Management ReportOWASP Foundation, Inc.
May 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 Contents
Executive 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 May 2024, cash increased by $52,849, leaving an ending cash balance of $2,196,847. The
difference between the cash increase and and net income is due to revenue recorded but not yet received in the month ofMay.

•Other current assets were a total of $520,365 and are made up of funds due from PayPal, Stripe, Chase CD, andEventbrite.

•Accounts receivable is $477,506 as of May 2024. This balance is made up of receivables due from Conference
attendees and sponsors.

•Accounts payable is $28,541 as of May 2024 and is primarily made up of monies owed for conference reimbursements
and vendors subsequently paid in the following month.

•Credit Card balance is $5,015 as of May 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 May 2024 was $402,342, compared with $847,437 in April 2024. The
decrease in operating revenue is primarily due to the significant decreased conference sponsorships and corporate andproject donations.

•Year-to-date operating revenue is $2,362,066, compared with the year-to-date budget of $675,527 and annual
budget of $3,430,997. During the same period in the prior year, year-to-date operating revenue was $1,227,599.

•The revenue budget variance is largely due to receiving conference revenues earlier than anticipated.

•

Membership revenue has exceeded year-to-date budget expectations by $38,860 and Corporate Supporters revenue
has exceeded year-to-date budget expectations by $121,842 as of May 2024.

•

Total operating expenses for the month of May 2024 were $202,401, compared with $219,957 in April 2024.

•Year-to-date operating expenses are $1,024,801, compared with the year-to-date budget of $1,076,950 and annual
budget of $3,179,830. During the same period in the prior year, year-to-date operating expenses were $1,292,298.

•After accounting for non-operating activity, the organization has recognized net income of $199,741 for the month ofMay 2024 and a year-to-date net income of $1,337,849.

OWASP Foundation, Inc., May 2024

Page 1

Statement of Financial Position
STATEMENT OF FINANCIAL POSITION ($)

May 2024

Apr 2024

05,005ASSETSCash & Equivalents
Bill.com Money Out Clearing
Chase Checking-5767

522,511492,518

Chase Savings-1751

1,493,185

1,493,160

Citizens Checking 4011

57,83530,000Chase Checking-9635

25,00025,000Affiliate - Cash

98,31698,3162,196,847

2,143,999

477,506

543,924

Due from Eventbrite

55,77545,598Stripe Clearing

4,703

3,081

Funds held in PayPal

359,888

207,743

2 month CD Acct #1170

100,000

100,000

Total Cash & Equivalents
Accounts Receivable
Accounts Receivable
Other Current Assets

Total Other Current Assets
Total Current Assets

520,365

356,4223,194,719

3,044,345

Investments or Other Non-Current Assets
Prepaid Expense

9,810

3,270

9,810

3,270

3,204,529

3,047,615

Accounts Payable

25,44854,887

Affiliate - Accounts Payable

3,093

3,093

28,541

57,980

5,015

18,40333,55676,383

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

00

33,55676,383

1,745,276

1,745,2761,337,849

1,138,107

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

Affiliate - Net Assets

3,170,973

2,971,232

Total Liabilities & Net Assets

3,204,529

3,047,615

OWASP Foundation, Inc., May 2024

Page 2

Statement of Activities
May 2024

Apr 2024

Registrations

171,432

119,067

447,793

Sponsorships

142,540

488,470

1,289,365

313,972

607,537

1,737,158

STATEMENT OF ACTIVITIES ($)

2024 (YTD)

