Management ReportOWASP Foundation, Inc.
July 2024
Published on 15 Aug 2024

Basis of Preparation
This report is prepared solely for the confidential use of OWASP Foundation, Inc.. In the preparation of this report, The Charity
CFO, LLC has relied upon the unaudited financial and non-financial information provided to them. The Charity CFO, LLC
neither owes nor accepts any duty to any other party and shall not be liable for any loss, damage or expense of whatsoever
nature which is caused by their reliance on the report or the analysis contained herein.

Table of ContentsExecutive Summary

1

Statement of Financial Position

2Statement of Activities

3

Budget Summary

5

Executive Summary
Statement of Financial Position
This statement is often referred to as the Balance Sheet, and it is designed to represent an organization's total assets available
to meet its obligations (liabilities) as of a specific point in time. The difference between total assets and total liabilities isreferred to as Net Assets, or Equity.
•During the month of July 2024, cash decreased by ($408,305), leaving an ending cash balance of $1,849,425. Thedifference between the cash decrease and and net income is due to the purchase of two additional CD's worth $400,000,
as well as adding funds to the 2 month CD.

•Other current assets were a total of $1,159,072 and are made up of funds due from PayPal, Stripe, 3 Chase CD's, andEventbrite.

•Accounts receivable is $610,990 as of July 2024. This balance is made up of receivables due from Conference
attendees and sponsors.

•

Accounts payable is $122,013 as of July 2024 and is primarily made up of monies owed for conference
reimbursements and vendors subsequently paid in the following month.

•Credit Card balance is $20,634 as of July 2024.

Statement of Activities
This statement is often referred to as the Income Statement or Profit and Loss, and it is designed to represent an organization's
accrual-basis revenue and expenses over the course of a specified period. The difference between total revenue and total
expenses is referred to as Net Income, or Earnings.
•Total operating revenue for the month of July 2024 was $565,282, compared with $463,471 in June 2024. The
increase in operating revenue is primarily due to increased conference sponsorships and corporate donations.

•Year-to-date operating revenue is $3,334,298, compared with the year-to-date budget of $1,730,547 and annual
budget of $3,430,997. During the same period in the prior year, year-to-date operating revenue was $1,304,995.

•Membership revenue has exceeded year-to-date budget expectations by $27,632 and Corporate Supporters revenue
has exceeded year-to-date budget expectations by $66,008 as of July 2024.

•Total operating expenses for the month of July 2024 were $248,939, compared with $353,144 in June 2024. The
decrease in operating expenses is due to decreased conference expenses related to the Lisbon conference that occurredin the previous month.

•Year-to-date operating expenses are $1,638,617, compared with the year-to-date budget of $1,667,086 and annual
budget of $3,179,830. During the same period in the prior year, year-to-date operating expenses were $1,544,294.

•After accounting for non-operating activity, the organization has recognized net income of $315,999 for the month of
July 2024 and a year-to-date net income of $1,695,674.

OWASP Foundation, Inc., Jul 2024

Page 1

Statement of Financial Position
STATEMENT OF FINANCIAL POSITION ($)

Jul 2024

Jun 2024

25,040330

ASSETSCash & Equivalents
Bill.com Money Out Clearing
Chase Checking-5767

384,284

555,347

Chase Savings-1751

1,304,131

1,493,208

Citizens Checking 4011

12,65485,529Chase Checking-9635

25,00025,000Affiliate - Cash

98,31698,316

1,849,425

2,257,730

610,990339,790

164,470

77,450946

2,508

PayPal - USD

493,655

348,504

2 month CD Acct #1170

166,000

100,000Total Cash & Equivalents
Accounts Receivable
Accounts Receivable
Other Current Assets
Due from Eventbrite
Stripe Clearing

PayPal - EUR

0145,100

3 month CD Acct #3862

167,000

0

3 month CD Acct #3863

167,000

0

Total Other Current Assets

1,159,072

673,562

Total Current Assets

3,619,486

3,271,082

Investments or Other Non-Current Assets
Prepaid Expense
Total Non-Current Assets
Total Assets

