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Difference between revisions of "MoF Report 2008 05 06"

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Revision as of 10:02, 6 May 2008

Random factoid: Our NAICS Code is 813410

Financial Statements

Statement of Financial Position

Statement of Activities

Statement of Cash Flows

5 Largest Receipts (Since Last Report)

5 Largest Expenditures (Since Last Report)

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