Finances/2014/Treasurer report-2014-09-02

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Treasurer report, Sept. 4, 2014

Kirsten Comandich

Finances

Account balances:

  • FirstTech: $21,422.92
  • PayPal: $24.22
  • Prepaid Visa debit card: $29.11
  • Accounts payable: none
  • Accounts receivable: TriMet (Technology Assoc. of Oregon): $5,000 [emailed Bibiana Jul 28]

Notes:

  • Fixed a billing problem with Rackspace this morning.
  • Do we need to downgrade our Hootsuite account now that OSB is over? No, keep it for now, it'll be useful for WhereCamp.


Bookkeeper meeting in May

I met with Erin at SMJones May 8th, 2014. My notes in preparation for that meeting are at Finances/2014/Bookkeeper notes-2014-05-08.

She said that it made sense for us to do our own accounting instead of using their services, as we are one of the smallest clients that they have.

1099s

  • The Syndicate can do these ourselves instead of having SMJones do them. But Erin says she can help train us.
  • The forms are kind of expensive, so if we send them the info, they can print them for us.
  • I asked our CPA Sang, and they can help us with this as well.

Specific advice on doing our own accounting

  • Erin does workshops on how to do your own accounting. [I think I missed the one she mentioned but perhaps she'll do one again.]
  • Recommends that we use cash-based accounting instead of accrual-based. She says you'd need to be an accountant to do accrual-based. Cash is much easier. Accrual-based accounting makes more sense if we were a bigger organization. (On the other hand, Xero defaults to accrual-based accounting, although it can do either. TODO: see what Sang recommends.)
  • They don't work with people who do their own accounting, but she says feel free to call her with questions. The meeting I had with her was at no charge.
  • I had a question about checks that have been written but not cashed - she says in cash accounting you record the check when you write it, not when it gets cashed.
  • To keep things simple, don't do the indirect cost pools that they do in the reports.
  • Recommends *not* creating invoices in Xero, because it's easy to screw up accrual-based accounting. However, I find it useful to have them there, so I'll consult with Sang on this.

Our data

  • They use Quicken for writing checks. She can get me a backup of that data (a QIF file).
  • The rest of our data (used for making our reports) is in a Sage accounting system which is not compatible with any system we have. It can't really be exported for us. I don't think this is a big problem as we have the reports for those years, plus the bank statements and spreadsheets that are reasonably close to the final reports. Also I have imported all of our 2013 data into Xero.


Current bookkeeper status

Cara sent us the final reports for 2013 last week, they are in Dropbox: Syndicate/Accounting/Bookkeeper/2013/20131231Financialsrevised08252014.stump.pdf

TODO: pick up from SMJones:

  • the Quicken data of our old checks
  • They will give us a release of all of our documents (a big box of paperwork):
    • the rest of our blank checks
    • copies of all the W9s they have stored for us (used to make 1099s)


Xero

Our 2014 accounts are being tracked in Xero and are up to date.

To get a good overview of all of our accounts, go here: https://go.xero.com/Dashboard/Default.aspx

  • I can do a how-to session on Xero for board members sometime.
  • I've given Sang, our CPA, access to our Xero account. I've been emailing him this week about getting advice on creating our own reports & budgets.
  • I'd like a better way to do budgeting without using Google spreadsheets, instead tying into the Xero data, but their budget capabilities are lacking. Going to see what Sang can recommend for this.


Taxes

  • mailed in Federal 990 for 2013 which was due (extended deadline) August 15th.
  • TODO: mail in the Oregon CT-12 which is due (extended) Nov 15th. It is filled in & I need to update a couple numbers.
  • I recommend we have Sang do our 990 & CT-12 next year. It's possible to do ourselves but I found it very time consuming and it would be worth it to pay them to do it.


OS Bridge

OS Bridge was financially successful, the budget is here: https://docs.google.com/a/bridgepdx.org/spreadsheet/ccc?key=0AuAYihSAtG6rdEFWUno5b1ZjRnFFS2plb2Y1S2VxY3c#gid=1

See the Charts tab for colorful charts.

Numbers are final except for:

  • volunteer party expenses
  • future meeting food expenses
  • waiting on TriMet sponsor payment
  • StickerMule never contributed toward the stickers as they'd said they would, not sure if they will.