Management ReportOWASP Foundation, Inc.
November 2023

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 Contents
Executive Summary

1Statement 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 November 2023, cash increased by $507,575, leaving an ending cash balance of $2,911,995. Theincrease in cash is driven by revenues received via EventBrite in regards to Conference registration. While cash increased,current assets decreased due to receiving the funds due from EventBrite.

•Accounts payable is $1,005,525 as of November 2023. The balance primarily consists of expenses related to the DCconference.

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 totalexpenses is referred to as Net Income, or Earnings.
•Total operating revenue for the month of November 2023 was $116,689, compared with $369,793 in October 2023.
The decrease in operating revenue is primarily due to the decreased conference income.

•Year-to-date operating revenue is $3,091,583, compared with the year-to-date budget of $2,735,965 and annual
budget of $2,854,173. During the same period in the prior year, year-to-date operating revenue was $2,713,362.

•Total operating expenses for the month of November 2023 were $1,049,582, compared with $255,393 in October
2023. The increase in operating expenses is primarily due to the DC conference.

•Year-to-date operating expenses are $3,242,805, compared with the year-to-date budget of $2,853,915 and annual
budget of $2,981,274. During the same period in the prior year, year-to-date operating expenses were $1,492,400.

•

After accounting for non-operating activity, the organization has recognized net loss of ($932,920) for the month ofNovember 2023 and a year-to-date net loss of ($180,436).

OWASP Foundation, Inc., Nov 2023

Page 1

Statement of Financial Position
Nov 2023

Oct 2023

Chase Checking-5767

215,523

75,786Chase Savings-1751

186,881286,877

Citizens Checking 2482

306,099

306,099

Citizens Checking 4011

2,067,203

1,595,434

Citizens MM 2156

10,915

10,915Chase Checking-9635

25,341

25,341

STATEMENT OF FINANCIAL POSITION ($)
ASSETSCash & Equivalents

Stripe Clearing

1,717

5,651

Affiliate - Cash

98,31698,3162,911,995

2,404,420

Due from Eventbrite

0534,523

Funds held in PayPal

6,486

0Total Cash & Equivalents
Other Current Assets

Total Other Current Assets
Total Current Assets

6,486

534,523

2,918,481

2,938,943

Investments or Other Non-Current Assets
Prepaid Expense

7,049

12,528

7,049

12,5282,925,529

2,951,471

1,002,432

110,985

3,093

3,093

1,005,525

114,078

30,77015,2391,036,296

129,317001,036,296

129,317

1,981,821

1,981,821(180,436)

752,484

87,84987,849Total Net Assets

1,889,234

2,822,154

Total Liabilities & Net Assets

2,925,529

2,951,471

Total Non-Current Assets
Total Assets

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

NET ASSETS
Retained Net Assets
Retained Earnings
Current Net Assets
Net Income
Other Net Assets
Affiliate - Net Assets

OWASP Foundation, Inc., Nov 2023

Page 2

Statement of Activities
Nov 2023

Oct 2023

Registrations

6,903

216,921993,667

Sponsorships

16,55898,3441,350,983

STATEMENT OF ACTIVITIES ($)

2023 (YTD)

IncomeConference Income

Training
Total Conference Income04,121

14,13023,461

319,386

2,358,779

Donations
General Donations

1,942

472

13,644

Local Chapter

0018,861

Projects

00

62,697

1,942

472

95,202

Corporate

28,99026,970317,410

Individual

25,08021,639272,967

Total Membership Income

54,07048,609590,377

Uncategorized Income

37,216

1,326

38,542

Miscellaneous Income

00

8,683

116,689369,793

3,091,583

Outreach00

20,350

Shipping & Postage

00296

Swag0556

936

Travel

26

33

6,523

26

589

28,106

Total Donations
Membership Income

Total Income
ExpensesCommunity Outreach

Total Community Outreach
Conference Expenses
Audio & Video

42,4120270,435

Copying & Printing

702

8,744

22,623

Fees - Registration

431

41,603

43,696

0

1,016

2,769

320

550

26,002Graphic Design
Marketing
Miscellaneous

19,696

209

28,127

Office Supplies & Equipment

2,544

1,007

4,070

772

0

4,560

0

5,810

28,772

Photography
Swag
Swag

111

0111

Travel

7,603

1,260

46,720Venue

23,84475,355388,241

Food & Beverages

720,377

1,670

799,041

Food & Beverages

878

0878

Tax Compliance

340

070,895

Speakers

008,731

Awards and Member Benefits006,755

105,314

4,100

181,511

Training
Conference Expenses

04,072

4,072

925,344

145,397

1,938,007

Bank & Credit Card Fees

26258

2,737

Employee Recognition

0104320

Marketing, Communications, and Advertisi…

0550

2,124

1,360

2,118

36,38000(6,816)

