Leaks, Drips, and Spills

Breaking OSM Financial News!

01 Nov 2011
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For the second time this calendar and fiscal year, OSM has released most of the financial reports originally promised to be released monthly.  If my math is correct (and it should be as it is a simple calculation of 2 divided by 10), then OSM has achieved its commitment 20% of the time so far this year. And if they do it 2 more times they will hit a 33% compliance rate. I wouldn't bet on even that poor of a record given their history  in the last couple of years. Truth be told, this is the first time this year we have been privileged to see the monthly budget versus actual figures.

So, what stands out in a quick review?

  1. They show an unconscionable $194,850.09 in their Citi Business Checking account. An account that bears no interest.
  2. They have $15,157.08 in their Citi Business Money Market Account - the account used to keep as a reserve which does bear interest.
  3. They still show $213.15 in a TD Bank Checking account. This bank is based in New York City and should be closed as they have no need for another bank checking account.
  4. They show a negative $9,631.00 as Federal Income tax in Accounts Payable and yet in the July, 2011 Board Minutes, Paul Orwig stated "There are no additional taxes to be paid, and all tax paperwork will be finalized next week." There should never be a negative number in Accounts Payable. Simply sloppy bookkeeping one hopes.
  5. They show $2,000 per month from Demo Site hosting which indicates that the demo site is not exceeding the basic minimum number of subscribers.
  6. They show $4,356.12 as uncategorized income which says that the Treasurer doesn't know what the income was for.
  7. They show$25,742.05 in sponsorship income which is 54% of what was budgeted for by October ($47,000).

There may be more issues but it would require that the Treasurer be forthcoming in response to questions. It would also require that the financials be published monthly as they were intended.

It would be nice if the OSM Secretary/ Assistant Secretary duo could also keep the board minutes published in a timely fashion.

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David Huelsmann

Dave Huelsmann was Treasurer of Open Source Matters, Inc. from 2008 to July, 2010 and Joomla Forum Global Moderator from 2005 to November, 2010. Now retired, he was a senior healthcare executive who managed large and diverse clinical laboratory, radiology, electroencephalography, and centralized patient transport operations/departments in both not-for-profit and for-profit companies throughout the United States.

Dave was a Navy Corpsman who served in Vietnam while attached to Seabee battalionmcb71

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0 # Anonymous Coward 2011-11-02 11:24
Please explain why you think Joomla would have bank charges. I own a small business and I only pay $60/year in bank charges. Would this be fees to wire money? I assume overdraft fees would not be the case as there appears to be funds available.
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0 # David Huelsmann 2011-11-02 12:31
Wire charges range from $10 to $40 or so depending upon destination and is typically what Joomla incurs as bank charges. Other things likely attributed to bank charges include the PayPal fees charged for each donation. The $500 or so is not unreasonable
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