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fiercynn · 10 months

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on otw's $2.5 million budget surplus: for fuck's sake do something with our money

the recent ddos attack on ao3 illustrated that the otw (@transformativeworks) has amazing volunteers who were able to get things up and running again after a cyberattack. and i’ve seen a bunch of different people urging others to donate to otw in light of the attack.

the problem? not only are the volunteers not going to get any of the money, but the otw likely isn’t going to do anything else with it, because they already have more than $2.5 million in budget surplus that they have not been transparent about with their members, and that they have no plans for.

yup. we’ve known for years that otw had at least $1 million in their “reserves”; they’ve said so at their last two public finance meetings in 2021 and 2022. but a few months ago, @manogirl and i went digging a little deeper because we suspected that there was even more.

and we were right. from the documentation available, our estimate is that at the beginning of 2023, they had $2,585,841 that was not dedicated to any purpose. this does not include money they had budgeted to spend in 2023 on regular expenses. just extra. (keep reading to see how we got that figure.)

equally appalling? they have all this money and are barely earning any interest on it. satsuma on dreamwidth looked at their 2021 tax returns and found that only ~$10k of their money is held in an interest-bearing savings account, which resulted in them earning only $90 in interest income for 2021. the rest of it is not in interest-bearing accounts. it is just sitting there.

looking at all the crises and dysfunction that have been discussed and uncovered over the past few months - racist harassment and the three-year-old promise to hire a diversity consultant; the mistreatment of volunteers by the otw board both related to last year’s CSEM attacks, and, separately, mistreatment and racism towards chinese and chinese diaspora volunteers both in the past and recently with the closure of the otw’s weibo account; and of course, this latest ddos attack - all of this indicates that there is severe dysfunction within the org. and donors throwing more money at the organization clearly isn’t helping.

the otw board needs to get its shit together and hire people to help with these things. this is not a new idea - there’s been talk for years about hiring paid staff, and in fact, at their july 2021 board meeting, otw said they would be appointing a volunteer who would be known as the “paid staff officer”, to come up with a plan for hiring paid staff. (to be clear, the “paid staff officer” would be an unpaid volunteer.) it’s been two years since that commitment. they have not, to my knowledge, appointed that officer yet.

it’s infuriating, because otw’s “scrappiness” as an organization is constantly used to defend their obstruction of action on things like racism, and this ddos attack will be used to further that agenda as well. but otw doesn’t need to be scrappy. they are well-resourced and could be using that money to set up more sustainable systems, instead of burning out and mistreating their volunteers, and reneging on commitments to address racism and harassment.

at the very least, if they’re not going to do anything with their massive budget surplus, they should stop taking more of people’s money. but we’d rather they did something useful with it.

if you want to see this change, the otw finance commitee holds a public meeting where you can ask questions and give them feedback. last year it was in mid-october. you do not have to be an otw member to attend. i'll definitely be making noise about it once the date is announced, but you can also follow otw's socials.

one brief aside: at the time of posting, a lot of these links are not working because the otw's website is still down. i copied these links from a twitter thread i made in the past and they should all be correct, so you just may have to wait until the site is back up to look at them.

now, to debunk some common excuses that people (not otw representatives, mind you, but just people on the internet who have decided to defend the org) give when confronted with how much money otw has:

