Event:2021/04/27 Finance

Present: Mary Ann, Robb, John, Yar, Sarah L, Rachel

Item 1. The Solidaire grant for the kitchen got submitted on time.

• Sarah clarified that the budget was taken from a document from 2019 that Jenny had worked on, but we increased some of the amounts based on Sarah & David's experience with some of the costs, as well as feedback from the contractor Yar had come in last week. We might have lowballed the budget, but we wanted it to come in under the maximum grant amount. Mary Ann suggested that all of these submitted grant docs be put in a folder in the Google Share. Sarah said that most of these docs were already in a folder in the Google Share, and Yar shared the folder/the final submission with the group

Item 2. The Self-Help Loan app

• Sarah went through the loan app checklist and shared what she had compiled and put in the loan folder of "to send" ... the missing things were the forms that required personal info from officers and the attachment with more details about Omni and Omni's plan for the loan. Sarah finished the 2020 990 for Omni yesterday.
• There was a discussion and plans made for how to go about getting the three officers' signatures and personal info on the page of the application that requires it, and how to safeguard that info
• Robb will collect signatures
• Several of the delegates were listed incorrectly on the management/board doc and Sarah said she would fix that
• Robb and Mary Ann said that we should include the amount of property taxes the County Assessor is saying are past due on the Notes Payable section, as Jesse had said that we shouldn't not include this info. * * * Suggestions were made how to describe this debt. Sarah said she would add it to the notes payable page.
• Mary Ann said she would write a shorter version of the "about Omni"/business plan document she had written and share it with the group.
• We agree that time is of the essence and that we want to run the loan application by Jesse before submitting it
• The plan is to send it to Jesse tomorrow (Weds.) and submit it to the bank on Thursday or Friday at the latest
• Robb and Yar will hand deliver it to the bank near West Oakland BART
• Mary Ann said she would be immensely relieved once this application is finally submitted
• A discussion of meeting for drinks occurred.

Item 2a. The FTB re-application for exempt status

• Sarah said that the 2020 tax return is done and can be sent to the FTB, which was the last requirement for getting exempt status reinstated. The tax return isn't due until May 15th. It is/was common for us to file an extension and not be required to file this tax return until the fall.

Item 2b. The property tax thing

• The exemption application documents weren't submitted on time. They still haven't been submitted. Sarah said that if no one else had the capacity to deal with it that she would deal with it. Yar sent Sarah a link so she could access info needed to get all the info for this

Item 3. NOMA

• There was confusion and disagreement about the status of NOMA's applications for membership and fiscal sponsorship and whether a proposal was submitted and whether there had been a meeting that Finance was notified about.
• Yar stated that she had notified Finance about the meeting with NOMA that was held a couple weeks ago.
• Sarah said that she had received notice of this meeting as a Finance WG member and attended the meeting with NOMA
• The amount of NOMA's contribution (rent) was discussed as well as use of space
• Yar wants to know what Finance's concerns are so that she can bring them to NOMA at a meeting on Thursday.
• Mary Ann wants a formal proposal from NOMA and to be able to review the fiscal sponsorship document
• Robb wants NOMA to propose what space they would use on a floor plan
• Yar states that NOMA is flexible and wants Omni to let them know what space is available
• Robb reiterates the thing about the floor plan
• There was a philosophical conversation that ended abruptly
• There was a conversation along the lines of "Ask not what Omni can do for you, Ask what you can contribute to Omni"
• Mary Ann proposed that the proposal/fiscal sponsorship documents are reviewed by Finance on Tuesday (next week) and then presented to Delegates on Thursday (next week)