Include financial updates

activities/board-support/index.md

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 # Board of directors support

activities/organization/finance-updates/finance-update-december-2020.md

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+type: resource
+---
+
+# Finance update December 2020
+
+## Summary
+
+* Current cash at bank position: € 1.370.316,45
+* Cost incurred (cash burned):  € 344k (2019) + € 758k (till Nov 2020) = € 1.102.000
+* Projected runway:  1.370.316 / 72.000 = 19 months (current cash position / average expenses upcoming 12 months): 17,9 months from January 2021
+
+## Funding
+
+The Foundation started in June 2019 with a startup-loan of € 1 million (€ 0,2mio + 0,8mio). This loan (including accrued interest € 29.691) is paid back on the 24th August 2020. On the 24th August the Foundation received a loan of € 1.702.200 that is part of a fiscal gift schema. Furthermore the first (formal fiscal) gift was received € 435.500.  In total a net-amount of € 1.137.700 (€ 1,7mio + 0,4mio -/- 1mio) was received.
+
+In October a decision was made to change the structure of the gift. On November 1st a transfer of € 1.726.000 was made to Public Code as a pre-payment of the last 4 terms of periodic gift dated 24-08-2020. The board of Public Code decided to use that money to repay the loan (€ 1.702.000) + interest (€ 9.652) to Dia Holding on November 1st. This brings an advantage of € 118.013 for Public Code.
+
+## General
+
+* The opening of a USD account is in progress and will help facilitate money transfers from KBFUS and to balance out the costs incurred by conversion rates and fees intermediary banks charge for international wire transfers.
+* The gift from Josh Elkes will be transferred as soon as this account is opened, which will be before the end of this year.
+
+## State of the administration
+
+* Budget sheet: the budget sheet is updated with the latest insights (new fiscal gift-loan of November, elimination of the amortization schemes from earlier gift-loan set-up, update of personnel cost as well as a realistic budget for 2021)
+* General ledger (Exact): Updated
+* VisionPlanner: Updated (interfaced with Exact)
+* WeFact: Set-up to facilitate membership administration (interfaced with Exact and Visionplanner)
+
+## Budget 2021 narrative
+
+The budget for 2021 is based on actuals and a fair estimation of additional costs we foresee for the upcoming year. We look 1 year ahead, as the Foundation is not a static organization and there are many unknown in terms of prospective members, potential new philanthropic gifts, as well as the impact the Covid crisis may have on travel for conferences and in-person community events. Most prominent changes to the budget are:
+
+* 2FTE added each for 5500 gross per month. Amortized over the year. Estimated starting date March for 1FTE and May for the other 1FTE. The need to hire more staff depends on the results of successful membership development
+* Salaries also include raises for some of the current staff
+* Office cost from Q2 for 6000 per month
+* Some budget for events and community from Q2
+* Marketing, research and design costs including illustration work by Floris Deerenberg and the design work by Ryan Conlan, of which the latter can be covered for the most part by the gift from Josh Elkes.
+* Development of a Jitsi Community user interface is included in the budget under this ledger as well. This interface is needed to enable our community to sign themselves up for our Jitsi Community instance.
+
+## Interim conclusion
+
+The new funding loan came in time for the continuation of funding for the Foundation. The runway is extended; the Opex (operational expenses) can be funded for the upcoming 19 months. Even though the runway is extended by AS, there is a need to get inflow of cash by:
+
+* Contributions (members) - Provincie Zuid-Holland is our first member, but more is needed
+* Pledged donations

activities/organization/finance-updates/finance-update-february-2021.md

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+
+# Finance update February 2021
+
+## Summary
+
+* Current cash at bank position: € 1.275.265,04
+* Cost incurred (cash burned):  € 344k (2019) + € 827k (till Dec 2020) = € 1.171.000
+* Projected runway:  € 1.275.265 / € 80.000 = 16 months (current cash position / average expenses upcoming 12 months): 16 months from February 2021
+
+## Funding and membership dues
+
+* Opening a US Dollar account is on hold until deemed necessary
+* Josh Elkes gift transferred on February 4th: Donation minus KBFUS fees: $ 49.750,00 (€ 41.216,19)
+* Waiting for Provincie Zuid-Holland to transfer the dues: € 12.486,00 (€ 2.486 start membership Oct - Dec 2020 and € 10.000 dues for 2021)
+
+## Financial annual report
+
+Financial report (Jaarverslag + Jaarrekening) currently being developed by Deborah with support from accountants (Maarten Smulders Get Monkeys and Rob). Ready by mid-March 2021.
+
+## Interim conclusion
+
+* Operational expenses can be funded for the next 16 months
+* There is a need to get inflow of cash through: Member contributions and philanthropic donations

activities/organization/finance-updates/finance-update-september-2020.md

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+type: resource
+---
+
+# Finance update September 2020
+
+## Summary
+
+* Current cash at bank position: € 1,2 million
+* Cost incurred (cash burned):  € 344k (2019) + € 542k (till Aug 2020) = € 886.569
+* Projected runway:  1.200.000 / 88.000 = 13 months (current cash position / forecasted cost)
+
+## Funding
+
+The Foundation started with a startup-loan of € 1 million (€ 0,2mio + 0,8mio). This loan (including accrued interest € 29.691) is paid back on the 24th August 2020. On the 24th August the Foundation received a loan of € 1.702.200 that is part of a fiscal gift schema. Furthermore, the first (formal fiscal) gift was received € 435.500. In total an net-amount of € 1.137.700 (€ 1,7mio + 0,4mio -/- 1mio) was received.
+
+## State of the administration
+
+* Budget sheet: the budget sheet is updated with the latest insights (new fiscal gift-loan, elimination of the amortization schemes, update of personnel cost)
+* General ledger (Exact): Updated
+* VisionPlanner: updated (interfaced with Exact)
+
+## Interim conclusion
+
+The new funding loan came in time for the funding of the foundation. The so called runway is extended; the Opex (operational expenses) can be funded for the upcoming 12 to 13 months. Even though the runway is extended by AS, there is a need to get inflow of cash by:
+
+* Contributions (members)
+* Pledged donations
+
+## Background information
+
+The financial administration was subject to changing conditions. At the start there was a start-up loan and  a planned funding loan, both on an annuity basis. The redemption schema and the interest payment schema was based on this annuity basis  and amortized over the months. Now the administration is based on the actual receival of the gifts; the amounts aren’t amortized.

activities/organization/finance-updates/index.md

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+# Finance updates
+
+For each board meeting the Operations Coordinator prepares a finance update with details on current cash position, costs incurred and the projected runway. The update also sheds a light on other financial aspects, such as fundraising results and general financial updates.
+
+* [September 2020 finance update](finance-update-september-2020.md)
+* [December 2020 finance update](finance-update-december-2020.md)
+* [February 2021 finance update](finance-update-february-2021.md)