Wells Fargo Analyzed Account 270,835.09 36,187.52 234,647.57 648.4%
Wells Fargo Savings 285,360.68 298,922.01 -13,561.33 -4.5%
Total Checking/Savings 568,709.40 346,135.10 222,574.30 64.3%
Accounts Receivable
Accounts Receivable 50,000.00 20,000.00 30,000.00 150.0%
Total Accounts Receivable 50,000.00 20,000.00 30,000.00 150.0%
Total Current Assets 618,709.40 366,135.10 252,574.30 69.0%
TOTAL ASSETS 618,709.40 366,135.10 252,574.30 69.0%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 2,116.43 0.00 2,116.43 100.0%
ASF Credit Card - Paul Querna 21.57 666.38 -644.81 -96.8%
ASF Credit Card - Ruby 81.12 58.30 22.82 39.1%
ASF Credit Card - Erenkrantz 0.00 1,761.68 -1,761.68 -100.0%
Total Credit Cards 2,219.12 2,486.36 -267.24 -10.8%
Total Current Liabilities 2,219.12 2,486.36 -267.24 -10.8%
Total Liabilities 2,219.12 2,486.36 -267.24 -10.8%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 252,841.54 101,700.06 151,141.48 148.6%
Total Equity 616,490.28 363,648.74 252,841.54 69.5%
TOTAL LIABILITIES & EQUITY 618,709.40 366,135.10 252,574.30 69.0%
Books are currently up to date as of 2010-04-21 for checking,
savings and credit card accounts.
I've been a bit out of it for the past month due to personal and
work issues - however, I believe all foundation business was taken
care of in a timely manner.
Contributions:
- Current PayPal balance as of 03/17 is $21,726.54, an approx
$2500 increase since last report. This is not
reflected in statement of position below.
Tasks Done:
- all approved bills paid. There are what appear to be 2 paid
invoices in the approved section. Email sent to Phil with
questions.
- Missing Schedule A for FY2008 tax return complete and filed on time.
- Delaware state return filed
- Paid Silicon Mechanics for recent order. Will work to open a
line of credit.
In Progress:
- preparation for FY2010 US Tax filing. Our FY end is April 30
and my goal is a filed US tax return by May 31, 2010.
To Do:
- need to start gathering CC receipts from CC holders. E.g ACON09
1) Statement of Financial Income and Expense - March 2010 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 96.90
Contributions Income
Unrestricted 100,000.00
Total Contributions Income 100,000.00
Total Income 100,096.90
Expense
Bank Service Charges 363.33
Postage and Delivery 31.17
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 9,973.98
Infrastructure Staff 12,500.00
Total Infrastructure 22,991.98
Travel Assistance 1,069.86
Public Relations
PRC Travel 250.40
Public Relations Staff 20,000.00
Total Public Relations 20,250.40
Conference Expenses 5,451.82
Total Program Expenses 49,764.06
Total Expense 50,158.56
Net Ordinary Income 49,938.34
Net Income 49,938.34
2) Statement of Financial Position - As of March 31, 2010 - Accrual Basis
Mar 31, 10 Mar 31, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 12,513.63 10,543.63 1,970.00 18.7%
Wells Fargo Analyzed Account 190,433.40 50,134.09 140,299.31 279.9%
Wells Fargo Savings 285,266.88 298,799.19 -13,532.31 -4.5%
Total Checking/Savings 488,213.91 359,476.91 128,737.00 35.8%
Accounts Receivable
Accounts Receivable 150,000.00 5,000.00 145,000.00 2,900.0%
Total Accounts Receivable 150,000.00 5,000.00 145,000.00 2,900.0%
Total Current Assets 638,213.91 364,476.91 273,737.00 75.1%
TOTAL ASSETS 638,213.91 364,476.91 273,737.00 75.1%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 1,191.96 0.00 1,191.96 100.0%
ASF Credit Card - Ruby 51.12 82.20 -31.08 -37.8%
ASF Credit Card - Erenkrantz 0.00 1,761.68 -1,761.68 -100.0%
Total Credit Cards 1,243.08 1,843.88 -600.80 -32.6%
Total Current Liabilities 1,243.08 1,843.88 -600.80 -32.6%
Total Liabilities 1,243.08 1,843.88 -600.80 -32.6%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 273,322.09 100,684.35 172,637.74 171.5%
Total Equity 636,970.83 362,633.03 274,337.80 75.7%
TOTAL LIABILITIES & EQUITY 638,213.91 364,476.91 273,737.00 75.1%
Books are currently up to date as of 2010-03-14 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 03/17 is $19,205.51.
Contributions for Feb 2010 was about $100 This is not
reflected in statement of position below. We're seeing a
small increase in small amount reversals which is clearly a
new fraud vector of some sort (all are payments from comcast
addresses). I've tried to bring this up with PayPal, but
they don't seem interested. For now I keep refunding any
contribution that is claimed to be in error. The net is zero
for us.
- Funds for Facebook Gold sponsorship received.
- Invoice sent to Google for 2010 Platinum
- Note that we have the outstanding 50k from MSFT for the
platinum. I don't remember the payment arrangement, but just
a note for Serge and Greg. Let me know if there's some step
that I missed. I believe I've returned all necessary
paperwork to MSFT.
Tasks Done:
- all approved bills paid
In Progress:
- Sorting out what really needs to be done for DE filing and
report. There apparently was some confusion around
who was going to handle (I volunteered back in Dec, but thought
the direction was that Scy or MarCom would handle), and
right now, I believe that it's up to Sam and I to resolve.
- We apparently didn't file a Schedule A for FY2009 US Federal
Tax. Working with CPA to resolve.
- Need to get physical forms for 1099 for Sunstar. Will solve
this week (which is what I said last time...)
- invoice to GOOG for GSoC - priority
To Do:
- need to start gathering CC receipts from CC holders. E.g ACON09
1) Statement of Financial Income and Expense - February 2010 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 107.79
Contributions Income
Unrestricted 293.72
Total Contributions Income 293.72
Total Income 401.51
Expense
Bank Service Charges 446.37
Postage and Delivery 19.95
Professional Fees
Accounting 200.00
Total Professional Fees 200.00
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 3,578.38
Infrastructure Staff 18,500.00 (1)
Total Infrastructure 22,596.38
Public Relations
PRC Travel 198.45
Total Public Relations 198.45
Conference Expenses 80.53
Total Program Expenses 22,875.36
Total Expense 23,541.68
Net Ordinary Income -23,140.17
Net Income -23,140.17
Note 1 : Infra staff amount reflects a shift to paying
16Degrees (aka Gavin) before the first of the month to allow
wire issues to be sorted if they arise - therefore in this
month accrue two payments
2) Statement of Financial Position - As of February 28, 2010 - Accrual Basis
Feb 28, 10 Feb 28, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 12,513.63 10,335.23 2,178.40 21.1%
Wells Fargo Analyzed Account 200,779.19 156,914.69 43,864.50 28.0%
Wells Fargo Savings 285,169.98 98,688.88 186,481.10 189.0%
Total Checking/Savings 498,462.80 265,938.80 232,524.00 87.4%
Accounts Receivable
Accounts Receivable 90,000.00 110,000.00 -20,000.00 -18.2%
Total Accounts Receivable 90,000.00 110,000.00 -20,000.00 -18.2%
Total Current Assets 588,462.80 375,938.80 212,524.00 56.5%
TOTAL ASSETS 588,462.80 375,938.80 212,524.00 56.5%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Golucci 1,191.96 0.00 1,191.96 100.0%
ASF Credit Card - Paul Querna 0.00 4,523.30 -4,523.30 -100.0%
ASF Credit Card - Ruby 39.90 39.90 0.00 0.0%
ASF Credit Card - Erenkrantz 198.45 2,790.10 -2,591.65 -92.9%
Total Credit Cards 1,430.31 7,353.30 -5,922.99 -80.6%
Total Current Liabilities 1,430.31 7,353.30 -5,922.99 -80.6%
Total Liabilities 1,430.31 7,353.30 -5,922.99 -80.6%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 223,383.75 106,636.82 116,746.93 109.5%
Total Equity 587,032.49 368,585.50 218,446.99 59.3%
TOTAL LIABILITIES & EQUITY 588,462.80 375,938.80 212,524.00 56.5%
Geir to pursue IRS schedule A fix
Geir indicated that he was prioritizing the US government over
Delaware. Justin indicated that he would like to see both done
this week.
Books are currently up to date as of 2010-02-15 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 01/17 is $19,103. Contributions
for Dec 2009 were $2495 This is not reflected in statement of
position below.
- W9 sent to Facebook.
- Access to PayPal completed and verified with Serge for thank-you's
- Received $2k donation via lockbox from Workers Compensation Fund
- Note that we have the outstanding 50k from MSFT for the platinum.
I don't remember the payment arrangement, but just a note for Serge
and Greg. Let me know if there's some step that I missed. I believe
I've returned all necessary paperwork to MSFT.
Tasks Done:
- all approved bills paid
- had a snafu with Phil's card - it wasn't added to "auto pay" so had to
do a manual payment. Card has been added (paperwork sent), but still
need to do manual payments until that's processed
In Progress:
- CPA confirms need to send 1099 to Sunstar. Will be sent this week
- We're over the top with respect to standard FDIC and 'great
recession' FDIC programs for insurance so starting to explore
alternatives. First thought is short term US Treasuries
- discussing way to get CC receipts from CC holders in most efficient and
non-burdensome fashion possible. We do need more info for expense
tracking
To Do:
- pull spending tracking (budgets) for FY2009 for upcoming budget
process
- invoice to GOOG for GSoC - priority
- need to start gathering CC receipts from CC holders. E.g ACON09
1) Statement of Financial Income and Expense - January 2010 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 121.03
Program Income
Conference 26,913.77
Total Program Income 26,913.77
Contributions Income
Unrestricted 42,421.50
Total Contributions Income 42,421.50
Total Income 69,456.30
Expense
Bank Service Charges 398.14
Interest Expense
Finance Charge 14.26
Total Interest Expense 14.26
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 369.93
Infrastructure Staff 6,500.00
Total Infrastructure 7,387.93
Public Relations 17,215.49
Conference Expenses 3,142.34
Total Program Expenses 27,745.76
Total Expense 28,178.11
Net Ordinary Income 41,278.19
Net Income 41,278.19
2) Statement of Financial Position - As of January 31, 2010 - Accrual Basis
Jan 31, 10 Jan 31, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 10,253.55 2,260.08 22.0%
Wells Fargo Analyzed Account 224,608.53 155,649.16 68,959.37 44.3%
Wells Fargo Savings 285,062.19 98,651.03 186,411.16 189.0%
Total Checking/Savings 522,184.35 264,553.74 257,630.61 97.4%
Accounts Receivable
Accounts Receivable 90,000.00 100,000.00 -10,000.00 -10.0%
Total Accounts Receivable 90,000.00 100,000.00 -10,000.00 -10.0%
Total Current Assets 612,184.35 364,553.74 247,630.61 67.9%
TOTAL ASSETS 612,184.35 364,553.74 247,630.61 67.9%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Phil Gollucci 1,971.79 0.00 1,971.79 100.0%
ASF Credit Card - Paul Querna 0.00 4,491.40 -4,491.40 -100.0%
ASF Credit Card - Ruby 39.90 79.32 -39.42 -49.7%
ASF Credit Card - Erenkrantz 0.00 2,790.10 -2,790.10 -100.0%
Total Credit Cards 2,011.69 7,360.82 -5,349.13 -72.7%
Total Current Liabilities 2,011.69 7,360.82 -5,349.13 -72.7%
Total Liabilities 2,011.69 7,360.82 -5,349.13 -72.7%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 246,523.92 95,244.24 151,279.68 158.8%
Total Equity 610,172.66 357,192.92 252,979.74 70.8%
TOTAL LIABILITIES & EQUITY 612,184.35 364,553.74 247,630.61 67.9%
Philip recommends upping his credit limit, Geir and Justin
recommends not purchasing hardware on credit, but rather with
lines of credits with suppliers.
Jim to forward a pointer to secretary@ on annual report, Sam
(and possibly Craig) to complete.
Books are currently up to date as of 2010-1-17 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 01/17 is $16,608 Contributions
for Dec 2009 were $1729 This is not reflected in
statement of position below.
- Invoice sent to Facebook.
- Contribution flow information (checks, PayPal) sent to Serge for past
month. First step in fixing the 'thank you' problem.
Tasks Done:
- all approved bills paid. Had a wire bounce for Wechner/Wyona Pictures
but in contact with Michael and working to fix
In Progress:
- We're over the top with respect to standard FDIC and 'great
recession' FDIC programs for insurance so starting to explore
alternatives. First thought is short term US Treasuries
To Do:
- 1099 to Sunstar
- W-9 to Facebook
- review switching from accrual to cash accounting
- invoice to GOOG for GSoC - priority
- need to start gathering CC receipts from CC holders. E.g ACON09
1) Statement of Financial Income and Expense - December 2009 - Accrual Basis
Unclassified
Ordinary Income/Expense
Income
Interest Income 120.98
Contributions Income
Unrestricted 53,032.90
Total Contributions Income 53,032.90
Total Income 53,153.88
Expense
Bank Service Charges 338.02
Licenses and Permits 710.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 15,837.56
Total Infrastructure 16,355.56
Public Relations 950.00
Conference Expenses 1,942.02
Total Program Expenses 19,247.58
Total Expense 20,315.55
Net Ordinary Income 32,838.33
Net Income 32,838.33
2) Statement of Financial Position - As of December 31, 2009 - Accrual Basis
Dec 31, 09 Dec 31, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 4,774.63 7,739.00 162.1%
Wells Fargo Analyzed Account 223,304.27 155,009.88 68,294.39 44.1%
Wells Fargo Savings 284,941.16 98,588.89 186,352.27 189.0%
Total Checking/Savings 520,759.06 258,373.40 262,385.66 101.6%
Accounts Receivable
Accounts Receivable 50,000.00 115,500.00 -65,500.00 -56.7%
Total Accounts Receivable 50,000.00 115,500.00 -65,500.00 -56.7%
Total Current Assets 570,759.06 373,873.40 196,885.66 52.7%
TOTAL ASSETS 570,759.06 373,873.40 196,885.66 52.7%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 0.00 2,077.90 -2,077.90 -100.0%
ASF Credit Card - Ruby 39.90 107.60 -67.70 -62.9%
ASF Credit Card - Erenkrantz 287.14 0.00 287.14 100.0%
Total Credit Cards 327.04 2,185.50 -1,858.46 -85.0%
Total Current Liabilities 327.04 2,185.50 -1,858.46 -85.0%
Total Liabilities 327.04 2,185.50 -1,858.46 -85.0%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 206,783.28 109,739.22 97,044.06 88.4%
Total Equity 570,432.02 371,687.90 198,744.12 53.5%
TOTAL LIABILITIES & EQUITY 570,759.06 373,873.40 196,885.66 52.7%
Justin noted that Sunstar does not need a 1099 as he is a
company instead of an individual. Geir will check into this,
and indicated that he filed a 1099 for this last year.
Roy asked if we should start planning for an audit. Geir
believes that the books are ready on an ongoing basis.
Jim asked to verify that we are planning to have a formal
audit, and plans to figure out what it takes to reconstruct an
Audit committee. (The previous audit committee was dissolved
in February of 2009)
Books are currently up to date as of 2009-12-15 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 11/17 is $14,879.04 Contributions
for Nov 2009 were $237 This is not reflected in
statement of position below.
- Second half invoice for MSFT platinum sent, along with companion
paperwork
- Sally requested invoices for HP and VMWare/SpringSource. Forthcoming.