IncomeConference Income

Total Conference Income
Donations
General Donations

1,352

6,014

9,236

Corporate Supporters

10,000118,980

298,925

Projects

027,00027,00011,352

151,994

335,161

28,74625,040142,84900

25,000Total Membership Income

28,74625,040167,849

Miscellaneous Income

19,538

4

28,611

Uncategorized Income

28,73562,86393,287402,342

847,437

2,362,066

1,641

0

5,544

551

0815

0

3,571

13,418

Total Donations
Membership Income
Individual
Lifetime Membership

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

11,197

4,940

16,83813,3898,511

36,61426,452

Conference Expenses
Audio & Video00

Copying & Printing

195120315

Fees - Registration

8,355

5,004

20,155

Food & Beverages

011,567

17,279Graphic Design

00786

Lead Scanners, Lanyards, & Badges

103,115

7,042

Marketing

00

1,113

Miscellaneous

14215

229

Office Supplies & Equipment

00

2,078

Software0025

Speakers Gifts

00

1,005
8,202

Swag

4,932

2,508

Tax Compliance

00703

Training

00

9,588

Travel42,31413,01868,701

Venue

816

3,000

92,103

Speakers

01,233

5,050

Conference Expenses

1,589

1,047

10,612

Total Conference Expenses

58,22540,828271,437

Bank & Credit Card Fees

2,286

1,557

4,229

Employee Recognition

105

22934
9,231

General & Admin - Operations

Merchant Fees

1,296

1,318

Miscellaneous Fees

0673

703

OWASP Insurance

26

10,65813,073

Shipping & Postage

187

133

399

OWASP Foundation, Inc., May 2024

Page 3

Software, Internet, Dues, & Subscriptions

May 2024

Apr 2024

2024 (YTD)

36,091

12,834

6,722

Tax Compliance - US

389

0446

Tax Compliance - EU

0

1,220

5,030

3,914

5,089

35,100

900

4,434

6,338

21,936

31,826

111,571

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

00467

Meeting Expenses

4,505

2,842

17,243

Meetup03,713

11,140Travel68068

Your Membership

00

1,052

Insurance
Total Local Chapter Expenses

660

0

2,140

5,234

6,555

32,109Personnel & Payroll
Benefits

11,387

9,464

53,768Gross Wages

57,02544,942

255,296

Payroll Processing Fee

1,275

227

2,232

Payroll Taxes

5,298

4,145

24,573PEO Admin & HR fees

2,551

2,645

13,583

356

318

1,655

77,89361,740351,107

Workers Comp
Total Personnel & Payroll
Professional Fees
Accounting - EU

00202

Accounting - US

5,490

13,49042,560307

7,723

10,721

5,797

21,21353,483

Office Supplies & Equipment

63

063

Other expenses

00147

3,227

1,890

47,368

528

0528

0

45,411

92,284

10,5000

10,500Legal
Total Professional Fees
Project Expenses

Services (UI/UX, Graphics, Translations)
SwagSummits
Technology
Grants Writing

00

8,000

Travel

4,207

1,506

7,495

Project Expenses

1,402

0

1,617

Total Project Expenses

19,92748,807

168,0020478

478

Total Expenses

Printing

202,401

219,9571,024,801

Operating Surplus/Deficit

199,941

627,480

1,337,265

2526

113

199,966

627,506

1,337,377

Interest Income
Interest Income
Earnings Before Tax
Adjustments
225

3(471)

Change in Net Assets

Exchange Rate Gain/Loss

199,741

627,503

1,337,849

Retained Income

199,741

627,503

1,337,849

OWASP Foundation, Inc., May 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

