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MoF Report 2008 05 16: Difference between revisions

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(New page: 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. = Financ...)
 
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|-
|-
! Total Assets
! Total Assets
| $1,696.22
| $2,152.48
|
|
| $1,778.65
| $2,234.91
|-
|-
| '''Liabilities and Net Assets'''
| '''Liabilities and Net Assets'''
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|
|
|
|
|-
| Rent
| $850.00
|
| $850.00
|-
|-
| Notacon (Promotion)
| Notacon (Promotion)
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|
|
| $500.00
| $500.00
|-
| Prepaid Member Dues
| $350.00
|
| $350.00
|-
|-
! Total Liabilities
! Total Liabilities
| $1,350.00
| $850.00
|
|
| $1,350.00
| $850.00
|-
|-
| ''NET ASSETS''
| ''NET ASSETS''
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|-
|-
! Total Net Assets
! Total Net Assets
| $346.22
| $1,302.48
|
| $82.43
| $428.65
| $1,384.91
|-
|-
|}
|}
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|
|
|-
|-
| Member Donations
| Member Dues
| $1,805.00
| $1,050.00
|
|
| $1,805.00
| $1,050.00
|-
|-
| Grant Income
| [[Donation]] Income
| $1,337.00
| $1,808.75
|
| $82.43
| $1,337.00
| $1,891.18
|-
|-
| Public Donations
| Incorporator's Contributions
| $390.01
| $1,750.00
| $82.43
|  
| $472.44
| $1,750.00
|-
|-
| Other Income
| Other Income
| $0.24
| $2.19
|
|
| $0.24
| $2.19
|-
|-
! Total Revenue and Other Support
! Total Revenue and Other Support
| $3,532.25
| $4,610.94
| $82.43
| $82.43
| $3,614.68
| $4,693.37
|-
|-
| ''EXPENSES'' (Supporting)
| ''EXPENSES'' (Supporting)
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| $1,700.00
| $1,700.00
|-
|-
| Promotional Expenses
| Insurance
| $500.00
| $0.00
|
| $0.00
|-
| Networking & Hosting
| $122.51
|
|
| $500.00
| $122.51
|-
|-
| Furniture (Fully Expensed)
| Equipment
| $307.24
| $553.16
|
|
| $307.24
| $553.16
|-
|-
| Supplies
| Supplies
| $305.55
| $59.16
|
| $59.16
|-
| Conferences and Outreach
| $500.00
|
|
| $305.55
| $500.00
|-
|-
| Transportation (Supplies)
| Transportation
| $136.63
| $136.63
|  
|
| $136.63
| $136.63
|-
|-
| Hosting Costs
| Volunteer Meals
| $95.40
| $50.00
|
|
| $95.40
| $50.00
|-
|-
| Incorporation Costs
| Incorporation Costs
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| $84.66
| $84.66
|-
|-
| Volunteer Meals
! Bank Fees
| $50.00
| $101.87
|
| $50.00
|-
| Bank Fees
| $6.55
|
|
| $6.55
| $101.87
|-
|-
! Total Expenses
! Total Expenses
| $3,186.03
| $3,308.46
|
|
| $3,186.03
| $3,308.46
|-
|-
! Increase (Decrease) in Net Assets
! Increase (Decrease) in Net Assets
| $346.22
| $1,302.48
|
| $82.43
| $428.65
| $1,384.91
|-
|-
|}
|}
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{|
{|
|-
|-
| University of Advancing Technology (Grant)
| Prepaid Dues (Member 010)
| $1,337.00
| $300.00
|-
|-
| Adam Koeppel (Member Donation)
| Member Dues (Various)
| $350.00
| $50.00
|-
|-
| Nick Farr (Member Donation)
| Member Dues (Various)
| $350.00
| $50.00
|-
|-
| Alli Treman (Member Donation)
| Member Dues (Various)
| $350.00
| $50.00
|-
|-
| Eric Michaud (Member Donation)
| Member Dues (Various)
| $350.00
| $50.00
|-
|-
|}
|}
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== 5 Largest Expenditures (Since Last Report) ==
== 5 Largest Expenditures (Since Last Report) ==


{|
No Expenditures (Since Last Report)
|-
| Rent (April)
| $850.00
|-
| Rent (May)
| $850.00
|-
| Security Deposit (April - December 08)
| $850.00
|-
| Notacon Conference Sponsorship
| $500.00
|-
| Ikea
| $307.24
|-
|}


= Budget =
= Budget =
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== Membership Dues ==
== 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.
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.


Already, we have 6 members so we need to find 24 more dues paying members.
This amount will be re-evaluated as expenses become more well known.


Of course, anyone will be encouraged to donate more.  Everything beyond $42 is tax deductible.
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 ==
== 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.
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|-
|-
| DC Basic Business License (Charitable Solicitation)
| DC Basic Business License (Charitable Solicitation)
| Required for soliciting donations from the public
| Required for soliciting [[donation]]s from the public
| $253.00
| $253.00
|-
|-
|}
|}
[[Category:Meeting_Minutes]]

Latest revision as of 03:25, 6 April 2012

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
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