Minutes:28 SEP 2022 Financial Planning

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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