Financial Reports/Financial Statements July 2011 December 2011

From the Wikimedia Foundation
Jump to: navigation, search

Wikimedia Foundation, Inc.

Actual vs. Plan Comparison

July 1, 2011 through December 31, 2011

Unaudited

Actual Jul - Dec 11 Plan Jul - Dec 11 $ Change % Change Notes Annual Plan
Ordinary Unrestricted Income/Expense
Income
Unrestricted Public Support $25,376,746 $ 22,427,400 $ 2,949,346 13.15% (a) $ 28,000,000
In Kind Revenue 1,565,065 - 1,565,065 100.00% (b) -
Other Types of Income (128,023) - (128,023) -100.00% (c) 34,000
Merchandise, Net - 50,000 (50,000) -100.00% (d) 100,000
Program Income 374,180 525,000 (150,820) -28.73% (e) 1,050,000
Total Income 27,187,968 23,002,400 4,185,568 18.20% 29,184,000
Expense
Salaries and Wages 5,332,873 5,779,644 (446,771) -7.73% 12,410,883
Recruiting and Other Hiring Costs 341,431 506,500 (165,069) -32.59% (f) 963,000
Internet Hosting 1,269,862 1,333,370 (63,508) -4.76% 2,666,740
In Kind Expenses 1,565,065 - 1,565,065 100.00% (b) -
Grants 915,040 692,833 222,207 32.07% (g) 1,037,667
Facilities and Equipment 569,849 626,670 (56,821) -9.07% 1,122,711
Outside Contract Services 1,843,903 1,550,896 293,007 18.89% (h) 2,908,425
Staff and Volunteer Development 100,600 338,386 (237,786) -70.27% (i) 666,472
Bank Fees 899,563 651,533 248,030 38.07% (j) 723,900
Other Operating Expenses 561,567 540,458 21,109 3.91% 1,211,525
Capital Expenditures 348,664 1,338,056 (989,392) -73.94% (k) 2,601,956
Travel, Entertainment, and Meetings 655,304 888,544 (233,240) -26.25% (l) 1,670,442
Total Expense 14,403,721 14,246,890 156,831 1.10% 27,983,721
Net "Unrestricted" Income 12,784,247 8,755,510 4,028,737 46.01% 1,200,279
"Restricted" Income/Expense
Restricted Public Support - - - - -
Operating Expenses 338,106 - 338,106 100.00% (m) -
Net "Restricted" Income/(Loss) (338,106) - (338,106) 100.00% -
Total Net Income $12,446,141 $8,755,510 $3,690,631 42.15% $1,200,279


Mid-Year Financial Statement Recap - Actual vs. Plan

Revenue is over plan year-to-date due to the success of the annual on-line fundraiser and unrestricted foundation grants. Expenses were less than plan primarily due to lower salaries/benefits/recruiting/staff development costs due to slower hiring than originally anticipated, travel expenses, community convene expenses, and timing of technology capital expenditures, of which a portion will not be incurred as planned due to the servers donated from Cisco.

Notes (Variance over 10%):

  • (a) Revenue is over plan year-to-date due to the success of annual on-line fundraiser and unrestricted foundation grants.
  • (b) Represents donated internet hosting services for the Amsterdam data center of approximately $144K and 40 servers from Cisco of approximately $1.4MM.

In-kind amounts are not budgeted.

  • (c) Includes foreign exchange losses, interest income and misc. income.
  • (d) Represents merchandise web store that has not been launched. We are expecting to launch it in March.
  • (e) Program income is lower than plan due to new business development relationships have not been formed as originally anticipated.
  • (f) Recruiting expenses are lower than plan due to a majority of hirings are done internally through our independent recruiting contractors versus using recruiting or placement firms.
  • (g) Grants in total are currently in-lined with plan but incurring earlier than originally anticipated. However, overall for the fiscal year, grants expenses will exceed plan resulting from grants provided in lieu of fundraising revenue share for chapters that participated in the annual on-line fundraiser in prior years. Grants in lieu of fundraising revenue share were not budgeted.
  • (h) Outside contract services higher than plan resulted from engagement of contractors to fill roles of opened positions until permanent staff are hired.
  • (i) Staff and volunteer development expenses are spent slower than originally anticipated.
  • (j) Bank fees are more than plan as a direct result of higher online fundraising revenue and also due to the engagement of a new payment processor with higher fees but allows us the ability to receive donations from a greater number of local currencies.
  • (k) Amounts are lower than plan due to timing of servers purchase. A portion of the total planned capital expenditures will not be spent and reallocated since we received 40 donated servers from Cisco.
  • (l) Lower travels than anticipated and also community convene that has not occurred.
  • (m) Represents spending against the restricted Public Policy Initiative grant. Restricted grants are not budgeted.




