- 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)
The Foundation started with a startup-loan of € 1 million (€ 0,2mil + 0,8mil). 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 (€ 1,7mil + 0,4mil -/- 1mil) 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)
The new funding loan came in time for the funding of the Foundation for Public Code. The runway is extended; the Opex (operational expenses) can be funded for the upcoming 12 to 13 months. Even though the runway is extended by Arnout, there is a need to get inflow of cash by:
- Contributions (members)
- Pledged donations
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 scheme and the interest payment scheme were based on this annuity basis and amortized over the months. Now the administration is based on the actual receipt of the gifts; the amounts aren’t amortized.