operations/

Accounting and Budgets

Until Snowdrift.coop is fully operating and has more robust accounting report systems, we’re just sharing here a summary of our startup finances. Figures are rounded to nearest dollar. Various expenses personally covered by volunteers are not included here.

2017

last updated 2017-01-30

Income

  • $139 misc donations (minus fees)

Expenses

  • $41 web hosting

2016

Income

  • $27,983 grant from Open Source Initiative (supported by donors giving expressly to help Snowdrift.coop)
  • $1,623 misc donations (minus fees)

TOTAL 2016 Income: $29,606

Expenses

  • $28,500 contract work by lead developer Bryan Richter
  • $590 banners, stickers, business cards, other misc expenses for conferences
  • $275 rewards for donors and promotion etc
  • $219 travel costs for conferences
  • $558 web hosting, domain costs
  • $25 annual report to State of Michigan and address change

TOTAL 2016 Expenses: $30,167

2015

Income

  • $8,797 via Tilt Open from our end-of-2014 launch campaign
  • $9,000 donations from various major sponsors outside Tilt campaign
  • $14,300 donated by co-founder David Thomas
  • $6,840 grant from Open Source Initiative
  • $1,634 misc donations (minus fees)

TOTAL 2015 Income: $40,571

Expenses

  • Contract web development work
    • $13,674 to Nikita Karetnikov (includes some currency and transfer fees)
    • $25,200 to Bryan Richter, now lead developer
  • $3,000 to Attorney Deb Olsen for legal retainer, initial work on incorporation / bylaws
  • $388 banners, stickers, business cards, other misc expenses for conferences
  • $1,402 travel costs for conferences
  • $180 web hosting, domain costs
  • $20 annual report to State of Michigan

TOTAL 2015 Expenses: $43,864

2014

Income

  • $2,000 donated by Kate Rosenbloom Pohl
  • $7,800 donated by co-founder David Thomas
  • $1,442 donated by co-founder Aaron Wolf
  • $135 donated by other community supporters prior to launch campaign (after fees)
  • launch campaign income received in 2014 after fees:
    • $686 via Paypal
    • $5,150 via Dwolla
    • 0.34826 BTC donated

TOTAL 2014 income: $16,913 and 0.34826 BTC

Expenses

  • Contract web development:
    • $2,700 to Joseph Thomas
    • $4,320 to Mitchell Rosen
    • $4,321 to Nikita Karetnikov (includes some currency and transfer fees)
  • $31 in office supplies
  • $138 plane ticket to BayHac conference
  • $105 to Gandi.net for SSL certificate and domain registration
  • $20 to State of Michigan for filing Annual Report

TOTAL 2014 expenses: $11,635

2013 Finances

After initial discussions in 2012, the first public Snowdrift.coop stuff started in 2013, prior to any formal legal status. Co-founders Aaron Wolf and David Thomas personally covered all costs ($9,000+) for web hosting, domain registration, legal filings, and work from two independent contractors: Kim Hoff from June through November helping with plans, research, legal structure, writings, and presentation; and Joseph Thomas for web development work in December.

Accounts

At the beginning of 2014, with initial Articles (see Legal) accepted by the State of Michigan and an IRS EIN, we opened a non-interest-bearing checking account with the National Cooperative Bank.

Separate from the official account, Aaron and David have continued (through 2016) to personally cover expenses including their own cost-of-living while working on Snowdrift.coop, travel costs for various conferences, and some of the server and incidental costs.

Taxes

All of the income for Snowdrift.coop and all transactions formally part of the co-op’s accounts began around the beginning of 2014, so our first tax return year was 2014. Because our revenue is under $50,000, we filed a 990-N e-postcard, acting as self-determined 501(c)(4). Of course, we will have to adapt filings as needed depending on our long-term legal status which is not yet certain.