Management ReportOWASP Foundation, Inc.
December 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 December 2023, cash decreased by ($1,050,959), leaving an ending cash balance of $1,865,098.
The decrease in cash is driven by payments on expenses recognized in a prior period. The largest of those being a payment
to Marriott Marquis in Washington DC.

•Accounts payable is $9,142 as of December 2023.

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 December 2023 was $110,793, compared with $116,747 in November 2023.
The decrease in operating revenue is primarily due to the decreased conference and membership income.

•Year-to-date operating revenue is $3,202,434, compared with the year-to-date budget of $2,854,173 and annual
budget of $2,854,173. During the same period in the prior year, year-to-date operating revenue was $2,982,610.

•Total operating expenses for the month of December 2023 were $125,521, compared with $1,051,131 in November
2023. The decrease in operating expenses is primarily due to the DC conference expenses being recognized in
November.

•Year-to-date operating expenses are $3,365,813, compared with the year-to-date budget of $2,981,274 and annual
budget of $2,981,274. During the same period in the prior year, year-to-date operating expenses were $2,238,976.

•

After accounting for non-operating activity, the organization has recognized net loss of ($14,768) for the month ofDecember 2023 and a year-to-date net loss of ($192,634).

OWASP Foundation, Inc., Dec 2023

Page 1

Statement of Financial Position
Dec 2023

Nov 2023

Chase Checking-5767

247,982

215,523

Chase Savings-1751

1,186,892

186,881

STATEMENT OF FINANCIAL POSITION ($)
ASSETSCash & Equivalents

Citizens Checking 2482

146,099

306,099

Citizens Checking 4011

147,240

2,071,265

Citizens MM 2156

10,916

10,915Chase Checking-9635

25,341

25,341

Stripe Clearing

2,312

1,717

Affiliate - Cash

98,31698,316

1,865,098

2,916,058

Total Cash & Equivalents
Other Current Assets
Due from Eventbrite

9,989

0Funds held in PayPal

11,700

6,543

Total Other Current Assets
Total Current Assets

21,6896,543

1,886,788

2,922,601

Investments or Other Non-Current Assets
Prepaid Expense

4,761

7,049

4,761

7,049

1,891,548

2,929,650

Accounts Payable

6,049

1,002,432

Affiliate - Accounts Payable

3,093

3,093

9,142

1,005,525

5,370

32,32014,512

1,037,846

0014,512

1,037,846

1,981,821

1,981,821(192,634)(177,866)

87,84987,849Total Net Assets

1,877,036

1,891,804

Total Liabilities & Net Assets

1,891,548

2,929,650

Total Non-Current Assets
Total Assets

LIABILITIES
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., Dec 2023

Page 2

Statement of Activities
STATEMENT OF ACTIVITIES ($)

Dec 2023

Nov 2023

2023

IncomeConference Income
Registrations

15,2706,960

1,008,995

Sponsorships

3,544

16,5581,354,527

00

14,13018,814

23,5182,377,651

Training
Total Conference IncomeDonations
General Donations

283

1,942

13,926

Local Chapter

00

18,861

Projects

00

62,697283

1,942

95,485

Corporate

19,98028,990337,390

Individual

18,82925,080291,796

38,80954,070629,186

Total Donations
Membership Income

Total Membership Income
Miscellaneous Income

00

8,682

Uncategorized Income

52,88837,21691,429110,793

116,747

3,202,434

Outreach00

20,350

Shipping & Postage

00296

Swag

00936

Travel

026

6,523

026

28,106

Audio & Video

042,412

270,435

Copying & Printing

0702

22,623

Fees - Registration

294

431

43,989

Food & Beverages

672

720,377

799,713

Total IncomeExpenses
Community Outreach

Total Community Outreach
Conference Expenses

Graphic Design784

03,553

Lead Scanners, Lanyards, & Badges

1,502

3,933

8,513

Logistics Freight

2,799

07,7490320

26,002Marketing
Miscellaneous

0

19,69628,127

105

2,544

4,175

Photography

0772

4,560

Postage & Shipping

00

5,036

Signage377

0377

Software00115

Speakers Gifts

051384

Swag0028,772

Tax Compliance

0340

70,895Training

0105,314

181,511

Office Supplies & Equipment

Travel

07,603

46,720Venue

546

23,844

388,788Speakers

638

09,369

00

4,072

7,717

928,339

1,955,477

Conference Expenses
Total Conference Expenses
General & Admin - Operations
Awards and Member Benefits

