Minutes:27 MAR 2024 Financial Planning: Difference between revisions
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Created page with "Meeting begins: Meeting ends: Meeting attendees: Nate Y., 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 difficult..." |
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Revision as of 19:22, 27 March 2024
Meeting begins:
Meeting ends:
Meeting attendees: Nate Y., James K., Joe D.
- 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)?
- Some ideas from this meeting:
- Ideas on how to spend our $25k loan (ongoing)