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MoF Report 2008 05 16: Difference between revisions

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Revision as of 20:38, 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)

University of Advancing Technology (Grant) $1,337.00
Adam Koeppel (Member Donation) $350.00
Nick Farr (Member Donation) $350.00
Alli Treman (Member Donation) $350.00
Eric Michaud (Member Donation) $350.00

5 Largest 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

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