Minutes:28 SEP 2022 Financial Planning
Meeting begins: 2020
Meeting ends: 2140
Meeting attendees: James K., Joe D., Nate Y.
- Recurring payment from savings to checking is now $700 (from $600), paid on the 22nd of the month.
- rent increase coming in October ($1839.57 -> $1895.07)
- check with oxford to see if we need to update autopayment
- Quickbooks going well, Robin is working through the setup. Now all members are customers, payments get classified automatically.
- Documentation of the process will be done as soon as Robin is finished setting things up and can sit down with Joe to show him.
- Some aspects of the member tracking could be done with quickbooks, i.e. who has paid/not paid, and can pull reports on members.
- Budget notes from our first Financial Planning meeting on 3/23 (pasted into #Operations by James):
We've established some quarterly budgets for certain areas of the space that need attention
Starting in April, we will have $150 allocated to replenishing consumables for that quarter (April, May, June). Consumables are anything that regularly gets used up over the course of being used - anything from 3D printer filiment, vinyl, office supplies, first aid supplies, cleaning supplies, etc...
Also, we will have a similar system in place for tool upgrades - $150/quarter. This would be things like screwdrivers, hammers, cutting tools, etc...
- 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.
- Loan repayment: Loan interest is 2.75% and repayments begin 24 months after signing, however inflation is currently 8.3% or so, so it makes more sense to wait until later to begin repayment.
- Membership rates increase timed sometime around our end-of-year fundraiser. James is still working on it.
- Need to look at volunteer hour requirements -- do we adjust these down?
- Action items:
- Membership rates/requirements - James
- Quickbook training session - Robin/Joe
- Update rent auto-payments - Nate
- Add a new budget bucket: $150/quarter for outreach-related stuff
- Separate/out of scope from this meeting, but good topics to discuss later:
- How do we hold open hours better? Get more people involved, which days to do it?
- Idea would be a "class day" where we stagger each tool training class on a single day to get maximum participation.
- Ideas on how to spend our $25k loan