Difference between revisions of "Finances"
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=Financial Information= | =Financial Information= | ||
==Current Monthly Expenses== | ==Current Monthly Expenses== | ||
As of second quarter 2017, we pay roughly $15,000 for various expenses. Prior to the building purchase on December 7th, 2016, our expenses often exceeded $17,000/month, requiring us to borrow from community members. Once the bulk of these loans have been repaid, we expect our monthly recurring expenses to dip down to a more comfortable $10,000/month - however, these calculations do not include various unexpected costs, such as roof repair, sewer lateral, etc. We are attempting to build a capital reserve fund with a combination of event rental income as well as grants and large donations. | As of second quarter 2017, we pay roughly $15,000/month for various expenses. Prior to the building purchase on December 7th, 2016, our expenses often exceeded $17,000/month, requiring us to borrow from community members. Once the bulk of these loans have been repaid, we expect our monthly recurring expenses to dip down to a more comfortable $10,000/month - however, these calculations do not include various unexpected costs, such as roof repair, sewer lateral, etc. We are attempting to build a capital reserve fund with a combination of event rental income as well as grants and large donations. | ||
===Mortgage=== | ===Mortgage=== | ||
Starting Jan 1st, 2017 we officially stopped paying rent and started paying off a mortgage loan! Our loan is for $975,000 at 5.5% interest, with a balloon payment due Jan 1st, 2021. | Starting Jan 1st, 2017 we officially stopped paying rent and started paying off a mortgage loan! Our loan is for $975,000 at 5.5% interest, with a balloon payment due Jan 1st, 2021. | ||
Revision as of 22:51, 27 March 2017
Financial Information
Current Monthly Expenses
As of second quarter 2017, we pay roughly $15,000/month for various expenses. Prior to the building purchase on December 7th, 2016, our expenses often exceeded $17,000/month, requiring us to borrow from community members. Once the bulk of these loans have been repaid, we expect our monthly recurring expenses to dip down to a more comfortable $10,000/month - however, these calculations do not include various unexpected costs, such as roof repair, sewer lateral, etc. We are attempting to build a capital reserve fund with a combination of event rental income as well as grants and large donations.
Mortgage
Starting Jan 1st, 2017 we officially stopped paying rent and started paying off a mortgage loan! Our loan is for $975,000 at 5.5% interest, with a balloon payment due Jan 1st, 2021.
- $5,365.61 + 5.5% ($312.28) = $5,677.89/mo
Utilities
- Gas & Electric - ~$1,100/mo
- Water - ~$225/mo
- Waste Management - $490/mo
- Internet - $152/mo
Insurance
- Directors & Officers Insurance - $168.67/mo
- General Liability - $550/mo
- Property - $500/mo
Other Expenses
- Community Loans - $51,800 to be repaid in 2017, $28,000 in 2018, and $2,000 in 2019.
- Dues & Subscriptions - ~$50/mo
- Maintenance & Supplies - $150/mo
Monthly Income
Revenue from Member Collectives
- Art Bison Design Coop: $450
- Bay Area Public School: 90% of donations received
- Chiapas Support Committee: $200
- Counter Culture Labs: $2000
- Global Communication Services/YES: $454
- Global Women's Strike - Omni Collective: $564
- Liberated Lens: $300
- Phat Beets: $775
- Sudo Room: $2000
- Timeless, Infinite Light: $300
'Total: $7043 + ~$150 = $7,193/month'
Revenue from Other Supporters
- The Commons Working Group works with many different groups and individuals that rent out spaces in the Omni on a sliding-scale basis. On average, space rental generates between $2000-$4000 each month. A fun working group that could always use more volunteers, come by a meeting on 2nd & 4th Thursdays at 6pm to help with event coordination!
- We are currently researching grants for capital improvement projects, such as building accessibility, kitchen remodeling, and structural improvements. Please drop us a line at fundraising AT omnicommons DOT org if you have any suggestions, or come to a Fundraising WG meeting!