Tasks Done:
- all approved bills paid
- FY2008 tax return complete and sent to IRS
In Progress:
- We're over the top with respect to standard FDIC and 'great
recession' FDIC programs for insurance so starting to explore
alternatives. First thought is short term US Treasuries
To Do:
- review switching from accrual to cash accounting
- invoice to GOOG for GSoC
- need to start gathering CC receipts from CC holders. E.g ACON09
1) Statement of Financial Income and Expense - November 2009 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 117.02
Contributions Income
Unrestricted 18,535.32
Total Contributions Income 18,535.32
Total Income 18,652.34
Expense
Bank Service Charges 385.77
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 752.69
Infrastructure Staff 10,220.95
Total Infrastructure 11,491.64
Travel Assistance 6,343.28
Public Relations
PRC Travel 237.14
Public Relations Staff 21,039.20
Public Relations - Other 4,000.00
Total Public Relations 25,276.34
Conference Expenses 3,887.35
Program Expenses - Other 903.75
Total Program Expenses 47,902.36
Total Expense 48,308.08
Net Ordinary Income -29,655.74
Net Income -29,655.74
2) Statement of Financial Position - As of November 30, 2009 - Accrual Basis
Nov 30, 09 Nov 30, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 2,919.03 9,594.60 328.7%
Wells Fargo Analyzed Account 249,288.75 168,384.22 80,904.53 48.1%
Wells Fargo Savings 284,820.18 98,511.45 186,308.73 189.1%
Total Checking/Savings 546,622.56 269,814.70 276,807.86 102.6%
Accounts Receivable
Accounts Receivable 0.00 115,500.00 -115,500.00 -100.0%
Total Accounts Receivable 0.00 115,500.00 -115,500.00 -100.0%
Total Current Assets 546,622.56 385,314.70 161,307.86 41.9%
TOTAL ASSETS 546,622.56 385,314.70 161,307.86 41.9%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 4,443.78 0.00 4,443.78 100.0%
ASF Credit Card - J. Aaron Farr 0.00 1,909.36 -1,909.36 -100.0%
ASF Credit Card - Ruby 39.90 39.90 0.00 0.0%
ASF Credit Card - Striker 2,329.75 0.00 2,329.75 100.0%
ASF Credit Card - Erenkrantz 2,215.44 433.07 1,782.37 411.6%
Total Credit Cards 9,028.87 2,382.33 6,646.54 279.0%
Total Current Liabilities 9,028.87 2,382.33 6,646.54 279.0%
Total Liabilities 9,028.87 2,382.33 6,646.54 279.0%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 173,944.95 120,983.69 52,961.26 43.8%
Total Equity 537,593.69 382,932.37 154,661.32 40.4%
TOTAL LIABILITIES & EQUITY 546,622.56 385,314.70 161,307.86 41.9%
Justin requests a Y2D expenditures vs budget. Geir says it
shouldn't be that hard, other than potential categorization
issues.
Roy suggests that Geir take a few weeks off.
Aaron needs to update quickbooks, Jim and Geir will get with
Aaron offline.
Gavin: Stone Circle still hasn't billed us for the last 3
ApacheCons? Geir has the checks. Everything is balanced
against WellsFargo, and Geir doesn't think that anything is
mis-categorized. Geir and Gavin will resolve offline.
Books are currently up to date as of 2009-11-17 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 11/17 is $14,642.93. Contributions
for Oct 2009 were $1,159.11 This is not reflected in
statement of position below.
- OSCOM contribution ~$18k.
Tasks Done:
- all approved bills paid except for Geir's expense claim for CSC payment
- to best of my knowledge, all TAC and similar expenses complete and paid
- new credit card for Philip
- documentation for full account access to PayPal (thanks Aaron)
- resent Sander's wire (during board meeting, so it counts!)
In Progress:
- We're over the top with respect to standard FDIC and 'great
recession' FDIC programs for insurance so starting to explore
alternatives. First thought is short term US Treasuries
- Taxes
To Do:
- review switching from accrual to cash accounting
- invoice to GOOG for GSoC
- need to start gathering CC receipts from CC holders. E.g ACON09
1) Statement of Financial Income and Expense - October 2009 - Accrual Basis
TOTAL
Ordinary Income/Expense
Income
Interest Income 155.96
Total Income 155.96
Expense
Bank Service Charges 337.54
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 4,892.25
Infrastructure Staff 9,319.20
Total Infrastructure 14,729.45
Public Relations
Public Relations Staff 185.20
Total Public Relations 185.20
Conference Expenses 2,502.16
Program Expenses - Other 2,687.50
Total Program Expenses 20,104.31
Total Expense 20,461.80
Net Ordinary Income -20,305.84
Net Income -20,305.84
2) Statement of Financial Position - As of October 31, 2009 - Accrual Basis
Oct 31, 09 Oct 31, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 2,814.18 9,699.45 344.7%
Wells Fargo Analyzed Account 281,575.29 24,225.79 257,349.50 1,062.3%
Wells Fargo Savings 284,703.16 158,411.00 126,292.16 79.7%
Total Checking/Savings 578,792.08 185,450.97 393,341.11 212.1%
Accounts Receivable
Accounts Receivable 0.00 200,000.00 -200,000.00 -100.0%
Total Accounts Receivable 0.00 200,000.00 -200,000.00 -100.0%
Total Current Assets 578,792.08 385,450.97 193,341.11 50.2%
TOTAL ASSETS 578,792.08 385,450.97 193,341.11 50.2%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 4,974.72 0.00 4,974.72 100.0%
ASF Credit Card - Ruby 2,990.90 857.39 2,133.51 248.8%
ASF Credit Card - Erenkrantz 3,577.03 2,317.20 1,259.83 54.4%
Total Credit Cards 11,542.65 3,174.59 8,368.06 263.6%
Total Current Liabilities 11,542.65 3,174.59 8,368.06 263.6%
Total Liabilities 11,542.65 3,174.59 8,368.06 263.6%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 203,600.69 120,327.70 83,272.99 69.2%
Total Equity 567,249.43 382,276.38 184,973.05 48.4%
TOTAL LIABILITIES & EQUITY 578,792.08 385,450.97 193,341.11 50.2%
Sander will check again on the wire.
Discussion on the coordination of the payment schedule and
renewal of PR Staff.
Books are currently up to date as of 2009-10-19 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 10/21 is $13,483.82. Contributions via
PayPal for Sept 2009 were $XXXX. This is not reflected in
statement of position below.
- YHOO full platinum payment, and 1st installment of MSFT platinum
payment received
Tasks Done:
- all approved bills are paid except for CSC - I need to call them
and ask if it's ok if we send payment w/o invoice stub
- wired amounts to Noirin for IE retreat deposit, Gavin for SA invoice,
Sander for drive reimbursement
- tax info to local CPA
In Progress:
- Thank-you's - punting until ACON where I can sit down with
conscripts^H^H^H^H^H^H^H volunteers to put together a program
for this
- We're over the top with respect to standard FDIC and 'great
recession' FDIC programs for insurance so starting to explore
alternatives. First thought is short term US Treasuries
To Do:
- review switching from accrual to cash accounting
- get organized around various refunds and expenses for ACON
- invoice to GOOG for GSoC
1) Statement of Financial Income and Expense - September 2009 - Accrual Basis
TOTAL
Ordinary Income/Expense
Income
Interest Income 136.39
Contributions Income
Unrestricted 150,000.00
Total Contributions Income 150,000.00
Total Income 150,136.39
Expense
Bank Service Charges 311.30
Insurance
Liability Insurance 1,352.00
Total Insurance 1,352.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 4,561.36
Infrastructure Staff 6,000.00
Infrastructure - Other 82.47
Total Infrastructure 11,161.83
Travel Assistance 2,951.00
Public Relations
Public Relations Staff 3,636.36
Public Relations - Other 4,769.10
Total Public Relations 8,405.46
Program Expenses - Other 889.53
Total Program Expenses 23,407.82
Total Expense 25,091.07
Net Ordinary Income 125,045.32
Net Income 125,045.32
2) Statement of Financial Position - As of September 30, 2009 - Accrual Basis
Sep 30, 09 Sep 30, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 1,601.08 10,912.55 681.6%
Wells Fargo Analyzed Account 145,171.07 72,117.84 73,053.23 101.3%
Wells Fargo Savings 284,547.20 158,175.95 126,371.25 79.9%
Total Checking/Savings 442,231.90 231,894.87 210,337.03 90.7%
Accounts Receivable
Accounts Receivable 150,000.00 200,000.00 -50,000.00 -25.0%
Total Accounts Receivable 150,000.00 200,000.00 -50,000.00 -25.0%
Total Current Assets 592,231.90 431,894.87 160,337.03 37.1%
TOTAL ASSETS 592,231.90 431,894.87 160,337.03 37.1%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 796.20 0.00 796.20 100.0%
ASF Credit Card - Ruby 2,990.90 66.40 2,924.50 4,404.4%
ASF Credit Card - Erenkrantz 889.53 19.95 869.58 4,358.8%
Total Credit Cards 4,676.63 86.35 4,590.28 5,315.9%
Total Current Liabilities 4,676.63 86.35 4,590.28 5,315.9%
Total Liabilities 4,676.63 86.35 4,590.28 5,315.9%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 223,906.53 169,859.84 54,046.69 31.8%
Total Equity 587,555.27 431,808.52 155,746.75 36.1%
TOTAL LIABILITIES & EQUITY 592,231.90 431,894.87 160,337.03 37.1%
Books are currently up to date as of 2009-09-22 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 9/22 is $12,903.71. Contributions via
PayPal for August 2009 were $179.18. This is not reflected in
statement of position below.
- Working with both YHOO and MSFT for platinum sponsorship invoicing/PO-ing
form-filling, etc
Tasks Done:
- all approved bills are paid. There is a bill in received from Land's
End for goods purchased by a Anne Anacker. No idea what this is.
- wired $4700 to Wyona for video services at ACEU09
- wired $1300 to Weiner for insurance
- Extension filed for 2009 taxes on 9/14
- got clarity on bank failure risk (believed to be zero) for our cash reserves
In Progress:
- Getting thank-you info together for Phil. Failure on my part due to
personal reasons, renewed focus now that work-surge is over.
- 2009 Taxes
To Do:
- explore options for parking cash if we want to get some out of WF
- review switching from accrual to cash accounting
1) Statement of Financial Income and Expense - August 2009 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 118.42
Contributions Income
Unrestricted 319.56
Total Contributions Income 319.56
Total Income 437.98
Expense
Bank Service Charges 320.13
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 713.73
Infrastructure Staff 6,000.00
Total Infrastructure 7,231.73
Public Relations
Public Relations Staff 3,636.36
Total Public Relations 3,636.36
Total Program Expenses 10,868.09
Total Expense 11,208.17
Net Ordinary Income -10,770.19
Net Income -10,770.19
2) Statement of Financial Position - As of Aug 31, 2009 - Accrual Basis
Aug 31, 09 Aug 31, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 12,513.63 502.08 12,011.55 2,392.4%
Wells Fargo Analyzed Account 167,521.60 84,918.46 82,603.14 97.3%
Wells Fargo Savings 284,410.81 157,938.87 126,471.94 80.1%
Total Checking/Savings 464,446.04 243,359.41 221,086.63 90.9%
Accounts Receivable
Accounts Receivable 0.00 200,000.00 -200,000.00 -100.0%
Total Accounts Receivable 0.00 200,000.00 -200,000.00 -100.0%
Total Current Assets 464,446.04 443,359.41 21,086.63 4.8%
TOTAL ASSETS 464,446.04 443,359.41 21,086.63 4.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 893.23 0.00 893.23 100.0%
ASF Credit Card - Ruby 39.90 2,642.67 -2,602.77 -98.5%
ASF Credit Card - Erenkrantz 1,002.96 534.89 468.07 87.5%
Total Credit Cards 1,936.09 3,177.56 -1,241.47 -39.1%
Total Current Liabilities 1,936.09 3,177.56 -1,241.47 -39.1%
Total Liabilities 1,936.09 3,177.56 -1,241.47 -39.1%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 98,861.21 178,233.17 -79,371.96 -44.5%
Total Equity 462,509.95 440,181.85 22,328.10 5.1%
TOTAL LIABILITIES & EQUITY 464,446.04 443,359.41 21,086.63 4.8%
Geir will research how to pay Gavin, preferably automate.
Discussed various options for obtaining modest amounts of cash
for TAC.
Books are currently up to date as of 2009-08-14 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance as of 8/17 is $12,621.70. Contributions via
PayPal for July 2009 were $223.91. This is not reflected in
statement of position below.
(I want the reports to always accurately represent Quickbooks data).
- QB has PayPal data up to end of July (in prep for taxes)
- Google 2008 partial/makeup invoice paid on 7/24
- IONA paid on 7/13. Revenue will be recognized starting 3/1/2009
through 2/28/2010
- Note that YHOO and MSFT Plat sponsorship expire this month.
Tasks Done:
- bills : The $4700 bill awaiting PRC approval was approved by Jim,
and I missed the approval :) Working now to send the wire.
- J Aaron got us caught up re PayPal data in prep for taxes. Thanks!
In Progress:
- Getting thank-you info together for Phil. Failure on my part due to
personal reasons, renewed focus now that work-surge is over.
To Do:
- FY2008 taxes - due date is Sept 15. These are in progress.
- Find place for cash above FDIC limit (e.g. CDs)
- review switching from accrual to cash accounting
1) Statement of Financial Income and Expense - July 2009 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 120.70
Contributions Income
Unrestricted 1,563.60
Total Contributions Income 1,563.60
Total Income 1,684.30
Expense
Bank Service Charges 364.94
PayPal Charges 5.09
Postage and Delivery 19.95
Printing and Reproduction 552.64
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 1,329.63
Infrastructure Staff 6,000.00
Total Infrastructure 7,847.63
Public Relations
PRC Travel 2,523.06
Public Relations Staff 3,636.36
Total Public Relations 6,159.42
Total Program Expenses 14,007.05
Total Expense 14,949.67
Net Ordinary Income -13,265.37
Net Income -13,265.37
2) Statement of Financial Position - As of July 31, 2009 - Accrual Basis
Jul 31, 09 Jul 31, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 12,513.63 374.99 12,138.64 3,237.1%
Wells Fargo Analyzed Account 180,919.35 107,617.48 73,301.87 68.1%
Wells Fargo Savings 284,292.39 157,694.26 126,598.13 80.3%
Total Checking/Savings 477,725.37 265,686.73 212,038.64 79.8%
Total Current Assets 477,725.37 265,686.73 212,038.64 79.8%
TOTAL ASSETS 477,725.37 265,686.73 212,038.64 79.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 1,329.63 0.00 1,329.63 100.0%
ASF Credit Card - Ruby 39.90 917.01 -877.11 -95.7%
ASF Credit Card - Striker 1,520.10 0.00 1,520.10 100.0%
ASF Credit Card - Erenkrantz 1,555.60 534.89 1,020.71 190.8%
Total Credit Cards 4,445.23 1,451.90 2,993.33 206.2%
Total Current Liabilities 4,445.23 1,451.90 2,993.33 206.2%
Total Liabilities 4,445.23 1,451.90 2,993.33 206.2%
Equity
Retained Earnings 363,648.74 261,948.68 101,700.06 38.8%
Net Income 109,631.40 2,286.15 107,345.25 4,695.5%
Total Equity 473,280.14 264,234.83 209,045.31 79.1%
TOTAL LIABILITIES & EQUITY 477,725.37 265,686.73 212,038.64 79.8%
3) Ad-hoc Budget Tracking
Summary : We're way behind in income on a flat monthly plan, but we're
also far ahead in expenses. (Expenses are less their budget by
more than income is less than target, on a percentage basis.)
Income :
Current monthly income target is $541,200 / 12 = $45,100
Interest income : $120
PayPal Contributions : $223
Sponsorship contributions for July 2009 :
Platinum : ($100,000 / 12 = $8333)
Microsoft $8333
Yahoo $8333
Google $8333
Silver : ($20,000 / 12 = $1667)
HP $1667
IONA $1667
Bronze : ($5,000 / 12 = $417)
BlueNog $417
Intuit $417
Joost $417
Mullenweg $417
Sponsorship Subtotal : $30,000
Monthly Total : $30,343
% of monthly target : 67%
YTD Total : $88,627
% of annual plan : 16%
Expense :
Current monthly expense budget is $404,541 / 12 = $33,711
Expense for June 2009 (cash basis) : $14,950
% of monthly target : 44% (this is good!)
YTD Total : $48,701
% of plan : 12%
Brian will continue discussing hiring an accountant on the
list.
Books are currently up to date as of 2009-07-13 for checking,
savings and credit card accounts.
Contributions:
- Current PayPal balance is $12,397.90 USD. Contributions via PayPal for
June 2009 were $1135.33. This is not reflected in statement of position below.
(I want the reports to always accurately represent Quickbooks data).
PayPal history reporting seems to be often broken.
