Event:2014/10/28 Finance Working Group

This is the agenda for next week's 10/28 finance meeting

Agenda

 * Project budgets
 * receipts should go to the person in charge of the credit card/project expenses should be tracked with the associated project--lets maybe develop a sensible/realistic system for this. This would allow us to alert folks when we're getting close to exceeding budgeted funds for the project.
 * New CFO
 * lets try to propose one at the next meeting
 * lets get a questionnaire from the candidate--something like the one niki made and sent out

https://docs.google.com/spreadsheets/d/11hx9dOW6bFKuHSdyULGBKB1txDc8qCBejQgyBdsImdM/edit#gid=0

These are notes from the 10/28 Finance Meeting (Niki, Judy, and Sara for 2 seconds):

Facts

 * There is $16,000 in the bank account
 * We have $5,000 random from events ($4,300), etc that needs to be deposited
 * Everyone needs to pay rent like yesterday so we don't end up below reserve
 * Once we pay rent, we'll be at reserve.
 * We will be below reserve once we pay lawyers bill and loan repayments ($5,000)
 * $1,244 - utilities
 * $1,141 - property taxes and bldg insurance
 * Burden for 8 paying Member collectives (excluding FNB, Black Hole, Peak Agency and Backspace): $340
 * Burden for tenants (only share cost for utilities): $155
 * We should generally budget about $5,000 for additional expenses on top of regular rent and bills for loan repayments, projects, etc.
 * That puts our total expenses at about $20,000 monthly
 * Peak Agency hasn't paid rent or utilies
 * PROPOSALGeneral liability and directors and officers insurance is not currently being split among collectives - approx. $889 monthly. We are currently we 9 collectives (10 this month including omni dance) so it would add $89 to monthly expenses.
 * Our monthly revenue from rent from collectives and tentants will be $9,200 including Back Space's $1,000. It would be better if we were at the $12,000 full rent for the bldg level, but if we can keep it up with paying events, we might be ok.
 * We will probably be receiving a $5,000-$15,000 grant from a private foundation this week, but a big boon from fundraising efforts would be really well timed right now--fundraising needs to happen for reals in November and more paying events would be ace. In December we can start renting the disco room for events too. Tell your mama, tell yr friends.

Questions for new CFO

 * This role involves:
 * Making deposits to the bank account
 * Writing checks (for bills, loan repayments, etc.)
 * Maintaining a schedule for loan repayments
 * Monitoring and reporting back on our debt, making sure we do not go below our month's reserve
 * Making sure that spending does not exceed amount that has been allocated (ie: for specific repairs / improvements)
 * Scanning and logging all receipts into our accounting software
 * Meeting with our bookkeeper to produce reports
 * Updating our financial projections w/ actuals
 * Paying all bills and overseeing accounts such as utilities, etc.
 * Creating and distributing invoices for shared expenses
 * Creating and distributing invoices for rent
 * Chasing people down every month to ensure that they pay these things
 * Finding a non-profit accountant to figure out what will be needed for our taxes & working with this accountant at tax time
 * Many of these tasks can be delegated to members of the finance committe, but you will be the point-person and bottom-liner for all finance activities. Please tell us the following about yourself:
 * What is your affiliation with the Omni?
 * How long have you been involved in the Omni?
 * Why are you interested in this position?
 * Can you commit at least 8 hours weekly to this position including trips to the Credit Union?
 * Do you have any previous experience with bookkeeping / finance?

ACTIONS

 * Judy will represent finance at the next delegate meeting and introduce the proposal.
 * Niki will meet with Amgo sometime this week about the CFO position, share description of associated duties, and ask her to answer the above questions.
 * They will determined a meeting time that works for Amgo for the next finance meeting and will announce the time to the rest of the committee.