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Foundation:Gentoo Foundation Finances FY2020

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Financial statements of Gentoo Foundation Inc.

==================================

Period: 2019/20 Period-Start: 2019/07/01 Period-Ending: 2020/06/30 Prepared-by: robbat2 Disclaimers: - The following statements have not been reviewed by a CPA - The following statements represent a work-in-progress, with some known concerns. - Known Concerns: -- Incomplete historical capture due to lack of records -- Data capture: --- Depreciation expenses have been started, but less than 20% of estimated 

   transations have been captured.

--- In-Kind Donations has minimally started. --- Donor Restrictions has NOT been started, but is expected to have minimal impact (see further remarks).


Statement of financial position 

     USD 191,886.40  Assets
     USD -10,162.00    Accumulated-Depreciation:Computers:Infra
     USD 109,029.70    Bank
     USD 100,472.69      CapOne:Saving8438
       USD 8,557.01      CapOneMoneyMarket
      USD 47,496.85    Capital
         USD 689.94      Banners
      USD 46,806.91      Computers
       USD 4,034.31        Dev
      USD 42,772.60        Infra
      USD 35,378.27    Clearing
      USD 35,268.10      CapOneMoneyMarket-CapOne:Saving8438
         USD 110.16      Paypal-Exchange
      USD 10,143.59    Paypal
    USD -202,009.68  Equity:RetainedEarnings
      USD 42,178.31    Expenses
    USD -244,187.99    Income

     USD -10,123.28

Remarks: - See: [AC-NPO-2]


Statement of Activities

Remarks: - See: [AC-NPO-2]


TODO: Statement of Functional Expenses

- See: [AC-NPO-4] - NPO-Ledger: All expenses MUST be tagged with a Program -- TODO: this is not yet enforced - RAW Program Tag data, 2019/07/01 to 2020/07/01


TODO: Statement of Cash Flows

- Operating Activities - Investing Activities - Financing Activities


TODO: Notes to the Financial Statements

- (TODO FASB 2016-14 requirements)


Further Remarks:

- 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:

[FASB2016-14] UPDATE 2016-14—NOT-FOR-PROFIT ENTITIES (TOPIC 958): PRESENTATION OF FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES 

             http://fasb.org/cs/ContentServer?c=Document_C&cid=1176168381847&d=&pagename=FASB%2FDocument_C%2FDocumentPage

[AC-NPO-1] Nonprofit Accounting Explaination (1): Introduction to Nonprofit Accounting 

          https://www.accountingcoach.com/nonprofit-accounting/explanation/1

[AC-NPO-2] Nonprofit Accounting Explaination (2): Financial Statements of Nonprofits 

          https://www.accountingcoach.com/nonprofit-accounting/explanation/2

[AC-NPO-4] Nonprofit Accounting Explaination (4). 

          https://www.accountingcoach.com/nonprofit-accounting/explanation/4
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