[Ofa_boardplus] Board minutes from 15 March 2018

Jim Ryan jimdryan at gmail.com
Thu Mar 15 14:39:37 PDT 2018

Belated Treasurer's report:

This report is coming to you later in the day of the Board meeting. The
financial reports came to me late yesterday and I couldn't get to this
summary until now. Last month I said I’d send the same rather lengthy
explanation of how the numbers I’m reporting were derived. However, in
hindsight, that’s just cruel ;^)) so I'm only going to send the actual
numbers for the month.

Under GAAP accrual accounting, as explained earlier, we had net income of
$360, resulting in an increase in equity to $325,690 on the balance sheet.
The report also shows $463,247 in cash.

Our newly-developed budget format shows a surplus of $325,691. Recall this
has to be put in the context of the "operating reserve" we agreed to
earlier of $140,000 and a Workshop reserve of $20,000.

The LF also produces a "Cash Flow Statement" which adjusts the net income
reported earlier to produce a number that drives changes in our cash
position each month. This report shows an increase in our cash position by
$53,566 to $463,247.

The LF is also busy processing membership dues and fees for participation
in the interop/logo program. All members have been invoiced and new members
are being processed. membership dues that have not been paid are being
escalated and I'm copied. Oracle has reduced its membership from Promoter
to Supporter

As you'll recall we had a significant increase in interop/logo program
participation fees. As of the end of February two of the participants have
not yet paid. However, we are going to allow upcoming testing to proceed as

Comments/question/requests are more than welcome, whether to the group or
to me individually. Also, I'll send the actual reports to anyone who wants
to see them

thanks, Jim, acting Treasurer

On Thu, Mar 15, 2018 at 11:19 AM, Aguilar, Michael J. <mjaguil at sandia.gov>

> Everyone
> Here is minutes from today’s Board meeting.
> Mike
> _______________________________________________
> Ofa_boardplus mailing list
> Ofa_boardplus at lists.openfabrics.org
> http://lists.openfabrics.org/mailman/listinfo/ofa_boardplus
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