Event:2014/08/19 Finance Meeting

Agenda

Quarterly Reporting from Collectives

• Sign new subleases (should they be quarterly?)
  • Should include requirements for:
    • Report of past quarter's finances
      • Revenue
      • Rental Costs
      • Non-Rental Costs
      • Investment in Capital Improvements
        • Hol to investigate depreciation schedules / Repayment on a Case by case basis to be approved w/in 30 days of expenditure
    • Financial projection for next quarter
  • Collectives should provide quarterly update of their projected solvency

Rent Commitment

• 6 month check-in?
• How to handle collectives who fail to meet their commitments? (Legal / Governance should address)

Loan Protocol

• All loans (no-interest only) over 10k w/a monthly repayment amount over $1,000/mo to be brought before the collective for approval.
• Debt cap of $100k

Fundraising?

• Danny will continue to spearhead fundraising proposals

Event Space Rental

• Maryanna to spearhead group to draft proposal for renting ballroom.

Build Out Costs

• We will tracks investments made by individual collectives.

Accounting

• Judy to ask friend for accounting help
  • Setting up books
  • Annual taxes

Monthly Expenses

• We would like to work towards having 3 months of reserve in the bank at all times.
• Costs which will be invoiced w/out consensus (all collectives will split these expenses equally unless otherwise agreed upon at the General Meeting)
  • Rent
  • Utilities
  • Internet
  • Insurance
  • Taxes
  • Basic Supplies (not to exceed $50/mo - tbd by facilities working group)
• Costs which require consensus from the collectives
• Invoicing John?

Action Items:

• Hol will translate Cere's build out costs email into a beautiful Gant chart
• Maryanna will draft proposal for rental of ballroom
• Niki will request a quote from Jesse for preparing 1023
• Niki will set up a Finance Committee email