MoF Report 2008 05 06

Random factoid: Our NAICS Code is 813410

Financial Statements

Statement of Financial Position

Assets	Unrestricted	Total
CURRENT ASSETS
Cash (Checking)	$910.26	$910.26
Cash (PayPal)	$18.39	$18.39
Cash (Cash Box)	$0.00	$0.00
OTHER ASSETS
Security Deposit	$850.00	$850.00
Total Assets	$1,778.65	$1,778.65
Liabilities and Net Assets	Unrestricted	Total
CURRENT LIABILITIES
Rent	$850.00	$850.00
Total Liabilities	$850.00	$850.00
NET ASSETS
Total Net Assets	$928.65	$928.65

Budget

Membership Dues

Propose $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 Principle Proposal

Membership dues go to pay our Rent, Insurance, Internet. Anything beyond that raised, through Donations or other Income

• Project-specific needs must be raised by projects
• Excess, donations, etc. 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 lumber, but unless we raise may rent through Dues, we have to choose between funding the shelf or paying the rent. I propose a budget of $500.00 for finishing off the shelf.

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