Google accepted our application to GSoC '07. Thanks to everyone who helped with reviewing the application, and most of of all thanks to our volunteer mentors!
Small catch though: I didn't find this clause earlier when I setup the application, but reading through the Terms of Service for the program I found this:
10. All necessary tax forms or other tax related documentation required to provide payment to the organization
Yea... we as an organization get $500.00 USD for each student that particpiates:
http://code.google.com/soc/tos.html
Small fun fact that I did not previously realize. Apparently there might be some complications from being a GSoC project, as we don't legally exist as an organization in any locality. And there's of course the question about what to do with the money we receive.
I figure we'll probably get 1, maybe 2 slots, which means about $500-$1000 USD.
-- Shawn.