Finance Work Group Meeting Minutes 10/30/2011

Attended by; Remington, Darin, Jenny, Artem, Chris, Melissa, CK, Vanessa, John P, John, Jamin, Swim




Process for cash flow in/out, petty cash, 501c3, deposits and bank account, security on finance group, receipts, lock boxes


Proposals Passed

1.  Petty Cash drawer = $100

2. Protocol for counting money from donation jar; 2 people (finance work group member and a separate work group volunteer) get the money, from the tip jar, and brings it in front of the GA to be counted. It is then counted by a 3rd person who will initial the ledger, money then goes into lock box.

3. 2 keys on site at all times so that we can always access the lock boxes when needed.

4. Money to be deposited into WePay via Remington, for this meeting only.



Topics discussed

1. Pros and cons of 501c3, on our own and also using another organizations 501c3 status. Tax deductions and tax responsibility discussed. Jamin to get ahold of Houston Peace and Justice for a question and answer session.

2. Regular daily budget.

3. Donation jar needs to be something transparent so we can see what money is being put in.

4. Money counted. Petty Cash taken out. The rest will be deposited into the WePay account.

5. Melissa checking into EIN number.

6. Darin and John P checking into local credit unions.

7. Keyholder status discussed. Bringing out that some people are not comfortable with everyone in this finance meeting being allowed to hold onto keys. No resolution at this time.

8. Work on getting both lockboxes to the next meeting.

9. Next meeting announced for Nov. 2nd at 5pm.