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A lot of work has been done behind the scenes since our last update! Today we bring to you our prospective budget for 2016, as promised. This budget is one of a number of steps we are taking as we continue to work toward a more formal financial setup for the OTW long term, with a particular eye to openness and sustainability.
The budget can be found on the OTW site. It was prepared taking into consideration project needs, committee requests and our regular expenses from past year, and covers all expected expenses necessary to keep the OTW running in 2016. It anticipates fundraising income (including income from drives and other fundraising sources) of US$303,750.00, which is consistent with recent years' income.
This budget also addresses the OTW's need to keep a reserve on hand for emergencies, such as a sudden need to replace a server, or other unexpected costs. To the extent that the OTW may face unexpected expenses during 2016, they will be paid from the OTW's reserve funds. With that in mind, we believe the most prudent course of action is to make sure we are able to raise enough money to cover our annual running costs (expected to be US$303,750 this year) without having to use our reserves, keeping those for emergencies and hardware investments.
With our current funds sitting at about US$436,000 we are in a comfortable position that allows us to prepare for our growing expenses. In the next few months we plan to keep improving our financial set up, including contracting a CPA and rebuilding our Finance Committee, as well as reevaluating our resource allocation and reserves for 2017 as needed.