September 19, 2017 - Revision history

Brennan: AppSecUSA

2017-09-19T22:18:30Z

AppSecUSA

Matt Konda at 22:03, 19 September 2017

2017-09-19T22:03:41Z

Mtesauro: Updated the text of Tom P's board update for the board.

2017-09-19T21:40:52Z

Updated the text of Tom P's board update for the board.

Vanderaj: Budget Discussion

2017-09-19T20:53:34Z

Budget Discussion

Matt Konda at 18:11, 19 September 2017

2017-09-19T18:11:19Z

Vanderaj: Added Tom's updates and financial packages to Board list

2017-09-19T18:06:12Z

Added Tom's updates and financial packages to Board list

Brennan: Changed to point person from Tom to Martin

2017-09-19T17:58:09Z

Changed to point person from Tom to Martin

Vanderaj: Added Finance Report

2017-09-19T17:57:15Z

Added Finance Report

Dawnaitken at 00:01, 19 September 2017

2017-09-19T00:01:39Z

Mtesauro: Minor formatting change

2017-09-18T16:38:55Z

Minor formatting change

@@ Line 86: / Line 86: @@
 [Matt Konda]
-* [https://docs.google.com/document/d/1YZjyyinr1O2JYVj7pFszMZyngN1IrgayRuQxCRoUVNM/edit Proposal] to host 2018 AppSecUSA in San Jose.
+* [https://docs.google.com/document/d/1YZjyyinr1O2JYVj7pFszMZyngN1IrgayRuQxCRoUVNM/edit Proposal] to host 2018 AppSecUSA in San Jose.  (History [[OWASP Board Votes|OWASP Board Votes 9 May 17 | 14 Jan 15]])
 [Andrew and Tom Pappas] For Discussion
 * 2018 Budget Discussion
 [Andrew van der Stock] - AppSec AU Debrief
   COMMENTS, ANNOUNCEMENTS, AND OTHER BUSINESS

@@ Line 84: / Line 84: @@
 '''''{previous proposal end}'''''
 * [https://docs.google.com/document/d/1YZjyyinr1O2JYVj7pFszMZyngN1IrgayRuQxCRoUVNM/edit Proposal] to host 2018 AppSecUSA in San Jose.
 [Andrew and Tom Pappas] For Discussion
 * 2018 Budget Discussion
   COMMENTS, ANNOUNCEMENTS, AND OTHER BUSINESS

