View source for MoF Report 2008 05 16

Random factoid:  AMEX Payments apparently do not clear right away in PayPal's system.

= NOTICE =

The Ministry of Finance will be publishing weekly financial reports on Fridays.

= Financial Statements =

== Statement of Financial Position ==

{| cellspacing="10" cellpadding="0"
|-
| '''Assets'''
| '''Unrestricted'''
| '''Restricted'''
| '''Total'''
|-
| ''CURRENT ASSETS''
|
|
|
|-
| Cash (Checking)
| $318.59
| $82.43
| $401.02
|-
| Cash (PayPal)
| $983.89
|
| $983.89
|-
| Cash (Cash Box)
| $0.00
|
| $0.00
|-
| 
|
| 
|
|-
| ''OTHER ASSETS''
|
|
|
|-
| Security Deposit
| $850.00
|
| $850.00
|-
! Total Assets
| $2,152.48
|
| $2,234.91
|-
| '''Liabilities and Net Assets'''
| '''Unrestricted'''
| '''Restricted'''
| '''Total'''
|-
| ''CURRENT LIABILITIES''
|
|
|
|-
| Notacon (Promotion)
| $500.00
|
| $500.00
|-
| Prepaid Member Dues
| $350.00
|
| $350.00
|-
! Total Liabilities
| $850.00
|
| $850.00
|-
| ''NET ASSETS''
|
|
|
|-
! Total Net Assets
| $1,302.48
| $82.43
| $1,384.91
|-
|}

== Statement of Financial Position ==

{| cellspacing="10" cellpadding="0"
|-
| 
| '''Unrestricted'''
| '''Restricted'''
| '''Total'''
|-
| ''REVENUE AND OTHER SUPPORT''
|
|
|
|-
| Member Dues
| $1,050.00
|
| $1,050.00
|-
| Donation Income
| $1,808.75
| $82.43
| $1,891.18
|-
| Incorporator's Contributions
| $1,750.00
| 
| $1,750.00
|-
| Other Income
| $2.19
|
| $2.19
|-
! Total Revenue and Other Support
| $4,610.94
| $82.43
| $4,693.37
|-
| ''EXPENSES'' (Supporting)
|
|
|
|-
| Rent
| $1,700.00
|
| $1,700.00
|-
| Insurance
| $0.00
|
| $0.00
|-
| Networking & Hosting
| $122.51
|
| $122.51
|-
| Equipment
| $553.16
|
| $553.16
|-
| Supplies
| $59.16
| 
| $59.16
|-
| Conferences and Outreach
| $500.00
|
| $500.00
|-
| Transportation
| $136.63
|
| $136.63
|-
| Volunteer Meals
| $50.00
|
| $50.00
|-
| Incorporation Costs
| $84.66
|
| $84.66
|-
! Bank Fees
| $101.87
|
| $101.87
|-
! Total Expenses
| $3,308.46
|
| $3,308.46
|-
! Increase (Decrease) in Net Assets
| $1,302.48
| $82.43
| $1,384.91
|-
|}

== 5 Largest Receipts (Since Last Report) ==

{|
|-
| Prepaid Dues (Member 010)
| $300.00
|-
| Member Dues (Various)
| $50.00
|-
| Member Dues (Various)
| $50.00
|-
| Member Dues (Various)
| $50.00
|-
| Member Dues (Various)
| $50.00
|-
|}

== 5 Largest Expenditures (Since Last Report) ==

No Expenditures (Since Last Report)

= Budget =

== Membership Dues ==

The general proposal agreed to on Tuesday, May 6 was to charge $50/month for dues, strongly encouraging members to donate via PayPal for privacy reasons.

This amount will be re-evaluated as expenses become more well known.

As of COB on the date of this report, we have 22 dues paying members establishing a base budget of $1,100 to cover Rent, Insurance and Internet for the space.

== Budget Principles Proposal ==

These were unofficially adopted as the Budget Principles at the planning meeting on May 13:

* Our Monthly Expenses (Rent, Insurance, Internet, Basic Supplies) shall remain under a fixed amount per month to be fully fundable by member dues.
* Membership dues alone must be able to conver the space's minimal expenses
* Anything raised beyond expenses, be it through a "soda fund", the sale of recycled equipment, etc (and not restricted to a cause) should go towards group-wide goals approved at a meeting

== Budget Proposals ==

=== HiDeUS (High Density Unit of Shelving) - $500 ===

I authorized a budget of $400 for the initial construction.  I propose a budget of $500.00 for finishing off the shelf, however, we need to raise May Dues to pay for May Rent first.

=== Compliance Paperwork - $1,003.00 ===

{| border="1" cellpadding="3" cellspacing="0"
|-
! Form
! Purpose
! Cost
|-
| IRS 1023
| 501(c)(3) Exemption Application
| $750.00
|-
| FR 500
| DC Business Tax Registration
| $0.00
|-
| FR 164
| DC Income, Franchise, Sales, Use and Property Tax Exemption
| $0.00
|-
| DC Basic Business License (Charitable Solicitation)
| Required for soliciting donations from the public
| $253.00
|-
|}