MYTH: otw needs to keep $2.5 million in cash reserves in case of an emergency or unexpected revenue shortfall. REALITY: it’s true that nonprofits do need SOME cash reserves for those cases. typical practice is to have 3-6 months’ worth of operating expenses. otw’s current operating expenses are ~$520,000/year, so 6 months would be $260,000. (and, in fact, when i was told by an otw finance committee member that they had $1 million, they were intending 25% of that to be for emergencies, around $250,000). if you were being REALLY cautious, you could have reserves up to one to two years. but $2.5 million is enough for almost FIVE YEARS OF OPERATING EXPENSES. that is an absurd amount to be hoarding, especially when otw’s history of fundraising is that they always exceed their goals, and always make more money in donations than they need for their expenses within a given year. MYTH: they need this money for legal costs if they get sued. REALITY: otw gets most of their legal expenses donated, which is also not listed in their budget, but is in their audited financial statements. in 2021, the most recent financial statement we have, you can see on page 10 that they received just over $230k in donated legal expenses. they do budget some minor legal expenses yearly: in 2023 they’ve budgeted a little over $5k for “registration fees for conferences and hearings and funds set aside for legal filings if necessary, as well as an allocated share of newly adopted OTW-wide productivity tools”. however they do not have a history of even spending that much: in 2022, they had budgeted $4k for legal expenses and only spent $244 (see cell C29 of the budget spreadsheet). they have never been sued, and they do not appear to budget for litigation costs. and when, in the past, they’ve been asked about what their reserves are for (back in fall 2022 when the finance committee told me they had $1 million in reserves, even though this was patently false given their tax documents for 2021), litigation costs were not brought up. MYTH: they just haven’t had enough time to figure out investment options. REALITY: they clearly have at least one savings account set up to generate interest, which only has $10k in it. even if they haven’t figured out a full investment portfolio, why wouldn’t they put more money in that account? in the u.s., the federal deposit insurance corporation (FDIC) insures bank accounts up to $250,000, so they should have at least that much in there. absurd. also, they have had plenty of time even for a larger portfolio. if you search “investment” on their site, you’ll see that they’ve been talking for YEARS about investing their reserves. more specifically, at both their 2021 and 2022 finance meetings, they said that they needed more time to research investment options. as usual, they have had far more time than they need. MYTH: they need this money for new servers. REALITY: otw does in fact include expenses for new servers and server maintenance in their yearly budget reports. you can see this in their 2023 budget spreadsheet if you go to the sheet “program expenses” - under “archive of our own”, you’ll see server expenses. the $2.5 million is money that is EXTRA to their listed expenses and revenue in that spreadsheet.

finally, see below where we’ve given more context on otw’s budgeting and showed our work in coming up with these numbers.

showing our work

firstly, i should note for the record that i sent a message to the otw finance committee through the contact us form on the otw website on may 11, 2023 to ask them to state the amount in their reserves.

it has been two months and i have still not received a response (which i find funny, because at the last otw board meeting in early july, the board specifically said to use that form to contact the finance commitee if we had questions about the 2023 budget), so @manogirl and i were forced to do our own math. we've had this work checked by a number of people, but of course we were only able to work with the information the otw has made publicly available.

a few things you need to know about the otw’s budgeting:

they release yearly budget reports on their website (here’s their most recent one, which shows what they project for 2023 and their “actuals” for 2022), but they do not include their surplus in this report - they only include the revenue and expenses for each year

they also provide both their yearly audited financial statements and their yearly tax returns (form 990s) on their reports & governing documents page, but currently, the most recent statements we have are from 2021

otw typically raises more money in donations than they need within a year, so their surplus is always growing

they have used the term “reserves” in the past to talk about money, but we don’t know exactly what they mean by “reserves” - is there a dedicated account that they consider their reserves?

because of these uncertainties, the goal for @manogirl and i was was to figure out how much of a budget surplus OTW had at the beginning of 2023, and because we don’t know how they define “reserves”, we defined it as how much they had in liquid assets that were not being dedicated for a specific purpose in their budget. (liquid assets are anything that can be converted into cash quickly – e.g. not equipment like their servers, nor anything that would be held in a long-term investment account, etc)

the first document we looked at was their 2021 audited financial statement. the key number is on page 11, under the section on liquidity, where it lists their end-of-year liquid assets as $2,315,841.

so at the end of 2021, they had over $2.3 million in liquid assets.

but since their 2022 audited financial statement isn’t up, we had to turn to their 2023 budget, and specifically, to their 2023 budget spreadsheet, where they show the “actuals” (what they actually raised & spent in each line item) for 2022 in column C. as i mentioned, they don’t list their reserves in this spreadsheet - only the revenue generated & expenses paid within that year, not anything carrying over from the previous year unless clearly outlined.