- IONA 2009 invoice paid on 7/13 ($20,000)
- Google 2009 invoice paid on 6/30 ($100,000)
- Google 2008 partial invoice outstanding (not a worry)
- Note that YHOO and MSFT Plat sponsorship anniversary is Aug 2009. AFAIK, I have not
been requested to issue any invoices.
Tasks Done:
- bills : Avnet. Note there is a $4700 bill awaiting PRC approval
- resent Sunstar check again. We are in sync.
- PayPal and I don't get along because PayPal is often broken and their
reports never give totals. How hard could this be?
In Progress:
- Getting thank-you info together for Phil
Todo :
- Move Sunstar, Sally, (?) to direct pay if they are willing
- FY2008 taxes - due date is August 15th
- Find place for cash above FDIC limit (e.g. CDs)
- review switching from accrual to cash accounting
1) Statement of Financial Income and Expense - June 2009 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 122.71
Contributions Income
Unrestricted 50,010.00
Total Contributions Income 50,010.00
Total Income 50,132.71
Expense
Bank Service Charges 340.31
Contract Labor 800.00
Postage and Delivery 19.95
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 12,000.00 (1)
Infrastructure - Other 4,072.53
Total Infrastructure 16,590.53
Public Relations
Public Relations Staff 3,636.36
Total Public Relations 3,636.36
Total Program Expenses 20,226.89
Total Expense 21,387.15
Net Ordinary Income 28,745.56
Net Income 28,745.56
Note 1 : The extra 6k was for the returned check last month.
2) Statement of Financial Position - As of June 30 - Accrual Basis
Jun 30, 09 Jun 30, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 10,885.17 154.30 10,730.87 6,954.6%
Wells Fargo Analyzed Account 120,018.91 103,434.33 16,584.58 16.0%
Wells Fargo Savings 284,171.69 157,450.03 126,721.66 80.5%
Total Checking/Savings 415,075.77 261,038.66 154,037.11 59.0%
Accounts Receivable
Accounts Receivable 70,000.00 0.00 70,000.00 100.0%
Total Accounts Receivable 70,000.00 0.00 70,000.00 100.0%
Total Current Assets 485,075.77 261,038.66 224,037.11 85.8%
TOTAL ASSETS 485,075.77 261,038.66 224,037.11 85.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 39.90 0.00 39.90 100.0%
ASF Credit Card - Erenkrantz 0.00 1,273.31 -1,273.31 -100.0%
Total Credit Cards 39.90 1,273.31 -1,233.41 -96.9%
Total Current Liabilities 39.90 1,273.31 -1,233.41 -96.9%
Total Liabilities 39.90 1,273.31 -1,233.41 -96.9%
Equity
Retained Earnings 363,508.34 261,948.68 101,559.66 38.8%
Net Income 121,527.53 -2,183.33 123,710.86 5,666.2%
Total Equity 485,035.87 259,765.35 225,270.52 86.7%
TOTAL LIABILITIES & EQUITY 485,075.77 261,038.66 224,037.11 85.8%
3) Ad-hoc Budget Tracking
Summary : We're way behind in income on a flat monthly plan, but we're also far ahead in expenses.
(Expenses are less their budget by more than income is less than target, on a percentage basis.)
Income :
Current monthly income target is $541,200 / 12 = $45,100
Interest income : $122
Paypal Contributions : $1135
Sponsorship contributions for June 2009 :
Platinum : ($100,000 / 12 = $8333)
Microsoft $8333
Yahoo $8333
Google $8333
Silver : ($20,000 / 12 = $1667)
HP $1667
Bronze : ($5,000 / 12 = $417)
BlueNog $417
Intuit $417
Joost $417
Mullenweg $417
Sponsorship Subtotal : $28,333
Monthly Total : $29,590
% of monthly target : 66%
YTD Total : $58,284
% of annual plan : 11%
Expense :
Current monthly expense budget is $404,541 / 12 = $33,711
Expense for June 2009 (cash basis) : $20,226
% of monthly target : 60% (this is good!)
YTD Total : $33,751
% of plan : 8%
Discussion:
justin: avnet bill for $4700 isn't PRC, but infra
geir: that's two separate entries; avnet is paid, $4700 is for
infra
aaron: are all PayPal transactions up to date?
geir: no, but I will be getting a pro to help me...
Books are currently up to date as of 2009-06-14 for checking,
savings and credit card accounts.
Contributions :
- Current PayPal balance is $11,327.74 USD. Contributions via PayPal for
May 2009 were $234. This is not reflected in statement of position below.
(I want the reports to always accurately represent Quickbooks data).
PayPal history reporting seems to be often broken.
- IONA 2009 invoice outstanding from 4/1
- Google 2009 invoice outstanding from 5/16
Tasks Done :
- bills : PRNewsWire
- resent Sunstar check
- Direct Pay is setup, I have Yet Another Dongle
Todo :
- Move Sunstar, Sally, (?) to direct pay if they are willing
- FY2008 taxes - due date is August 15th
- review switching from accrual to cash accounting
- list of donors for "thank you's"
- figure out why PayPal and I don't get along
Question : Contract for Catherine Ruby is ended or will be ended. What is
her last month of work?
Financial Reports :
1) Statement of Financial Income and Expense - May 2008 - Accrual Basis
Ordinary Income/Expense
Income
Interest Income 126.97
Contributions Income
Unrestricted 100,000.00
Total Contributions Income 100,000.00 (1)
Total Income 100,126.97
Expense
Bank Service Charges 349.22
Contract Labor 800.00
Postage and Delivery 26.42
Professional Fees
Legal Fees 400.00
Total Professional Fees 400.00
Program Expenses
Infrastructure
Colocation Expenses 518.00
Infrastructure Staff 0.00 (2)
Total Infrastructure 518.00
Public Relations
Public Relations Staff 3,636.36
Public Relations - Other 1,615.00
Total Public Relations 5,251.36
Total Program Expenses 5,769.36
Total Expense 7,345.00
Net Ordinary Income 92,781.97
Net Income 92,781.97
Notes :
(1) - this is the 2009 Google Platinum Sponsorship Invoice. Haven't been paid yet.
(2) - Should be 6k, but as it's accrual, the 6k check we sent was offset by a 6k check returned.
2) Statement of Financial Position - as of May 31, 2009 - Accrual Basis
May 31, 09 May 31, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 10,885.17 14,027.77 -3,142.60 -22.4%
Wells Fargo Analyzed Account 26,930.92 100,996.05 -74,065.13 -73.3%
Wells Fargo Savings 299,048.98 157,214.03 141,834.95 90.2%
Total Checking/Savings 336,865.07 272,237.85 64,627.22 23.7%
Accounts Receivable
Accounts Receivable 120,000.00 0.00 120,000.00 100.0%
Total Accounts Receivable 120,000.00 0.00 120,000.00 100.0%
Total Current Assets 456,865.07 272,237.85 184,627.22 67.8%
TOTAL ASSETS 456,865.07 272,237.85 184,627.22 67.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 528.39 0.00 528.39 100.0%
ASF Credit Card - Ruby 46.37 0.00 46.37 100.0%
ASF Credit Card - Erenkrantz 0.00 348.31 -348.31 -100.0%
Total Credit Cards 574.76 348.31 226.45 65.0%
Total Current Liabilities 574.76 348.31 226.45 65.0%
Total Liabilities 574.76 348.31 226.45 65.0%
Equity
Retained Earnings 363,508.34 261,948.68 101,559.66 38.8%
Net Income 92,781.97 9,940.86 82,841.11 833.3%
Total Equity 456,290.31 271,889.54 184,400.77 67.8%
TOTAL LIABILITIES & EQUITY 456,865.07 272,237.85 184,627.22 67.8%
3) Ad-hoc Budget Tracking
Summary : We're way behind in income on a flat monthly plan, but we're also far ahead in expenses.
(Expenses are less their budget by more than income is less than target, on a percentage basis.)
Income :
Current monthly income target is $541,200 / 12 = $45,100
Interest income : $127
PayPal Contributions : $234
Sponsorship contributions for May 2009 :
Platinum : ($100,000 / 12 = $8333)
Microsoft $8333
Yahoo $8333
Google $8333 (invoiced with high degree of confidence - we haven't actually received any money yet)
Silver : ($20,000 / 12 = $1667)
HP $1667
Bronze : ($5,000 / 12 = $417
BlueNog $417
Intuit $417
Joost $417
Mullenweg $417
Sponsorship Subtotal : $28,333
Monthly Total : $28,694
% of monthly target : 64%
YTD Total : $28,694
% of annual plan : 5%
Expense :
Current monthly expense budget is $404,541 / 12 = $33,711
Expense for May 2009 (cash basis) : $13,345
% of monthly target : 40% (this is good!)
YTD Total : $13,345
% of plan : 3%
May was Catherine's last month.
Like the idea of an Apache person signing thank you's, Justin
and Geir suggests coordinating this through the PRC, Jim
suggests having the Secretary coordinate this.
Yahoo and Microsoft are coming up due in August. Sally will
contact both. If it not clear when Microsoft's term started:
OSCON or when we actually invoiced them?
Books are currently up to date as of 2009-05-18 for checking,
savings and credit card accounts.
Contributions :
- funds for Joost Bronze Sponsorship received
- no major PayPal contributions of note
Tasks Done :
- FY2007 taxes complete, sent w/ coverletter on 2009-05-12
- notified PRC of outstanding/expired 'metal' sponsors, and working
to establish better process for fundraising support
- paypal reconciled (thanks Aaron!)
- got "direct pay" instigated. Waiting for another dongle from WF
- bills : Rosenlaw and PRNewsWire
- line of credit application for Sun support vendor
- invoice for Google Platinum 2009 sent to Google as per Sally/PRCs
instructions
- resent Sunstar checks due to expiration and USPO fail
- Invoice issued for IONA
Todo :
- FY2008 taxes
- review switching from accrual to cash accounting
- list of donors for "thank yous"
In general, I think that treasury is working smoothly. I hope to have
a first-cut of a budgeting spreadsheet by this meeting. The point of
such a thing isn't to do "push-down" budgeting as it was mistakenly
interpreted, but really get a better picture of what we're spending
on a monthly basis per plan than QB can provide. For example, I'd
like to recognize sponsor revenue on a monthly basis (i.e. 1/12th of
a given sponsors contribution) so we can get a real sense of what
the income is for a given month, what the budgeted spend is for a
given month, and what actual spending is. We should then get a much
better sense of where we are per plan, what extra cash we have per
the budget to move to other uses, etc.
Standard reports follow. Note they are now on a calendar month boundary
so these are for April 2009, and up to April 30, 2009 respectively.
Both remain on accrual basis.
Statement of Financial Income and Expense - April 2009
Accrual Basis
Ordinary Income/Expense
Income
Interest Income 122.82
Contributions Income
Unrestricted 20,739.39
Total Contributions Income 20,739.39 [1]
Total Income 20,862.21
Expense
Bank Service Charges 305.56
Cash Discounts 51.47
Contract Labor 1,600.00
PayPal Charges 17.66
Postage and Delivery 19.95
Printing and Reproduction -78.48
Program Expenses
Infrastructure
Colocation Expenses 518.00
Hardware Purchases 666.38
Infrastructure Staff 12,000.00 [2]
Total Infrastructure 13,184.38
Public Relations
Public Relations Staff 3,636.36
Public Relations - Other 1,250.00
Total Public Relations 4,886.36
Total Program Expenses 18,070.74
Total Expense 19,986.90
Net Ordinary Income 875.31
Net Income 875.31 [3]
Notes :
[1] This is on an accrual basis - it's the 20k invoice for IONA. On a cash basis, it's
$5800, reflecting the received wire from Joost for their Bronze sponsorship.
[2] This reflects two checks written to Sunstar. One is because our WF direct pay didn't
send the check on 4/2, and the second is becuase the 3/3 check was returned as
undeliverable by the USPO. Now, I had to issue two more this month, one because
the 2/2 check expired, and the second was because I had to stop the replacement for
the 3/3/ check as that didn't make it, so I issued another. Upshot is that this
looks very confusing, and I'm happy to go over the details w/ anyone interested.
I've also intitiated getting a DirectPay system, so we can electronically pay Sunstar
and any other vendor.
[3] On a cash basis, we'd be $14k in the red for April 2009
Statement of Financial Position
Accrual Basis As of April 30, 2009
Apr 30, 09 Apr 30, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 10,885.17 13,714.47 -2,829.30 -20.6%
Wells Fargo Analyzed Account 36,187.52 91,364.58 -55,177.06 -60.4%
Wells Fargo Savings 298,922.01 156,970.55 141,951.46 90.4%
Total Checking/Savings 345,994.70 262,049.60 83,945.10 32.0%
Accounts Receivable
Accounts Receivable 20,000.00 0.00 20,000.00 100.0%
Total Accounts Receivable 20,000.00 0.00 20,000.00 100.0%
Total Current Assets 365,994.70 262,049.60 103,945.10 39.7%
TOTAL ASSETS 365,994.70 262,049.60 103,945.10 39.7%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Paul Querna 666.38 0.00 666.38 100.0%
ASF Credit Card - Ruby 58.30 0.00 58.30 100.0%
ASF Credit Card - Erenkrantz 1,761.68 100.92 1,660.76 1,645.6%
Total Credit Cards 2,486.36 100.92 2,385.44 2,363.7%
Total Current Liabilities 2,486.36 100.92 2,385.44 2,363.7%
Total Liabilities 2,486.36 100.92 2,385.44 2,363.7%
Equity
Retained Earnings 261,948.68 241,248.43 20,700.25 8.6%
Net Income 101,559.66 20,700.25 80,859.41 390.6%
Total Equity 363,508.34 261,948.68 101,559.66 38.8%
TOTAL LIABILITIES & EQUITY 365,994.70 262,049.60 103,945.10 39.7%
Geir notes that the comparison for FY 2008 and FY 2009 was surprisingly
controversial. Jim indicated that it is easy to take out of context.
Bill suggest that the comparisons be broken out exactly as the
budget is in SVN.
Justin mentioned an obligation for public outreach expense
that we have approved that is not reflected in the budget
numbers. TAC expenses may not be fully accounted for just yet.
We agreed to remove the comparisons from the minutes. Geir plans to work
to having something that we can post next month.
Non-PayPal Contributions received :
None
No PayPal contributions listed in this report. Will have update next
month.
Taxes : The remaining discrepancies in books are in Justin's CC
account (about $20K) and in breaking out individual PayPal
donations (previously PayPal was input in monthly lumps). Aaron
now has access to this historical data and is currently entering it.
Done :
- 1099's for last year's contractors
- get setup with PIN for online banking in QB
- get setup w/ "retail" account for check writing
and > 90 day CC reports (so I can bring QB up to date for taxes)
- figure out why SA didn't get paid for jan or feb
- automate CC transaction download to QB
- repay system admin for returned check in march
- shift bookkeeping to monthly calendar rather than board calendar
- produce month/month report for better near-term tracking
Todo :
- taxes
- review contributor invoicing and billing process w/ fundraising
- review switching from accrual to cash accounting
- PayPal reconciliation
- list of donors for "thank you's"
- more that I'm forgetting
Statement for March 2009. Note that this is for 3/1 - 3/31.
Following will be the final traditional "board meeting to board
meeting statement".
The Apache Software Foundation
Statement of Financial Income and Expense
March 2009 Accrual Basis
Ordinary Income/Expense
Income
Interest Income 110.31
Total Income 110.31
Expense
Bank Service Charges 292.89 (1)
Postage and Delivery 62.25
Program Expenses
Public Relations Staff 5,398.04
Infrastructure Staff 0.00 (2)
Colocation Expenses 518.00
Total Program Expenses 5,916.04
Total Expense 6,271.18
Net Ordinary Income -6,160.87
Net Income -6,160.87
(1) I will work to reduce this - right now I believe we're
paying for multiple electronic download fees
(2) SunStar's check was returned to us due to USPO SNAFU. A
replacement check has been issued. Expect $12k in April
Statement
The final "board meeting to board meeting statement" :
The Apache Software Foundation
Statement of Financial Income and Expense
Accrual Basis March 18 through April 15, 2009
Ordinary Income/Expense
Income
Interest Income 110.31
Total Income 110.31
Expense
Bank Service Charges 292.89
Contract Labor 1,600.00 (1)
Postage and Delivery 38.35
Program Expenses
Public Relations 1,250.00 (2)
Public Relations Staff 5,398.04
Infrastructure Staff 6,000.00 (3)
Hardware Purchases 137.99
Colocation Expenses 518.00
Total Program Expenses 13,304.03
Total Expense 15,235.27
Net Ordinary Income -15,124.96
(1) Reflects an additional check to makeup payment due March 1, 2009
(2) PR Newswire
(3) We wrote 2 6k checks, posted 4/13 and 4/14 (WF can't handle
2 on the same day... really...) but there was a 6k credit
from original check posting back in late March, so net is 6k.
