Finance Meeting 2008.01.18 - Revision history

Tmitchell: updating tasks i completed

2008-01-28T19:02:41Z

updating tasks i completed

Tmitchell: added minutes

2008-01-19T00:15:15Z

added minutes

Wiki-Davemac: /* Agenda */

2008-01-17T20:39:33Z

Agenda

Wiki-Davemac at 19:59, 17 January 2008

2008-01-17T19:59:49Z

Wiki-JoWalsh: New page: The 2nd Finance Committee meeting has been tentatively scheduled for the 18st of January at 17:00 UTC ([http://www.timeanddate.com/worldclock/fixedtime.html?month=01&day=18&year=2008&h...

2008-01-16T23:49:00Z

New page: The 2nd Finance Committee meeting has been tentatively scheduled for the 18st of January at 17:00 UTC ([http://www.timeanddate.com/worldclock/fixedtime.html?month=01&day=18&year=2008&h...

New page

The 2nd [[Finance Committee]] meeting has been tentatively scheduled for the 18st of January at 17:00 UTC ([http://www.timeanddate.com/worldclock/fixedtime.html?month=01&day=18&year=2008&hour=17&min=0&sec=0 fixedtime]), by phone and IRC ([irc://irc.freenode.net/#osgeo #osgeo]) at the same time.

Communication will use the [[Conference Call]] facilities.

== Agenda ==

* Appoint meeting Chair and Secretary

@@ Line 23: / Line 23: @@
 ** To date, we've used ''cash basis'' for reporting but with various items it will be better to switch to ''accrual''
 ** Conference expenses/revenue were accrued in last quarter (December), but actuals received in January
-** '''ACTION:''' Tyler to check 501c3 application to ensure we chose accrual basis reporting
+** <s>'''ACTION:'''</s> Tyler to check 501c3 application to ensure we chose accrual basis reporting
-** '''ACTION:''' Tyler to start handling everything as accrual where appropriate in books
+** <s>'''ACTION:'''</s> Tyler to start handling everything as accrual where appropriate in books
 ** '''ACTION:''' Tyler to look at adding a 2008 budget line item in class overview report so classes can check against budget easily.
 ** '''ACTION:''' Adjust budget so that $5k from "admin" item is moved into the ED Salary & Benefits line as it covers the payroll provider costs for services.  This will make the class overview match budget.
 ** Discussed the use of journal entries, e.g. for project sponsor deposits do a single deposit entry to the project account, then do a journal entry to move the 25% portion into unrestricted income.
-** '''ACTION:''' Tyler to reclass all Autodesk payments into sustaining sponsorship - currently some is in unrestricted general.
+** <s>'''ACTION:'''</s> Tyler to reclass all Autodesk payments into sustaining sponsorship - currently some is in unrestricted general.
 ** Discussed Autodesk's commitment of $100k for 2008.  30k remains for January and 100k remainder for 2008.  Next deposit will be for 25k in March.
 ** '''ACTION:''' Tyler/Ken/Laura - discuss set up of Purchase Order for 2008 commitment and clarify the plan for timing of payments.

← Older revision		Revision as of 00:15, 19 January 2008
Line 10:		Line 10:
	* Committee Plan for financial review of Australia proposal for hosting FOSS4G 2009		* Committee Plan for financial review of Australia proposal for hosting FOSS4G 2009
	* Congratulate Paul on making 100k for OSGeo at FOSS4G 2007 :)		* Congratulate Paul on making 100k for OSGeo at FOSS4G 2007 :)
		+
		+	== Minutes ==
		+	* Present: Dave, Jo, Ken, Tyler
		+	* Absent: Paul
		+	* Tyler recorded minutes
		+	* Ken presented financial process documents (emailed PDF)
		+	** Shows how money flows in and out of the organisation, how it gets into statements/reports. This formal process helps to show due diligence in checks/balances of financial handling.
		+	** '''ACTION:''' Ken to add wire transfers as a source for cash receipts to this diagram
		+	** Ken suggested the committee has a quarterly review/check of reports to ensure they reconcile with the bank and other accounts.
		+
		+	* Tyler presented [http://www.osgeo.org/files/finance/reports.html these] draft financial reports
		+	** To date, we've used ''cash basis'' for reporting but with various items it will be better to switch to ''accrual''
		+	** Conference expenses/revenue were accrued in last quarter (December), but actuals received in January
		+	** '''ACTION:''' Tyler to check 501c3 application to ensure we chose accrual basis reporting
		+	** '''ACTION:''' Tyler to start handling everything as accrual where appropriate in books
		+	** '''ACTION:''' Tyler to look at adding a 2008 budget line item in class overview report so classes can check against budget easily.
		+	** '''ACTION:''' Adjust budget so that $5k from "admin" item is moved into the ED Salary & Benefits line as it covers the payroll provider costs for services. This will make the class overview match budget.
		+	** Discussed the use of journal entries, e.g. for project sponsor deposits do a single deposit entry to the project account, then do a journal entry to move the 25% portion into unrestricted income.
		+	** '''ACTION:''' Tyler to reclass all Autodesk payments into sustaining sponsorship - currently some is in unrestricted general.
		+	** Discussed Autodesk's commitment of $100k for 2008. 30k remains for January and 100k remainder for 2008. Next deposit will be for 25k in March.
		+	** '''ACTION:''' Tyler/Ken/Laura - discuss set up of Purchase Order for 2008 commitment and clarify the plan for timing of payments.
		+
		+	* Dave discussed the Australia/NZ FOSS4G 2009 bid proposal
		+	** A review/discussion conference call will happen next week. Tyler and Paul will be attending on behalf of Finance Committee.
		+	** Dave would like us to be able to bring the budget for the conference back to the finance committee for evaluation
		+
		+	* Marketing discussion
		+	** Tyler initiated discussion of a working budget/plan for the Marketing Committee, for how their 2008 Budget allotment will be spent.
		+	** Marketing budget now 15k to include the unused $5k advance given in 2007.
		+	** Tyler will report back with the marketing budget plan when approved by the Marketing Committee

@@ Line 7: / Line 7: @@
 * Review of Process for managing OSGeo Finances (Tyler & Ken)
 * Review of 2007 Financials for presentation to Board (Tyler & Ken)
-* Update on status of budget for FOSS4G 2008
+* Update on status of budget for FOSS4G 2008 (Paul)
 * Committee Plan for financial review of Australia proposal for hosting FOSS4G 2009
 * Congratulate Paul on making 100k for OSGeo at FOSS4G 2007 :)

@@ Line 1: / Line 1: @@
-The 2nd [[Finance Committee]] meeting has been tentatively scheduled for the 18st of January at 17:00 UTC ([http://www.timeanddate.com/worldclock/fixedtime.html?month=01&day=18&year=2008&hour=17&min=0&sec=0 fixedtime]), by phone and IRC ([irc://irc.freenode.net/#osgeo #osgeo]) at the same time.
+The 2nd [[Finance Committee]] meeting has been tentatively scheduled for the 18th of January at 17:00 UTC ([http://www.timeanddate.com/worldclock/fixedtime.html?month=01&day=18&year=2008&hour=17&min=0&sec=0 fixedtime]), by phone and IRC ([irc://irc.freenode.net/#osgeo #osgeo]) at the same time.
 Communication will use the [[Conference Call]] facilities.
@@ Line 5: / Line 5: @@
 == Agenda ==
-* Appoint meeting Chair and Secretary
+* Review of Process for managing OSGeo Finances (Tyler & Ken)