MoF Report 2008 05 16: Difference between revisions
From HacDC Wiki
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== 5 Largest Expenditures (Since Last Report) == | == 5 Largest Expenditures (Since Last Report) == | ||
No Expenditures (Since Last Report) | |||
= Budget = | = Budget = |
Revision as of 20:41, 16 May 2008
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
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 | |
Total Liabilities | $500.00 | $500.00 | |
NET ASSETS | |||
Total Net Assets | $1,652.48 | $1,734.91 |
Statement of Financial Position
Unrestricted | Restricted | Total | |
REVENUE AND OTHER SUPPORT | |||
Member Donations | $1,805.00 | $1,805.00 | |
Grant Income | $1,337.00 | $1,337.00 | |
Public Donations | $390.01 | $82.43 | $472.44 |
Other Income | $0.24 | $0.24 | |
Total Revenue and Other Support | $3,532.25 | $82.43 | $3,614.68 |
---|---|---|---|
EXPENSES (Supporting) | |||
Rent | $1,700.00 | $1,700.00 | |
Promotional Expenses | $500.00 | $500.00 | |
Furniture (Fully Expensed) | $307.24 | $307.24 | |
Supplies | $305.55 | $305.55 | |
Transportation (Supplies) | $136.63 | $136.63 | |
Hosting Costs | $95.40 | $95.40 | |
Incorporation Costs | $84.66 | $84.66 | |
Volunteer Meals | $50.00 | $50.00 | |
Bank Fees | $6.55 | $6.55 | |
Total Expenses | $3,186.03 | $3,186.03 | |
Increase (Decrease) in Net Assets | $346.22 | $428.65 |
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 under discussion is $42/month for 2008 with waiver procedure as drafted in the Bylaws. PayPal cleared us today, so we can start collecting member dues. Minus PayPal fees, planning for $1,200/month for rent, internet and insurance, this means we need to have 30 members to maintain the space.
Already, we have 6 members so we need to find 24 more dues paying members.
Of course, anyone will be encouraged to donate more. Everything beyond $42 is tax deductible.
Budget Principles Proposal
- 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
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 |