so at the bottom you’ll see that their net income (revenue minus expenses) in 2022 was $493,564.94, and that they then transferred $400,000 of that to the reserves sometime in 2022.

and the remaining $93,564.94, their adjusted net income for 2022, presumably carries over to help pay initial expenses in 2023 before they started earning more revenue. they also transferred $130,000 of their reserves BACK to help with that at the start of 2023.

so now we have the numbers we need to calculate the surplus (including reserves) at the start of 2023:

$2,315,841 (liquid assets at end of 2021) + $400,000 (transferred to reserve in 2022) - $130,000 (transferred from reserve in 2023) = $2,585,841 USD at the start of 2023

so that’s our math. otw had $2.5 million at the beginning of this year in surplus, in addition to around $223k (last year’s $93.5k in income and the $130k they transferred back from the reserves at the beginning 2023) to fund their expenses for the first half of this year. this does not even include the hundreds of thousands they raised in april 2023 during their fundraising drive.

okay the main part of our documentation is done, but if you want to read a little bit more about what @manogirl and i learned from doing this deep dive, here are a few additional thoughts/nuggets:

first of all, OTW is incorporated in the u.s. state of delaware, which is interesting because as @manogirl researched, delaware is a tax haven where 501c3 nonprofits don’t have to pay any business tax. plus, in many u.s. states, nonprofits have a limit on the amount of money they can keep without spending, but this too is not the case in delaware. of course, incorporating in delaware to take advantage of those benefits is not illegal! but it is very savvy, a characteristic that seems to have not continued with their financial management past their original incorporation lol

next, some more detail on their finances from their 2023 budget spreadsheet. let’s start with revenue.

the most interesting thing to me here is that while their spring and fall membership drive donations bring in the most, non-drive donations are also substantial. also their “total unrestricted net revenue received” is $975,638.36 in cell C16. however, for some reason, when they calculate their net income for the year, they use cell 12, “total unrestricted revenue” ($1,012,543.42) instead. the difference between those two cells is that cell 12 is the amount before their transaction fees are subtracted. but i have no idea why the transaction fees would be ignored when calculating their net income. is this an error?

next, their expenses, which came out to $518,978.48. not too much surprised me here except how low their legal advocacy spending still is, plus the fact that they’d given francesca coppa a grant for her book on the history of fanvidding, lol. (i’ve written more about this; so has wistfuljane on dreamwidth if you scroll down a bit from here).

it’s also interesting to look at what they’ve budgeted (both the revenue & expenses they’ve expected going into the year) for 2022. in every revenue category, they have exceeded their goal, except for $50 in “other income”. and in most of their expenses categories they have overestimated their needs, except for going over about $700 in the transformative works & cultures, & about $500 for development. this just shows how much they are able to meet their yearly expenses (overestimated) with the revenue generated each year (underestimated), & still have substantial amounts left over (almost half of revenue transferred to reserves)

so that’s what we’ve found. if anyone else notices weird things in their budgeting, please let us know!

#if you're going to argue with this please do me and manogirl the courtesy of reading the whole thing first #we've probably already thought of some of your questions or arguments and answered them #organization for transformative works #otw #archive of our own #end otw racism #fandom racism #ao3 #otw finances

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bitchesgetriches · 1 month

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Check out today's NEW POST! I read 3 whole books for this one and the research took me weeks. It was a lot of work and I require your validation! So read it at the link above. Here's an excerpt:

Credit Scoring Is a Racist, Classist System that Has Us All Trapped

You can’t build a solid house on a cracked foundation. The house of credit scoring was built upon a foundation of institutionalized racism. Its cornerstones are slavery and Jim Crow. And a white person owns it because the mortgage lender denied a Black person’s application.

If you found this helpful, consider joining our Patreon.