The Apache Software Foundation
Statement of Financial Position
Accrual Basis As of March 31, 2009
Mar 31, 09 Mar 31, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
PayPal 10,217.60 3,917.93 6,299.67 160.8%
Wells Fargo Analyzed Account 50,134.09 110,083.87 -59,949.78 -54.5%
Wells Fargo Savings 298,799.19 156,741.44 142,057.75 90.6%
Total Checking/Savings 359,150.88 270,743.24 88,407.64 32.7%
Accounts Receivable
Accounts Receivable 5,000.00 0.00 5,000.00 100.0% (1)
Total Accounts Receivable 5,000.00 0.00 5,000.00 100.0%
Total Current Assets 364,150.88 270,743.24 93,407.64 34.5%
TOTAL ASSETS 364,150.88 270,743.24 93,407.64 34.5%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 82.20 0.00 82.20 100.0%
ASF Credit Card - Erenkrantz 1,733.73 -14,770.81 16,504.54 111.7%
ASF Credit Card - Jagielski 0.00 -199.08 199.08 100.0%
Total Credit Cards 1,815.93 -14,969.89 16,785.82 112.1%
Total Current Liabilities 1,815.93 -14,969.89 16,785.82 112.1%
Total Liabilities 1,815.93 -14,969.89 16,785.82 112.1%
Equity
Retained Earnings 261,975.10 241,114.20 20,860.90 8.7%
Net Income 100,359.85 44,598.93 55,760.92 125.0%
Total Equity 362,334.95 285,713.13 76,621.82 26.8%
TOTAL LIABILITIES & EQUITY 364,150.88 270,743.24 93,407.64 34.5%
(1) Currently receivable is Joost sponsorship.
Geir mentions that the report is on a month to month basis, rather
board meeting to board meeting. This allows for closing of the books
within the timeframe for the board report. Should catch expenses for
that month, rather than slipping under the radar because they refer
to the month before.
Aaron took the action item to post to board@ on the topic of cash
accounting which we haven't been doing so far.
The Budget was added as a discussion item at end of meeting.
The transition between Aaron and myself is going smoothly. I have
access to Wells Fargo CEO system, and solved the much-dreaded
"create a PIN for the RSA token" riddle.
Contributions received :
- Intuit
- Microsoft (from August 2008 invoice)
No PayPal contributions listed in this report. Will have update next
month.
Taxes : we are unable to file another extension. Plan is to just
grind them out and send a letter explaining situation, apologizing,
promising to never do it again, and ask for leniency from the IRS.
Todo :
- taxes
- 1099's for last year's contractors
- get setup with PIN for online banking in QB
- get setup w/ "retail" account for checkwriting
and > 90 day CC reports (so I can bring QB up to date for taxes)
- review contributor invoicing and billing process w/ fundraising
- review switching from accrual to cash accounting
- automate CC transaction download to QB
- shift bookkeeping to monthly calendar rather than board calendar
- produce month/month report for better near-term tracking
- figure out why SA didn't get paid for jan or feb
- more that I'm forgetting
Statement of Financial Income and Expense
February 19 through March 17, 2009
(Accrual Basis)
Ordinary Income/Expense
Income
Interest Income 37.85
Total Income 37.85
Expense
Bank Service Charges 301.19
Licenses and Permits 341.00
Postage and Delivery 43.85
Program Expenses
Travel Assistance 7,193.52
Public Relations Staff 3,636.36
Infrastructure Staff 6,000.00
Colocation Expenses 1,068.03
Total Program Expenses 17,897.91
Total Expense 18,583.95
Net Ordinary Income -18,546.10
Net Income -18,546.10
Note that this is on an accrual basis, and thus there was infrastructure expense
from January that got posted to QB today, so they "fell out" of this report, even
though it was paid for 3/10/09. (IOW, we have no formal record of those expenses
in board reports. I'll be happy to post an "updated" for the previous period if
it's necessary)
The Apache Software Foundation
Statement of Financial Position
Accrual Basis - As of March 17, 2009
Mar 17, 09 Mar 17, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 10,217.60 3,917.93 6,299.67 160.8%
Wells Fargo Analyzed Account 44,397.08 112,157.04 -67,759.96 -60.4%
Wells Fargo Savings 298,688.88 156,584.82 142,104.06 90.8%
Total Checking/Savings 353,303.56 272,659.79 80,643.77 29.6%
Accounts Receivable
Accounts Receivable 5,000.00 0.00 5,000.00 100.0%
Total Accounts Receivable 5,000.00 0.00 5,000.00 100.0%
Total Current Assets 358,303.56 272,659.79 85,643.77 31.4%
TOTAL ASSETS 358,303.56 272,659.79 85,643.77 31.4%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 43.85 0.00 43.85 100.0%
ASF Credit Card - Erenkrantz -27.95 -14,770.81 14,742.86 99.8%
ASF Credit Card - Jagielski 0.00 -199.08 199.08 100.0%
Total Credit Cards 15.90 -14,969.89 14,985.79 100.1%
Total Current Liabilities 15.90 -14,969.89 14,985.79 100.1%
Total Liabilities 15.90 -14,969.89 14,985.79 100.1%
Equity
Retained Earnings 261,975.10 241,114.20 20,860.90 8.7%
Net Income 96,312.56 46,515.48 49,797.08 107.1%
Total Equity 358,287.66 287,629.68 70,657.98 24.6%
TOTAL LIABILITIES & EQUITY 358,303.56 272,659.79 85,643.77 31.4%
Current outstanding AR is Joost.
We need to issue "thank you" to all donors over $75;
treasurers will collect the information, the SA will execute
There's been some discussion about either replacing the current
treasurer or adding an assistant. I support either proposal.
With respect to improvements for the treasurer office, my
suggestions are:
- We should have an accountant do the taxes
- If we continue to do the books and invoicing ourselves and
we're going to have more than one person modifyinñg them,
then we should switch to something like Quickbooks Online.
- We may want to consider outsourcing our bookkeeping as
well, though I think we should try having an assistant
treasurer first.
- The current Bills folder in svn isn't a very good solution.
It was better than before (which was nothing), but it has
low visibility and not much of a chance to comment and
record issues. A private JIRA project (or similar tool)
would be better.
- We need a lot more coordination between PRC and treasury
with respect to invoicing our sponsors. We really need a
CRM or similar system so that we know who talked to who
when and what needs done.
- And of course, the budget, which others have stepped up to
handle.
There's been discussion about filing another extension. I
don't know the status on whether it's been filed or not (should
be a discussion item).
All bills are up to date. The reason for our late fees with
Traci.net is due to the payments arriving one day late. By
this billing cycle that should be fixed. We issued an extra
payment and we're back on track. We should still monitor the
invoices; however, since we only have a flat payment scheduled.
Donations of note this month:
- HP: $20,000
- OpenLogic, Inc: $750
No expenses of note.
Statement of Financial Income and Expense
January 21 through February 18, 2009
TOTAL
Ordinary Income/Expense
Income
Interest Income 62.14
Contributions Income
Unrestricted 31,062.96
Total Contributions Income 31,062.96
Total Income 31,125.10
Expense
Bank Service Charges 114.90
Contract Labor 800.00
Postage and Delivery 19.95
Program Expenses
Public Relations Staff 3,636.36
Infrastructure Travel 2,790.10
Infrastructure Staff 6,000.00
Colocation Expenses 518.00
Total Program Expenses 12,944.46
Total Expense 13,879.31
Net Ordinary Income 17,245.79
Net Income 17,245.79
Statement of Financial Position
As of February 18, 2009
Feb 18, 09 Jan 18, 09 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 10,217.60 9,904.64 312.96 3.2%
Wells Fargo Analyzed Account 165,270.53 157,610.07 7,660.46 4.9%
Wells Fargo Savings 98,651.03 98,588.89 62.14 0.1%
Total Checking/Savings 274,139.16 266,103.60 8,035.56 3.0%
Accounts Receivable
Accounts Receivable 110,000.00 100,000.00 10,000.00 10.0%
Total Accounts Receivable 110,000.00 100,000.00 10,000.00 10.0%
Total Current Assets 384,139.16 366,103.60 18,035.56 4.9%
TOTAL ASSETS 384,139.16 366,103.60 18,035.56 4.9%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 19.95 59.37 -39.42 -66.4%
ASF Credit Card - Erenkrantz 2,762.15 -27.95 2,790.10 9,982.5%
Total Credit Cards 2,782.10 31.42 2,750.68 8,754.6%
Total Current Liabilities 2,782.10 31.42 2,750.68 8,754.6%
Total Liabilities 2,782.10 31.42 2,750.68 8,754.6%
Equity
Retained Earnings 261,975.10 261,975.10 0.00 0.0%
Net Income 119,381.96 104,097.08 15,284.88 14.7%
Total Equity 381,357.06 366,072.18 15,284.88 4.2%
TOTAL LIABILITIES & EQUITY 384,139.16 366,103.60 18,035.56 4.9%
Geir to sign and send out the extension for taxes.
Discussion on CRM was deferred to the list (some feeling was
expressed that a CRM system was needed, others felt it was
overkill)
Was Microsoft invoiced? J Aaron is waiting on a PO number.
Geir encountered a similar issue. Peter from MS feels like he
is waiting on J Aaron. J Aaron will call Peter after the call.
Taxes have been submitted to subversion. Need review and then
we can send to IRS.
Statement of Financial Income and Expense
December 17, 2008 through January 22, 2009
TOTAL
Ordinary Income/Expense
Income
Interest Income 77.44
Contributions Income
Unrestricted 7,087.38
Total Contributions Income 7,087.38
Total Income 7,164.82
Expense
Bank Service Charges 431.88
Contract Labor 800.00
Licenses and Permits 356.00
Postage and Delivery 59.37
Printing and Reproduction 78.48
Program Expenses
Public Relations Staff 3,636.36
Infrastructure Travel 1,393.35
Infrastructure Staff 6,000.00
Hardware Purchases 2,077.90
Colocation Expenses 518.00
Total Program Expenses 13,625.61
Total Expense 15,351.34
Net Ordinary Income -8,186.52
Net Income -8,186.52
The Apache Software Foundation
Statement of Financial Position
Accrual Basis As of January 22, 2009
Jan 22, 09 Dec 17, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 9,904.64 3,197.11 6,707.53 209.8%
Wells Fargo Analyzed Account 155,649.16 155,148.93 500.23 0.3%
Wells Fargo Savings 98,588.89 98,511.45 77.44 0.1%
Total Checking/Savings 264,142.69 256,857.49 7,285.20 2.8%
Accounts Receivable
Accounts Receivable 100,000.00 115,500.00 -15,500.00 -13.4%
Total Accounts Receivable 100,000.00 115,500.00 -15,500.00 -13.4%
Total Current Assets 364,142.69 372,357.49 -8,214.80 -2.2%
TOTAL ASSETS 364,142.69 372,357.49 -8,214.80 -2.2%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 59.37 87.65 -28.28 -32.3%
ASF Credit Card - Erenkrantz -27.95 -27.95 0.00 0.0%
Total Credit Cards 31.42 59.70 -28.28 -47.4%
Total Current Liabilities 31.42 59.70 -28.28 -47.4%
Total Liabilities 31.42 59.70 -28.28 -47.4%
Equity
Retained Earnings 261,975.10 261,975.10 0.00 0.0%
Net Income 102,136.17 110,322.69 -8,186.52 -7.4%
Total Equity 364,111.27 372,297.79 -8,186.52 -2.2%
TOTAL LIABILITIES & EQUITY 364,142.69 372,357.49 -8,214.80 -2.2%
Verbal report: not much changed last month, we did get some
donations in the lockbox, but nothing unusual to report.
J Aaron's computer is in the process of merging the 990 and
statements "as we speak", and J Aaron will commit as soon as it is
complete.
J Aaron called Traci.net, the issue was "in transit" when the
last bill was issued; this will be resolved in the next
billing cycle.
J Aaron will attend to the Bills svn directory shortly.
Next year may need to write off some account receivable for
donations promised but never received. We may need better
control over the sponsorship program to align when payments
are received.
(Comments identical to this month's member's meeting.)
(Reports are for this month, not annual.)
This year saw continued steady revenue via the sponsorship
programs. Expenses have increased as we've continued to
contract executive assistants, PR and infrastructure staff. In
order to switch over to accural accounting, we applied for an
extention for our US tax returns for the last fiscal year.
The mounting fiscal issue facing the foundation is the lack of
a proper budget. This has been discussed in the last several
board meetings, though no deadline has yet been established.
Statement of Financial Income and Expense
November 19 through December 18, 2008
TOTAL
Ordinary Income/Expense
Income
Interest Income 100.45
Program Income
Code Awards 15,500.00
Total Program Income 15,500.00
Contributions Income
Unrestricted 1,554.69
Total Contributions Income 1,554.69
Unrelated Business Income 111.35
Total Income 17,266.49
Expense
Bank Service Charges 280.80
Contract Labor 800.00
Postage and Delivery 87.65
Program Expenses
Public Relations Staff 3,636.36
Infrastructure Staff 6,000.00
Colocation Expenses 518.00
Total Program Expenses 10,154.36
Total Expense 11,322.81
Net Ordinary Income 5,943.68
Net Income 5,943.68
Statement of Financial Position
As of December 18, 2008
Dec 18, 08 Nov 19, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 3,197.11 2,737.13 459.98 16.8%
Wells Fargo Analyzed Account 155,148.93 168,635.12 -13,486.19 -8.0%
Wells Fargo Savings 98,511.45 98,411.00 100.45 0.1%
Total Checking/Savings 256,857.49 269,783.25 -12,925.76 -4.8%
Accounts Receivable
Accounts Receivable 115,500.00 115,500.00 0.00 0.0%
Total Accounts Receivable 115,500.00 115,500.00 0.00 0.0%
Total Current Assets 372,357.49 385,283.25 -12,925.76 -3.4%
TOTAL ASSETS 372,357.49 385,283.25 -12,925.76 -3.4%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - J. Aaron Farr 0.00 1,909.36 -1,909.36 -100.0%
ASF Credit Card - Ruby 87.65 19.95 67.70 339.4%
ASF Credit Card - Erenkrantz -27.95 405.12 -433.07 -106.9%
Total Credit Cards 59.70 2,334.43 -2,274.73 -97.4%
Total Current Liabilities 59.70 2,334.43 -2,274.73 -97.4%
Total Liabilities 59.70 2,334.43 -2,274.73 -97.4%
Equity
Retained Earnings 261,975.10 261,975.10 0.00 0.0%
Net Income 110,322.69 120,973.72 -10,651.03 -8.8%
Total Equity 372,297.79 382,948.82 -10,651.03 -2.8%
TOTAL LIABILITIES & EQUITY 372,357.49 385,283.25 -12,925.76 -3.4%
We discussed various questions about specific reimbursements.
Nothing of note.
New schedule for tax return? Definitely be postmarked by year
end. What is the exposure on this being late? It is felt that
the most it could be is a fine/penalty.
Questions on changing of accounting basis (to accrual).
Note offer for a pro bono accounting review. Bill to follow
up.
Code awards represents Google of Code, at this point in time,
this is a "account receivable".
The sponsorship payments from Yahoo! and Bluenog have
arrived. Still waiting for Microsoft's payment to arrive.
Notable expenses this month include the new contract with Halo
(and closing out the old contract) and the expenses for the
volunteer project with Beacon of Hope in New Orleans.
The payments for Traci.net have now been scheduled to occur
automatically.
Several reimbursements are also scheduled, but not yet mailed
out.
