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EVE Museum financial report #2 - now with accountant!
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CistaCista
EVE Museum
#1 - 2015-05-21 11:47:27 UTC  |  Edited by: CistaCista
NB! New spectacular financial report for JUNE is in this post

****************************************************************

CistaCista is the alt character of Cista2.
Starting today, I will be profiling EVE Museum, converting it to a transparent and public non-profit company. EVE Museum will from now on report its financial situation every month (on the 21st.) - EDIT: changed, see post 21.

CistaCista has a public api key showing transactions and isk balance:
Key ID: 4390041, code QkBx9cbBOLY4bIRZmLiSCZvbzQhNqAgPVGWtlZ36IDretlQsYzjeoavlk76M6leG

Basic financial report, May 2015

Income during the report period
Donations from Cista2 ...............2.00 bn isk

Expenses
Artefacts bought* .....................0.14 bn isk

Wallet on May 21st ...................2.61 bn isk

*Rigged ships (2).
Cista2
EVE Museum
#2 - 2015-05-21 11:48:41 UTC  |  Edited by: Cista2
Some comments to the above:

This “report period” of the financial report is only a few days back. Earlier transactions seen in the api were not related to EVE Museum, as the museum was not handled as a separate entity until now. This is the starting point of the public company.

Museum artefacts have previously been bought and held by Cista2; thesewill be donated to the museum in the coming weeks.

The CistaCista character is being cleaned of assets that are not related to the museum. After that I plan to add contracts and assets to the visible api of CistaCista.

I am making a list of governing principles of the museum. Under construction:
1) The purpose of the museum is to buy, preserve, and exhibit discontinued items.
2) The museum ceo (CistaCista) will have full control of all assets

EDIT: points 3 and 4 about money flow have been changed due to the discussion here - a later version is seen further down the thread.

5) The museum has no measure of profit, shareholders will instead be paid dividends based on the wallet size (10% of current wallet size per month)
6) No artefact purchase can exceed 50% of current wallet size
7) Money can not be moved out of the museum wallet back to Cista2 or to any other player
8) The api of the museum ceo must remain open for public scrutiny of money flow
9) Shares: there are 10,000 shares. 5,000 can be sold at 5 sales of 1,000 shares, price of shares can vary.
10) Share sales, or a change to the governing principles, happen only after shareholder vote.

My channel: "Signatures" -
Cixi
#3 - 2015-05-21 12:33:02 UTC  |  Edited by: Cixi
This is really nice on you to do such a thing Big smile I will follow your adventure closely.

What is the base price for the shares you plan on selling ?
Cista2
EVE Museum
#4 - 2015-05-21 12:38:59 UTC
Cixi wrote:
What are the base price for the shares you plan on selling ?

I am planning 10 mil isk per share for the IPO, which will be 10 bn in total.
This should be compared to my ordinary unsecured bonds which atm are at 54 bn isk.

My channel: "Signatures" -
Collin Garner
Ascendance
Goonswarm Federation
#5 - 2015-05-22 05:30:39 UTC
How soon are you looking at releasing shares?

I would be interested in the investment
Sequester Risalo
Significant Others
#6 - 2015-05-22 07:04:18 UTC
Cista2 wrote:

1) The purpose of the museum is to buy, preserve, and exhibit discontinued items.


Do T2 BPOs count as discontinued items?
Sequester Risalo
Significant Others
#7 - 2015-05-22 07:13:28 UTC
Also I don't get the whole dividend promise. You have no way to generate income besides donations. I reckon donators would rather support the good cause than support the shareholders of a museum. Why don't you simply collect isk for the outfit and leave it at that.
The comparison with uncollateralized loans is also strange because you are supposed to generate profits with those loans whereas the museum is non profit.
Cista2
EVE Museum
#8 - 2015-05-22 09:22:51 UTC
Collin Garner wrote:
How soon are you looking at releasing shares?

I would be interested in the investment

There will be a collateralised loan first. Shares will be sold probably about 2 months from now.