44,182

13,364

44,182

13,364

3,663,668

3,284,447

LIABILITIES
Accounts Payable
Accounts Payable

102,118

68,361Affiliate - Accounts Payable

3,093

3,093Accounts Payable (A/P) - EUR

14,148262

Accounts Payable (A/P) - GBP

2,655

2,655

122,01374,371

Total Accounts Payable
Other Current Liabilities
Credit Card
Total Current Liabilities
Total Non-Current Liabilities
Total Liabilities

20,634

5,053

142,647

79,42400

142,647

79,424

1,737,499

1,737,499

1,695,674

1,379,675

NET ASSETS
Retained Net Assets
Retained Earnings
Current Net Assets
Net Income
Other Net Assets
87,84987,849Total Net Assets

Affiliate - Net Assets

3,521,022

3,205,022

Total Liabilities & Net Assets

3,663,668

3,284,447

OWASP Foundation, Inc., Jul 2024

Page 2

Statement of Activities
Jul 2024

Jun 2024

Registrations

87,072

185,199

718,543

Sponsorships

344,250

155,757

1,754,371

431,321

340,956

2,472,914

General Donations

2,430

1,342

13,008

Corporate Supporters

15,0000313,925

STATEMENT OF ACTIVITIES ($)

2024 (YTD)

IncomeConference Income

Total Conference Income
Donations

Projects
Total Donations00

27,00017,4301,342

353,933

17,85424,980185,68400

25,00017,85424,980210,684

Membership Income
Individual
Lifetime Membership
Total Membership Income
Miscellaneous Income2444

Uncategorized Income

98,67596,189296,724565,282

463,471

3,334,298

13,7180

19,263

252

42

1,108

0

0

13,418

Total Income
ExpensesCommunity Outreach
Outreach
Shipping & Postage
SwagTravel
Total Community Outreach062

16,90013,971

104

50,68961,025

Conference Expenses
Audio & Video

564

34,010Copying & Printing

091

406

Fees - Registration

5,612

9,231

34,415

Food & Beverages

2,266

150,259

169,80302,015

2,801

11,671

149

18,862Graphic Design
Lead Scanners, Lanyards, & Badges
Marketing

0375

2,668

Miscellaneous04,126

4,354

Office Supplies & Equipment

0271

2,349

Photography

1,611

0

1,611

Signage

1,283

0

1,283

Software

0025

374

0

1,379

Swag

0

7,292

11,359Tax Compliance

00703

Training

76,563086,151

Travel

9,698

3,720

82,120

Venue

5,858

12,859110,820

Speakers

754

262

6,066

0

4,807

16,771

116,253

229,466

614,972

Speakers Gifts

Conference Expenses
Total Conference Expenses
General & Admin - Operations
Bank & Credit Card Fees

1,309

1,203

6,741

Employee Recognition

60

25

1,019

Marketing, Communications, and Advertisi…

865

0

2,050

1,011

1,213

11,455Merchant Fees
Miscellaneous Fees

00703

Office Supplies & Equipment

02,736

2,736
13,073OWASP Insurance

00

Shipping & Postage

3743479

13,4396,431

62,496

Software, Internet, Dues, & Subscriptions

OWASP Foundation, Inc., Jul 2024

Page 3

Jul 2024

Jun 2024

2024 (YTD)

Tax Compliance - US

658

0

1,104

Tax Compliance - EU

168

3,302

8,500

0

0

35,100TravelUncategorized Expenses
Total General & Admin - Operations

6,702

3,895

13,68524,25018,847

159,139

Local Chapter Expenses
Food & Beverages

00467

Meeting Expenses

1,253

4,339

22,870Meetup21,940

3,600

3,600

Travel0068

Your Membership

00

1,052

Insurance

063

2,203

4,853

8,002

48,600Benefits

9,807

10,49874,073Gross Wages

53,55851,321360,175

Payroll Processing Fee

1,898

2,993

7,123

Payroll Taxes

4,178

4,180

32,931PEO Admin & HR fees

1,761

1,741

17,085

356

324

2,335

71,55871,058493,722

Total Local Chapter Expenses
Personnel & Payroll

Workers Comp
Total Personnel & Payroll
Professional Fees
Accounting - EU

00202

Accounting - US

5,7505,920

55,730Legal
Total Professional Fees

7,440

1,276

20,49913,1907,196

76,431

Project Expenses
Office Supplies & Equipment

0063

Other expenses

0386

3,763

Services (UI/UX, Graphics, Translations)

