Event:2017/05/01 Finance & Fundraising

Omni Finance Working Group 01 May 2017

attendees

Brian, Jenny, Julio, Laura

agenda

Finishing Taxes and Financial Statements

• Jenny almost done with 2016 financial statements
• 2016 Taxes - Jenny will make a list of supplements and people can take one of those forms to complete
• County tax reassessment forms received. Brain and Laura will complete by 6/4

Prop Tax exemption

• OCC waiting for 2016 financial statements

GCEA Lease

• Lease on Docusign

Prep for Jenny out of town 6/3-6/27

• (Brian gone 6/12-19 and Julio 6/12-27)
• Jenny will have some time to work while in Vienna&Copenhagen
• Almost all bills on autopay except for one of the insurances

Notes:

• PGE bill was higher even though LEDs were installed in ballroom
  • Lots of data on website. Would be worth it for someone to do some research and correlate with activity in building. Find appliances to turn off. Freezer behind ballroom bar?
• Finance people should meet the new Phat Beets office people
• We need a paper shredder

Omni Finance Working Group 01 May 2017

attendees

Laura, Brian, Almaz

agenda

New GCEA lease

• Insurance policy and fiscal sponsorship agreement are in the drive. Their new FS can enroll them under their policy.
• Proposal to lock the classroom prob won't pass - Sudo blocking concerns: equipment is not extensive and can be locked in a cabinet or locker; security of a door where "anyone who wants to use it can get access" is not actually secure.
  • Almaz - in discussions w BAPS we think that no rooms should be locked or if they have to be locked that there is a clear process for how to gain access.
• Almaz - met with Steve and Julian yesterday. BAPS and GCEA are going to share the room. Will share costs of buying locking cabinet and give that a try. GCEA will have priority for youth tutoring. Anyone else who wants to use the room when those two aren't using it can check with them to see if it's free.
  • We had a lot of problems in November last year. We stopped the classes becasue we were losing stuff from the room, didn't have insurance, and there were complaints about the kids being in the ballroom during their tutoring session. Then a lot of people were out of town and then I had to go back home so the issues couldn't be discussed. I am working with Steve and Julian on the issues of the space not being welcoming
  • Fundraising event on 6/24. Music, vendors, food & drink, fashion show. Applying for grants. Also asking area businesses for support. Going to have a members meeting soon. We have applied for 5 grants. Will hear back soon from Akonadi Fund.
  • The rent should be less than what we are paying now. We are serving marginalized communities. We can start paying $200 flat rate in June. Fiscal sponsor has to approve the lease. I will talk to the members about paying a security deposit.
  • If we can't pay the $200 because we can't run the program or don't succeed in fundraising then we won't continue at the Omni
• Brian - We need to have a clear process for addressing any issues with the space or with rent before it gets to the point of just not paying. Can we make an agreement that if a situation comes up where GCEA has issues that are making them feel that they shouldn't pay rent or cant afford the rent that you will come to the Finance WG to discuss it with at least 2 weeks before you stop paying?
• Almaz agrees
• Brian - Under old lease, the owing is about $1,000.
  • Almaz - BAPS suggested that the work we did to fix up the room and the work I have done should be taken into account in forgiving the money we owe.
  • Task: Almaz will check with the Fiscal Sponsor to determine who is paying the rent each month. Will be determined before lease is signed.
  • ALmaz will run lease term by members at their meeting.

Income and Expenses Report 2017

• Since Jan 1, Omni's total expenses have been $65,264.58
• Since Jan 1, Omni's total income has been $76,810.03 (which includes $32K of overage from the stock donation, for a total actual income from collectives & rentals of $44,810.03 - or about 2/3 of what we need to be making
• May projection: -$6,737.35
• June projection: -$4,656.40
• July projection: -$896.40
• May-July loss total: -$12,290.15

• Current cumulative total of all OC accounts: $8,945.49
• Overdue invoice total: $14,062

Insurances

• Are all insurance payments (property, GL, D&O) set to autpay?
  • Yes on D&O
  • YES on Prop (enrolled 5/1/17 & paid invoice of $628.18 due 5/1)
  • ?? on GL - can't figure it out. Paid invoice of $271.07 due 5/7
• Previous policies cancelled?
  • Email sent to State Farm last week, Jenny will call tomorrow to confirm
  • Received bill w/ notice of cancellation from Chubb - have they been notified?
• All MC policies correct? x-check https://drive.google.com/drive/u/0/folders/0B-AL95NlI75qemp4WWgzUnVKTzg
  • In trello: Remove John Givens and add OC to TIL GL policy
  • In trello: Get CCL to remove OOC and add OC on current COI

