Difference between revisions of "Finance Operational Notes"

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(Add note about D&O insurance)
(Note about budget)
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Annually:  
 
Annually:  
 +
# Prepare annual budget for approval by the board
 
# File Delaware state franchise tax
 
# File Delaware state franchise tax
 
## http://corp.delaware.gov/frtax.shtml
 
## http://corp.delaware.gov/frtax.shtml

Revision as of 06:31, 14 May 2013

This documented is intended to document various aspects of OSGeo's financial operations, to provide rough information on how things are setup to the treasurer, finance committee, and board.

General

  • Tyler as ED is responsible for day to day financial operation of OSGeo. He makes payments, issues invoices, cashes cheques, and enters transaction details into the accounting system (Quickbooks online).
  • The Finance Committee is responsible for auditing financial reports, developing financial management policy, and preparing a budget for the board.
  • The Treasurer chairs the Finance committee, and is responsible for operational financial decisions within the framework of the budget.
  • The Board of Directors is responsible for approving a budget.

Quick Books Online

OSGeo keeps detailed accounts using Quick Books Online. Currently Tyler (ED) and the Treasurer have accounts with update access for the OSGeo Quick Books instance. The rest of the finance committee has access to a read-only reporting account (contact Tyler or the Treasurer for details).

Accounts

PEO

Processes

On monthly basis:

  1. Download account data, import to Quickbooks
    1. Include three bank accounts, paypal
  2. Enter credit charge charges, invoices, bill pays
  3. Review wire transfers, confirm sources
  4. Reconcile account data with cash accounts
  5. Pay credit card bill
  6. Quick summary report to Finance Committee (cash, outlook)

Quarterly:

  1. Reviewing sponsorship status
  2. Issue new or follow up on outstanding sponsor invoices
  3. Produce quarterly reports - income/expenses, balance sheet, summaries by class
  4. Submit reports to Finance Committee

Ongoing:

  1. Pay marketing and office bills

Annually:

  1. Prepare annual budget for approval by the board
  2. File Delaware state franchise tax
    1. http://corp.delaware.gov/frtax.shtml
    2. includes "annual report" that lists current directors
  3. British Columbia provincial annual report
    1. Filed with Pat @ Oliver & Co., Williams Lake BC
  4. Directors & Officers Liability insurance renewal
    1. Current broker: Chapman (chapmanins.com)
    2. Renewal date: May 13, Fill application in March/April
  5. Internal year end finance report
    1. Prepare any final invoices for the year
    2. Hunt down FOSS4G funds
    3. Reconcile to statements
  6. Submit report to Finance Committe
  7. Include official report in Annual Report
  8. Write Finance Committee report