After the OffBeatr crowdfunding campaign ended, a lot of people still wanted to contribute but couldn’t, either because they didn’t have a credit card, or they had one but it didn’t get along with OB. I set up another method of donating, and promised that I’d do updates on how much extra money I collected and what I spent it on, for transparency’s sake.
Yesterday I received the OffBeatr payout (woot!), so now’s as good a time as any to do a breakdown of how much money the project has. I’ve decided to do these monthly because weekly is just too much bookkeeping.
Trigger warning: Contains accounting. All figures are in USD.
|Total collected (Less failed transactions)||$11,457.00|
|Offbeatr Fee (20%)||$2,291.40|
|Net Offbeatr Revenue||$9,165.60|
|Gumroad total (February)||$1,620.00|
|Num Gumroad donations (February)||172|
|Gumroad total after fees||$1,496.00|
|Income tax owed||$1,128.32|
|Cost of goods (eBook rewards)||$288.00|
|Salary (Weekly, backdated from crowdfunding end date)|
|For Feb 2013||$111.35|
|Total contractor expenses||$45.50|
|Project balance remaining||$7,838.29|
- Now just in case you only looked at the top and bottom lines and are apoplectic, a lot of the decrease is due to one off deductions rather than continuing expenses. OffBeatr’s cut and income tax ate (or will eat) around 30% of the lump sum, and I’ve deducted both immediately. If I never receive any more donations, I have at least 15 weeks worth of funds (till Mid June) including what I intend to spend on contractors.
- I haven’t spent much on writing yet, but not for lack of trying! I want to scale this up and I hope to have more news soon.
- Donations via Gumroad (the new donation system) did really well this month, but it’s mostly due to pent up demand that’s levelling off.
- Hosting expenses are way too high. When the site was melting down after Fen plugged it, I opened the throttle on everything I could lay my hands on, and I’m slowly finding out what the happy mediums are for all the various services. Expect this to decrease in future.