Event:2014/11/04 Finance Working Group


 * No word about the grant (the $5-15,000 from a private family foundation that FNB agreed to accept on Omni's behalf just this one time)
 * About $5,000 invoiced rent and bills haven't been paid yet
 * Look for temporary fiscal sponsers so we can take donations that would be tax deductible. FNB does not want to take money for Omni because potential tax burden and their own rules about how funds they receieve through donation can be spent
 * We will present options for getting 503(c)(3) status for omni
 * We still need to connect with a nonprofit tax accountant at some point. Niki knows a guy in San Rafael.
 * We need a way to stop spending on a project when it's exceeded its budget. As it is now folks can keep spending without realizing they've exceeded the project's budget.
 * PROPOSAL: When a person or group brings forward a proposal to spend money on a project, they are responsbile for tracking spending for that project. Finance committee has developed a tracking sheet to aid in this task. They are also responsible for reporting back to the delegate meeting on project progress and spending to date.
 * Project Budget Form here: https://docs.google.com/spreadsheets/d/1xBeAakFKuJGgrA0u_2uiK17zcfxNII43jv2Iipv07n4/edit#gid=0

Facts:
 * We have $7,000 in the bank right now.
 * We'll have $12,000 when member colletives pay invoices
 * Omni owes $46,000 total in loan repayments. That does not include the $17,000 we have paid thus far.

Bottom line:
 * Considering that Omni's monthly expenses are approximately $20,000--we need to be concerned about cash flow issues this month unless there's a sudden windfall. Fundraising is essential. Payments from member colletives are essential.