@@ Line 23: / Line 23: @@
 From Tom Pappas:
-"Attached please find the preliminary (due to Dev Summit 2017 not completely closed out yet) OWASP Combined (Converted to USD for all reports) financial pkg for July 2017 which represents financial performance through seven months of 2017.  I have used the approved version of the Budget for a comparison.  Matt T for the Board call I have attached a pdf of the Board summary and the Balance Sheet Summary which you can put up on the wiki, as the full fin pkg have quite a few tabs that are used for internal tracking only.
+"Attached please find the preliminary (due to Dev Summit 2017 not completely closed out yet) OWASP Combined (Converted to USD for all reports) financial pkg for July 2017 which represents financial performance through seven months of 2017.  I have used the approved version of the Budget for a comparison.
 Here is a summary of the Activity YTD. All amounts are combined with the EU and converted to USD in these reports:
@@ Line 29: / Line 29: @@
 '''Income Statement:'''
-'''Revenue:'''  On an accrual basis, total revenue YTD through Jul 2017 was $1.423.8 million as compared to a plan of $1,196 million.  The results are a $227.7K ahead of plan as of 7.31.17, due primarily to AppSec Cali being over vs AppSec EU being under budget.
+'''Revenue:'''  On an accrual basis, total revenue YTD through Jul 2017 was $1.423.8 million as compared to a plan of $1,196 million.  The results are a $227.7K ahead of plan as of 7.31.17, due primarily to APSEC Cali being over vs APSEC EU being under budget.
-'''Expenses:'''   Total spending YTD was over plan by $50.1K due the Over Spending on Conference and Chapters offset by underspending in Community outreach (Marketing), Professional services (No Wiki proj spending) and Grant expense.
+'''Expenses:'''   Total spending YTD was over plan by $50.1Kk due the Over Spending on Conference and Chapters offset by underspending in Community outreach (Marketing), Professional services (No Wiki proj spending) and Grant expense.
-'''Net Income/Loss:'''  YTD on a combined Accrual basis we are at a loss of $252.9K vs a budgeted '''LOSS''' of $430.6K for a net gain to the budget of $177.6K.  I want to add some caution here as AppSec EU 2017 was about $57K under budget.  We also, more than ever need AppSec 2017 US to be a success (meet or exceed Bud of $585K net income or the total 2017 budgeted loss of $235K will be more, though it is not looking like we will achieve this) and we just agreed to $45K for the ED search so we need to continue to monitor revenue and spending VERY closely as we move throughout the rest of 2017.
+'''Net Income/Loss:'''  YTD on a combined Accrual basis we are at a loss of $252.9K vs a budgeted '''LOSS''' of $430.6K for a net gain to the budget of $177.6K.  I want to add some caution here as Apsec EU 2017 was about $57K underbudget.  We also, more than ever need Apsec 2017 US to be a success (meet or exceed Bud of $585K net income or the total 2017 budgeted loss of $235K will be more, though it is not looking like we will achieve this) and we just agreed to $45K for the ED search so we need to continue to monitor revenue and spending VERY closely as we move throughout the rest of 2017.
 '''Chapter Funds:''' On an accrual basis, as of 7.31.17 The US Bal is $758.5K, while down a couple of thousand dollars from last month is still a large draw on funds.  This is an issue that is only going to magnify as our events continue to be successful.  Chapter balances will continue to grow to a point where they exceed the amount of cash OWASP has on hand in its Bank accounts, which could happen as soon Aug 2017.  Also, the EU Ch was up a couple of thousand dollars at $74.8K balance.  I also ran the Proj balances and they are now Combined at $114.4K vs the $95K at the end of June.
@@ Line 39: / Line 39: @@
 POINTS of NOTE:
-About AppSec EU 2017, I am told there are a few minor stragglers for minor bills to fully close it out in Aug 17 but as of now please review the AppSec EU 2017 tab, as we were about $84K under in revenue and $27K Under in expense (if no more come in) which takes us to <$57K> in Net income, which is being offset by other events such as AppSec Cali.  As noted in previous months not sure that will continue, so Spending should still be monitored and we need to have AppSec US in Sept meet or exceed the budget of $585K Net income.
+About APSEC EU 2017, I am told there are a few minor stragglers for minor bills to fully close it out in Aug 17 but as of now please review the APSEC EU 2017 tab, as we were about $84K under in revenue and $27K Under in expense (if no more come in) which takes us to <$57K> in Net income, which is being offset by other events such as Apsec Cali.  As noted in previous months not sure that will continue, so Spending should still be monitored and we need to have Apsec US in Sept meet or exceed the budget of $585K Net income.
 * July 2017 Balance Sheet https://drive.google.com/open?id=0B4xgbqJzimL4Ql93RVZVTGRzcVFqTXdrUnhSenMxNVJ0cU9J
 * July 2017 Board Summary https://drive.google.com/open?id=0B4xgbqJzimL4UFpGUzhyVVotcS04RUZWMWNjWEJhU3BMemZV

@@ Line 90: / Line 90: @@
 '''''{previous proposal end}'''''
 * [https://docs.google.com/document/d/1YZjyyinr1O2JYVj7pFszMZyngN1IrgayRuQxCRoUVNM/edit Proposal] to host 2018 AppSecUSA in San Jose.
 * 2018 Budget Discussion
   COMMENTS, ANNOUNCEMENTS, AND OTHER BUSINESS

← Older revision		Revision as of 18:11, 19 September 2017
Line 89:		Line 89:

	'''''{previous proposal end}'''''		'''''{previous proposal end}'''''
		+	* [https://docs.google.com/document/d/1YZjyyinr1O2JYVj7pFszMZyngN1IrgayRuQxCRoUVNM/edit Proposal] to host 2018 AppSecUSA in San Jose.
		+	* 2018 Budget Discussion
	COMMENTS, ANNOUNCEMENTS, AND OTHER BUSINESS		COMMENTS, ANNOUNCEMENTS, AND OTHER BUSINESS

