Omni Fundraising/Finance WG Meeting - 10 Oct 2016

Attendees

Jenny, remote Laura, Mary Ann, Brian, Liz

Updates

Mindmap of our filing system organizational structure: https://coggle.it/diagram/V_hpq3KmfZ8hD7bN
Laura - was on call w Stephaney. See notes below. Key thing is that she is going to ask if part of the grant for her can be used for a non-profit tax expert to review our trouble accepting the donation because she just can't believe the situation we are in since she has never heard of it before. Frankly, she didn't seem to really understand it.
Appraiser is coming on Tuesday at 2pm

GWS & Chiapas wanting to know more about actual future monthly payments & what TIC agreement would look like
Drawing up some community agreements aka "side letters" etc - in 5 years, could very well be a whole lot of people with very different ideas in their heads
Sudo becomes "Omni II" and spins off a new nonprofit, "sudo space"
- Jenny: Much of Omni's bylaws and policies adopted from sudo, anyway, so easy enough bureaucrativally/policy-wise
Sudo would need to be making 50% of payments and 50% of income
Questions that have come up since we made the proposal last week:
- Is there any advantage to forming an LLC rather than hold property as a TIC? In LLC proposed by Brewster, his nonprofit had almost no benefit from or decision making power over the property, although it put in half that cost.
- Is there a way to gradually transfer full ownership to the OMni over time?
- Can Sudo be relegated to being essentially a shell for owning building and a new Sudo be formed to do what sudo does now? (Marc's idea)
- HOw to ensure SUdo owernership doesn't negatively affect the balance of power and community relationships?
- Can Jesse point us to any other groups that share a building in this way?

Look into Volunteer Legal Services for feedback on our situation [Brian]
Visit next SELC Legal Cafe for advice [Jenny, you?]
Look into money back from city business and other taxes
Laura - ask Jose to run our donation situation by the cpa.- Done
Marcus - ask the wheelchair lift company to come a give an estimate for lifts down to basement and up to mezzanine. https://www.youtube.com/watch?v=EbwjDHuUSsE
Start drafting end of year fundraising letter.- Brian agreed to work with MaryAnn on this. There is lots of advice on the interwebs about how to write these letters.