My channel: "Signatures" -
Cista2
EVE Museum
#9 - 2015-05-22 09:23:47 UTC
Sequester Risalo wrote:
Cista2 wrote:

1) The purpose of the museum is to buy, preserve, and exhibit discontinued items.


Do T2 BPOs count as discontinued items?

Yes, eventually they will be bought also.

My channel: "Signatures" -
Cista2
EVE Museum
#10 - 2015-05-22 09:44:22 UTC  |  Edited by: Cista2
Sequester Risalo wrote:
Also I don't get the whole dividend promise. You have no way to generate income besides donations. I reckon donators would rather support the good cause than support the shareholders of a museum. Why don't you simply collect isk for the outfit and leave it at that.
The comparison with uncollateralized loans is also strange because you are supposed to generate profits with those loans whereas the museum is non profit.


This is a very longterm project, in fact i made the museum corp in 2011, but had a break from EVE, now the museum is my sole focus.

Your concerns are logical. However, you can view the moves I make atm as plots to raise public awareness in the coming 1-2 years. The share sales will be part of that. When I look ahead 2-3 years, I am hoping donations from other players will be a larger contribution than share sales.

People will have a choice of buying shares or donating. When buying shares you will be guaranteed some return, although it will be over a long period of time.

Will collateralised loans be beneficial or a burden? Ultimately they are a strain on the wallet, given that they will be paid back with interest. I still do believe they are benificial.
"Profit" in the museum will be measured only in the sense that the museum grows and the wallet, although fluctuating, will also grow over time. When the wallet grows, dividends also increase. The collateralised loans will give more visibility, but more importantly they will liberate some isk for new purchases, thereby increasing the importance of the collection. A balance will have to be held, so that the museum will not amass more debt than can be paid off. I will ensure this by valuing the artefacts lower than their buy price.

PS. I will add a principle that new collateralised loans can only be made after a shareholder vote.

My channel: "Signatures" -
Albiet Well
Doomheim
#11 - 2015-05-22 10:00:00 UTC
merely....a collector.

I am also interested in purchasing shares. posting to keep an eye on this.
Cista2
EVE Museum
#12 - 2015-05-22 13:48:28 UTC  |  Edited by: Cista2
Sequester Risalo wrote:
I reckon donators would rather support the good cause than support the shareholders of a museum.
I realise I did not answer this point. I will be thinking about it.

Edit: I shall consider separating the different funds, so that neither donations nor the shareholder investment principal will be used to pay shareholder dividends.

My channel: "Signatures" -
Lan Wang
Federal Navy Academy
Gallente Federation
#13 - 2015-05-22 14:02:47 UTC  |  Edited by: Lan Wang
retracted

Domination Nephilim - Angel Cartel

Calm down miner. As you pointed out, people think they can get away with stuff they would not in rl... Like for example illegal mining... - Ima Wreckyou*
Arancar Australis
Dead Sun Rising Enterprises
#14 - 2015-05-22 14:31:00 UTC
Nice idea and something to keep an eye out for.
Koniforous
Tauren Transit
#15 - 2015-05-25 16:50:01 UTC
I noticed that youre planning on paying something like 10% monthly of the wallet balance. Since this is a non profit, and aims to be a community service based on goodwills, I would urge you to shy away from typical interest/dividend payments based on finite amounts. If you're inactive for a month for personal reasons, you'll still be required to pay the dividend at the same 10% amount, and if no "income" was generated, the museums wallet suffers. But so too does the purpose of the museum, and everyone involved suffer, because it has lost purchasing (preservation of artifacts) power. I think it would be wise to switch to a similar system I operate TAUTX under, and pay dividends based on wallet value changes month to month. If you don't play for a month, and don't generate any isk, a dividend payment of zero isk would be due, this would allow the museum to maintain its preservation power, and if share holders don't like it, they will be able to withdraw, and open slots for new share holders.

I just think if the purpose is to preserve history, promises of 10% of every isk owned by the museum going to share holders each month is counter productive, and frankly, places profit in shareholder wallets. It appears as a type of scheme or devious isk laundering corp masquerading under the good will of a nonprofit museum.

