[Foundation-l] Fundraising and site notice

[Anthere]

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.

7 months ago, we had a "cash at the end of the year" of 500 000 dollars.

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.

Right now, we are VERY underfunded.

Anthere