Event:2014/12/09 Finance Working Group

• • • Rent and bills for this month have been paid. There is $16,950 in the bank as of today but will be about $11k after loan repayments, last payment to Jesse, and other shared expenses are paid. Will back up to $16k once the $5k check from Left Tilt comes in.
• We'll be invoicing early this month to account for holidays. the sooner groups can pay the better for making sure our bank account balance stays positive.
  • • There's a moratorium on spending right now outside of our normal bills until further notice--all special projects need to find special funding somehow until a time when we have more financial wiggle room
• We are expecting a $20k gift from the fellow from Oaklandish (!!!)
• To get nonprofit status we need do be able to report our actual expenditures and revenues from the beginning of the project--Niki has compiled this data and made notes on them in a spreadsheet she sent Amgo. Judy and Amgo will sift through them and attempt to organize into categories next Tuesday.
• There was a big increase in business improvement district property taxes--a 350% increase. David K has been researching this and advocating on our behalf. Once we have nonprofit status we can apply for an exemption from these taxes, but in the meantime we need to pay $1,200 in back taxes. It'll be $797 monthly now up from $545.
• CCL hasnt been able to pay rent this month. We are asking to have a discussion about realistic ability to pay this month and in the future. Their $2,000 monthly contribution is significant to Omni's ability to stay afloat. Sarah is bottomlining this conversation for Finance.
  • • As of Jan 1, Omni is scheduled to begin repayment on a number of loans we took from indivuduals earlier this year. The amount is substantial: $4,500 monthly for 5 months and then it will go down to $3,500 monthly. Due to this increase in regular monthly expenditures, we need to increase the reserve funds we have in the bank to $20,000 minimum.
• Some renters have not been invoiced yet. Amgo will send "how we organize" a spreadsheet for the purpose of tracking the people who are renting space at omni, the name of their event or purpose the space will be used for, whether or not it's reoccurring, the payments terms, and whether or not the group has been invoiced yet. Folks who we expect to see on the tracking sheet are Don, Maryanna, Sara Larsen, Max, and Vivian.
• New subleases need to be signed for any member collectives that have new terms (TIL, etc). Judy will make sure this happens for TIL.