Statement of Financial Income and Expense
October 15 through November 19, 2008
TOTAL
Ordinary Income/Expense
Income
Interest Income 235.05
Contributions Income
Unrestricted 1,094.71
Total Contributions Income 1,094.71
Unrelated Business Income 29.00
Total Income 1,358.76
Expense
Bank Service Charges 272.10
Contract Labor 1,800.00
Contributions 1,951.07
Insurance -45.00
Postage and Delivery 19.95
Program Expenses
Travel Assistance 2,268.20
Public Relations 4,000.00
Public Relations Staff 43,636.36
Infrastructure Staff 6,000.00
Hardware Purchases 383.36
Colocation Expenses 1,043.77
Total Program Expenses 57,331.69
Total Expense 61,329.81
Net Ordinary Income -59,971.05
Net Income -59,971.05
Statement of Financial Position
As of November 19, 2008
Nov 19, 08 Oct 15, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 2,737.13 1,642.42 1,094.71 66.7%
Wells Fargo Analyzed Account 168,635.12 64,267.99 104,367.13 162.4%
Wells Fargo Savings 98,411.00 158,175.95 -59,764.95 -37.8%
Total Checking/Savings 269,783.25 224,086.36 45,696.89 20.4%
Accounts Receivable
Accounts Receivable 100,000.00 205,000.00 -105,000.00 -51.2%
Total Accounts Receivable 100,000.00 205,000.00 -105,000.00 -51.2%
Total Current Assets 369,783.25 429,086.36 -59,303.11 -13.8%
TOTAL ASSETS 369,783.25 429,086.36 -59,303.11 -13.8%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - J. Aaron Farr 1,909.36 0.00 1,909.36 100.0%
ASF Credit Card - Ruby 19.95 830.44 -810.49 -97.6%
ASF Credit Card - Erenkrantz 405.12 2,297.25 -1,892.13 -82.4%
Total Credit Cards 2,334.43 3,127.69 -793.26 -25.4%
Total Current Liabilities 2,334.43 3,127.69 -793.26 -25.4%
Total Liabilities 2,334.43 3,127.69 -793.26 -25.4%
Equity
Retained Earnings 261,975.10 261,975.10 0.00 0.0%
Net Income 105,473.72 163,983.57 -58,509.85 -35.7%
Total Equity 367,448.82 425,958.67 -58,509.85 -13.7%
TOTAL LIABILITIES & EQUITY 369,783.25 429,086.36 -59,303.11 -13.8%
Discussion: Aaron to rebalance checking and savings and to check into
the continued payment of the Executive Assistant.
Still waiting on payment from Microsoft, Yahoo! and a new
bronze sponsor. Otherwise, finances are normal and luckily,
our bank didn't fail in the last month.
Several pending treasury activities:
- Recently got feedback from an accountant about our taxes.
Things moving along there.
- Need to send in the form to Wells Fargo for new credit
cards.
Statement of Financial Income and Expense
September 17 through October 15, 2008
TOTAL
Ordinary Income/Expense
Income
Interest Income 237.08
Contributions Income
Unrestricted 6,354.15
Total Contributions Income 6,354.15
Total Income 6,591.23
Expense
Bank Service Charges 273.19
Contract Labor 1,800.00
Postage and Delivery 76.40
Program Expenses
Infrastructure Staff 6,000.00
Hardware Purchases -1,974.00
Program Expenses - Other 2,307.20
Total Program Expenses 6,333.20
Total Expense 8,482.79
Net Ordinary Income -1,891.56
Other Income/Expense
Other Income
Royalty Payment 636.56
Total Other Income 636.56
Net Other Income 636.56
Net Income -1,255.00
Statement of Financial Position
As of October 15, 2008
Oct 15, 08 Sep 17, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 1,642.42 748.94 893.48 119.3%
Wells Fargo Analyzed Account 64,267.99 71,708.73 -7,440.74 -10.4%
Wells Fargo Savings 158,175.95 157,938.87 237.08 0.2%
Total Checking/Savings 224,086.36 230,396.54 -6,310.18 -2.7%
Accounts Receivable
Accounts Receivable 205,000.00 200,000.00 5,000.00 2.5%
Total Accounts Receivable 205,000.00 200,000.00 5,000.00 2.5%
Total Current Assets 429,086.36 430,396.54 -1,310.18 -0.3%
TOTAL ASSETS 429,086.36 430,396.54 -1,310.18 -0.3%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby -1,907.60 0.00 -1,907.60 -100.0%
ASF Credit Card - Erenkrantz 2,297.25 0.00 2,297.25 100.0%
Total Credit Cards 389.65 0.00 389.65 100.0%
Total Current Liabilities 389.65 0.00 389.65 100.0%
Total Liabilities 389.65 0.00 389.65 100.0%
Equity
Retained Earnings 261,975.10 261,975.10 0.00 0.0%
Net Income 166,721.61 168,421.44 -1,699.83 -1.0%
Total Equity 428,696.71 430,396.54 -1,699.83 -0.4%
TOTAL LIABILITIES & EQUITY 429,086.36 430,396.54 -1,310.18 -0.3%
We discussed the expected billing for the outstanding Halo
expenses, on the order of $20K to $40K.
This last month has been a busy one for me and I'm still
catching up on a number of tasks. As Jim mentioned, we've
filled an extension on our taxes as I found some discrepancies
between how I had been accounting for our pledges / donations
versus previous years. This has required me to go back and
rework the tax forms.
The good news is that this month we have proper reports
including accounts receivable and liabilities (credit cards).
Notes about finances this month:
- There have been *no* deposits via the lockbox
- The accounts receivable represents the platinum sponsorship
by Yahoo! and Microsoft. I've been in touch with both and
we're just waiting for payments.
Statement of Financial Income and Expense
August 20 through September 17, 2008
TOTAL
Ordinary Income/Expense
Income
Interest Income 244.61
Contributions Income
Unrestricted 444.83
Total Contributions Income 444.83
Total Income 689.44
Expense
Bank Service Charges 259.13
Contract Labor 1,800.00
Insurance 1,450.00
Program Expenses
Public Relations Staff 2,222.22
Infrastructure Staff 6,000.00
Hardware Purchases 10,073.86
Total Program Expenses 18,296.08
Total Expense 21,805.21
Net Ordinary Income -21,115.77
Net Income -21,115.77
Statement of Financial Position
As of September 17, 2008
Sep 17, 08 Aug 20, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 748.94 304.11 444.83 146.3%
Wells Fargo Analyzed Account 71,708.73 96,442.32 -24,733.59 -25.7%
Wells Fargo Savings 157,938.87 157,694.26 244.61 0.2%
Total Checking/Savings 230,396.54 254,440.69 -24,044.15 -9.5%
Accounts Receivable
Accounts Receivable 200,000.00 200,000.00 0.00 0.0%
Total Accounts Receivable 200,000.00 200,000.00 0.00 0.0%
Total Current Assets 430,396.54 454,440.69 -24,044.15 -5.3%
TOTAL ASSETS 430,396.54 454,440.69 -24,044.15 -5.3%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
ASF Credit Card - Ruby 0.00 2,642.67 -2,642.67 -100.0%
ASF Credit Card - Erenkrantz -19.95 494.99 -514.94 -104.0%
Total Credit Cards -19.95 3,137.66 -3,157.61 -100.6%
Total Current Liabilities -19.95 3,137.66 -3,157.61 -100.6%
Total Liabilities -19.95 3,137.66 -3,157.61 -100.6%
Equity
Retained Earnings 261,975.10 261,975.10 0.00 0.0%
Net Income 168,441.39 189,327.93 -20,886.54 -11.0%
Total Equity 430,416.49 451,303.03 -20,886.54 -4.6%
TOTAL LIABILITIES & EQUITY 430,396.54 454,440.69 -24,044.15 -5.3%
Discussion items:
Are sponsors tied to our fiscal year or calendar? Sponsorship
starts at the point of sponsorship, and will often span fiscal
years and calendar years. For this reason (among others), it
makes sense to switch to accrual accounting.
Jim to work with Aaron to close the loop on sponsor invoices
Would it make sense to offload the data entry of the bill pay?
Answer: no.
Aaron to follow up on the Google SoC invoice
(Re-)appointment of treasurer tabled, will revisit month to
month. Aaron will continue in the interim.
I'm still in the middle of working on the taxes and updating
the books. I had hoped to have it done for the meeting today,
but I expect I need one more day. The taxes are my top
priority right now.
Current treasurer tasks include:
- Invoices to Microsoft and Yahoo! for sponsorship money
- Follow-up with Wells Fargo on increase in credit line
- Follow-up with Wells Fargo on why new cards are not listed in
our online banking (CEO) account.
- Get Sander reimbursed for the flowers
The $360.04 different between the two reports is due to an
equivalent payment on Justin's and Sam's credit cards. Our
large income was from Stone Circle productions for ApacheCon US
2007 profit.
Statement of Financial Income and Expense
July 16 through August 20, 2008
TOTAL
Ordinary Income/Expense
Income
Program Income
Conference 18,394.00
Total Program Income 18,394.00
Contributions Income
Unrestricted 617.13
Total Contributions Income 617.13
Total Income 19,011.13
Expense
Bank Service Charges 280.27
Contract Labor 1,800.00
Program Expenses
Public Relations Staff 4,444.44
Infrastructure Staff 6,000.00
Colocation Expenses 1,043.77
Total Program Expenses 11,488.21
Total Expense 13,568.48
Net Ordinary Income 5,442.65
Net Income 5,442.65
The Apache Software Foundation
Statement of Financial Position
As of August 20, 2008
Aug 20, 08 Jul 15, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 304.11 196.98 107.13 54.4%
Wells Fargo Analyzed Account 96,671.55 91,696.07 4,975.48 5.4%
Wells Fargo Savings 157,214.03 157,214.03 0.00 0.0%
Total Checking/Savings 254,189.69 249,107.08 5,082.61 2.0%
Total Current Assets 254,189.69 249,107.08 5,082.61 2.0%
TOTAL ASSETS 254,189.69 249,107.08 5,082.61 2.0%
Aaron will take care of the Dell invoice, and will work on defining a
better workflow for invoices.
Bill suggested that "Public Relations" should be "Public
Relations Services".
There's been some talk about work on the treasurer's part.
Here's the outstanding to-do list:
- Get the credit card transactions up to date in the QuickBooks
account. This could be handed off to our Exec. Assistant.
- First draft of the tax return (due by August 1st)
- Prepare a policy and workflow for approving expenses.
The credit card issue hasn't changed since our last meeting. I
need to talk to our assistant to determine how we'll transfer
the data and Quickbooks information.
I've started looking over the taxes from last year in order to
figure out what I need to do to prepare the taxes for this
year. Looking at my current schedule, I should be able to
manage a "draft" of the taxes before August 1st which could
then be reviewed during August and submitted before September.
On the matter of helping the treasurer, there really isn't that
much work that needs to be done usually. Given that our
current assistants are, as far as I know, under-utilized, it is
my recommendation that until we show further need, we assign
excess treasurer work to one of our assistants when necessary.
Monthly financial reports below.
The $1,253.36 difference between the two reports is due to an
equivalent payment made on Justin's credit card. Since we are
not yet reporting liabilities (the credit cards), this only
shows up as a cash payment without any balancing decrease in
liabilities.
Statement of Financial Income and Expense
June 25 through July 16, 2008
TOTAL
Ordinary Income/Expense
Income
Contributions Income
Unrestricted 241.99
Total Contributions Income 241.99
Total Income 241.99
Expense
Bank Service Charges 29.90
Contract Labor 1,000.00
Program Expenses
Public Relations 3,455.00
Infrastructure Staff 6,000.00
Total Program Expenses 9,455.00
Total Expense 10,484.90
Net Ordinary Income -10,242.91
Net Income -10,242.91
Statement of Financial Position
As of July 16, 2008
Jul 16, 08 Jun 25, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 196.98 14,073.17 -13,876.19 -98.6%
Wells Fargo Analyzed Account 91,696.07 89,316.15 2,379.92 2.7%
Wells Fargo Savings 157,214.03 157,214.03 0.00 0.0%
Total Checking/Savings 249,107.08 260,603.35 -11,496.27 -4.4%
Total Current Assets 249,107.08 260,603.35 -11,496.27 -4.4%
TOTAL ASSETS 249,107.08 260,603.35 -11,496.27 -4.4%
Sam to arrange payment for the Florida colo with Traci.net
Jim to fax FedEx request for updated CC information to Sam for
processing
No significant financial contributions in the last month.
The automatic payments to our contractors had not been updated
to reflect pay increases from the last round of contracts. All
back-pay has been settled this month. This is the cause of the
extra contractor costs this month.
The tax process has not yet started. It's my next major task.
Before that I'd like to get the accounts for the credit cards
up to date in our books. Given my current schedule this is
probably something we could have one of our assistants handle
and I'd like to discuss that.
Need to follow-up with audit committee on closing the books and
getting the necessary records to them. I expect this process
will result in several changes, such as the recording of
electronic bank/credit-card statements each month and proper
collection of receipts. We're lacking in all of these areas.
Many thanks to Bill Rowe for pushing this process forward.
Statement of Financial Income and Expense
May 22 through June 25, 2008
TOTAL
Ordinary Income/Expense
Income
Interest Income 243.48
Contributions Income
Unrestricted 208.17
Total Contributions Income 208.17
Total Income 451.65
Expense
Bank Service Charges 289.96
Contract Labor 2,200.00
Postage and Delivery 19.95
Program Expenses
Public Relations Staff 2,222.22
Infrastructure Staff 7,000.00
Total Program Expenses 9,222.22
Total Expense 11,732.13
Net Ordinary Income -11,280.48
Net Income -11,280.48
Statement of Financial Position
As of June 25, 2008
Jun 25, 08 May 21, 08 $ Change % Change
ASSETS
Current Assets
Checking/Savings
Paypal 14,073.17 13,917.23 155.94 1.1%
Wells Fargo Analyzed Account 89,316.15 100,996.05 -11,679.90 -11.6%
Wells Fargo Savings 157,214.03 156,970.55 243.48 0.2%
Total Checking/Savings 260,603.35 271,883.83 -11,280.48 -4.2%
Total Current Assets 260,603.35 271,883.83 -11,280.48 -4.2%
TOTAL ASSETS 260,603.35 271,883.83 -11,280.48 -4.2%
*NOTE: when we have the credit card records up to date in
QuickBooks, I'll be including total liabilities in the report
as well.
Aaron to task the EA to do some data entry tasks, coordinating
this effort with Justin and Jim as required.
The Quickbooks are _almost_ completely back up to date. All
Wells Fargo Checking and Savings accounts are up to date.
Paypal has been lumped in because their history/download
functionality has been broken. Also, the individual credit
card transactions still need entered. Perhaps we could have
one of our contractors perform this last part.
Work now needs to begin on the audit process and the 2007 tax
returns. That's my next step.
Also, still waiting for Wells Fargo to issue new credit cards.
With the books now up to date, I can now provide some better
financial reports:
Statement of Financial Income and Expense
April 16 through May 21, 2008
TOTAL
Ordinary Income/Expense
Income
Interest Income 221.40
Contributions Income
Unrestricted 42,003.66
Total Contributions Income 42,003.66
Total Income 42,225.06
Expense
Bank Service Charges 503.20
Contract Labor 2,400.00
Program Expenses
Public Relations Staff 4,444.44
Infrastructure Staff 5,000.00
Hardware Purchases 12,407.73
Program Expenses - Other 5,125.00
Total Program Expenses 26,977.17
Total Expense 29,880.37
Net Ordinary Income 12,344.69
Net Income 12,344.69
Statement of Financial Position
As of May 21, 2008
May 21, 08 Apr 30, 08 $ Change
ASSETS
Current Assets
Checking/Savings
Paypal 13,917.23 13,620.02 297.21
Wells Fargo Checking 100,996.05 91,364.58 9,631.47
Wells Fargo Savings 156,970.55 156,970.55 0.00
Total Checking/Savings 271,883.83 261,955.15 9,928.68
Total Current Assets 271,883.83 261,955.15 9,928.68
TOTAL ASSETS 271,883.83 261,955.15 9,928.68
I'd appreciate any feedback on the new financial reports.
Discussion:
* A number of kudos for the new report format
* Aaron, Sam, Justin to pursue transferring Jim, Sander's credit cards
to Aaron, Sam
Sam Ruby finally has his corporate card; however, there is
still some mix-up with Wells Fargo. They still have Sander's
card listed as active and Sam and my card are also Checking
Cards (not just credit cards). Will follow-up with Wells Fargo
before next board meeting.
