Minutes:27 MAR 2024 Financial Planning: Difference between revisions

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Meeting begins:
Meeting begins: 2025


Meeting ends:  
Meeting ends: 2133


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 is done!
** 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.
*** Submitting this for early April - Nate Y.
** Be sure to put any debit card purchase totals in #Finances.
*** Joe has come up with contract language for hiring staff for events:
 
**** https://docs.google.com/document/d/18OA91EMdhu8z5frRAwJk1RwMnnC5IJ2g/edit
* Budget updates
**** https://docs.google.com/document/d/12WWSuxVPOOQF1H6NOyih1R9Nb4TA5SNt/edit
** Exclude upgrades that "pay for themselves" from the tool/upgrades budget, i.e. laser cutter/3d printer/CNC router.
** 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. - In progress!
 
** The search for other grants continues. Nate is keeping his ear to the ground
* Loan updates/issues/concerns?
*** James has info on grants.
* Donations tracking/distinguishing from cash class fees
**** Ann Arbor Area Community Foundation
** Anytime money is taken from the donation box/jar for deposit, make sure to let #Finances know about how much is for what thing.
***** Grant programs open - James A. and Faith Knight Foundation: https://www.aaacf.org/news/james-a-and-faith-knight-foundation, https://www.knightfoundationmi.org/funding-priorities/ - closes September 30th, possibly when money runs out
 
* 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.
*** Call our bank to see what our interest rate really is at the moment...  Seems incredibly low. - Joe D.
** Loans coming due in the next several months - before April. make payment decision after strategic planning
*** No change in plans -- Nate will set up payments for April
** Digital ocean Money - what should we do with it. Discuss at members meeting
*** James suggests running a TOR relay (''not'' an exit node) -- low overhead, good value for otherwise unspent funds.
** Joe made a budget request form: https://docs.google.com/forms/d/13_av4mDWc590PjGS8JxCuopYcyovFyUquPuVtKKFG4c/edit
*** Good to have a more formal process in place, to manage expectation
*** We can review these items at the Members' Meeting following the request, where they can be voted on
*** The wish list covers similar ground, but should be clearly listed primarily a way to get items donated from an external source, not purchased by AHA
*** We can clarify the process in the Wiki article: [[Wish List]] - Nate will add to the room description in #Operations


* Action items:
* Action items:
** Get smaller envelopes for cash donations/class fees - Nate
** Future SEO/Adwords discussion: defer until after strategic planning - strategic planning still needs to be planned!
** 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
* Finances Channel needs to have non-relevant people removed/ dedicated board channel needs to be spun up
** Payment categories on Paypal -- come up with list of Paypal buttons/links for each type of thing people tend to pay for.
** Ideas:
** Go over previous years of finances to come up with the pared-down Quickbooks categories.
*** Spin up a new Finances Committee channel that is public, invite folks who attend this meeting
** Membership rates/requirements - James (DONE)
*** Rename the private Finances channel to Financial Records, have only folks who are directly involved in finances in there
** 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)?

Latest revision as of 20:34, 27 March 2024

Meeting begins: 2025

Meeting ends: 2133

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

  • Quickbooks progress:
    • Documentation is done!
  • Grants:
  • 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
      • Call our bank to see what our interest rate really is at the moment... Seems incredibly low. - Joe D.
    • Loans coming due in the next several months - before April. make payment decision after strategic planning
      • No change in plans -- Nate will set up payments for April
    • Digital ocean Money - what should we do with it. Discuss at members meeting
      • James suggests running a TOR relay (not an exit node) -- low overhead, good value for otherwise unspent funds.
    • Joe made a budget request form: https://docs.google.com/forms/d/13_av4mDWc590PjGS8JxCuopYcyovFyUquPuVtKKFG4c/edit
      • Good to have a more formal process in place, to manage expectation
      • We can review these items at the Members' Meeting following the request, where they can be voted on
      • The wish list covers similar ground, but should be clearly listed primarily a way to get items donated from an external source, not purchased by AHA
      • We can clarify the process in the Wiki article: Wish List - Nate will add to the room description in #Operations
  • Action items:
    • Future SEO/Adwords discussion: defer until after strategic planning - strategic planning still needs to be planned!
  • Finances Channel needs to have non-relevant people removed/ dedicated board channel needs to be spun up
    • Ideas:
      • Spin up a new Finances Committee channel that is public, invite folks who attend this meeting
      • Rename the private Finances channel to Financial Records, have only folks who are directly involved in finances in there
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