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Foundation:Gentoo Foundation Finances FY2006

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Financial statements of Gentoo Foundation Inc., FY2006

Period 2005/6
Period-Start 2005/07/01
Period-Ending 2006/06/30
Prepared-by robbat2
As-of 2018/08/24 (rev 97ce6c2b3060aff5535fce7951113af81fb5f835)

Disclaimers

  • The following statements have NOT been reviewed by a CPA
  • The following statements represent a work-in-progress, with some known concerns:
    • Data capture:
      • In-Kind Donations has minimally started.
      • Donor Restrictions has NOT been started, but is expected to have minimal impact (see further remarks).
    • Incomplete historical capture due to lack of records
      • NetBank records are considered lost and unrecoverable
    • Depreciation: See seperate Concerns section under Further Remarks

Statement of financial position

       USD 23,369.67  Assets
         USD -201.03    Accumulated-Depreciation:Computers
         USD -197.28      Dev
         USD -151.13        Purchased_GDS5_200506
          USD -21.90        Purchased_GDS5_200508
          USD -24.25        Purchased_GDS5_200606
           USD -3.75      Infra:Purchased_GDS5_200606
          USD 902.15    Bank:NetBank
          USD 974.04    Capital:Computers
          USD 899.04      Dev
          USD 351.46        Purchased_GDS5_200506
           USD 62.58        Purchased_GDS5_200508
          USD 485.00        Purchased_GDS5_200606
           USD 75.00      Infra:Purchased_GDS5_200606
       USD 21,694.51    Paypal
--------------------
       USD 23,369.67
       USD 23,369.67  NetAssets:RetainedEarnings
       USD -1,817.72    Expenses
       USD 25,187.39    Income
--------------------
       USD 23,369.67

Remarks

  • See: [AC-NPO-2]


Statement of Activities

       USD 15,312.52  Income:Donations:Cash
        USD 1,310.58  Expenses
          USD 183.46    Depreciation
          USD 478.46    Events
          USD 648.66    Fees:Paypal
--------------------
        USD 1,310.58

Remarks

  • See: [AC-NPO-2]


TODO: Statement of Functional Expenses

  • See: [AC-NPO-4]
  • TODO: reformat to columar style with TOTALS

Program: PR

          USD 478.46  Expenses:Events

=== Program: NONE

          USD 832.12  Expenses
          USD 183.46    Depreciation
          USD 648.66    Fees:Paypal
--------------------
          USD 832.12

TODO: Statement of Cash Flows

  • Operating Activities
  • Investing Activities
  • Financing Activities


TODO: Notes to the Financial Statements

  • (TODO FASB 2016-14 requirements)


Further Remarks

Depreciation

  • See https://en.wikipedia.org/wiki/MACRS and [IRS-946] for more info.
  • All Assets:Capital accounts are tagged with the MACRS information, and have a paired contra-asset account under Assets:Accumulated-Depreciation.
    • Example Assets:Capital:Computers:Infra:Purchased_GDS5_201411:
      • What is it? Computers:Infra tells us it is a computer or parts thereof used by Infra. (Computers:Dev would be used by a Developer)
      • What is the MACRS system & property class life: GDS5 GDS, with a 5-year class life.
      • When was it purchased? 201411
  • All assets use the mid-quarter convention to avoid splitting the calculation between property that may use half-year convention vs property that must use the mid-quarter convention.
  • The purchasing year & quarter is derived from the purchase date in the account name.
  • Risks & Outstanding Issues:
    • There are no Section 179 elections in place for additional depreciation.
    • It is possible that some assets are in the wrong IRS asset class, per [IRS-946] Appendix B where the manner in which property is used can change it's lifecycle.
    • The exact location of non-US assets may impact the depreciation system. This is NOT considered at this time, as minimal assets are outside of the US.

Asset Classes in use

Account                        IRS-Asset-Class     GDS-Class-Life
Assets:Capital:Computers:*     00.12               5
Assets:Capital:Banners:*       00.11               7

FASB 2016-14

  • FASB 2016-14 MUST be applied for all fiscal years starting after 2017/12/15, but the standard permits earlier application.
    • The treasurer has elected to apply the changes to ALL financial statements, as none of them have been formally audited at this time.
  • Donor Restrictions
    • The earlier boards did NOT include any formal means for donors to restrict cash donations.
    • Some in-kind donations MAY have usage restrictions (e.g. bandwidth limitations, disclosure limitations), but are not expected to impact the financial statements at this time. This has not yet been confirmed with a CPA that specializes in NPO accounting.
  • FASB 2016-14 changed the classes of Net Assets:
    • Before:
      • Permanantly restricted Net Assets
      • Temporarily restricted Net Assets
      • Unrestricted Net Assets
    • After:
      • Net Assets with Donor Restrictions
      • Net Assets without Donor Restrictions


References