I also finally have my Quickbooks PIN again, so I'm in the
process of updating the quickbook records. This needs done
ASAP so we can begin our audit work and begin preparing for
taxes.
In terms of the current finances, the most significant change
is a new contractor this month. While speaking with Wells
Fargo, I discussed changing the type of savings account we have
to one that would provide better interest rates. I also talked
about ways to lower or eliminate some of our banking fees (such
as the lockbox fee). Our checking account should give us
certain 'credits' against such fees.
Paypal $ 13,620.02 ($+ 3,303.66)
Checking $101,206.80 ($- 8,728.02)
Savings $156,749.15 ($+ 164.33)
Total $271,575.97 ($- 5,260.03)
Expenses:
Contractor Payments $ 8,822.22
Office Expenses $ 39.90
Banking Fees $ 246.15
TOTAL $ 9,108.27 [1]
Income:
Donations via Lockbox $ 380.25 [2]
Paypal Donations $ 3,303.66
Interest Income $ 164.33
TOTAL $ 3,848.24
[1] There are currently $4,475.99 in charges on Justin's card for
infrastructure expenses (AVNET) that will be paid next cycle.
[2] 3 deposits. Two from the car payment. One from Just Give.
From the discussion:
* Aaron to follow up on whether or not we need to rebalance the
accounds in order to minimize banking fees.
* Jim to look into a virtual address for the ASF, so we don't
need to update things every time the secretary changes.
* Aaron fixed a few typos. The minutes reflect the corrected
amounts.
I'm still behind on getting the quickbook file up to date. I'm
going to need to take some time to consider how I'm going to
handle that. The work isn't difficult, just takes some time
that I haven't had lately.
Other points of note: We'll have a new contractor on the
payroll next week. I should also start moving money out of our
paypal account. And of course, tax time is coming up.
Paypal $ 10,316.36 ($+ 588.35)
Checking $109,934.82 ($+ 8,692.09)
Savings $156,584.82 ($+ 167.01)
Total $276,836.00 ($+ 9,447.45)
Expenses:
Contractor Payments $ 8,022.22
Infrastructure $ 2.886.79
Banking Fees $ 448.90
TOTAL $11,357.91
Income:
Donations via Lockbox $20,050.00 [1]
Paypal Donations $ 588.35
TOTAL $20,638.35
[1] Includes IONA Silver Sponsorship Payment
In discussion it was asked when the books will be brought up to date.
Aaron's travel for the remainder of the month might mean that this
not occur until next month. Justin suggested that Aaron make use
of either the executive assistant or the secretary assistant.
If not completed by apachecon EU, other arrangements will be
discussed there.
For the report, I've broken out the credit card expenses. I've
also included expenses on our business card that have not yet
been paid (just under $3,000 USD) which would be why the
numbers don't completely add up correctly in this report. I'll
consider how to better report this for next month.
Paypal $ 9,728.01 ($+ 5,236.63) [1]
Checking $101,242.73 ($-31,342.55)
Savings $156,417.81 ($+ 238.00)
Total $267,388.55 ($-25,871.09)
Expenses:
Contractor Payments $10,244.44
Infrastructure $23,711.28
Banking Fees $ 233.62
Fed Ex $ 449.12
TOTAL $34,638.46
Income:
Donations via Lockbox $ 560.40
Paypal Donations $ 5,236.63
TOTAL $ 5,797.03
[1] Including new Bronze Sponsor
We discussed the status of the outstanding invoice for Sally.
Nothing exceptional to report for the beginning of the year. As
requested, I'm providing a more detailed report of the finances
Paypal $ 4,491.38 ($+ 573.45)
Checking $132,585.28 ($- 3,836.65)
Savings $156,182.98 ($+ 248.54)
Total $293,259.64 ($- 3,014.66)
Expenses:
Contract Payments $ 5,800.00
CC Expenses $ 3,431.61
Stone Circle $ 4,075.35 [1]
Banking Fees $ 109.54
TOTAL $ 13,416.50
Income:
Donations via Lockbox $ 5,638.35 [2]
Paypal Donations $ 573.45
Stone Circle $ 3,941.50 [3]
TOTAL $ 10,152.30
[1] Payment for Amsterdam Media Training class
[2] Largest single donation: $2000 from Mediapolis, Inc.
[3] ApacheCon US 2006 Proceeds
On a personal note, I had a hard-drive failure which wiped out my
Quickbooks install (more specifically corrupted the Parallels
Windows image). I have not yet gotten Quickbooks back up and
running. Intend to get this worked out before next reporting
cycle. Note that we have recent backups of our QuickBook data in
svn, so our data is still fine. It's just my setup which is
offline.
During the discussion, a question was asked as to whether
the balance split between the checking and savings was right.
The answer was yes.
Google and HP have provided the remainder of their sponsorship
donations. Otherwise, very little activity.
We had a series of $0.01 paypal donations from a single
individual. I'm following-up to determine what the donor's
intentions are.
Paypal $ 3,917.93 ($+ 1,137.52)
Checking $136,421.93 ($- 3,061.80)
Savings $155,934.44 ($+ 530.88)
Total $296,274.30 ($- 1,393.40)
Discussion:
* There was a request for more details. In particular, "significant"
contributions and expenditures should be itemized. As well as
a budget. And a published tax return. (Justin took last item as a
todo).
We received 5,000 euros from Lufthansa Airplus for their Bronze sponsorship on October 23rd. Other contributions over the last month include money from the car program, cirque systems from seattle, justgive.org, and one personal donor. We have one check that I believe was sent to us in error. Paypal $ 3,000.23 ($+ 219.82) Checking $141,839.07 ($+ 2,355.34) Savings $155,686.01 ($+ 282.45) Total $300,525.31 ($+ 2,857.61) A question came up regarding sponsor invoices. Aaron took todo. Aaron also took an action item to find out the status of the secretary's signature/credit-card.
The biggest news is that we got the Yahoo! Sponsorship check in. Other sources of funds over the last month included $95 from Amazon (associate fee). I sent Tiffany Griffith a W9 form for Apache's 2007 participation in the Google Summer of Code program. Justin already noted updates to our Well's Fargo account in his report. Current Accounts: Paypal $ 2,780.41 ($+ 1,059.82) Checking $139,483.73 ($+93,463.09) Savings $155,403.56 ($+ 292.89) Total $297,667.70 ($+94,815.80)
An updated invoice for the Yahoo! sponsorship went out on September 8th. The original invoice was missing a PO number which is the cause of the hold-up. There are actually a number of outstanding items that need to be handled by the treasurer including reimbursements to members (Geir). There also a recent email requesting a 10k payment to a "OB10 system" from HP. Paypal $ 1,720.59 ($+ 822.59) Checking $ 46,020.64 ($- 5,776.22) Savings $155,110.67 ($+ 311.90) Total $202,851.90 ($- 4,641.73) As for the transition to for new officers, I'm not sure the status on getting Sam Ruby on the account. Wells Fargo still lists the credit card accounts as belonging to Justin, Jim, and Sander. Jim and Justin were directed to provide "HP" login information to Aaron.
On Aug 10, Justin and I visited the Wells Fargo branch in Irvin in order to add my name to the accounts. With the exception of foreign currency wire transfers, I think I now have access to all the financial accounts (don't have any checks on hand though). On August 2nd we received a bronze level sponsorship check from Two Sigma Investments, LLC. On Aug 21st, Geir wired funds from his personal account our D&O Insurance. Justin has been working with myself and the Audit committee on the 990 filing. Drafts have been placed in the financials repository. Current balances (as of 29 AUG 2007) Paypal $ 898.00 (+$ 691.28) Checking $ 51,796.86 (-$11,518.31) Savings $154,798.77 (+$ 663.42) Total $207,493.63 (-$10,163.61) (differences are since 19 JUN 2007 which was the last reported balance in the board meeting minutes) We also discussed the status of the upcoming Yahoo! sponsorship, and directed the treasurer to reimburse Geir for wiring expenses. (Thanks, Geir!)
Tabled until next regular meeting
Justin has been getting me up to speed on Treasurer duties. I now have access to Well Fargo Online and email updates are being sent to me. While I'm in LA for OS Summit Asia planning Aug 10-12, Justin and I will attempt to finish much of the handover and work on the upcoming IRS returns. The goal is to have a first draft for Aug 10th, followed by a two week review, and then submission around August 29th.
Tabled until next regular meeting
The balances below reflects the already paid 3Q invoice from Google (yay). HP's next installment still needs to be submitted into their arcane processing system. A preliminary P&L report for last fiscal year was submitted at the members meeting. The next step will be to create a draft 990 filing for review by the Audit Committee. The final filing will be due to the IRS on September 15. It is expected that with the appointment of a new Treasurer at this meeting that the coming month will be spent transitioning preliminary access to all of the accounts and transitioning the books and such. Current balances (as of 6/19/2007): Paypal $ 206.72 (-$ 1,065.08) Checking $ 63,315.17 (+$25,277.65) Savings $154,135.35 (+$ 363.82) Total $217,657.24 (+$24,576.39)
The balances below reflect our purchase of the Sun equipment for the NL co-lo as well as the just-received 1Q/2Q sponsorship payments from HP. The HP payment apparently got mauled by the USPS on its way to Jim's. 3Q invoices will be issued to HP soon, as well as (really!) the next invoice to Google for their sponsorship. As the '06-'07 fiscal year is now over, work will start shortly on drafting the annual report - with a goal of preliminary numbers to report for the members meeting on June 5th. I am still on the lookout for good candidates to serve as Treasurer for the upcoming year. Current balances (as of 5/15/2007): Paypal $ 1,271.80 (+$ 158.40) Checking $ 38,037.52 (+$ 21,712.45) Savings $153,771.53 (-$ 49,546.09) Total $193,080.85 (-$ 27,675.24)
For the sponsorship program, we have yet to receive our first installment from HP. Further conversations to track down what broke down where in the billing process will continue with HP. Discussions have begun with Covalent regarding their potential for an in-kind (non-cash) donation. On the PayPal front, the phishing scam continued and resulted in posting a page linked off our front page: http://www.apache.org/foundation/paypal-scam.html trying to explain the situation. A trickle of complaints continue from various avenues and responses point at this page. The fiscal year closes at the end of the month, so my focus will soon shift to preparing the annual report. I've had brief conversation with Karen from SFLC who will again be available to do a review of our report before submission for any assistance. I would also like to inform the Board that I do not intend to accept a nomination for Treasurer next year. This is not a statement of time, but rather of interest - I feel the position has changed for the better since I have taken the position two years ago, but I would really like to see someone else fulfill these duties in the coming year. I will certainly make myself available to ensure a transition occurs smoothly and promptly. As a matter of course, I will prepare and oversee the submission of the annual report for the about-to-close year. Current balances (as of 4/24/2007): Paypal $ 1,113.40 (+$ 538.46) Checking $ 16,325.07 (-$ 14,922.04) Savings $203,317.62 (+$ 484.64) Total $220,756.09 (-$ 13,898.94)
For our sponsorship program, we have received partial payments from Covalent and are awaiting the first payment from HP. A new invoice for the second installment for Google has not yet been issued, but will try to get it out next month. Unimaginably, PayPal has gotten even worse - as we have now been the target of a phishing scam where innocents have received fake receipts from PayPal that are duplicates of a real receipt from the ASF. Joshua Slive has assisted in responding to the hundreds of complaints received so far, but more rounds of the phishing scam continue. Per the last meeting, contracts were extended for the System Admin position and the Secreterial Assistant. Jim should now be in receipt of the signed contracts. Our fiscal year will close on April 30. Current balances (as of 3/27/2007): Paypal $ 574.94 (-$ 1,635.57) Checking $ 31,247.11 (-$ 2,441.22) Savings $202,832.98 (+$ 436.74) Total $234,655.03 (-$ 3,640.05) Justin noted that ~$70k US, for the sponsorship program, in currently not invoiced, but will be within the next months.
We now have confirmed sponsors at each level. Partial invoices have been issued to Covalent and HP. A new invoice for the second installment for Google will be issued now that we have enough sponsors lined up. Continued difficulties with PayPal have persisted. In one case, after consultation with other Directors, we have issued a check due to a disputed chargeback not being resolved in anyone's favor. Our contract with our secretarial assistant expires at the end of this month. Our contract with our sysadmin will expire at the end of March. Our fiscal year will close on April 30. Current balances (as of 2/19/2007): Paypal $ 2,210.51 (+$ 0.00) Checking $ 33,688.33 (-$ 4,268.20) Savings $202,396.24 (+$ 487.70) Total $238,295.08 (-$ 3,780.50)
We have received one more bronze sponsor since the last meeting and received a good faith partial payment towards that sponsorship. I believe the PRC is starting to sketch out logos to provide to the sponsors. Hopefully, we'll see more of a pickup now that folks are coming off vacation. The list of donors who donated over $100 last year was sent to Jim and Jon late last month and the thank yous have now all been physically mailed or emailed (where no physical address was given). The IRS minimum is to acknowledge donations only over $250, but we're more on the ball this year than last, so Jim and I agreed we could do a larger number of thank yous - hence donors who gave more than $100 should receive a thank you from us. Current balances (as of 1/16/2007): Paypal $ 2,210.51 (+$ 955.23) Checking $ 37,956.53 (-$ 922.34) Savings $201,908.54 (+$ 479.13) Total $242,075.58 (+$ 512.02)
As seen in the balances below, Google's partial sponsorship check has arrived. We have not received any other payments for the program; so, I am not comfortable asking for the remainder of the agreed-upon sum from Google without jeopardizing our public charity status until more sponsorships are received. I know Jim has had some conversations with potential sponsors lately, so the outlook isn't bleak - I would expect some progress to occur after folks return from winter vacations next month. As mentioned last month, I have migrated my 'treasurer setup' to a new machine and upgraded to QuickBooks 2007. A steady stream of lockbox payments have arrived. However, I have not yet had time to figure out how to produce the donor listing reports yet with the new version of QB - I will try to do so soon. Last year, I did it manually; but I think there's a way to get the report done automatically from QB. Current balances (as of 12/19/2006): Paypal $ 1,255.28 (+$ 691.55) Checking $ 38,878.87 (+$ 21,829.88) Savings $201,429.41 (+$ 10,457.29) Total $241,563.56 (+$ 32,978.72) During Justin's talk, Jim was asked to provide updated information regarding the Sponsorship program. Jim reported that the Sponsorship page is now online and linked to the main ASF page. He has also been in contact with other protential sponsors. Work still needs to be done on the Thanks page and the logos.
The SoC payment Jim received last month has now been received in our account and is reflected below. Per the email sent earlier this week, the cost of the co-lo move from UL to OSL is currently $3,188.70. We have discontinued payments to UL. Due to some mixups with the vendors, my personal credit card was charged for some of these items ($714.11 in total). Given Jim and Sander's recent approval via email, I will be reimbursed for those charges. In the last few weeks, we've had a number of 'chargeback' incidents with PayPal. These seem to be cases where credit card fraud may have been used and the scammers donated money to us. The fact that there's been so many in the last few weeks is sort of disturbing. We should keep an eye on this, but there's not much that we can do here. We have not yet received the Google payment for the sponsorship program, but should receive it in the next month. We're also still awaiting a firm committment from Covalent as to what level they will donate at. A few other companies have expressed interest in the program, but we have not yet received any other payments. I would also like to upgrade us to QuickBooks 2007. We're currently using QB 2005. Due to some upcoming personal changes, I need to migrate my main QB setup to another computer. So, I'd like to take this opportunity to upgrade QB as well. The new "non-profit" version claims to better support 990 forms. If true, that's really nice and would be a huge time saver. It's $399.95 online (downloadable from Intuit). Current balances (as of 11/14/2006): Paypal $ 563.73 (-$ 348.82) Checking $ 17,048.99 (+$ 15,720.45) Savings $190,972.12 (-$ 9,507.91) Total $208,584.84 (+$ 5,863.72) Jim volunteered to contact Covalent regarding their Sponsorship level.
