Finance Meeting 2008.01.18

The 2nd Finance Committee meeting has been tentatively scheduled for the 18th of January at 17:00 UTC (fixedtime), by phone and IRC (#osgeo) at the same time.

Communication will use the Conference Call facilities.

Agenda

 * 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 (Paul)
 * Committee Plan for financial review of Australia proposal for hosting FOSS4G 2009
 * 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 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