09,28556,672

Swag

00528

Summits

1,084

093,368

Technology

3,780

6,300

20,580Grants Writing

00

8,000

Travel

0

2,500

9,995

Project Expenses

00

1,617

4,864

18,470

194,586

Total Project Expenses

00478

Total Expenses

Printing

248,939

353,144

1,638,617

Operating Surplus/Deficit

316,344

110,328

1,695,681

Interest IncomeInterest Income
Earnings Before Tax

26

23162

316,370

110,350

1,695,843

Adjustments
371(77)

169

Change in Net Assets

Exchange Rate Gain/Loss

315,999

110,427

1,695,674

Retained Income

315,999

110,427

1,695,674

OWASP Foundation, Inc., Jul 2024

Page 4

Budget Summary
STATEMENT OF ACTIVITIES ($)

2024 (YTD)

Budget (YTD) This year vs budget ($YTD)

This year vs budget(% YTD)

Budget (full FY)

IncomeConference Income
Registrations

718,543

326,950

391,593119.77%

893,925

Sponsorships

1,754,371

706,225

1,048,146

148.42%

1,299,450

Training
Total Conference Income

0177,250(177,250)-100.00%

371,100

2,472,914

1,210,425

1,262,489

104.30%2,564,475

Donations
General Donations

13,008

9,031

3,977

44.04%

15,481

Corporate Supporters

313,925

247,91766,00826.63%

425,000
23,765

Local Chapter

014,554(14,554)-100.00%

27,00065,569(38,569)-58.82%

78,998353,933

337,071

16,862

5.00%

543,244

Individual

185,684

183,052

2,632

1.44%

312,338

Lifetime Membership

25,000025,000-0

Total Membership Income

210,684

183,052

27,63215.10%

312,338

Miscellaneous Income

44044-

10,940

Uncategorized Income

296,7240296,724-

03,334,298

1,730,547

1,603,750

92.67%

3,430,997

Outreach

19,263

20,825(1,562)-7.50%

25,641

Shipping & Postage

1,108

0

1,108-

373

Swag

13,418013,418-

1,179

Projects
Total Donations
Membership Income

Total Income
ExpensesCommunity Outreach

TravelTotal Community Outreach

16,9000

16,900-8,16450,68920,82529,864

143.40%35,357

Conference Expenses
Audio & Video

61,025

124,449(63,424)-50.96%211,949

Copying & Printing

406

3693710.11%

1,479

Fees - Registration

34,4152,974

31,441

1,057.17%

6,059

Food & Beverages

169,803

225,000(55,197)-24.53%

655,400

Graphic Design

2,801

250

2,551

1,020.50%

250

Lead Scanners, Lanyards, & Badges

18,862

3,415

15,447452.33%9,707

Marketing

2,668

9,000(6,333)-70.36%

11,000Miscellaneous

4,354

6,300

(1,946)-30.88%9,900

Office Supplies & Equipment

2,34950

2,299

4,598.50%

650

Photography

1,611

3,500

(1,889)-53.97%

3,500
3,936

Postage & Shipping

02,246(2,246)-100.00%

Signage

1,283

0

1,283

-0Software

25500(475)-95.00%

1,000

Speakers Gifts

1,379

300

1,079

359.71%650

Swag

11,359

5,904

5,455

92.40%

13,488Tax ComplianceTraining

703

0703

-

0

86,151

100,000(13,849)-13.85%

235,000

Travel82,12078,763

3,357

4.26%

176,578

Venue

110,820

152,756(41,936)-27.45%

198,112

Speakers

6,066

6,998

(932)

