Minutes:27 MAR 2024 Financial Planning: Difference between revisions

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Meeting begins:
Meeting begins: 2025


Meeting ends:  
Meeting ends:  


Meeting attendees: Nate Y., James K., Joe D.
Meeting attendees: Nate Y., Joe D., James K., Sarah B.


* Quickbooks progress
* Quickbooks progress:
** Financial items were imported with differing start dates, making it hard to get true year's worth of data.
** documentation needed. to do at work improvement day
** Existing data there is of limited value because of the above -- would be easier to start fresh for 1/1/2023 instead of trying to fix things all the way back to August.
* Grants:
** Freshbooks data is still good, will use that for the 2022 financial report.
** Creative Washtenaw grant acquired.  
** Some difficulties could arise from the wide range of Quickbooks categories for transactions, and based on the person who decides which one to use.  A pared-down list of categories should be created to avoid issues with Quickbooks.
*** Special accounting needs to be implemented by members meeting by Joe.
** Be sure to put any debit card purchase totals in #Finances.
*** Final report submitted
 
*** Related: we should hire some kind of legal help, CPA and/or lawyer, to make sure we're doing things the correct way when paying people to help. Joe will have info at Members Meeting
* Budget updates
** Let members know that we are looking to hire help to write grants. Sarah will work on Sustaining A2 together after being pinged by Nate. She will update at Members meetings and one time in between.
** Exclude upgrades that "pay for themselves" from the tool/upgrades budget, i.e. laser cutter/3d printer/CNC router.
** The search for other grants continues. Nate is keeping his ear to the ground
 
*** James has info on two grants.
* Loan updates/issues/concerns?
**** Ann Arbor Area Community Foundation
* Donations tracking/distinguishing from cash class fees
**** other is A2 geeks. James will put feelers out
** Anytime money is taken from the donation box/jar for deposit, make sure to let #Finances know about how much is for what thing.
** Xander busy now, but we should not let that relationship fade
 
* Budget notes:
* Other Budget notes:
** Move money to another bank/credit union? Interest rate is abysmal
** After 6 months, we are looking good in terms of projected costs
*** someone needs to compare rates and find options. Shop it around at members meeting. Credit union is recommended
** We see a need to add an item for outreach/events at $150/quarter (e.g. Art Fair, Tech Trek fees), bringing the total budget to $450/quarter.
** Loans coming due in the next several months - before April. make payment decision after strategic planning
** Digital ocean Money - what should we do with it. Discuss at members meeting


* Action items:
* Action items:
** Get smaller envelopes for cash donations/class fees - Nate
** Future SEO/Adwords discussion: defer until after strategic planning
** Make it easier to pay for things! E.g. put links to laser time/3d printer filament payment on the machines. - Nate will implement the buttons
* New budget process
** Payment categories on Paypal -- come up with list of Paypal buttons/links for each type of thing people tend to pay for.
** Joe will create a form
** Go over previous years of finances to come up with the pared-down Quickbooks categories.
*** why will this be good for the space
** Membership rates/requirements - James (DONE)
*** how will it be documented
** Quickbook training session - Joe (February books)
*** What maintenance will be required
** Update rent auto-payments - Nate (DONE)
*** How will we get people in to use the tools
** Add a new budget bucket: $150/quarter for outreach-related stuff (will be added with the categories work)
* Finances Channel needs to have non-relevant people removed/ dedicated board channel needs to be spun up
 
* Connections need to be made a leveraged to increase our reach
* Separate/out of scope from this meeting, but good topics to discuss later:
** Ideas on how to spend our $25k loan (ongoing)
*** Some ideas from this meeting:
**** Hiring Adwords/SEO help (e.g. $500)?
**** Setting a solid budget to get signage stuff done (e.g. $250)?

Revision as of 20:27, 27 March 2024

Meeting begins: 2025

Meeting ends:

Meeting attendees: Nate Y., Joe D., James K., Sarah B.

  • Quickbooks progress:
    • documentation needed. to do at work improvement day
  • Grants:
    • Creative Washtenaw grant acquired.
      • Special accounting needs to be implemented by members meeting by Joe.
      • Final report submitted
      • Related: we should hire some kind of legal help, CPA and/or lawyer, to make sure we're doing things the correct way when paying people to help. Joe will have info at Members Meeting
    • Let members know that we are looking to hire help to write grants. Sarah will work on Sustaining A2 together after being pinged by Nate. She will update at Members meetings and one time in between.
    • The search for other grants continues. Nate is keeping his ear to the ground
      • James has info on two grants.
        • Ann Arbor Area Community Foundation
        • other is A2 geeks. James will put feelers out
    • Xander busy now, but we should not let that relationship fade
  • Budget notes:
    • Move money to another bank/credit union? Interest rate is abysmal
      • someone needs to compare rates and find options. Shop it around at members meeting. Credit union is recommended
    • Loans coming due in the next several months - before April. make payment decision after strategic planning
    • Digital ocean Money - what should we do with it. Discuss at members meeting
  • Action items:
    • Future SEO/Adwords discussion: defer until after strategic planning
  • New budget process
    • Joe will create a form
      • why will this be good for the space
      • how will it be documented
      • What maintenance will be required
      • How will we get people in to use the tools
  • Finances Channel needs to have non-relevant people removed/ dedicated board channel needs to be spun up
  • Connections need to be made a leveraged to increase our reach
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