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author | 2018-11-08 21:05:08 -0500 | |
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committer | 2018-11-08 21:05:08 -0500 | |
commit | 162b3f3d621ee5855151a02816826307c7da4752 (patch) | |
tree | 87352fc5d257a995436b93a4ea28ab0fe40fa36d | |
parent | Add expenses per trustees thread. (diff) | |
download | financials-rfp-162b3f3d621ee5855151a02816826307c7da4752.tar.gz financials-rfp-162b3f3d621ee5855151a02816826307c7da4752.tar.bz2 financials-rfp-162b3f3d621ee5855151a02816826307c7da4752.zip |
Fix spelling errors provided by Alice.
-rw-r--r-- | main.tex | 12 |
1 files changed, 6 insertions, 6 deletions
@@ -57,7 +57,7 @@ \section{Main} \label{opening} The Gentoo Foundation is requesting proposals from CPA firms to provide audit, tax, and bookkeeping services for our foundation. -We invite your firm to send us a propsal by <DATE>. A description of the foundation and its mission follows. +We invite your firm to send us a proposal by <DATE>. The foundation and its mission are described below. \section{Definitions} \label{sec:definitions} @@ -90,23 +90,23 @@ The executive of the Foundation is comprised entirely of unpaid volunteers, brok \label{sec:background} The financial state of the Gentoo Foundation is a Foundation with no outstanding invoices and a cash on balance at the end of FY2018 of approximately \$151K USD. -No financial reports have been published by earlier Boards of Trustees since 2012\cite{finrep}, and there are well-founded concerns that the none of the original reports are entirely accurate. +No financial reports have been published by earlier Boards of Trustees since 2012\cite{finrep}, and there are well-founded concerns that none of the original reports are entirely accurate. As a result of negligence of previous treasurers and trustees necessary paperwork has not been filed with federal tax authorities (henceforth \textbf{IRS}). A recent treasurer has taken responsibility for cleaning up the historical baggage and performed a massive job of going through historical transactions and recreated a full ledger of transactions. The recent treasurer is not a trained accountant or book-keeper, and the work has been taken on a best-effort basis. The data of the reconstructed ledger is kept in a format for the open source tool book-keeping tool Ledger\cite{ledger01}. -Data can easily be exported from this tool and direct knowledge from accountants are not necessary in order to access the books as the current treasurer is available to support the efforts and data can be exported based on the needs of the accountant. +Data can easily be exported from this tool and direct knowledge from accountants is not necessary in order to access the books as the current treasurer is available to support the efforts and data can be exported based on the needs of the accountant. The recent treasurer did engage a CPA for several months in 2017, but that CPA was unable to continue for personal reasons. -The CPA did assist in creation of provisional set of financial statements for the Foundation's first financial year, FY2005, which ending June 31, 2005. +The CPA did assist in creation of a provisional set of financial statements for the Foundation's first financial year, FY2005, which ended June 31, 2005. The FY2005 data only contain 3.5 months of transactions, as the first bank account was opened March 2005, nearly 10 months after the incorporation of the Foundation. The CPA also assisted in partially completing IRS Form 990 for FY2005, based on the FY2005 financial statements. Best-effort Financial Reports have been reconstructed until FY2018 available at \cite{gentoo:finances}. Depreciation expenses have been captured, but in-kind donations are still in progress. \subsection{Operations for Fiscal 2018} -The main income source is donations (23.162,01\$), followed by our participantion in the Google Summer of Code program (4,700\$), interest of current accounts (483.64\$) and sale (including royalties for) of Gentoo merchandise (254.50\$). Expenses for FY2018 were \$9,292.95. +The main income source is donations (23.162,01\$), followed by our participation in the Google Summer of Code program (4,700\$), interest of current accounts (483.64\$) and sale (including royalties for) of Gentoo merchandise (254.50\$). Expenses for FY2018 were \$9,292.95. This income is used to fund the Gentoo Project activities, including purchases of infrastructure and marketing material; sponsoring projects related to Gentoo's activities; and sustaining the foundation's own operational expenses. @@ -119,7 +119,7 @@ This income is used to fund the Gentoo Project activities, including purchases o \end{itemize} \subsection{Annual Audit and Tax Filing} -While we consider it beneficial to have a verified accounting of the Foundations finances up to 2018; We also require annual accounting services to assist in filing taxes, not just for the past years, but on an ongoing basis. +While we consider it beneficial to have a verified accounting of the Foundations finances up to 2018; We require annual accounting services to assist in filing taxes; not just for the past years, but on an ongoing basis. \subsection{Historial Financial Reporting} Due to the reconstruction of historical data, a verification of the presented Financial Reports in final form is needed in order to have a confirmed view of the Foundation's finances. |