Budget and Financial Planning Bill for the 58th Cosa

[Üc R. Tärfă]

Is there some particular information you'd like me to add, to which you are referring?

Lexh § C.1.5.6.2. (a detailed list of all changes in the account balances of the Royal Treasury since the last Report,) and § C.1.5.6.3. (a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,)


Regarding Lexh § C.1.5.6.4. (the total amount of louise and postal items in circulation;) I understand that there are some difficulties because they are kept by the former former BIR, I hope that it could be resolved in due time.

[Baron Alexandreu Davinescu]

Yes, I will provide that information as soon as it is possible.

[Baron Alexandreu Davinescu]

Would there be objection if we lodged a significant portion of our funds into something with a higher yield but which still doesn't represent significant speculation?  I was thinking here in terms of a bank certificate of deposit with a six-month term.

[Ian Plätschisch]

Lexh § C.1.5.6.2. (a detailed list of all changes in the account balances of the Royal Treasury since the last Report,) and § C.1.5.6.3. (a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,)

A balance sheet lists assets and liabilities at a specific time, not income and expense over time (That is what an income statement does) If C.1.5.6.3 is really phrased that way, it should probably be fixed.

</Accounting pedantry >

[Breneir Tzaracomprada]

Lexh § C.1.5.6.2. (a detailed list of all changes in the account balances of the Royal Treasury since the last Report,) and § C.1.5.6.3. (a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,)

A balance sheet lists assets and liabilities at a specific time, not income and expense over time (That is what an income statement does) If C.1.5.6.3 is really phrased that way, it should probably be fixed.

</Accounting pedantry >

Revision submitted to Hopper. https://wittenberg.talossa.com/index.php?topic=2240.msg18370#msg18370

[Üc R. Tärfă]

Would there be objection if we lodged a significant portion of our funds into something with a higher yield but which still doesn't represent significant speculation?  I was thinking here in terms of a bank certificate of deposit with a six-month term.

Depends: you have to provide the details of such an investment.

[Baron Alexandreu Davinescu]

Well, I just gave you most of the major information about the idea. What further details do you want? I don't have a specific interest rate, but it's going to be higher than a savings account.

[Ian Plätschisch]

I actually looked into doing that a couple years ago. I decided it wasn't worth the tax headache it would cause the Burgermeister.

[Sir Txec dal Nordselvă, UrB]

Remember the treasury is technically held by an individual, which means he or she might have tax liabilities.

[Baron Alexandreu Davinescu]

That makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?

[Üc R. Tärfă]

That makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?

Wasn't this already explored in the past?

and the Seneschal directed us to explore the idea.

When?

[Breneir Tzaracomprada]

That makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?

Wasn't this already explored in the past?

and the Seneschal directed us to explore the idea.

When?

A few days ago.

[xpb]

That makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?

Wasn't this already explored in the past?

and the Seneschal directed us to explore the idea.

When?

I sit on the board of the a Community Foundation.  I manage a scholarship fund there honoring my father and grandfather, as well an Intellectual Competition Fund.  Both instances have funds on deposit that are a permanent endowment that generate income, as well as a current distribution account. 

Accounts there need to have a educational purpose, and Talossa could be proposed as a fund - as a long running virtual nation where there are political and administrative activities that provide a learning experience.  All accounts are overseen by a board, which I also sit upon, however there are many accounts that have their various managers that do not sit on the board and just operate under the organizational umbrella.  There is professional management of the portfolio, and there is a controller and accountant overseeing disbursements as well as tax filings.  The current president of the board is a lawyer.

There may also be similar entities within the Greater Talossan Ares with a similar scope and purpose - is anyone there involved with such an organization?

In some fashion, I believe it would be much better for the treasury not to be attached to any individual.

X Pol Briga
Burgermeister of Inland Revenue

[Miestră Schivă, UrN]

If this is a roundabout way of creating an actual Talossan legal entity which can own investments/intellectual property, this is something I've wanted to see for ages but it always ended up in the "too hard" basket.

[xpb]

If this is a roundabout way of creating an actual Talossan legal entity which can own investments/intellectual property, this is something I've wanted to see for ages but it always ended up in the "too hard" basket.

Not sure about the IP for "Talossa" - I do know an IP lawyer.  My estimate to setup a TM for Talossa would be around $2000, with the https://www.uspto.gov/ but I would happily contribute $500 to that end.  Likely would need to create a 501cX as well as a holding unless it was held by some existing 501cX.  501c3 are charitable and have tax deductibility but are more challenging to establish.  Something like a 503c8 may apply https://www.irs.gov/charities-non-profits/other-non-profits/fraternal-societies