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 (€ 0,2mil + 0,8mil). This loan (including accrued interest € 29.691) is paid back on the 24 August 2020. On 24 August the Foundation received a loan of € 1.702.200 that is part of a fiscal gift scheme. Furthermore the first (formal fiscal) gift of € 435.500 was received. In total, a net amount of € 1.137.700 (€ 1,7mil + 0,4mil -/- 1mil) was received.
In October 2020 a decision was made to change the structure of the gift. On November 1, a transfer of € 1.726.000 was made to the Foundation for Public Code as a pre-payment of the last 4 terms of periodic gift dated 24-08-2020. The board of the Foundation for 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 the Foundation 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 Arnout, there is a need to get inflow of cash by:
- Contributions (members) - Provincie Zuid-Holland is our first member, but more are needed
- Pledged donations