Minutes:08 JAN 2023 Financial Planning

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Meeting begins: 1907

Meeting ends: 2001

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

  • Quickbooks progress
    • Financial items were imported with differing start dates, making it hard to get true year's worth of data.
    • 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.
    • Freshbooks data is still good, will use that for the 2022 financial report.
    • 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.
    • Be sure to put any debit card purchase totals in #Finances.
  • Budget updates
    • Exclude upgrades that "pay for themselves" from the tool/upgrades budget, i.e. laser cutter/3d printer/CNC router.
  • Loan updates/issues/concerns?
  • Donations tracking/distinguishing from cash class fees
    • Anytime money is taken from the donation box/jar for deposit, make sure to let #Finances know about how much is for what thing.
  • Other Budget notes:
    • After 6 months, we are looking good in terms of projected costs
    • 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.
  • Action items:
    • Get smaller envelopes for cash donations/class fees - Nate
    • 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
    • Payment categories on Paypal -- come up with list of Paypal buttons/links for each type of thing people tend to pay for.
    • Go over previous years of finances to come up with the pared-down Quickbooks categories.
    • Membership rates/requirements - James (DONE)
    • Quickbook training session - Joe (February books)
    • Update rent auto-payments - Nate (DONE)
    • Add a new budget bucket: $150/quarter for outreach-related stuff (will be added with the categories work)
  • 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)?