Matrix.org Foundation accounts filing overdue by three months
1–10 of 36 posts
Re: Matrix.org Foundation accounts filing overdue by three months
#2The delay can result in a penalty of ~1000 USD, which probably would be paid with user donations as this is the main source of income for Matrix.org Foundation.
Re: Matrix.org Foundation accounts filing overdue by three months
#3It's possible that these are not overdue: there is (at least) a three month coronavirus extension available
https://www.gov.uk/government/news/companies-to-receive-3-mo...
Re: Matrix.org Foundation accounts filing overdue by three months
#4The delay can result in a penalty of ~1000 USD, which probably would be paid with user donations as this is the main source of income for Matrix.org Foundation.
All charities will waste some of its donations. It's not ideal, but it's not unusual.
Let's not blow this out of proportion.
Re: Matrix.org Foundation accounts filing overdue by three months
#5This is a nothing burger.
Re: Matrix.org Foundation accounts filing overdue by three months
#6This is the sort of thing that happens to most non-profits early in their lifetime. Procedures need to be set up and people need to understand what they need to do.
Re: Matrix.org Foundation accounts filing overdue by three months
#7The delay can result in a penalty of ~1000 USD, which probably would be paid with user donations as this is the main source of income for Matrix.org Foundation.
Are donations bringing in more money than Matrix's contract with gov. agencies and other clients ?
Re: Matrix.org Foundation accounts filing overdue by three months
#8It's possible that these are not overdue: there is (at least) a three month coronavirus extension available https://www.gov.uk/government/news/companies-to-receive-3-mo...
Normally, when the deadline is extended, this is correctly reported on the Companies House website.
One has to apply for deadline extension before the deadline. Between 25 March 2020 and 25 June 2020, every application that mentions COVID-19 as a reason was accepted. Additionally, all companies with accounts due date between 26 March 2020 and 29 September 2020 automatically got an extension under the Corporate Insolvency and Governance Bill.
There are also all kinds of temporary changes to deadlines, the one that applies here is 1.4 from https://www.gov.uk/government/publications/the-companies-etc... under which is exactly the 29 October 2020 listed on Companies House website.
Re: Matrix.org Foundation accounts filing overdue by three months
#9The delay can result in a penalty of ~1000 USD, which probably would be paid with user donations as this is the main source of income for Matrix.org Foundation.
Are donations bringing in more money than Matrix's contract with gov. agencies and other clients ?
Contracts with govs involve the for-profit New Vector Ltd. / Element and not the not-for-profit Matrix.org Foundation.
Re: Matrix.org Foundation accounts filing overdue by three months
#10This is the sort of thing that happens to most non-profits early in their lifetime. Procedures need to be set up and people need to understand what they need to do.
What bothers me most is that Matthew mentioned in that issue that they did the accounts on Oct 29 (perfectly in time for the deadline) and that they plan to publish them. Yet apparently they did neither file them officially nor publish them by now...