MoF Report 2008 05 16: Difference between revisions
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== Budget Principles Proposal == | == 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. | * Our Monthly Expenses (Rent, Insurance, Internet, Basic Supplies) shall remain under a fixed amount per month to be fully fundable by member dues. | ||
Revision as of 22:20, 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 | |
| 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
| 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
| 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 |