Total Conference Expenses
General & Admin - Operations

Merchant Fees
Miscellaneous Fees
Office Supplies & Equipment

7,330

92

8,064

OWASP Insurance

796

796

8,907

Phone Expenses

003,825

Professional Development

00456

OWASP Foundation, Inc., Nov 2023

Page 3

Shipping & Postage
Software, Internet, Dues, & Subscriptions
TravelUncategorized Expenses
Total General & Admin - Operations

Nov 2023

Oct 2023

11002023 (YTD)

545

1,857

7,247

51,887

202

286

20,8150

3,97815,178

11,681

15,429144,423

Local Chapter Expenses
Insurance

774

0

6,866

Meeting Expenses

1,238

1,346

32,864

Meetup16,627

3,191

54,192

15

65

221

1,052

1,052

10,517

19,706

5,654

104,659

Benefits

10,383

10,723

114,246

Gross Wages

47,06747,067544,239

227

232

7,252

Payroll Taxes

3,601

3,601

45,167PEO Admin & HR fees

3,200

2,696

22,501302

3053,423

64,77964,624

736,828

TravelYour Membership
Total Local Chapter Expenses
Personnel & Payroll

Payroll Processing FeeWorkers Comp
Total Personnel & Payroll
Professional Fees
Accounting - EU

00

1,243

Accounting - US

5,490

8,190

136,010

Legal

4,552

3,920

50,507

Other Professional Services

1,750

0

1,750

11,792

12,110189,511

Other expenses

29029

Travel00

6,842

Total Professional Fees
Project Expenses

Project Expenses

12,2401,473

76,904

Total Project Expenses

12,2691,473

83,775

Lead Scanners, Lanyards, & Badges

7,010

3,933

16

Speakers Gifts

510384

Postage & Shipping

05,036

5,036

Software

0115

115

Logistics Freight

04,9504,950

Total Expenses

1,049,582

255,3933,242,805

Operating Surplus/Deficit(932,893)

114,400(151,222)

00129

Other Income
Other Income
Other Expenses
One time write offs - Bad Debt Expense
Earnings Before Interest & Tax

00

29,458(932,893)

114,400(180,552)

Interest Income
Interest Income
Earnings Before Tax4534(932,889)

114,405(180,518)

Adjustments
32(114)(82)

Change in Net Assets

Exchange Rate Gain/Loss(932,920)

114,519(180,436)

Retained Income(932,920)

114,519(180,436)

OWASP Foundation, Inc., Nov 2023

Page 4

Budget Summary
STATEMENT OF ACTIVITIES ($)

2023 (YTD)

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

This year vs budget(% YTD)

Budget (full FY)

