On 1/9/07, Anthere <Anthere9(a)yahoo.com> wrote:
Anthony wrote:
The
problem is that the underfunding of the foundation is consistently
belittled.
As of the last audited financial report, the foundation was quite
overfunded, not underfunded. If it is now underfunded, that is a new
thing.
Beg your pardon ?
Financial statements go from june to june. So, "new" is at least 7
months ago.
No, "new" is *at most* 7 months ago.
7 months ago, we had a "cash at the end of the
year" of 500 000 dollars.
Plus $78,415 in Google stock. Plus $50,000 in accounts receivable.
Plus $400,000 in computer equipment and software.
Our auditors recommanded to increase cash reserve to
at least 3
($875,000), preferrably 6 months ($1,650,000) of operating expenses for
fiscal security.
In june 2006, we were NOT overfunded, we were precisely within security
limits, with something like 3 to 6 months of operations in reserve.
7.58 months of operating expenses, even if you ignore all the assets
but the bank accounts (12*500,000/791,907), which, you might note, is
not between 3 and 6.
Right now, we are VERY underfunded.
Anthere