As Jim mentions, we have received some checks, but they have not yet arrived at our lockbox so are not reflected in our balances below. We should expect next month's balances to be more robust. I have submitted a partial invoice to Google for their donation under the newly announced sponsorship program. Current balances (as of 10/24/2006): Paypal $ 912.55 (-$ 508.47) Checking $ 1,328.54 (-$ 4,112.04) Savings $200,480.03 (-$ 22.61) Total $202,721.12 (-$ 4,643.12)
Tax returns for the 2005-2006FY have now been filed with the IRS. Per public disclosure regulations, the return can be downloaded at: http://www.apache.org/foundation/records/990-2006.pdf There was much relief and rejoicing. Per the resolution from the last meeting, a six-month contract offer (Sept 1, 2006 through Feb 28, 2007) was extended to Jonathan Jagielski, which was accepted and signed. The first payment will be issued on October 1. Current balances (as of 09/18/2006): Paypal $ 1,421.02 (+$ 449.05) Checking $ 5,440.58 (-$ 7,927.04) Savings $200,502.64 (+$ 502.64) Total $207,364.24 (-$ 6,975.35)
Work progresses on preparing our tax returns. Counsel has
contacted the IRS and the ruling was "More is better" - so we
will be collecting information for all officers and Directors for
inclusion. The filing deadline is September 15th.
We have had some confusion over where Car Program should send our
checks. Jim received some checks from them and passed them along
to our lockbox where they were deposited.
ALL Directors and Officers MUST fill in
{private}/officers/irs-disclosures.txt.
This needs to be completed ASAP.
See Attachment O for Q1 FY2006-2007 P&L report.
Current balances (as of 08/15/2006):
Paypal $ 971.97 (+$ 187.83)
Checking $ 13,367.62 (-$ 1,169.37)
Savings $200,000.00 (-$ 6,941.05)
Total $214,339.59 (-$ 5,583.85)
The Apache Software Foundation
Profit & Loss
May through July 2006
May - Jul 06
Ordinary Income/Expense
Income
Interest Income 1,402.16
Contributions Income
Unrestricted 2,104.76
Total Contributions Income 2,104.76
Total Income 3,506.92
Expense
Bank Service Charges 824.97
PayPal Charges 76.42
Program Expenses
Infrastructure Staff 15,100.00
Hardware Purchases 5,941.51
Colocation Expenses 5,550.00
Total Program Expenses 26,591.51
Travel & Ent
Lodging 91.98
Travel 435.20
Total Travel & Ent 527.18
Total Expense 28,020.08
Net Ordinary Income -24,513.16
Net Income -24,513.16
Work progresses on preparing our tax returns. Counsel has taken
a pass at reviewing the current state of our returns and made
some minor suggestions. We are seeking a clarification from the
IRS on how many officers we need to disclose information for as
Counsel has received conflicting reports on this issue.
I met with Henri and Gianugo in Dublin to go over the returns and
review the process that I am undertaking.
I'm aiming to have a complete draft of the returns around the end of
this month (modulo how many officers we need to disclose for) in
order to have ample time for the Audit Committee to review before
the September 15 filing date. I would suggest that the Audit
Committee be directed to submit an independent report next month
as well.
ALL Directors MUST fill in {private}/officers/irs-disclosures.txt.
This needs to be completed ASAP.
Our balances below reflect the May and June payments for the
sysadmin position.
I will also be attending a pre-OSCON summit next week with folks
from other OSS foundations (Mozilla, Eclipse, etc.) and will be
informally briefing them on how we are handling our finances and
non-profit tax status. We may get some insight into how other
foundations are operating too. If there's anything of particular
interest, I'll report back to the Board.
Current balances (as of 07/18/2006):
Paypal $ 784.14 (-$ 709.91)
Checking $ 12,198.25 (+$ 9,084.13)
Savings $206,941.05 (-$ 19,541.04)
Total $219,923.44 (-$ 11,166.82)
Jim noted that many people are simply saying "info in
members.txt" in the irs-disclosures.txt file mentioned
above and asked Justin if that was OK. Justin indicated
that it did not place too much burden on him to have that
information split between 2 files.
Work progresses on preparing our tax returns. Conversations have occurred with Counsel about some questions I have on the returns. I am awaiting some clarifying responses. The Audit Committee will be meeting later this evening here at ApacheCon to discuss how the returns will be reviewed. Automatic payment has been set up for the infrastructure paid position. Current balances (as of 06/12/2006): Paypal $ 1,494.05 (+$ 563.43) Checking $ 3,114.12 (-$ 10,683.34) Savings $226,482.09 (+$ 428.53) Total $231,090.26 (-$ 9,691.38)
Our fiscal year is now closed and we're now in 2006-2007FY.
I have checked in initial drafts of the 2005-2006FY tax returns
of the 990 and 990 Schedule A into:
https://svn.apache.org/repos/private/financials/Taxes/
(Director access only)
Most of the financial information has been placed into these
files, but a complete list of officers/addresses/time spent is
still required. There are also a few supporting documents that I
will have to prepare according to the IRS submission guidelines.
I also have to review the numbers and instructions again before
submission, but what is there represents my first-cut pass.
I will be focusing on having a next draft of the returns in time
for the Annual Members meeting in mid-June for members to review.
To recap, the returns are due to the IRS by September 15th - 15th
day of the 5th month after the organization's accounting period
ends. [990 Instructions Sec. H; pg. 6]
Current Balances as of 5/17/2006:
Paypal $ 930.62 (+$ 493.23)
Checking $ 13,797.46 (-$ 3,478.29)
Savings $226,053.56 (+$ 382.61)
Total $240,781.64 (-$ 2,602.45)
Our fiscal year closes on April 30th. Based on preliminary calculations, we are over 33.3% of public support for 2005-2006FY. Preliminary P&L statements for 2005-2006FY are submitted as Attachment O. Based on these numbers for 2005-2006FY and prior discussions, I have drafted Attachment P which is submitted as initial spending allocations for 2006-2007FY. Additional allocations may be approved as required throughout the new fiscal year. Due to the fact that most accountants that I have talked to have been either non-responsive or indicated that we are either too small or too large to be handled by them, I'm going to do a first-cut pass at our 990 return in the next month. My goal is to have the preliminary 990 return available for review by the Annual Members' Meeting. If trouble is encountered during this prelimary drafting, I will pursue another round of accountant quotes. However, an accountant will not be able to collect information whereas I am expected to provide all information to the accountant. Therefore, I feel that it's best to take a preliminary pass on our own to try to ensure that we have all requisite information. Ultimately, accuracy and fidelity of the return does rest with the Board and Treasurer not an accountant. Current Balances as of 4/24/2006: Paypal $ 437.39 (-$ 945.78) Checking $ 17,275.75 (-$14,321.82) Savings $225,670.95 (+$25,325.66) Total $243,384.09 (+$10,058.06) Justin additionally reported that we are expecting an addition $25k from ApacheCon US 2005.
May '05 - Apr 06 Income Interest Income $2,303.56 Program Income Code Awards $19,000.00 Conference $28,699.54 Total Program Income $47,699.54 Contributions Income Unrestricted $94,374.48 Unrelated Business Income $43.74 Total Income $144,421.32 Expense Bank Service Charges $1,413.57 Finance Charge $4.94 Licenses and Permits $608.00 Office Supplies $757.37 PayPal Charges $326.36 Postage and Delivery $222.81 Printing and Reproduction $2,236.20 Program Expenses Hardware Purchases $1,401.69 Colocation expense $20,750.00 Program Expenses - Other -$1,082.42 Total Program Expenses $21,069.27 Telephone $1,265.99 Total Expense $27,904.51 Net Income $116,516.81
Reimbursements for ApacheCon 2005 US hardship cases from IBM has been received. We have received our $19,000 payment from Google for our Summer of Code involvement. We have also received over $19,000 from FCP for our ApacheCon US 2005 proceeds. Many thanks to all involved who made these programs a success on our end! I have filed paperwork (again) with Wells Fargo to enable Auto-Pay of our credit cards. There have been mixups regarding payments, but this should now be resolved going forward. I have provided Jim with the list of donors that need thank you letters for donations over $250 made during the last calendar year. Our fiscal year closes on April 30th. I'll have a budget drafted for review at the April meeting. I'll also start exploring options to handle preparing our taxes or whether I should do it myself. Current Balances as of 3/13/2006: Paypal $ 1,383.17 (+$ 0.00) (*as of 2/13/2006) Checking $31,597.57 (+$10,258.63) Savings $200,345.29 (+$30,265.05) Total $233,326.03 (+$40,523.68)
Reimbursements from ApacheCon 2005 US hardship cases are still in process with IBM. I have been informed that the Summer of Code payment from Google is forthcoming as well as the payment from FCP for ApacheCon US 2005. I have provided a list of past donors to the PRC to help them bootstrap a sponsorship program. I am overdue on coordinating with Jim to process our roughly 40 thank you letters for donations over $250 made during the last calendar year. Current Balances as of 2/14/2006: Paypal $ 1,383.17 (+$ 434.16) Checking $21,338.94 (-$ 2,030.23) Savings $170,080.24 (+$ 292.98) Total $192,802.35 (-$ 1,303.09)
We continue to receive a small but steady stream of donations, but we are now seeing donations appear directly at our lockbox. We have processed all outstanding reimbursements for ApacheCon US 2005 hardship cases and have submitted an invoice to IBM for payment to cover our incurred costs. We have conducted some other wire transfers to pay outstanding debts incurred by individuals on the ASF's behalf. Jim and Sander now have access to the wire transfer facilities and other online banking services. Over the next month, I will be coordinating with Jim to process our thank you letters for donations over $250 made during the last calendar year. My initial review of the QuickBooks files is now completed. As time permits, I will try to work with the Audit Committee to provide them whatever materials they require. Current Balances as of 1/17/2006: Paypal $ 949.01 (+$ 340.43) Checking $23,369.17 (-$ 965.28) Savings $169,787.26 (+$ 292.47) Total $194,105.44 (-$ 332.38) Justin mentioned that it appears that the Foundation will need to do taxes this year.
I have received the QuickBooks files and am continuing the internal review of the books to ensure all of the data is accurate and supportable. I have received past deposit item images directly from Wells Fargo and am in the process of sorting through that information. A steady stream of donations continues to be received. Notably, I have deposited the sizable donation from Google and is reflected in the balance info below. We now have a lockbox set up. The address to send donations to is: The Apache Software Foundation Dept. 9660 Los Angeles, CA 90084-9660 USA Contrary to what we heard initially, this address will not accept FedEx or other packages. Any items sent here that are not processable by Wells Fargo will be sent to me via USPS. Karen from SFLC and I had a phone conversation with Scott Becker from HBE - the accounting firm which filed our taxes until 2003. We confirmed that there was no pending return that they were working on. Karen and I, based on all currently available information, believe that the ASF received less than $75,000 over the three prior years for both 2003-2004FY and 2004-2005FY. Therefore, the ASF had no need to file returns for those tax years. 2005-2006FY will require a tax return (due in August). I will need to coordinate with IBM for reimbursement for ApacheCon hardship cases. Current Balances as of 12/21/2005: Paypal $ 608.58 (+$ 273.08) Checking $24,334.45 (+$ 7,222.69) Savings $169,494.79 (+$50,201.98) Total $194,437.82 (+$57,697.75)
The arduous process of acquiring a lock box continues. I've been on the phone with several Wells Fargo representatives who repeatedly confirm that all of our paperwork is completed on our side. However, we are awaiting some paperwork to be completed on their side. Once this is completed, they indicate that the lockbox should be operational in ten business days. I have opened up a safe deposit box at a local Wells Fargo bank and purchased a safe for my office. I am also in process of opening a local PO box at a nearby post office and need to coordinate with counsel and Secretary to acquire the proper legal papers to present to the Post Office. I am working in coordination with Karen at SFLC to ensure that all of our financial and corporate paperwork is in order. I am coordinating with IBM and ConCom to arrange travel for hardship cases to ApacheCon US next month. I have also been informed by Jim that we have received a sizable donation check from Google, but I have not yet received it. I will be drafting a 2006 budget for discussion at ApacheCon. Current Balances as of 11/15/2005: Paypal $ 335.50 (+$ 316.82) Checking $17,111.76 (+$ 2,115.53) Savings $119,292.81 (+$ 184.26) Total $136,740.07 (+$ 2,611.61)
As seen below in our balances, the PayPal limits have now been removed and I have rebalanced our accounts to try to generate as much interest as possible while minimizing bank fees. At the special meeting on the 29th, we passed a set of authorizations which should allow operation of the foundation until the end of the year. Sander has now received his credit card, key fob, and signature paperwork. Messages have been left to our WF contact regarding the set up of our lockbox, QuickBooks access, and various other minor topics. Hopefully, these will be resolved shortly. One notable short-term high-priority item is to start drafting the 2006 budget so that the Board can set the relative budget priorities for the next year. One final item is to close out the Treasurer transition and to consequently work in coordination with the Audit Committee to certify our past books. Current Balances as of 10/25/2005: Paypal $ 18.68 (-$ 7,118.75) Checking $15,001.23 (-$12,911.69) Savings $119,108.55 (+$18,167.19) Total $134,128.46 (-$ 1,863.25)
In the last month, we continued the transition of the Treasurer position. Most notably, we have switched to a new set of accounts which will allow us to earn 'credits' that will offset our monthly fees and enable the lockbox service. Paperwork is pending for the lockbox with Wells Fargo. Credit cards have been received and activated. Bill Pay and QuickBooks access to the Wells Fargo accounts have been activated. Finally, due to our officer transitions, Chuck and Dirk no longer have access to ASF accounts. A directory in the private Subversion repository was created (with Director-only access) containing detailed financial information, including past electronic bank statements. Jim now has online access to the Wells Fargo accounts and has also received access to the Wells CEO system to perform wire transfers. There are a similiar set of items pending that either need to be shipped to Sander or require his attention when he returns. I hope to work with the Audit Committee in the next month to start the preparation for an external audit. As mentioned in Section 7 of the agenda, a budget for 2005 has been drafted and is submitted for approval to the Board. Work will continue to refine the budget items for 2006 FY in preparation for a December timeframe. Current Balances as of 9/20/2005: Paypal $ 7,137.43 (+$1,243.08) Checking $27,912.92 (+$2,777.51) Savings $100,941.36 (+$ 101.10) Total $135,991.71
Thanks to Robyn, we received a copy of QuickBooks Pro and it is now installed. I now have access to the Paypal accounts. Paperwork for obtaining credit cards from Wells Fargo are pending. In the last few days, I have had several conversations with Wells Fargo about our banking situation and how we can optimize both our fees and our services. An email detailing these discussions and our options will be posted to the board mailing list before the meeting. A further review of current action items for the treasurer is available in STATUS. Current balances as of 8/16/2005: Paypal $ 5,894.35 (+$ 422.57 since 6/2005) Checking $25,135.41 (-$3,009.46) Premium Mkt. $100,701.53 (+$ 111.21) Total $131,731.29 Jim asked Justin if he was still looking into moving the ASF bank accounts to a different bank, to allow for better physical access for more directors (ie: a bank with a wider range of branch locations). Justin indicated that at present it made sense to stay with Wells Fargo, but we may re-investigate moving at some point.
The treasurer transition continues. I have been added as a signatory to the Wells Fargo accounts and I have a set of checks. As of July 24th, the books have not been sent to me, nor do I have access to our PayPal account. I do have a call scheduled with Chuck when I return to the US on July 27. In this next month, we will wrap up the transition. The highest priority items (in rough order) are acquiring the books, obtaining access to the PayPal account, and ensuring that our 2004 taxes are filed properly. (AFAIK, our IRS extension is until Aug. 15.) Per the resolution below, I recommend the creation of the Audit Committee. Pursuant to the July 1 board IRC discussion, we will raise the individual signatory limit for checks to US$5,000. I also strongly recommend that the ASF obtain a credit card for official business. This will significantly streamline the reimbursement procedures, allow us to obtain a FedEx account, and permit us to lift the $500/month withdrawal limit from PayPal. A further review of current action items for the treasurer is available in STATUS. Current balances as of 7/25/2005: Paypal N/A Checking $25,135.41 (-$1,906.14) Premium Mkt. $100,701.53 (+$ 106.72) Total $125,836.94
Lockbox papers have been filed with Wells Fargo. I am awaiting a response from them. When Lockbox goes active, the mailing address for contributions will change. Office expenses have been mailed to Jim. We received a check for $6695 from IBM last month which has been deposited and shows in our current balances. We have also received a check for $2000 from Red Mountain Technologies that has not yet deposited. Current balances (as of 12/15/2004): Paypal $5471.78 Checking $27041.55 Premium Mkt. $100594.81 Total $133108.14
No report. Dirk has the Action Item to contact Chuck regarding the status of the ASF financial records as well as Chuck's involvement as Treasurer.
