Minutes:22 MAR 2023 Financial Planning: Difference between revisions

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Created page with "Meeting begins: 2006 Meeting ends: 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 d..."
 
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Meeting begins: 2006
Meeting begins: 2006


Meeting ends:  
Meeting ends: 2130


Meeting attendees: Nate Y., Joe D., James K.
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.
** About 2-3 hours of training to get James and Nate up to speed on Quickbooks
** 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.
** Joe explains how to categorize and confirm expenses in Quickbooks.
** Freshbooks data is still good, will use that for the 2022 financial report.
** We're going to re-convene to discuss the remainder of the new accounting practices on 3/27 @ 7pm.
** 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
* Budget notes:
** Exclude upgrades that "pay for themselves" from the tool/upgrades budget, i.e. laser cutter/3d printer/CNC router.
** As per above, we're in the process of creating reports for expenses to get a good handle on how much money we're spending on extras.
 
* 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:
* Action items:
** Get smaller envelopes for cash donations/class fees - Nate
** Add donation button for 3d printer filament? - Nate will implement the buttons
** 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)
** Add a new budget bucket: $150/quarter for outreach-related stuff (will be added with the categories work)
** Ensure there is a conversation going on whenever someone is making a purchase (with the expectation of reimbursement) on behalf of the space.
** James to formalize the general signage needs
** Future SEO/Adwords discussion: what are requirements for non-profit adwords? Come up with a campaign that can meet those requirements.  James will reach out to some of his savvy connections on this subject, but also more general planning needed by the group.  James will schedule a targeted meeting within the next few months.


* Separate/out of scope from this meeting, but good topics to discuss later:
* Separate/out of scope from this meeting, but good topics to discuss later:
Line 38: Line 25:
**** Hiring Adwords/SEO help (e.g. $500)?
**** Hiring Adwords/SEO help (e.g. $500)?
**** Setting a solid budget to get signage stuff done (e.g. $250)?
**** Setting a solid budget to get signage stuff done (e.g. $250)?
***** General signage plans still needed

Latest revision as of 20:33, 22 March 2023

Meeting begins: 2006

Meeting ends: 2130

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

  • Quickbooks progress
    • About 2-3 hours of training to get James and Nate up to speed on Quickbooks
    • Joe explains how to categorize and confirm expenses in Quickbooks.
    • We're going to re-convene to discuss the remainder of the new accounting practices on 3/27 @ 7pm.
  • Budget notes:
    • As per above, we're in the process of creating reports for expenses to get a good handle on how much money we're spending on extras.
  • Action items:
    • Add donation button for 3d printer filament? - Nate will implement the buttons
    • Add a new budget bucket: $150/quarter for outreach-related stuff (will be added with the categories work)
    • Ensure there is a conversation going on whenever someone is making a purchase (with the expectation of reimbursement) on behalf of the space.
    • James to formalize the general signage needs
    • Future SEO/Adwords discussion: what are requirements for non-profit adwords? Come up with a campaign that can meet those requirements. James will reach out to some of his savvy connections on this subject, but also more general planning needed by the group. James will schedule a targeted meeting within the next few months.
  • 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)?
          • General signage plans still needed
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