Member Collective Unpaid Invoices

• GCEA: Nov-April invoices - sec deposit applied to current count (current balance: $1,012- reminder sent)
• Sudo: Behind two months ($4000, April/May) but may receive a sellable in-kind donation that'd put us back in the black (current balance: $4000- reminder sent)
• Phat Beets: Missing some checks - contact new office manager? (current balance: $2785- reminder sent)
• TIL: Missing some checks - contact Intersection? (current balance: $1200- reminder sent)
• ABDC: May-July invoice unpaid (1 day overdue) (current balance: $1350 - reminder sent)
• CCL: May invoice (1 day overdue) (current balance: $2000 - reminder sent)
• Total MC unpaid invoices: $12,347

In-Kind Donation to Sudo

• "Ulrich's electric porsche has a fresh lead acid pack and is in great shape. a full length roof rack would make it into the most versatile pickup truck ever. perhaps ace monstertoys (costa) or sudoroom/omnicommons (jake) would like to accept it in exchange for a charitable donation tax thingy?"
  • Jenny's reply:

"This would be amazing for sudo (via Omni as 501c3 tax-deductible EIN), since we are currently two months behind rent to Omni (in the red $4000) !!! In-kind donation form attached."

• • • Donor's reply: "The economics are something like this: It was appraised at $35,000. I paid $13,000. I put about $4,000 in. If I donate it and the the charity sells it, I can only write off the amount it sold for. Otherwise, if the charity keeps it, I can write off my cost ($13,000 - $17,000 depending on how many of the receipts I can find). So — Jake, Costa, let me know if either of you would be able to:

1) write a 501c3 donation receipt so i can write it off 2) promise to not resell it for less than $17,000 before, say, Jan 30, 2019. If so I’ll double check this plan with a tax advisor, and it’s yours :)"

• • • • Jenny's reply: "mostly the issue is that, if omni/sudo owns the car, it will need an auto insurance policy covering any drivers. however, we could require any drivers (eg you, Marc maybe) to pay that policy, and set up recurring invoices to them. i have pretty good coverage through progressive at $140/month for 2 drivers (me and marc). we'd also need to cover it in our taxes, but that's a minimal amount of work for me in comparison to the benefits of getting sudo back in the black. curious why Jan 30, 2019 and not Jan 1st, 2018 if he is only concerned w/ a 2017 tax year writeoff?"

ABDC Seller's Permit & OC Business License

• Kazoo sending ABDC seller's permit shortly
• OC Business License is current but may not include retail sales - need to double-check
• Exemption from Sales Tax contingent on Property Tax Welfar Exemption and requires approval by the BOE. See http://www.boe.ca.gov/pdf/pub18.pdf - page 8.

Property Tax Exemption

• Jenny talked with the office today. Can file for the Organizational Clearance Certificate (BOE-277) once 2016 financial statements are complete. Then file the BOE-267 (First Filing) packet w/ all info on operators in space
  • BOE Form 267-O: Still waiting on: Phat Beets current sublease (Jenny can maybe hack sthg out of current sublease, amending space usage area); Fingerhands contract

2016 Taxes

• Due May 15: OOC & OC forms 990, 199, RRF-1
• Work party next wknd?

action items

• Are all insurance payments (property, GL, D&O) set to autpay?
• Still waiting on: Phat Beets current sublease (Jenny can maybe hack sthg out of current sublease, amending space usage area); Fingerhands contract; CDP contract
• Are all insurance payments (property, GL, D&O) set to autpay?
  • Yes on D&O
• Unpaid invoices: Check in with Phat Beets & TIL
• Look into Sales Tax Exemption (see above info & http://www.boe.ca.gov/pdf/pub18.pdf p.8)

misc link dump

• OC Budget doc: https://docs.google.com/spreadsheets/d/1rvkMc5lmd8PovoViNLdvlrv0tSyvrH7iB0SmGqaFec8/edit#gid=1501592721