447,7930447,793-893,925

Sponsorships

1,289,365

290,435

998,930

343.94%

1,299,450

Training
Total Conference Income

000-

371,100

1,737,158

290,435

1,446,723

498.12%2,564,475

Donations
General Donations
Corporate Supporters
Local Chapter

9,236

6,450

2,786

43.19%

15,481

298,925

177,083

121,84268.80%

425,000
23,7650

12,769(12,769)-100.00%

27,00059,800(32,800)-54.85%78,998335,161

256,103

79,05930.87%

543,244

Individual

142,849

128,989

13,86010.74%

312,338

Lifetime Membership

25,000025,000-0

Total Membership Income

167,849

128,989

38,86030.13%

312,338

Miscellaneous Income

28,611028,611-

10,940

Uncategorized Income

93,287093,287-02,362,066

675,527

1,686,539

249.66%3,430,997

5,544

18,751(13,206)-70.43%25,641

815

0815

-

373

13,4180

13,418-

1,179

Projects
Total Donations
Membership Income

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

16,8380

16,838-8,164

36,61418,751

17,86495.27%

35,357

Conference Expenses
Audio & Video

26,452

69,399(42,947)-61.88%211,949Copying & Printing

315

0315

-

1,479

Fees - Registration

20,155

1,734

18,421

1,062.29%

6,059

Food & Beverages

17,279110,000(92,721)-84.29%655,400

Graphic Design

786

250

536

214.50%250

Lead Scanners, Lanyards, & Badges

7,042

3,370

3,672

108.95%

9,707

Marketing

1,113

500

613

122.50%11,000229

3,000(2,771)-92.37%

9,900

2,078

0

2,078

-

650

0

3,500

(3,500)-100.00%

3,500

Postage & Shipping

000-

3,936

Software

25

025

-

1,000

Speakers Gifts

1,005

300

705

235.10%650

Swag8,202

5,904

2,298

38.92%

13,488

Miscellaneous
Office Supplies & Equipment
Photography

Tax Compliance

703

0703

-0Training

9,588

09,588-235,000

Travel

68,701

42,563

26,13861.41%

176,578

Venue

92,103150,256(58,153)-38.70%

198,112

Speakers

5,050

2,798

2,252

80.47%

13,244

Conference Expenses

10,612

11,082(470)-4.24%

49,828

Total Conference Expenses

271,437

404,656(133,219)-32.92%

1,601,730

General & Admin - Operations
Awards and Member Benefits

06,825(6,825)-100.00%

8,511

Bank & Credit Card Fees

4,2291,482

2,747

185.41%

3,417

Employee Recognition

934

199735370.10%404

010,417(10,417)-100.00%

25,0009,231

25,109(15,878)-63.24%

49,674

703

0703

-0

Marketing, Communications, and Advertisi…
Merchant Fees
Miscellaneous FeesOWASP Foundation, Inc., May 2024

Page 5

2024 (YTD)

Office Supplies & Equipment

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

This year vs budget(% YTD)

Budget (full FY)

0630(630)-100.00%

925

13,073

4,336

8,736

201.47%

10,220Phone Expenses

01,607(1,607)-100.00%4,820

Professional Development

000-

575

399

289

110

38.02%

548

36,09135,593498

1.40%

103,030

Tax Compliance - US446

0446-

0

Tax Compliance - EU

5,030

05,030-0Travel

35,1003,694

31,406850.22%

25,972OWASP Insurance

Shipping & Postage
Software, Internet, Dues, & Subscriptions

Uncategorized Expenses
Total General & Admin - Operations

6,338

06,338-

0

111,571

90,17921,39123.72%

233,095

Local Chapter Expenses
Food & Beverages

467

0467-0Meeting Expenses

17,24324,997(7,754)-31.02%

39,848

Meetup11,14013,417(2,276)-16.97%47,33368068-259

Your Membership

1,052

0

1,052

-0

Insurance

2,140

2,000

140

7.00%

3,750

32,10940,413(8,304)-20.55%91,190TravelTotal Local Chapter Expenses
Personnel & Payroll
Benefits

53,76866,298(12,530)-18.90%159,114Gross Wages

255,296

300,670(45,374)-15.09%721,607

Payroll Processing Fee

2,232

1,562

670

42.92%

4,246

Payroll Taxes

24,57324,054520

2.16%

57,729PEO Admin & HR fees

13,58315,026(1,444)-9.61%

31,399Workers Comp

1,655

1,682(27)-1.59%

3,933

351,107409,291(58,184)-14.22%

978,027

Total Personnel & Payroll
Professional Fees
Accounting - EU202

0202

-

0

Accounting - US

42,56036,5006,060

16.60%

92,430Legal

10,721

32,064(21,344)-66.57%

57,90353,48368,564(15,081)-22.00%150,333

Office Supplies & Equipment

63063

-

0

Other expenses

1470147-047,368

047,368-

0528

0528-

0Summits

92,284092,284-

0Technology

10,500010,500-

0Grants Writing

8,000

08,000-0Travel

7,49507,495-

8,621

Total Professional Fees
Project Expenses

Services (UI/UX, Graphics, Translations)
SwagProject Expenses

1,617

45,095(43,478)-96.42%

81,477

Total Project Expenses

168,002

45,095

122,907272.55%90,098

478

0478

-0

Total Expenses

Printing

1,024,801

1,076,950(52,148)-4.84%

3,179,830

Operating Surplus/Deficit

1,337,265(401,423)

1,738,687

433.13%

251,166

Interest Income
Interest Income
Earnings Before Tax

113

0113

-

0

1,337,377(401,423)

1,738,800

433.16%251,166

Adjustments(471)

0(471)-0Change in Net Assets

Exchange Rate Gain/Loss

1,337,849(401,423)

1,739,272

433.28%251,166

Retained Income

1,337,849(401,423)

1,739,272

433.28%251,166

OWASP Foundation, Inc., May 2024

Page 6