MoF Report 2008 05 06

From HacDC Wiki

Random factoid: Our NAICS Code is 813410

Financial Statements

Statement of Financial Position

Assets Unrestricted Restricted Total
Cash (Checking) $827.83 $82.43 $910.26
Cash (PayPal) $18.39 $18.39
Cash (Cash Box) $0.00 $0.00
Security Deposit $850.00 $850.00
Total Assets $1,696.22 $1,778.65
Liabilities and Net Assets Unrestricted Restricted Total
Rent $850.00 $850.00
Notacon (Promotion) $500.00 $500.00
Total Liabilities $1,350.00 $1,350.00
Total Net Assets $346.22 $428.65

Statement of Financial Position

Unrestricted Restricted Total
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


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 cover 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