$2.5 million?
May. 28th, 2023 05:44 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
nayeSneaking in another link to a Twitter thread I haven't seen linked in any of the ongoing discussions re: the OTW promising to do something about racism and then...not. (Disclaimer: I have been having a lovely time with family this weekend and will definitely have missed things!)
But here's the thing: the OTW may have a reserve of $2.5 million dollars they are neither investing nor using to pay for staff. And if so, that sure seems like something to ask a few questions about.
fiercynonym, May 22: okay so…you know how OTW has been saying, when asked at meetings, that they have a budget surplus of about USD $1 million?
well…manogirl & i did some digging, and it might actually be more than TWO AND A HALF MILLION USD.
yes, you read that right. 🧵
MAY 30 ETA: Satsuma posted an excerpt from their own 2021 financial reports and it's worse than "not invested". They've got over $2 million they're not even getting interest on. https://naye.dreamwidth.org/2392146.html?thread=14272338#cmt14272338
But here's the thing: the OTW may have a reserve of $2.5 million dollars they are neither investing nor using to pay for staff. And if so, that sure seems like something to ask a few questions about.
fiercynonym, May 22: okay so…you know how OTW has been saying, when asked at meetings, that they have a budget surplus of about USD $1 million?
well…manogirl & i did some digging, and it might actually be more than TWO AND A HALF MILLION USD.
yes, you read that right. 🧵
MAY 30 ETA: Satsuma posted an excerpt from their own 2021 financial reports and it's worse than "not invested". They've got over $2 million they're not even getting interest on. https://naye.dreamwidth.org/2392146.html?thread=14272338#cmt14272338
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Date: 2023-05-28 05:55 pm (UTC)no subject
Date: 2023-05-29 06:16 am (UTC)no subject
Date: 2023-05-28 10:34 pm (UTC)The more I learn about the way the OTW functions, the less convinced I am of its ability to change anything, let alone its long-term viability.
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Date: 2023-05-29 06:18 am (UTC)no subject
Date: 2023-05-29 06:24 am (UTC)But also, I genuinely don't know how they can improve. I've seen posts suggesting they need a paid executive director, EA and code manager as well as a diversity consultant, but I can't imagine being able to actually hire competent people. It's hard enough getting my org sorted, and it's only been without an admin person for three years -- and all the other office holders have been competent. The OTW is a mess, and I don't think it's capable of change.
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Date: 2023-05-29 06:43 am (UTC)no subject
Date: 2023-05-29 11:46 am (UTC)THIS SO HARD
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Date: 2023-05-29 10:48 pm (UTC)I'd particularly like to draw everyone's attention to page eleven, where the breakdown of their current assets is listed--«Cash–non-interest-bearing» is reported at $2,292,636 as of the end of 2021. In case the title wasn't worrisome enough, the IRS explicitly defines that as «the amount of cash on deposit in checking accounts, deposits in transit, change funds, petty cash funds, and any other non-interest-bearing account.» They've got an additional $10,181 listed as currently in interest bearing savings accounts. Being a tax form, there is unfortunately no explanation for "wait, if you've got access to interest bearing accounts why do you only have $10,000 in them when you've got a cool two mill just sitting around????"
Also, for comparison, they put the current value of their "Land, buildings, and equipment" (which, to be fair, is most certainly less than they spent as tech depreciates quickly) at $198,198. But they've still got about eleven times more than that just sitting around doing absolutely nothing
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Date: 2023-05-30 05:07 am (UTC)I'm not great at math isn't MORE THAN ZERO usually a preferable interest rate? Not to mention that I KNOW they've been talking about investing money, and while there are a few things you have to do (it'd be good to make sure you're not gonna use fandom money to fund the oil industry or military), it's not impossible?
I'm just. Stunned that they're still raking in donations twice a year (!) when they can't even use the money they have!! (Stunned in a furious way, not a surprised way.)
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Date: 2023-05-30 07:50 pm (UTC)