006,755

Bank & Credit Card Fees

6262,743

Employee Recognition

500370Marketing, Communications, and Advertisi…

262

02,386Merchant Fees

840

1,360

37,220Miscellaneous Fees

145

0(6,671)

OWASP Foundation, Inc., Dec 2023

Page 3

Dec 2023

Nov 2023

2023

07,3308,064

OWASP Insurance

796

796

9,704

Phone Expenses

003,825

Professional Development

00456

Shipping & Postage

0120555

2,798

3,378

56,207
20,815

Office Supplies & Equipment

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

0202

326

19

15,523

5,224

13,231

157,952

Local Chapter Expenses
Food & Beverages

0878

878

Meeting Expenses

01,23832,864

Meetup0

16,62754,192

Swag0

111

111

Travel

015

221

1,052

1,052

11,568Your Membership
Insurance

0774

6,866

1,052

20,695

106,700

Benefits

10,723

10,383

124,969

Gross Wages

84,92847,067629,167

345

227

7,597

Payroll Taxes

5,466

3,601

50,632PEO Admin & HR fees

2,142

3,200

24,643

495

302

3,918

104,098

64,779840,926

Total Local Chapter Expenses
Personnel & Payroll

Payroll Processing Fee

Workers Comp
Total Personnel & Payroll
Professional Fees
Accounting - EU

00

1,243

Accounting - US

5,490

5,490

141,500

Legal

0

4,552

46,445

Other Professional Services

0

1,750

1,750

5,490

11,792

190,938

Other expenses

02929

Travel00

6,842

Total Professional Fees
Project Expenses

Project Expenses

1,940

12,24078,844

Total Project Expenses

1,940

12,26985,715

Total Expenses

125,521

1,051,1313,365,813

Operating Surplus/Deficit(14,728)(934,385)(163,380)

00129

29,458Other Income
Other Income
Other Expenses
One time write offs - Bad Debt Expense
Reconciliation Discrepancies-1Earnings Before Interest & Tax

00(15)

0(15)(14,713)(934,385)(192,694)Interest Income
Interest Income
Earnings Before Tax

11445(14,701)(934,381)(192,649)

Adjustments
66

32(16)

Change in Net Assets

Exchange Rate Gain/Loss(14,768)(934,412)(192,634)

Retained Income(14,768)(934,412)(192,634)

OWASP Foundation, Inc., Dec 2023

Page 4Budget Summary
STATEMENT OF ACTIVITIES ($)

2023

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

This year vs budget(% YTD)

Budget (full FY)