IncomeConference Income
Registrations

993,667

1,886,423(892,756)-47.33%

1,912,673

Sponsorships

1,350,983

01,350,983-014,130014,130-02,358,779

1,886,423

472,35625.04%

1,912,673

General Donations

13,64422,917(9,273)-40.46%25,000Local Chapter

18,861

3,66715,194414.40%4,000

Projects

62,697

062,697-095,202

26,583

68,619258.13%29,000026,250(26,250)-100.00%

35,000

Corporate

317,410412,500(95,090)-23.05%450,000

Individual

272,967

275,000(2,033)-0.74%

300,000

0

1,375(1,375)-100.00%

1,500

Total Membership Income

590,377

688,875(98,498)-14.30%751,500

Uncategorized Income

38,542

038,542-0

Miscellaneous Income

0

4,500

(4,500)-100.00%

6,000

Miscellaneous Income

8,683

08,683-00

30,000(30,000)-100.00%

40,000Training
Total Conference Income
Donations

Total Donations
Grant Income
Membership Income

Lifetime Membership

Project Income
Fundraising073,333(73,333)-100.00%

80,000Total Income

3,091,583

2,735,965

355,618

13.00%

2,854,173

ExpensesCommunity Outreach
Outreach

20,350020,350

-

0296

1,833

(1,537)-83.84%2,000

Swag9360936-

0Travel6,523

06,523-

028,106

1,833

26,273

1,433.02%

2,000

Audio & Video

270,435

0270,435-

0Copying & Printing

22,623

022,623-

0Fees - Registration

43,696

043,696-0

Graphic Design

2,76902,769-

0Marketing

26,002026,002-0

Miscellaneous

28,127733

27,394

3,735.37%

800

Office Supplies & Equipment

4,070

04,070-0Photography

4,560

04,560-0Swag28,772

028,772-

0Swag

111

0111

-

0Travel

46,72015,00031,720211.47%

15,000Venue

388,241

0388,241-0

Food & Beverages

799,041

0799,041-

0

Food & Beverages

878

0878

-

0

Tax Compliance

70,895070,895-

0Speakers

8,731

08,731-

0Awards and Member Benefits

6,755

06,755-0181,511

0181,511-00

1,362,969(1,362,969)-100.00%

1,362,969

Shipping & Postage

Total Community Outreach
Conference Expenses

Training
Conference Expenses
Conference Expenses

4,072

04,072-0

1,938,007

1,378,702

559,305

40.57%

1,378,769

Bank & Credit Card Fees

2,737

32,083(29,346)-91.47%35,000

Employee Recognition

3200320-0Total Conference Expenses
General & Admin - Operations

OWASP Foundation, Inc., Nov 2023

Page 5

2023 (YTD)

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

This year vs budget(% YTD)

Budget (full FY)

18,000Marketing, Communications, and Advertisi…

2,124

16,500(14,376)-87.13%Merchant Fees

36,3808,250

28,130340.97%

9,000

Miscellaneous Fees

(6,816)

36,667(43,483)-118.59%

40,000

Office Supplies & Equipment

8,064

08,064-0

OWASP Insurance

8,907

08,907-0

Phone Expenses

3,825

0

3,825

-

0

Professional Development

456

0456

-

0

Shipping & Postage

545

917

(372)

-40.55%

1,000

Software, Internet, Dues, & Subscriptions

51,88768,750(16,863)-24.53%75,000Travel20,81560,000(39,185)-65.31%60,000

Uncategorized Expenses15,178

0

15,178-0

144,423

223,167(78,743)-35.28%238,000

Insurance

6,866

33,458(26,593)-79.48%36,500Meeting Expenses

32,86455,000(22,136)-40.25%60,000Meetup54,19245,8338,359

18.24%

50,000

221

0221

-

0

10,51727,500(16,983)-61.76%30,000104,659

161,792(57,133)-35.31%

176,500

Total General & Admin - Operations
Local Chapter Expenses

TravelYour Membership
Total Local Chapter Expenses
Personnel & Payroll
Benefits

114,2460114,246-0Gross Wages

544,239785,130(240,891)-30.68%856,505Payroll Processing Fee

7,252

07,252-0

Payroll Taxes

45,167

66,917(21,750)-32.50%73,000PEO Admin & HR fees

22,501

022,501-0Workers Comp

3,423

0

3,423

-

0736,828

852,046(115,218)-13.52%929,505

Total Personnel & Payroll
Professional Fees
Accounting - EU

1,243

13,750(12,507)-90.96%15,000Accounting - US

136,010

101,750

34,26033.67%

111,000

Legal

50,50733,45817,04950.96%

36,500

Other Professional Services

1,750

01,750-0189,511

148,958

40,55227.22%

162,500

Total Professional Fees
Project Expenses
Other expenses

29029-

0

6,842

15,000(8,158)-54.38%15,000

Project Expenses

071,500(71,500)-100.00%

78,000

Project Expenses

76,904

076,904-0

Total Project Expenses

83,77586,500(2,725)-3.15%

93,000

Lead Scanners, Lanyards, & Badges

7,010

0

7,010

-

0384

0384

-

0

5,036

917

4,120

449.42%1,000
0TravelSpeakers Gifts
Postage & Shipping
Software

115

0115

-

4,950

0

4,950

-

0

Total Expenses

3,242,805

2,853,915

388,890

13.63%

2,981,274

Operating Surplus/Deficit(151,222)(117,951)(33,271)-28.21%(127,101)

1290129-0

Logistics Freight

Other Income
Other Income
Other Expenses
One time write offs - Bad Debt Expense
Earnings Before Interest & Tax

29,458029,458-0(180,552)(117,951)(62,601)-53.07%(127,101)Interest Income
Interest Income
Earnings Before Tax34034-5(180,518)(117,951)(62,567)-53.05%(127,096)

Adjustments
(82)

0(82)

-0

Change in Net Assets

Exchange Rate Gain/Loss(180,436)(117,951)(62,485)-52.98%(127,096)

Retained Income(180,436)(117,951)(62,485)-52.98%(127,096)

OWASP Foundation, Inc., Nov 2023

Page 6