@@ Line 20: / Line 20: @@
 OWASP Foundation is managed by the [https://www.owasp.org/index.php/About_OWASP#Employees_and_Contractors Operations Director] who provides a monthly roll-up report in collaboration of all staff members, contractors and efforts being manged by the [https://www.owasp.org/index.php/About_OWASP#Employees_and_Contractors back office team.]  A link to the monthly operational report can be found here:  [http://owasp.blogspot.com/2017/01/owasp-operations-update-for-january-2017.html REPORT]
-Finance Report
+=== Finance Report ===
 From Tom Pappas:
@@ Line 43: / Line 42: @@
 There are a couple of points I want to highlight.  The first is about cash while we had almost $1.7 million in the bank and if we add in half of the Open AR of $172K the Balance would be $1.872 million and to be conservative the balance would be and there are between accounts payable, Credit Card chgs and VAT payable for the Italian event in 2016 over $460K, which takes cash down to about $1.24 Million.  So while not a true cash flow issue, yet, if you take out the Ch balance of $833K and the Proj balance of $115K it leaves us with just about $292K of liquid cash and couple that with half the open AR of $172K we have $464K of operational reserves.  I just want to keep this on EVERYONE’s radar as we move forward.  This leaves our Operating cash reserve at 2.6 months and add in half the open AR it takes us to just over 4 months, again this need to continue to be monitored closely.
 With regard to Accounts Receivable the US balance is $275K and the EU balance is another $69K.  We have started and are seeing success in following up on the invoices we have created, however will need assistance as any invoices created prior to 6.30.17 do not seem to have contact info, specifically email addresses in Quickbooks so we are working on putting a list together.  Also in conversation with a Ch leader they are offering if we give them a list of open AR by Ch they will follow up as some of these invoices are funds earmarked for them."
   OLD BUSINESS
@@ Line 55: / Line 60: @@
 . Set aside 100.000 USD as seed fund for the OWASP Summit 2018 to cover travel for selected working-session organizers
 [Matt T] For Vote:

@@ Line 50: / Line 50: @@
   NEW BUSINESS
-[Tom B] For Vote:<br>
+[Martin] For Vote:<br>
 . Approve the OWASP Summit 2018 venue contract (see email Seba http://lists.owasp.org/pipermail/owasp-board/2017-September/018332.html)<br>
 . Recognize the OWASP Summit 2018 as a global event with equal staff support as for a Global AppSec conference<br>

← Older revision		Revision as of 17:57, 19 September 2017
Line 20:		Line 20:
	OWASP Foundation is managed by the [https://www.owasp.org/index.php/About_OWASP#Employees_and_Contractors Operations Director] who provides a monthly roll-up report in collaboration of all staff members, contractors and efforts being manged by the [https://www.owasp.org/index.php/About_OWASP#Employees_and_Contractors back office team.] A link to the monthly operational report can be found here: [http://owasp.blogspot.com/2017/01/owasp-operations-update-for-january-2017.html REPORT]		OWASP Foundation is managed by the [https://www.owasp.org/index.php/About_OWASP#Employees_and_Contractors Operations Director] who provides a monthly roll-up report in collaboration of all staff members, contractors and efforts being manged by the [https://www.owasp.org/index.php/About_OWASP#Employees_and_Contractors back office team.] A link to the monthly operational report can be found here: [http://owasp.blogspot.com/2017/01/owasp-operations-update-for-january-2017.html REPORT]