IncomeConference Income
Registrations

1,008,995

1,912,673(903,678)-47.25%

1,912,673

Sponsorships

1,354,527

0

1,354,527-014,130014,130-02,377,651

1,912,673

464,978

24.31%

1,912,673

General Donations

13,92625,000(11,074)-44.29%25,000Local Chapter

18,861

4,000

14,861371.53%

4,000

Projects

62,697

062,697-095,485

29,00066,485229.26%29,000035,000(35,000)-100.00%

35,000

Corporate337,390

450,000(112,610)-25.02%450,000

Individual

291,796

300,000(8,204)-2.73%

300,000

01,500(1,500)-100.00%

1,500

629,186

751,500(122,314)-16.28%751,500

Miscellaneous Income

8,682

6,000

2,682

44.71%

6,000

Uncategorized Income

91,429091,429-0040,000(40,000)-100.00%

40,000Training
Total Conference Income
Donations

Total Donations
Grant Income
Membership Income

Lifetime Membership
Total Membership Income

Project Income
Fundraising080,000(80,000)-100.00%

80,000Total Income

3,202,434

2,854,173

348,261

12.20%

2,854,173

ExpensesCommunity Outreach
Outreach

20,350020,350-0296

2,000(1,704)-85.19%2,000

Swag9360936-

0Travel

6,523

06,523-

028,1062,000

26,1061,305.29%

2,000

Audio & Video

270,435

0270,435-0

Copying & Printing

22,623

022,623-

0Fees - Registration

43,989043,989-

0Food & Beverages

799,7130799,713-

0Graphic Design

3,553

03,553-0

Lead Scanners, Lanyards, & Badges

8,513

08,513-0Logistics Freight

7,74907,749-

0Marketing

26,002026,002-0

Miscellaneous

28,127800

27,327

3,415.93%

800

Office Supplies & Equipment

4,175

04,175-0Photography

4,560

04,560-0

Postage & Shipping

5,036

1,000

4,036

403.62%

1,000

Signage

377

0377-

0Software

115

0115-

0Speakers Gifts

384

0384-

0

Swag

28,772

028,772-

0Tax Compliance

70,895070,895-0Training

181,511

0

181,511-0Travel

46,72015,00031,720211.47%

15,000Venue

388,7880388,788-

0Speakers

9,369

09,369-0Conference Expenses

4,072

1,362,969(1,358,897)-99.70%1,362,969

1,955,477

1,379,769

575,708

41.72%

1,379,769

6,755

06,755-0Shipping & Postage

Total Community Outreach
Conference Expenses

Total Conference Expenses
General & Admin - Operations
Awards and Member Benefits

OWASP Foundation, Inc., Dec 2023

Page 5

2023

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

This year vs budget(% YTD)

Budget (full FY)

35,000Bank & Credit Card Fees

2,743

35,000(32,257)-92.16%

Employee Recognition

370

0370

-02,38618,000(15,614)-86.75%18,000Marketing, Communications, and Advertisi…
Merchant Fees

37,2209,000

28,220313.56%

9,000

Miscellaneous Fees

(6,671)40,000(46,671)-116.68%

40,000

Office Supplies & Equipment

8,064

08,064-0

OWASP Insurance

9,704

09,704-0

Phone Expenses

3,825

03,825-0Professional Development

456

0456

-0

Shipping & Postage555

1,000(445)-44.54%

1,000

Software, Internet, Dues, & Subscriptions

56,20775,000(18,793)-25.06%75,000Travel20,81560,000(39,185)-65.31%60,000

Uncategorized Expenses15,523

015,523-0

157,952

238,000(80,048)-33.63%

238,000

Total General & Admin - Operations
Local Chapter Expenses
Food & Beverages

878

0878

-0

Meeting Expenses

32,86460,000(27,136)-45.23%60,000Meetup54,19250,000

4,192

8.38%

50,000

Swag1110111-0Travel

221

0221

-

0

11,56830,000(18,432)-61.44%30,000Your Membership
Insurance
Total Local Chapter Expenses

6,866

36,500(29,635)-81.19%36,500106,700

176,500(69,800)-39.55%

176,500

Personnel & Payroll
Benefits

124,9690124,969-0Gross Wages629,167

856,505(227,338)-26.54%

856,505

Payroll Processing Fee

7,597

07,597-0

Payroll Taxes

50,63273,000(22,368)-30.64%73,000PEO Admin & HR fees

24,643024,643-0Workers Comp

3,918

0

3,918

-

0

840,926

929,505(88,579)-9.53%

929,505

Total Personnel & Payroll
Professional Fees
Accounting - EU

1,243

15,000(13,757)-91.71%

15,000Accounting - US

141,500

111,000

30,50027.48%

111,000

Legal

46,44536,5009,945

27.25%

36,500

Other Professional Services

1,75001,750-

0190,938

162,50028,438

17.50%

162,500

Total Professional Fees
Project Expenses
Other expenses
Travel29029

-0

6,842

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

Project Expenses

78,84478,000844

1.08%

78,000Total Project Expenses

85,71593,000(7,285)-7.83%

93,000Total Expenses

3,365,813

2,981,274

384,53912.90%

2,981,274

Operating Surplus/Deficit(163,380)(127,101)(36,279)-28.54%(127,101)

129

0129

-0

29,458029,458-0(15)0(15)-0(192,694)(127,101)(65,593)-51.61%(127,101)

Other Income
Other Income
Other Expenses
One time write offs - Bad Debt Expense
Reconciliation Discrepancies-1
Earnings Before Interest & Tax
Interest Income
Interest Income
Earnings Before Tax

45540801.40%

5(192,649)(127,096)(65,553)-51.58%(127,096)

Adjustments
(16)

0(16)

-0

Change in Net Assets

Exchange Rate Gain/Loss(192,634)(127,096)(65,538)-51.57%(127,096)

Retained Income(192,634)(127,096)(65,538)-51.57%(127,096)

OWASP Foundation, Inc., Dec 2023

Page 6