#classism #credit #credit history #credit report #credit reporting bureaus #credit score #discrimination #racism #finance #economics #credit card debt

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darnellclayton · 6 months

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X (Formally Twitter) Users Reveal Ad Share Revenues Are Down

So TechCrunch was right on the money (literally) that ad spending was massively down on X (formally Twitter) as users who are apart of the Ad Share Revenue program (where you can earn money based upon traffic to your posts) are disappointed by the latest payment. Not much we can do if advertisers boycott or reduce spend on our platform— Elon Musk (@elonmusk) November 24, 2023 Just got my Ad Rev…

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#ADL #Anti-Defamation League #Anti-Semitism #Business #Elon Musk #Finance #Racism #Social Networks #Twitter #X

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immaculatasknight · 4 months

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Is the sky blue? Is grass green? Is Britain an apartheid apologist?

#Britain #colonialism #apartheid #South Africa #finance #Rhodes #Israel #Gaza #ICJ #history #genocide #ethnic cleansing #racism #Palestine #globalists

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footieridiculosity · 1 year

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#this is what we need as a step 1 #tbh I’m not that convinced that finances are super motivating for anti-racism #I’ve just seen too often people go against their own economic interests in order to be hateful tbqh #but yeah it’s definitely necessary to at least attempt and exhaust this option #if it works then great #racism issues #valencia cf

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nerianasims · 1 year

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“I had to do everything I could to protect my family.” -- Harry

#romantic love is anathema to patriarchal authoritarianism #love is anathema to misogyny to racism to classism to entrenched power structures #also I read their production company is going to start financing romcoms?#they know from personal experience how powerful love is and I love them for it

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danny4xb · 2 years

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Gypsies and Travellers in Britain are already marginalised, but face further problems when it comes to obtaining home or car insurance, or even a bank account. The FT takes a rare inside look into their communities to see how they are fighting to overcome financial exclusion and what the problem says about our financial institutions and society more generally. Read more at https://on.ft.com/3J0N4VS

#economy #finance #social exclusion #financial times #racism #traveller community #kingdom of rains

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memoriae-lectoris · 9 months

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We spent our time, significantly, between the three-block section on Auburn Street where Negro financing and industry controls some eighty million dollars, and the section of the six Negro colleges. A close parallel exists between the two, for most of the business leaders are connected with the schools of higher learning, either as teachers or directors. In addition, all of these men are religious leaders in the community. As Alexander stated: “If we know anything, it is that if virtues do not equal powers, the powers will be misused.”

About twenty-five years ago two men came to Atlanta to teach in the university system. Both were economists. They found Atlanta a thriving intellectual center for the Negro. In the slave years any attempt at literacy among Negroes was severely punished. In some communities a Negro’s right hand was mutilated if he learned to read and write. The Negro therefore prized education as the only doorway into the world of knowledge and dignity to which he aspired. The climate was right to begin a program that would lead them to economic respectability. L.D. Milton and J.B. Blayton, the two economists, recognized that so long as the Negro had to depend on white banks to finance his projects for improvement and growth, he was at the mercy of the white man. They recognized that economic emancipation was the key to the racial solution. So long as the race had to depend on a basically hostile source of financing, it would not advance, since the source would simply refuse loans for any project that did not meet with its approval.

These two men said in essence: “Let everyone in the community pool what little resources he has with others.” By uniting the small power of small sums, by skillfully manipulating it, they could achieve a consolidated financial power. This action resulted in the founding of two banks in Atlanta. Recently, I discovered, an instance arose where the Negro leaders used their economic leverage in a typical manner. It became necessary for the Negro community to expand its physical limits. An area of white residences served as a bottleneck. The housing committee met and Negroes and whites alike agreed to have Negroes purchase this block of homes. The white lending agencies, however, refused to make the loans. As usual the Negro leaders called a meeting to discuss what might be done. They agreed to set aside a large sum of money from which applicants could make loans to buy these houses. After such loans were made, the white lending agencies called and said: “Don’t take all that business away from us. How about letting us handle a few of those loans?” Business that had been refused a few days previously was now welcomed.

But though financing is the key, other elements are no less important. Education, housing, job opportunities and the vote enter the picture of any improving community. The Negro leader, the “successful” man in Atlanta, is deeply imbued with a sense of responsibility toward his community. This is true of the doctors, the lawyers, the educators, the religious leaders and the businessmen.

