Difference between revisions of "Finances"

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(updated with current numbers)
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=Financial Information=
=Financial Information=
==Current Monthly Expenses==
==Current Monthly Expenses==
As of second quarter 2018, we pay roughly $12,000/month for various expenses. Prior to the building purchase on December 7th, 2016, our expenses often exceeded $17,000/month, requiring us to borrow over $80K 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 fourth quarter 2019, we pay roughly $10,000/month for various expenses. 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. Currently, we have an operational reserve fund of approximately $30K.
===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.
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===Utilities===
===Utilities===
* Gas & Electric - ~$1,400/mo
* Gas & Electric - ~$1,600/mo
* Water - ~$225/mo
* Water - ~$300/mo
* Garbage & Recycling - $600/mo
* Garbage & Recycling - $915/mo
* Internet - $165/mo
* Internet - $165/mo


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===Other Expenses===
===Other Expenses===
* Community Loans - $51,800 repaid in 2017, $28,000 to be repaid in 2018, and $2,000 in 2019.
* Maintenance & Building Supplies - ~$500/mo
* Dues & Subscriptions - ~$80/mo
* Independent Contractors: ~$1000/mo
* Maintenance & Building Supplies - $400/mo


'Total: ~$11,600'
'Total: ~$11,000'


==Monthly Income==
==Monthly Income==


===Revenue from Member Collectives===
===Revenue from Member Collectives===
* Bay Area Public School: 90% of donations received
* Chiapas Support Committee: $206
* Chiapas Support Committee: $200
* Counter Culture Labs: $2120
* Counter Culture Labs: $2000
* FYE: $400
* Global Communication Education and Art/YES: $200
* Global Women's Strike - Omni Collective: $200
* Global Women's Strike - Omni Collective: $200
* Liberated Lens: $300
* Liberated Lens: $300
* Phat Beets: $850
* Phat Beets: $625
* Sudo Room: $2000
* Sudo Room: $2000
'Total: $5750/month'
'Total: $5,851/month'


===Revenue from Other Supporters===
===Revenue from Other Supporters===

Revision as of 07:13, 18 November 2019

Financial Information

Current Monthly Expenses

As of fourth quarter 2019, we pay roughly $10,000/month for various expenses. 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. Currently, we have an operational reserve fund of approximately $30K.

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 - ~$1,600/mo
  • Water - ~$300/mo
  • Garbage & Recycling - $915/mo
  • Internet - $165/mo

Insurance

  • Directors & Officers Insurance - $178/mo
  • General Liability - $285/mo
  • Property - $578/mo

Other Expenses

  • Maintenance & Building Supplies - ~$500/mo
  • Independent Contractors: ~$1000/mo

'Total: ~$11,000'

Monthly Income

Revenue from Member Collectives

  • Chiapas Support Committee: $206
  • Counter Culture Labs: $2120
  • FYE: $400
  • Global Women's Strike - Omni Collective: $200
  • Liberated Lens: $300
  • Phat Beets: $625
  • Sudo Room: $2000

'Total: $5,851/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 $4000-$6000 each month. A fun working group that could always use more volunteers, ping the list 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 Working Group meeting!

Financial Statements

Sudo Room (Nov 2013-Nov 2016) > Omni Commons (Nov 2016-Current)

Omni Oakland Commons

990 Tax Forms

Sudo Room (2013-Nov 2016) > Omni Commons (Nov 2016-Present)

Omni Oakland Commons

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