Leaks, Drips, and Spills

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20 Oct 2011
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I must have missed the Open Source Matters, Inc. publication of the 2010 Federal Corporate Tax Return (Form 1120) and the New York State CHAR500 return. And, depending on the contents of the CHAR500 return, maybe even a Form 990. Oh no I didn't, I just checked here on the OSM Federal Filings page and there are no links to the 1120 nor are there any filed CHAR500 in the New York State charities database. That's interesting!

Let's see, OSM, last I checked, operates on a calender year fiscal year. So that means they must file the 1120 by the 15th day of the third month after the end of their tax year. Hmm, that would make it due on March 15. A review of the available published OSM minutes (only published through July, 2011 as of this date) shows that in the March 2011 minutes, an automatic extension of 6 months was requested (note that it was not specific that this was just a Federal extension. There isn't a 6 month extension available in New York). Nothing wrong with that. Gives the accountants time to review and correct the books. But, wait a minute. That would make the the date the Federal taxes had to be filed by as September 15, 2011. So, supposedly the taxes forms have been filed but just like the other missing financial reports there hasn't been any publication of this information to the Joomla Community. I could be wrong, of course. Would love to see some communication from OSM about these issues. Nothing anywhere so far though.

18 Oct 2011
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According to the May 29, 2011 published OSM budget, the sponsorship line item was budgeted to bring in $63,000 in 2011. In the P&L report for May 29, 2011, there was no reported income from sponsorships. It is unfotunate that we don't have more current reports to review. A review of the available OSM board minutes for 2011 (published through July, 2011) revealed the Treasurer would be invoicing a new major sponsor (name not provided) would be coming on board (April, 2011); two large sponsors were reported recruited in the April OSM board meeting minutes (possibly one of those is the one reported to be invoiced by the Treasurer). No names were mentioned. In the May, 2011 OSM minutes, it was reported that they were ready to invoice the sponsor. In the July, 2011 minutes it was reported that they were following through on invoicing sponsors.

So, in summary, at least through the May, 2011 financial reports, no income from sponsorships was reported. By July 2011, the OSM board was still working on invoicing two (maybe 3) new sponsors. So, how to explain the following?