		+	Finance Report

		+	From Tom Pappas:
		+
		+	"Attached please find the preliminary (due to Dev Summit 2017 not completely closed out yet) OWASP Combined (Converted to USD for all reports) financial pkg for July 2017 which represents financial performance through seven months of 2017. I have used the approved version of the Budget for a comparison. Matt T for the Board call I have attached a pdf of the Board summary and the Balance Sheet Summary which you can put up on the wiki, as the full fin pkg have quite a few tabs that are used for internal tracking only.
		+
		+	Here is a summary of the Activity YTD. All amounts are combined with the EU and converted to USD in these reports:
		+
		+	'''Income Statement:'''
		+
		+	'''Revenue:''' On an accrual basis, total revenue YTD through Jul 2017 was $1.423.8 million as compared to a plan of $1,196 million. The results are a $227.7K ahead of plan as of 7.31.17, due primarily to AppSec Cali being over vs AppSec EU being under budget.
		+
		+	'''Expenses:''' Total spending YTD was over plan by $50.1K due the Over Spending on Conference and Chapters offset by underspending in Community outreach (Marketing), Professional services (No Wiki proj spending) and Grant expense.
		+
		+	'''Net Income/Loss:''' YTD on a combined Accrual basis we are at a loss of $252.9K vs a budgeted '''LOSS''' of $430.6K for a net gain to the budget of $177.6K. I want to add some caution here as AppSec EU 2017 was about $57K under budget. We also, more than ever need AppSec 2017 US to be a success (meet or exceed Bud of $585K net income or the total 2017 budgeted loss of $235K will be more, though it is not looking like we will achieve this) and we just agreed to $45K for the ED search so we need to continue to monitor revenue and spending VERY closely as we move throughout the rest of 2017.
		+
		+	'''Chapter Funds:''' On an accrual basis, as of 7.31.17 The US Bal is $758.5K, while down a couple of thousand dollars from last month is still a large draw on funds. This is an issue that is only going to magnify as our events continue to be successful. Chapter balances will continue to grow to a point where they exceed the amount of cash OWASP has on hand in its Bank accounts, which could happen as soon Aug 2017. Also, the EU Ch was up a couple of thousand dollars at $74.8K balance. I also ran the Proj balances and they are now Combined at $114.4K vs the $95K at the end of June.
		+
		+	POINTS of NOTE:
		+
		+	About AppSec EU 2017, I am told there are a few minor stragglers for minor bills to fully close it out in Aug 17 but as of now please review the AppSec EU 2017 tab, as we were about $84K under in revenue and $27K Under in expense (if no more come in) which takes us to <$57K> in Net income, which is being offset by other events such as AppSec Cali. As noted in previous months not sure that will continue, so Spending should still be monitored and we need to have AppSec US in Sept meet or exceed the budget of $585K Net income.
		+
		+	There are a couple of points I want to highlight. The first is about cash while we had almost $1.7 million in the bank and if we add in half of the Open AR of $172K the Balance would be $1.872 million and to be conservative the balance would be and there are between accounts payable, Credit Card chgs and VAT payable for the Italian event in 2016 over $460K, which takes cash down to about $1.24 Million. So while not a true cash flow issue, yet, if you take out the Ch balance of $833K and the Proj balance of $115K it leaves us with just about $292K of liquid cash and couple that with half the open AR of $172K we have $464K of operational reserves. I just want to keep this on EVERYONE’s radar as we move forward. This leaves our Operating cash reserve at 2.6 months and add in half the open AR it takes us to just over 4 months, again this need to continue to be monitored closely.
		+
		+	With regard to Accounts Receivable the US balance is $275K and the EU balance is another $69K. We have started and are seeing success in following up on the invoices we have created, however will need assistance as any invoices created prior to 6.30.17 do not seem to have contact info, specifically email addresses in Quickbooks so we are working on putting a list together. Also in conversation with a Ch leader they are offering if we give them a list of open AR by Ch they will follow up as some of these invoices are funds earmarked for them."
	OLD BUSINESS		OLD BUSINESS

@@ Line 15: / Line 15: @@
   APPROVAL OF MINUTES
-- Approval of prior [https://docs.google.com/document/d/1aPmftVZH3-G96J6-wrpynwwZhBHtREe5a7g8owVYUag prior meeting mins]
+- Approval of prior [https://docs.google.com/a/owasp.org/document/d/1jA8EuT496FWy2s2N1CHcDRTDEy3gaNJ9RRzYMQu1MHo/edit?usp=sharing Prior Meeting Minutes]
   REPORTS

@@ Line 39: / Line 39: @@
 Previous wording from the August meeting is below for reference.  Changes to the original text are underlined.
-{previous proposal start}
+'''''{previous proposal start}'''''
 * Proposed: Adjust approval processes to meet operational needs as outlined below. [Matt Tesauro] Also supported by Matt Konda.
 ** Remove board approval <u>and funds release</u> for any expense that meets any one of the criteria below
@@ Line 55: / Line 55: @@
 '''Benefit''': Allow payables to be handled more efficiently and in a stream-lined fashion for routine and already budgeted items so that the board is removed from day-to-day operational issues.
-{previous proposal end}
+'''''{previous proposal end}'''''
   COMMENTS, ANNOUNCEMENTS, AND OTHER BUSINESS