Actual - Year-Over-Year Comparison

Year-to-Date, July-December, 2011 vs. 2010

Unaudited

Jul - Dec 11 Jul - Dec 10 $ Change % Change Notes
Ordinary "Unrestricted" Income/Expense
Income
Unrestricted Public Support $25,376,746 $17,679,395 $7,697,351 43.54% (a)
In Kind Revenue 1,565,065 143,098 1,421,967 993.70% (b)
Other Types of Income (128,023) (85,264) (42,759) 50.15% (c)
Program Income 374,180 479,428 (105,248) -21.95% (d)
Total Income 27,187,968 18,216,657 8,971,311 49.25%
Expense
Salaries and Wages 5,332,873 2,901,120 2,431,753 83.82% (e)
Recruiting and Other Hiring Costs 341,431 150,352 191,079 127.09% (f)
Internet Hosting 1,269,862 641,816 628,046 97.85% (g)
In Kind Expenses 1,565,065 143,098 1,421,967 993.70% (b)
Grants 915,040 390,315 524,725 134.44% (h)
Facilities and Equipment 569,849 405,714 164,135 40.46% (i)
Outside Contract Services 1,843,903 1,234,608 609,295 49.35% (j)
Staff and Volunteer Development 100,600 135,213 (34,613) -25.60% (k)
Bank Fees 899,563 488,350 411,213 84.20% (l)
Other Operating Expenses 561,567 322,160 239,407 74.31% (m)
Capital Expenditures 348,664 412,413 (63,749) -15.46% (n)
Travel, Entertainment, and Meetings 655,304 579,079 76,225 13.16% (o)
Total Expense 14,403,721 7,804,238 6,599,483 84.56%
Net "Unrestricted" Income 12,784,247 10,412,419 2,371,828 22.78%
"Restricted" Income/Expense
Restricted Public Support - - - -
Operating Expenses 338,106 457,077 (118,971) -26.03% (p)
Net "Restricted" Income/(Loss) (338,106) (457,077) 118,971 -26.03%
Total Net Income $12,446,141 $9,955,342 $2,490,799 25.02%


Year Over Year Recap

WMF has continued to raise revenue to support its expanding work per the strategic plan. Expenses have increased in concurrence with the initiatives of the strategic plan.

Notes:

  • (a) The online fundraiser revenue continues to increase significantly comparing to prior year for the same period.
  • (b) Represents donated internet hosting for Amsterdam data center for 2011 and 2010 and servers donated from Cisco and pro bono legal services for 2011.
  • (c) Includes foreign exchange losses, interest income and misc. income. Foreign exchange losses have increased due to fluctuations in the value of US dollars and due to increased foreign donations.
  • (d) Program revenue decreased due to the decrease in licensing revenue with Telefonica.
  • (e) Salaries and wages increased due to growth in staff.
  • (f) Recruiting and other hiring costs are higher due to more hirings.
  • (g) Increased spending on hosting to improve capacity and reliability as well as having a new data center in Virginia.
  • (h) Grants have increased in accordance with the organization's plan to increase grant-making activities.
  • (i) Facilities expense increased due to purchases of laptops and other IT equipment for new staffs and replacement of old equipment.
  • (j) Outside contract services includes temporary contractors and professional services to assist with our active projects and activities.
  • (k) Includes travel expenses for volunteers and staff education as well as facility rental for offsite all-staff meeting.
  • (l) Bank fees consist primarily of Paypal and Global Collect fees which increased commensurate with increased funds raised.
  • (m) Other operating expenses includes legal and accounting fees, fundraising communications expenses and misc. offices expenses. All have increased due to increased activity.
  • (n) Capex associates with servers purchases for the data centers.
  • (o) Travel has increased due to increase in staff size and strategic initiatives such as global development.
  • (p) Represents restricted projects; in July to Dec 2010 there were 2 active restricted projects, Ford Mutimedia (ended Nov 2010) and Stanton

Public Policy Initiative, which ended in September 2011.


Balance Sheet

As of December 31, 2011 and 2010

Unaudited

Dec 31, 11 Dec 31, 10 $ Change  % Change
ASSETS
Current Assets
Checking/Savings $30,101,881 $17,113,714 $12,988,167 75.89%
Accounts/Contributions Receivable 3,311,797 1,287,540 2,024,257 157.22%
Investments 481,166 5,700,946 (5,219,780) -91.56%
Other Current Assets 821,723 229,876 591,847 257.46%
Total Current Assets 34,716,567 24,332,076 10,384,491 42.68%
Other Assets
Property, Plant and Equipment 6,012,023 2,802,852 3,209,171 114.50%
Accum.Depr-Property, Plant and
Equipment (2,610,348) (1,609,948) (1,000,400) 62.14%
Total Other Assets 3,401,675 1,192,904 2,208,771 185.16%
TOTAL ASSETS $38,118,242 $25,524,980 $12,593,262 49.34%
LIABILITIES & NET ASSETS
Accounts Payable and Accrued Expenses $900,311 $827,171 $73,140 8.84%
Deferred Revenue 382,265 189,236 193,029 102.00%
Other Liabilities 197,382 10,500.00 186,882 1779.83%
Total Liabilities 1,479,958 1,026,907 453,051 44.12%
Net Assets
Retained Earnings 28,436,419 14,542,731 13,893,688 95.54%
Net Income 8,201,865 9,955,342 (1,753,477) -17.61%
Total Net Assets 36,638,284 24,498,073 12,140,211 49.56%
TOTAL LIABILITIES & NET ASSETS $38,118,242 $25,524,980 $12,593,262 49.34%