Event:2017/11/13 Finance & Fundraising

Finance Meeting - 13 Nov 2017

Attendees

• Laura, Brian, Julian, Jenny, Robb

Updates

• OOC 2016 taxes almost done - Laura will send them by Wednesday
• >$1000 in fees, but we have the ADA bathroom permit!
• Jenny - Think we might hafta kick the kitchen campaign to next year
• Laura trying to sync with Cathy (Phat Beets) about leading on a grant that may partially fund the kitchen
• Member COllective Statistics - still need info from Phat Beets, FNB, more from ABDC? https://docs.google.com/spreadsheets/d/1MO0TvYtqScPiTrWDRp4ufZEArm-_FlN63G61bsthlrs/edit#gid=0
• Property Tax bills from Alameda total >$23K for Dec. 10th - waiting on County response to our Forms 267 and 267-O. Max late fine should be $250
• There is a meeting Thursday 4:30 with the folks proposing the cafe to review their proposal and discuss details
• Related Organizations on taxes - since OOC and OC share overlapping boards
  • Elect a different board for OOC?
    • Taxes say "if at any point in 2016 there was an overlapping board"
• Jenny put together a 2018 budget - '2018 Projected' tab on the budget spreadsheet: https://docs.google.com/spreadsheets/d/1rvkMc5lmd8PovoViNLdvlrv0tSyvrH7iB0SmGqaFec8/edit#gid=507345927
  • Laura: Does that include major expenses eg painting the exterior ($100K quote?) - no, that would be capital reserve fund
    • Robb: Sharing that quote might rally people to paint the building in a weekend
• Jenny and Liz nominated Liberated Lens and Sudo Room, respectively, for the Oaklandish grants
• Laura and Mary Ann attended the Peace Development Fund reception at La Pena last week. Will prob have several collectives and Omni apply for 2018
• Robb: Funds for roof repair rubber paint
  • Laura: Concern about leak from upstairs into ballroom ground floor bathroom (over the sink, north side) - paint bubbling off [near the vent shaft]

Village Proposal

• Needa: we have folks researching insurance. And we will funsraise for it. We have some money set aside already but will raise more if its not enough. Folks want to know if fiscal sponsorship cud happen prior to us getting insurance as we have to start fundraising/storing asap for building supplies. We wont start building until we get insurance but have work to do before hand that omni's fiscal sponsorship would support manifesting. And also wouldnt the insurance have to go thru omni? Since the village iant a legal entity on paper insurance wouldnt go thru us?
  • Jenny replied:

   Hey Needa! There are two models of fiscal sponsorship - grant-making and project-based. In the first, you're a separate legal entity, and charitable donations are passed through Omni to you as grants (and we do the accounting/taxes). In the latter, you're technically considered a project of Omni and share the same entity status. Since our insurance won't cover your activities, it would have to be a grant-based model. You can form any kind of entity to obtain insurance, including just "Doing Business As". I'll have to talk to Laura further about the options there.

   As for timeline, possibly the sponsorship would get consented to this Thursday, but in general the sentiment was that people wanted to meet you/some representative from The Village and discuss the proposal in-person

   Storage will be part of that discussion, since despite the size of the building we truly have limited space for even our existing collectives' storage. But something that could be worked out together.

• • They should be coming to the meeting on Thurs

Discussion

• How should we set up new rental damage deposit process and accounting?
  • Mark it under Assets as subaccounts of General Assets
  • Can tag as a refund in Quickbooks

Action Items

• End-of-year fundraising solicitation - Julian [Brian send last year's]
• setting up a security/damage deposit account for refundable event deposits
• Send OOC 2016 taxes [Laura]
• Amended 2015 taxes [Jenny]
• Clarify accounting to Needa [Jenny]
• Check with Jesse re: related organizations [Laura]
• Send budget request for roof repair materials [Robb]
• Check on leak - north side of ground floor ballroom bathroom [Robb?]
• Link Event Rental product category to subaccount of Assets and write up Return Process for Commoners [Jenny]
• Need to find $1000 Ben & Jerry's Check or ask them for a new one :/