“There is no ‘big Me’ and ‘little you,’ ” T.M. Alexander, one of the founders of the Southeastern Fidelity Fire Insurance, said. “We must pool all of our resources, material and mental, to gain the respect that will enable all of us to walk the streets with the dignity of American citizens.”

#book: black like me #racism #finance #usa #20th century #education #atlanta

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reportwire · 1 year

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Hundreds of newspapers drop 'Dilbert' comic strip after racist tirade from creator Scott Adams | CNN Business

New York CNN — Newspapers across the country dropped the “Dilbert” comic strip over the weekend after the creator of the satirical cartoon went on a racist tirade, calling Black Americans a “hate group” and suggesting that White people should “get the hell away” from them. The USA Today Network, which operates hundreds of newspapers, said it had pulled the plug on the long-running comic…

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#brand safety-nsf discrimination #brand safety-nsf sensitive #Business #business and industry sectors #discrimination #economy and trade #iab-business and finance #iab-industries #iab-media industry #iab-publishing industry #media industry #Newspapers #publishing industry #racism and racial discrimination #societal issues #society

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lunesalsol · 1 year

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#2020 #usa #george nolfi #samuel l jackson #anthony mackie #racism #biography #drama #finance #repeat #niceole r. levy

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strangesmallbard · 3 months

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hey so. i’ve seen many people reblogging some variation of “israel spent millions on a superbowl ad to distract everyone from the airstrikes on rafah” and decided to do some fact-checking. the ad was produced by the kraft foundation to stop jewish hate, founded by robert kraft, who owns the patriots. kraft also partnered with dr. clarence b. jones—who advised dr. martin king luther jr and helped him write the i have a dream speech—to create this ad. according to tara levine, the fcas president, this ad was made in response to rising antisemitism on social media platforms, which her team tracks.

here’s a link to the foundation’s about page on their website. their mission statement solely focuses on combatting antisemitism and does not mention i/p or the ongoing war. the ad itself does not mention i/p or the ongoing war. it’s pretty ironic, and yet not surprising, that an ad created to stop antisemitism is currently the eye of the antisemitic storm on social media. if you sincerely believe netanyahu secretly funded this ad campaign to “distract everyone” from the idf’s airstrike attack in rafa, then you have bought into two different antisemitic conspiracy theories: that jews control the media and that diasporic jews have dual loyalty to israel. while political zionists have used accusations of antisemitism to invalidate pro-palestinian efforts, that’s not what’s happening here. all this information is obtainable via google. please learn to fact check yourselves before posting. thanks!

(bonus: here’s a 20-minute video where kraft and dr. jones discuss the civil rights movement, anti-black racism, antisemitism, and the history of solidarity between black and jewish activists during the civil rights movement.)

EDIT 2/23/24:

after publishing this post, i researched robert kraft and fcas' funding source and pro-israel efforts more deeply, then analyzed my findings in a reblog, which you can read here. tl;dr version - in 2019, kraft was given the genesis prize, a $1 million dollar award. the awarding foundation has direct ties to the israeli government. kraft used part of these funds to finance fcas. this additional information does not negate my original post, however; i can't find any conclusive evidence that the israeli government directly funded kraft's superbowl ad. there is also no evidence that kraft is targeting anti-israel sentiment in the ad rather than antisemitism overall. assuming this connection is still evidence of antisemitic conspiratorial thought, as i detail above.

i'm including this information because i believe it's important to acknolwedge wider context. i don't share kraft's politics re: israel and believe his stance compromises his foundation's overall messaging. i also condemn any efforts to silence pro-palestinian efforts with accusations of antisemitism, but that is still not what's happening here. i also want to clarify that i'm only discussing responses i've seen to kraft's ad, not the ads produced by the israeli government. thanks again!

#i/p #antisemitism #yell.txt

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bitchesgetriches · 3 days

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Credit Scoring Is a Racist, Classist System that Has Us All Trapped

Keep reading.

Like this article? Join our Patreon!