-13.32%

13,244

Conference Expenses

16,771

19,078(2,307)-12.09%49,828

Total Conference Expenses

614,972

741,852(126,881)-17.10%1,601,730

General & Admin - Operations
Awards and Member Benefits

06,825(6,825)-100.00%

8,511

Bank & Credit Card Fees

6,741

2,036

4,705

231.13%

3,417

Employee Recognition

1,019

199820413.04%404

Marketing, Communications, and Advertisi…

2,050

14,583(12,533)-85.94%25,000

Merchant Fees

11,45529,423(17,968)-61.07%49,674OWASP Foundation, Inc., Jul 2024

Page 5

2024 (YTD)

Miscellaneous Fees

Budget (YTD) This year vs budget ($YTD)

This year vs budget(% YTD)

Budget (full FY)

703

0703-0Office Supplies & Equipment

2,736

674

2,061

305.77%925

OWASP Insurance

13,073

6,009

7,064

117.56%

10,220Phone Expenses

02,811(2,811)-100.00%

4,820

Professional Development

000-575

479

457

22

4.84%

548

Software, Internet, Dues, & Subscriptions

62,49659,328

3,168

5.34%

103,030

Tax Compliance - US

1,104

0

1,104-

0

Tax Compliance - EU

8,500

08,500-0

Travel35,10014,567

20,533140.95%25,972

Shipping & Postage

Uncategorized Expenses
Total General & Admin - Operations

13,685

013,685-0

159,139

136,91222,227

16.23%233,095

Local Chapter Expenses
Food & Beverages

467

0467

-0Meeting Expenses

22,87028,802(5,932)-20.59%39,848

Meetup21,94018,916

3,024

15.99%

47,333

68

068

-259

Your Membership

1,052

0

1,052

-

0

Insurance

2,203

3,000(797)-26.58%3,750

48,60050,718(2,118)-4.18%

91,190TravelTotal Local Chapter Expenses
Personnel & Payroll
Benefits

74,073

92,817(18,743)-20.19%159,114Gross Wages

360,175

420,937(60,763)-14.44%

721,607

Payroll Processing Fee

7,123

2,044

5,079

248.48%4,246

Payroll Taxes

32,931

33,675(744)-2.21%

57,729PEO Admin & HR fees

17,085

19,488(2,404)-12.33%31,399Workers Comp

2,335

2,319

16

0.69%

3,933

493,722571,281(77,558)-13.58%

978,027

Total Personnel & Payroll
Professional Fees
Accounting - EU

202

0202

-0

Accounting - US

55,73063,980(8,250)-12.89%92,430Legal
Total Professional Fees

20,49932,898(12,399)-37.69%57,90376,431

96,878(20,447)-21.11%

150,333

Project Expenses
Office Supplies & Equipment

63063

-0

Other expenses3,763

0

3,763-

0Services (UI/UX, Graphics, Translations)

56,672

056,672-

0528

0528-

0Summits

93,368093,368-

0Technology

20,580020,580-0Grants Writing

8,000

08,000-0Travel

9,995

0

9,995

-

8,621

SwagProject Expenses

1,617

48,620(47,004)-96.68%81,477

Total Project Expenses

194,586

48,620145,965

300.21%90,098

478

0478-

0

Total Expenses

Printing

1,638,617

1,667,086(28,470)-1.71%

3,179,830

Operating Surplus/Deficit

1,695,681

63,461

1,632,220

2,571.99%251,166

Interest Income
Interest Income
Earnings Before Tax

1620162-0

1,695,843

63,461

1,632,382

2,572.25%

251,166

Adjustments
169

0169

-0

Change in Net Assets

Exchange Rate Gain/Loss

1,695,674

63,461

1,632,213

2,571.98%

251,166

Retained Income

1,695,674

63,461

1,632,213

2,571.98%

251,166

OWASP Foundation, Inc., Jul 2024

Page 6