No report.
Lockbox services are once again getting attention from WF. Expenses above and beyond normal last month included $5000 for infrastructure meeting support, $1302 for new equipment, and $299 to CSC for annual corporate filing. Contributions for approximately $4900 were received, including $2350 from UC and approximately $2000 from car sales. Contact information has been filed with Car Program LLC. Current balances (as of 02/22/2005): Paypal $2947.12 Checking $15287.84 Premium Mkt. $100286.26 Total $118521.22
Lockbox services are still being pursued with WF. I wonder if it would be worth changing banks, given the lack of response here. I'll see if that possibility jars WF into action. We are still awaiting a $10,000 wire transfer from Security Travel. Brian Fitzpatrick and I spoke with Sean Gailey and resolved some serious communications problems between ASF and Jinx. Brian has a new contract for Jinx under consideration on' fundraising@, and I have received for deposit a check for $1000 from Jinx for our (previously unknown) proceeds from ASF-branded Jinx wares. 2004 financials still remain to have reports generated and committed to svn. Current balances (as of 02/22/2005): Paypal $2913.44 Checking $17739.96 Premium Mkt. $100202.82 Total $120856.22
Lockbox services are still being pursued with WF. I received electronic copies of the signup documents and contracts, and submitted several questions, for which I have not received a response. I am pursuing this through the local WF branch to get some movement. We are awaiting a $10,000 wire transfer from Security Travel, which has not yet posted. I have been in contact with Tina Greene about this and will continue to pursue it. Termination notice has been sent to Jinx Hackware via USPS certified mail. Receipt has not yet been received from USPS for arrival of that letter. 2004 books have been sent to our accountant HBE and will be committed to /foundation in the next week. Current balances (as of 01/18/2005): Paypal $3107.64 Checking $18748.17 Premium Mkt. $100117.76 Total $121973.57
Lockbox services are still being pursued with WF. I received electronic copies of the signup documents and contracts, and submitted several questions, for which I have not received a response yet. The ASF received a $10,000 contribution from Omidyar Network Foundation. This is the second largest contribution received thus far, surpassng the $5,000 contribution received last December from Craig's List, and second only to the contribution by Siemens several years ago. We also received $2,000 from Somix Technologies and $1,000 from Mirra. I received the $25,000 check from Security Travel (from Ken), deposited it, and it was returned by WF NSF. After several contacts with Tina Greene and officers of both WF and Gilmore Banks, ASF received a wire transfer for $15,000 on 12/14, with an additional transfer for $10,000 scheduled for 12/17. I plan to monitor this closely to be sure it succeeds. After consultation with the PRC/Fundraising Committee, we have decided to terminate our contract with Jinx Hackware for ASF swag. No money has yet been received on this contract. A 60 notice of termination has been sent via Certified Mail, and a copy of the letter will be committed to /foundation. Current balances (as of 12/15/2004): Paypal $2393.26 Checking $19756.73 Premium Mkt. $100036.26 Total $122186.25 Chuck noted that our PayPal account may actually have about $500 more than the above, since he has noticed a recent "upsurge" in donations.
Assets of the Foundation have remained relatively flat in 2004,
the first full year in which the Foundation has paid for
colocation charges. Additional expenses were incurred for
corporate filing charges, accounting services, office supplies,
and equipment replacement and procurement, totalling (with colo
charges) $22166.89 over the 12 month period 11/15/03-11/14/04.
Contributions breakdown (by percentage):
Corporate (by check) 35%
Private (by check) 20%
Private (by PayPal) 45%
Note: The PayPal contribution includes a very small percentage of
contributions received as micropayments from VA Linux
Assets Summary 11/15/03-11/14/04:
11/15/03 total assets $100954.46
Contribution income 11/15/03-11/14/04 $20134.86
Expenses ($22166.89)
Colo charges $18000.00
Corporate filing $588.00
Accountant $575.00
Office supplies $330.00
Capital equipment $2673.89
11/14/04 total assets $98922.43
Current balances (as of 11/13/2004):
Paypal $1494.06
Checking $4644.00
Premium Mkt. $92784.37
Total $98922.43
Chuck also reported that, as of that date, the
ASF had not received any funds from the Car Donation
company which we have signed on with, even though
at least one car has been donated.
Chuck reported that following account balances:
Business Account: $93,750.94
Checking Account: $ 5,500.00
PayPal Account: $ 1,255.51
Chuck also reported that the ASF taxes were in the process
of being completed and submitted, after requesting and
receiving a submission extension.
no report submitted.
No Report.
Chuck noted that contributions were down this summer, current invoices are done and the car donation scheme is in progress. He also has faxes of 501(c)3 papers going to Roy and Jim. Current balances (as of 07/20/2004): Paypal $1822.97 Checking $500.00 Premium Mkt. $98474.91 Greg noted that balances have sunk below $100k, which lowers interest rate on the account. Dirk noted the $38k limit as the floor for the account.
Absent.
We should now (or extremely shortly) be accepting contributions of salvaged cars from Car Program LLC. Our United Layer account is now on automatic payment. Current balances (as of 05/26/2004): Paypal $2235.16 Checking $632.89 Premium Mkt. $100249.31
Current balances (as of 04/21/2004): Paypal $2399.79 Checking $150.84 Premium Mkt. $101679.24 Chuck discussed the use of a lock-box service so that in the future checks could be sent directly to the bank. Chuck left the meeting at 10:18pm.
Address mixup with Dirk has been corrected. No new info on EFT payment for United Layer. Corporation fee bill received from Jim and paid. Accountant balance paid. Lock box services with Wells Fargo for contributions is now being pursued, since we have a bank VP here, finally. Sign up process for car donations with two companies is in progress. Current balances (as of 01/21/2004): Paypal $2356.51 Checking $234.82 Premium Mkt. $103104.96
Contributions have tailed off since the end of last year. Contributions total for last month is approximately $500.00. Almost all of this has been via PayPal. We are still awaiting a response from UL concerning EFT for colo fees. Current balances (as of 01/21/2004): Paypal $2974.88 Checking $241.81 Premium Mkt. $103334.49
December and 2003 FY financial reports are now in foundation/Funds. We've seen a healthy upswing in contributions, partly because of the appeal by fundraising committee to members, and partly as a result of year-end contributions by check. ASF total assets have increased by approximately $6k since 12/15, reversing the gradual downward trend seen since mid-2003 (when we started using the UL colo). A large part of this is due to a $5k contribution by craigslist.org. I have contacted Arman at UL about getting our monthly colo payment into electronic form. This won't happen until at least February. Support for Quickbooks Pro 2002 - ASF's accounting software - will be ending this coming April. We may wish to consider replacing this with an updated Intuit product. Current balances (as of 01/21/2004): Paypal $2527.98 Checking $250.75 Premium Mkt. $103258.72
Financial reports for 4Q 2002 and 2003 YTD have been submitted. PayPal account has reverted to a $500/mo. withdrawal limit, since the credit card used to verify the account has expired. Chuck is awaiting a new bank VP at Wells Fargo to open a lockbox account, as the old VP has resigned. Final 2003 financials should show an additional $700-$3500 in expenses due to late posting of December colo charges and pending payout of additional colo equipment money. Chuck reported that no PR budget proposal has been received.
A repeat of the report from the Member's Meeting: Chuck reports that the foundation has just over $100,000 in its accounts at present, down from $115,000 one year ago. This decline is due primarily to the fact that the Foundation began to assume its own hardware and colocation costs this year. We now have contributions by PayPal as well as by check, which together have offset approximately 25% of the Foundation's year-to-date operating costs. It is unknown whether this percentage will increase next year. ASF continues to maintain a royalty relationship with Jinx Hackwear, but this has not produced any appreciable income to date. ASF fundraising has been limited so far to installing the PayPal link on the Foundation's Contributions web page. Proposals for increased visibility for fundraising activities on the Foundation web site have not made progress, due in part to objections voiced by the membership during discussions on this issue. In the coming year, it will be important for the Foundation to be able to generate income from sources other than those already mentioned, in order to offset the costs of operating our own infrastructure, and reduce the burden of support on those members who contribute goods and services. Additional income will be needed if we choose to undertake activities such as increased public relations activity, or participation in standards groups.
No report due to Chuck's absense.
Current account balances are $2521.32 (checking), $101,762.81 (business premium), and $586.41 (PayPal). $953.81 was moved from PayPal to checking on 9/8/2003. Checking account balance does not reflect 9/2003 colo charges of $1500.00 yet. I am awaiting receipts from Greg Stein for recent colo equipment purchase. PayPal income stream is $720.00 so far in September, $600.00 for August, and $355.00 for July. Encouraging news. Conversely, paper (check) donations received appear to be falling off. Chuck's credit card used for the PayPal account is expiring, so we will once again be limited to $500/month withdrawals from the account soon. NIH request for contribution has been received and filled out by the Wells Fargo branch VP and is returned for NIH processing.
No report.
No report
Chuck reported that the fund balances are as follows: PayPal: $2,717.94 WF checking: $215.81 WF premium: $102,694.95
Chuck reported that the ASF general business account had a balance of $102,595.57, with $233.72 in checking and $1746.15 under PayPal.
No report.
No report.
Current balance is Almost-CD $114,308.75 + checking $747.70... accounting for contributions received and bills payable, the new balance of the Almost CD will be $110.708.25. QuickBooks will need to be registered.
Chuck had nothing to report.
Chuck reported on invoice from Duane Morris for legal services rendered. Chuck had requested and received a detailed invoice listing of charges, and they all appeared valid. Chuck reported that he had sent payment to Duane Morris and CSC for services rendered. Chuck also reported that he had scheduled a meeting with Wells Fargo regarding the ASF obtaining a merchant account (for accepting credit card donations) but also noted that this would involve some infrastructure on our part to implement and use. PayPal was discussed as another more viable alternative. The Jinx contract was also mentioned as a source of revenue available to the ASF.
Chuck reported that the transition to the new banking account has been completed, with the old account now dead. He has signed account signature cards from Dirk and Jim. The account itself has a balance of ~ $114,000 (US) with a compounded interest of 1.93%. Chuck is meeting with Wells Fargo to discuss such topics as long-term fund management.
The board formally accepted Randy's resignation and absolved him of all reponsibilities of further duties. By unanimous consent, Chuck was appointed ASF Treasurer. The board also expressed their deep gratitude to Randy Terbush and Ryan Lindsay (of Covalent) for their work the last 3 years as Treasurer and (un-official) ass't treasurer.
Chuck reported that the ASF's checking account is located at a bank in Lincoln, NE, making interaction with the bank somewhat difficult. The bank had also undergone a merger and was missing some of the paperwork. Randy Terbush is the only person with signatory authority that has complete data on file. Further, the checking account has an interest rate of only 0.05%. Rather than attempting to reconstruct the missing paperwork, Chuck queried the Board about setting up a new account in Sedona, AZ, with the proper signatory authority, then having Randy transfer the ASF funds. The Board stated approval and suggested that the President [Dirk], Executive Vice President [Jim], and Assistant Treasurer [Chuck] have signing authority. Chuck stated that he would work to make that happen. Chuck also noted that he had received ASF paperwork from Randy, and from Ryan Lindsay at Covalent.
Chuck reported that the switchover from Randy to himself was proceeding, with the ASF accounts being transferred to the new Ass't Treasurer. The QuickBooks packages was being shipped to Chuck as well. Chuck also accepted the position as Chair of the Fund Raising committee.
Randy reported that via Ben Hyde he had received a copy of Quickbooks for the ASF use. Randy reported that all know compensations regarding the ApacheCon 2001 that was budgeted for and approved had been completed. There was discussion regarding the need for an overview of the ASF budget requirements of the last few years in order to create a valid working budget. It was generally agreed that a need for such a budget exercise exists.
Randy reported that he was in the process of ordering 'Quickbooks' to provide better access to ASF fiscal records. Randy also noted that the ASF received a $1000(US) Usenix award check. Randy also reported that there were 2 outgoing payments: $775(US) for ASF taxes and $250 to CSC for our annual corporate fee.
Randy provided the end-of-year TAX information for the foundation.
Randy noted that the ASF's 501(c)3 status was nominal, but that
the ASF was not receiving enough donations for the status to be
clearly appropriate. IRS guidelines are that 30% of donations
should be of the "small" variety. How to address this concern
was discussed including making it easier to individuals to
donate to the ASF (eg: PayPal). Scanned JPGs of the letter
from the accountants to Randy regarding the ASF "Exempt
Organization" IRS Return is located in:
foundation:/Funds/tax-prep-p1.JPG
foundation:/Funds/tax-prep-p2.JPG
Randy provided PDF account reports, available under cvs.apache.org:/home/cvs foundation/Funds/ It was noted that the ApacheCon events are significant to the ASF's revenue stream.
No report due to absence of Treasurer
Absent, hence no report.
Randy report on the foundation's financial standing. PDF's of the actual accounting reports are held in the CVS tree. Randy also reported that he is continuing investigation into a merchant account for the ASF, having been declined by Wells Fargo.
No report due to Randy's absence.
Randy had nothing new to report.
Randy reported no changes since the last meeting.
Randy reported a current balance of $118,706.51 in the ASF account.
A detailed balance sheet, in PDF format, is available in CVS. The
ASF is current at the end of the fiscal year, and thus we will
incur accounting costs due to that close-out.
Randy also (re-)reported that the ASF had obtained official 501c(3)
status "in consideration." There was some discussion on whether this
could be applied ("grandfathered") to contributions made in the past.
Since our status will only take effect our next fiscal year, it
appears that this is not the case. There was additional discussion
on updating the ASF site to reflect the news of our 501c(3) status.
There was also discussion on possibly implementing something similar
to what the Python Software Foundation (correct name??) has with
"Corporate Supporter Fees." In this setup, the donation fee structure
is clearly defined.
Randy also noted that because of the problems the ASF has been
having in trying to obtain a merchant account with Well Fargo,
he is recommending we search for a new merchant account vendor.
Randy reported that he is working on reimbursing the ASF expenses that were incurred at ApacheCon during the ASF Hackathon event. He will commit a copy of the current financial accounts to the foundation CVS repository (Roy may need to convert it to PDF).
Randy reported the current status of the ASF banking account. Detailed account information can be found in the Funds directory of the foundation CVS tree/site. Randy reported that the ASF has received notice from the IRS of our filing for 501(c)(3) status.
Randy reported that the donations address on our website should be
updated to read
The Apache Software Foundation
c/o Covalent Technologies, Inc.
706 Mission Street, Second Floor
San Francisco, CA 94103-3163
Our current finance situation is positive and exceeds our planned
expenditures for this year. A complete accounting will be provided
to the members in private, due to the privacy concerns of donees.
Major donations included $9000 from the Certicom challenge won by
the ECDL project (Rob Harley and colleagues), $10,000 from the
1999 ACM Software System Award, and $1000 each from Digital Campaigns,
Inc., and Expertcity.com.
Almost half of the Foundation's current funds are from the proceeds
of the successful ApacheCon 2000 conference in Orlando. Brian thanked
Ken Coar and the conferences committee for producing an outstanding
conference and significantly improving the financial condition of
the Foundation as a result.
Randy reported that our accountants have filed for 501(c)(3) status
on behalf of the Foundation, but there has not been any response yet
from the IRS.
Randy reported on the current fiscal health of the foundation. The ASF had a positive cash account of over $30,000. Randy also reported that despite previous information, the ASF is not able to accept Diner's Club for credit card donations. It was at this time that it was deemed appropriate to discuss item 6B, The pros and cons of being a 501(c)(3), since Steve Blood joined the telecon at that time. Steve Blood is from Copyleft and they had recently investigated the particulars of the 501(c) family. Steve reported that in general, 501(c)(3) status that characterizes the foundation as a charitable organization is not as attractive to the businesses. Under this format, contributions are tax deductible for individuals, but not the method of choice for business. Instead, business prefers a setup that allows them to deduct donations as business expenses. Pure foundations are more attractive if funds from government, education, or other charitable organizations are a major source of donations. There is no issue with having "targeted donations" for any of the setups, as far as the IRS is concerned.