How will you showcase them? How will the player base benefit from this idea? I can click show info on any item in the game, or google it. I don't understand how this will be any different from a private collector raising funds for a private collection under the ruse of a nonprofit.

TAUTX: Private Bank & Lending

TAUTX: Collateral Liquidation / Discount Items
Cista2
EVE Museum
#16 - 2015-05-25 18:24:07 UTC  |  Edited by: Cista2
Koniforous wrote:
.....promises of 10% of every isk owned by the museum going to share holders each month is counter productive, and frankly, places profit in shareholder wallets
....
How will you showcase them? How will the player base benefit from this idea?

The dividends will come only from what cash is in one of two cash wallets (there will be two wallets due to the very sensible comments that came earlier on this thread).
The cash sum of that wallet will not be very large compared to the value of the assets of the museum. Remember most assets of the museum will be completely passives and not involved in any money flow at all.

By and large the money for dividends will come from my personal profits that I donate to the museum. And the "purchase power" is weakened many times more when artefacs are bought than when dividends are paid out even over many months.

About the idea of showcasing:
Maybe only a true collector would want to see the actual items. I would certainly make a trip to see one of the private collections if it was possible today. It is something else to look into the actual vault where the item is.

Some items, like corpses and rigged ships, cannot be seen in Evelopedia.

On top of that, the longterm plan is also to make it possible to borrow things from the museum, given high enough deposits. This could involve both ships and apparel that you could otherwise not get your hands on. You could take a picture of your avatar with a monocle for instance, for those that are into that but just don't want to part permanently with the isk.

My channel: "Signatures" -
Cista2
EVE Museum
#17 - 2015-05-25 18:38:00 UTC  |  Edited by: Cista2
I know my post wasn't very clear, lemme try qouting my in-progress rules of governance instead:

EVE Museum operates two main wallets. One is the wallet of CistaCista, the other is the Corp Master Wallet CMW (and wallet divisions). They differ in isk sources and sinks.

CC wallet sources:
- Donations from Cista2

CC wallet sinks:
- Artefacts bought
- Share buybacks
- Interest paid on collateralised loans, and payouts
- Shareholder dividends

CMW sources:
- Collateralised loans made on artefacts owned by the museum
- Share sales
- Donations from the public

CMW sinks:
- Artefacts bought

The only overlap among the two wallets is that they are added together when artefacts are purchased.
This structure ensures that donations and the share principals are not used on dividends or interest on loans.

My channel: "Signatures" -
Sequester Risalo
Significant Others
#18 - 2015-05-27 08:07:08 UTC
Koniforous wrote:
How will you showcase them? How will the player base benefit from this idea?


This is another question I wanted to ask. I'm not too knowledegeable about the different corp settings. If there is a role which allows to look into the assets and not take any, shareholders and/or donators could have an alt join the museum corp and look at the corporate vault.

Otherwise it would be much like the public financing a private collection.
Cista2
EVE Museum
#19 - 2015-05-27 09:28:54 UTC
Yes you will have to have an alt visit the museum by joining the corp.

My channel: "Signatures" -
Bad Bobby
Bring Me Sunshine
In Tea We Trust
#20 - 2015-05-27 18:32:41 UTC
Sequester Risalo wrote:
Koniforous wrote:
How will you showcase them? How will the player base benefit from this idea?


This is another question I wanted to ask. I'm not too knowledegeable about the different corp settings. If there is a role which allows to look into the assets and not take any, shareholders and/or donators could have an alt join the museum corp and look at the corporate vault.

Otherwise it would be much like the public financing a private collection.

The current corp roles system allows for this. Plus it's receiving iterations from CCP, so assuming they don't accidentally trash it, we could get more functionality in this area.

I can see charging admission to such a museum being viable, if the museum is sufficiently extensive.

If T2 BPOs don't receive a final shafting and are interred in to the museum in still functioning state you could lock them down and rent them too.
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