#credit #credit score #credit history #credit report #credit cards #personal finance #racism #classism #capitalism

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eloise-t-g · 25 days

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i think for me, the watcher situation comes down to this:

it's absolutely respectable that the watcher team wants to grow and produce better quality content. it's respectable that they don't want to stagnate and end up pushing the same content out over and over again. that's not satisfying for them creatively, i get that.

however, if higher quality, more heavily produced content is not what your fans are asking for, then you can't ask them to fund it.

this all-or-nothing method they've gone for is frankly bizarre. it feels like they leap-frogged all other alternatives to improving their finances and ended up here, alienating and frustrating the majority of their fanbase (the fanbase they thanked for getting them to where they are).

i think this could have gone a lot better if they:

Hadn't hyped up this video for a week.

Hadn't announced the worth it successor just beforehand.

Hadn't put out a wishy-washy, "boo hoo we're so sad about this", over-produced video.

Hadn't made it $6/month (more in a lot of countries given exchange rates).

Had considered that this means fans in specific countries literally cannot pay for the subscription due to geo/region-locking.

my ideas for improving their funds, aka things they could have tried before blowing their brand up: create their own website with two options - a free version with ads and a paid version without ads, OR make better use of their patreon/make their website extra content, not all their content, for example:

Put the ghost file debriefs on there.

Put shows like survival mode on there (or even shift that show from pre-recorded video to live-stream - live stream access to patrons and VOD access to everyone, maybe).

Put episode commentaries there.

Do reaction videos to their old buzzfeed content, talk about memories and BTS, and put that there.

Put one/two episodes of each show, per season on there (and ONLY there).

Put the episodes up there a few days early.

Make specific, website only content (that's not your main and most popular series aka ghost files and puppet history).

Record the live, in-person shows and put those VODs up there.

EDIT (thought of something else lmao): put extended or even uncut versions of ghost files on there. Paranormal Detour on Detune's twitch channel has shown that people will willingly sit through 6+ hours of a ghost investigation.

EDIT: idk, do livestreams once a week where you watch scary movies with fans on discord or twitch.

(side note: the fact that they're not taking down their patreon and instead shifting all of their podcast content on there, something the patreons who have been loyally giving them money for years didn't ask for, is ridiculous and greedy. add to this the fact that they don't even get a free sub to the new website, instead get 40% off - a measly 10% more than anyone else who subs before the official launch).

the thing for me is that they're claiming they want to make "television" and "television-grade content". that's completely fine. what's not completely fine is acting like your four episodes a month is equal to netflix's entire catalogue.

this really felt like it should have been something they told us they were progressing towards, not something they revealed to be on the imminent horizon. idk, it just feels out of nowhere. no, they don't owe us all of the info about their company. but something had to be better than this.

final thought - it's okay and valid to be upset at the team for this. for a lot of people, it's a complete betrayal (especially the comment that $6 a month is something "anyone and everyone can afford", i mean yikes). i do think some people's anger got the best of them, and some of the comments i've seen across youtube, twitter, and tumblr are plain bullying, racism, and harassment. until we have the whole story, we can't decide that one founder (aka steven in a lot of people's minds) is solely responsible. i know a lot of these awful things are only coming from a small minority of the fandom, but they still get seen.

at the end of the day, all three of them got up in front of a camera and made this video, together. that can only lead us to the conclusion that they made this decision together. acting like these men in their 30s couldn't stand up against it if they truly wanted to, is so strange and parasocial lmao.

tl;dr there were much better ways of going about this announcement, if it even needed to be made at all. however, that doesn't excuse the hateful shit being spewed at the team. for now, all we know is the three founders decided they were done with youtube, and done with their loyal youtube audience.

(i have so many more thoughts on this but i need to stop lmao. however i do wonder how different things could have been if 1. they had hired someone with actual business experience as their CEO from the jump, and 2. this video was more of a "hey we're broke! this is a last-ditch effort to save our company!". guess those questions will remain ... well ... you know ...).

#watcher #ryan bergara #steven lim #shane madej #buzzfeed unsolved #unsolved #worth it

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