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88 lines
4.2 KiB
88 lines
4.2 KiB
# #1 (2024-08-24)
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Attendees (in-person only): @puck, @p, @jroast, @micro, @omni, @llama
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## Summary of Decisions
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* llama is the designated financial point of contact to WB and he will regularly report back on the financial state of WB
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* llama will open a discussion with WB finance around getting Basement its own bank account under Autonomedia
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* The finance group will meet monthly and report back at Meeting in the following iteration
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* The proposed process for spending money is:
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* File an agenda item for Meeting
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* Pitch and get an initial approval in Meeting
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* If provisionally approved, shared Meeting notes will reflect this at the top
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* People who did not attend Meeting have the opportunity to raise objections
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* Decision is ratified at following Meeting if no objections
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* We need to gather initial expense reports to figure out what money is being actively spent, the goal is to have a comprehensive report for September
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* puck will create a spreadsheet that serves as the initial ledger
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* Everyone will be reminded several times to submit receipts for money spent in September
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* It'd be good to ballpark electricity use somehow
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* The following discussions are tabled while we complete the above actions, to be covered in future meetings
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* How we're going to make money or take donations and any interactions with those folks
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* Rent amount and on what timeline we'll begin to pay
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* Insurance and liability concerns
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## Meeting Notes
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### Already Existing Facts
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In the past, there have been some light informal agreements about how amounts < $20 can be spent by "members".
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There have been some conversations with Matt about how the incremental cost of the basement is $500 on top of Woodbine's rent.
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### Relationship to Woodbine
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**Decision:** llama is the designated contact for communication to the broader org.
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We need a report back from llama on some regular cadence about the state/stance of the org.
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### Discussion Notes
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* We don't know our operational costs: electrical, water, etc
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* We've mostly done things in a totally independent way and we also provide additional goods & services to the org
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* Multiple years of cleaning up the basement
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* Selling booths
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* Printer support
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* Preliminary electrical support
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* Networking
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* Need to create a clean way to work with our finances: spend, replenish, rent, etc
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Lots of discussion about how we need to work with the org, externally. This meeting is focused on the internal though.
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* We need expense reports
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* Ping everyone to add their entries / receipts, create a place for these to go
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* Figure out electricity is harder
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* Let's figure this out for the month of September
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* We need a way to receive and hold money
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* We have serious liability due to power tools et al
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* Only a couple realistic options
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* Personal bank account (not good due to liability)
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* Entity e.g LLC + bank account
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* Go under Autonomedia (llama will approach and report back on this in the next couple weeks)
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* We need a process to propose and spend money to the group
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* Propose as an agenda item to the meeting and tbd on communications, needs to be a week delay since people likely won't be on every meeting call
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* We need to discuss how to make money other than coffee
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* We need to discuss when we will pay rent
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* We need to discuss donations and how we interact with those folks
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**Decision**: We will meet monthly and report back to the broader Meeting.
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micro has seen a few approaches
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* small discretionary amount (go out buy the thing, report it back to get reimbursed)
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* slush fund is the non-earmarked money (e.g total - 3x runway)
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jroast: let's get a bank account
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micro: Resistor recently switched from personal bank accounts to a 501c3
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So the real question is how hard is it to be a non-profit? Several requirements and it will take 1+ year.
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* Must have a board with titles that is voted on each year
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* Need a charter document; most orgs use Robert's Rules of Order but Resistor has a more minimal one
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* Need a legal entity that is wrapped up in the 501c3
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Alternatively we could go under WB's entity (Autonomedia).
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We don't have insurance and have serious liability issues. Depending on financial availability we should look at a real cleanup and insurance plan. |