MoF Report 2008 05 06
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Random factoid: Our NAICS Code is 813410
Financial Statements
Statement of Financial Position
| Assets | Unrestricted | Restricted | Total |
| CURRENT ASSETS | |||
| Cash (Checking) | $827.83 | $82.43 | $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 | $1,696.22 | $1,778.65 | |
|---|---|---|---|
| Liabilities and Net Assets | Unrestricted | Restricted | Total |
| CURRENT LIABILITIES | |||
| Rent | $850.00 | $850.00 | |
| Notacon (Promotion) | $500.00 | $500.00 | |
| Total Liabilities | $1,350.00 | $1,350.00 | |
| NET ASSETS | |||
| Total Net Assets | $346.22 | $428.65 |
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 |