17,630 thoughts on “Financial Release 10/28/11

  1. Hello my name is Weston Strickler, I am from Occupy Kokomo, Indiana and I was at Occupy Wall Street two weeks ago. Why do you include suggestions to fix the economy but do not include any ideas about the Federal Reserve?

  2. First of all thank you for this! Question – what is the “Fiscal processing fee” for $24k? I assume that’s related to processing donations online? Will that continue to go up in proportion to the donations or was most of it a flat fee? And are some methods of donation more cost-effective that others? (I want my donations to go to OWS, not fees!!)

    • Its a 7% fee for fiscal sponsorship. You can read more about it here http://en.wikipedia.org/wiki/Fiscal_sponsorship, but the basic story is that Alliance For Global Justice has helped us track our finances in a legal, accountable, responsible and experienced manner while the occupation was starting up. How and if that continues is a question for the general assembly!

    • Seems a bit steep. I understand that their time and effort isn’t free, but 7% is almost gouging. Is there a contract in place to govern the fee? Can they provide documents as to what expenses they are covering with this fee? (ie, percentage of time each employee spends working on the account) This is a fairly standard practice for fiscal agents.

      • Range of 5-10% is, in my experience, normal in the industry. To avoid the fee, #OWS need to complete the paperwork to file as a separate 501(c)(3).

        FoW

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  4. 7% is an outrageous amount, and I have noticed that they seem to take forever to get the actual funds to the movement. A basic processor would only cost around 3%.
    The finanacials posted do not add up with amounts that have been brought forward during the GA and approved, such as the $20,000 for Oakland does not appear to be accounted for. There have been other amounts such as laundry as well. My life job has been in accounting.
    Please also see http://www.nycga.net/2011/11/01/finance-transparency-statement/ for comments from others.

    • I agree. 7% is too high and beyond non-profit industry standards for provision of this category of services. If it is necessary to work through other 501C3′s for the time being, it could be put out to bid to credible organizations whose annual reports pass muster of OWS’s finance committeee, including foundations who are supporting the movement.

  5. Why haven’t fixed assets been included on the balance sheet? If we are buying computers and cameras and such, then certainly those should be considered fixed assets and properly depreciated over the years. For example, if the FDNY confiscated the gas generators, shouldn’t that be counted as a loss here? I think it is great that each WG keeps and inventory, but that should be properly reflected in the balance sheet.

    • I believe this is the Financial Release as of 10/28/11. The next release should list several items as a loss; however, most of the items were returned or picked up by Occupy members. There is also an issue where the Occupiers bring items back to Liberty Plaza only to be stolen again the next day.

      I’m not sure about fixed assets, I’m sure you can bring it up on the forums or I’ll mention it if I decide to join their financial working group. Right now I’m attending GAs and thinking which WG I should join.

  6. Great Start, but of course, we need to see financial statements at least monthly, so it is already time for releasing November’s activity. Also, I think you can dispense with “pontificating” on a “Financial Release”. Just stick to pertinent financial info. There are other places on the website/blog/etc… for our statements of vision, solidarity, direct action, etc… Please do not use this Financial Statement Tab for what could be seen as intra-OWS campaigning.

  7. Could Accounting please post current totals for income-to-date, expenses-to-date, and balance-on-hand? Ideally, please post in one central location, easily found from NYCGA home page.

  8. Good to see daily donations creeping up again… if affinity group totals were added in, the trend might start looking good.

    When will we have another Balance Sheet and Cash Use Analysis statement?

  9. It was great that on October 18, 2011 that Accounting published a cash basis Balance Sheet and Profit & Loss Statement.

    It is important that we have this accounting information on a monthly basis for budgeting.

    When do you think that next Balance Sheet and Profit & Loss Statement will be issued?

  10. I like how this ‘official document’ includes the sentence ‘You can either suck on the public teat…’

    Wow. Really professional.

    This whole package looks and reads like it was put together by a high school student.

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