Wouldn’t that be ‘debit’ then by definition?
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I’ll let those knowledgeable in accounting/ banking make the semantical call.
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This appears to be going to a discussion. This thread is not to be used as a discussion but a place to assign ownership. What I am looking for is to delegate tasks that I must ultimately do if nobody else volunteers.
So again what I am looking for is someone to research and identify solutions and then present at the next BOD meeting with their proposal.
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Guys ~ Please remember that this is NOT a discussion thread. Please only reply if you plan on taking an active role in completing the task. Thank you! 
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By default ALL threads in this category are NOT discussion threads.
If you would like to discuss it, please create a new thread in an appropriate category. Thank you.
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Is anyone able to take this task?
Follow Up is anyone willing to take this task.
I considered it. I even looked into it, but I think the task is impossible based on my brief research. I’d be glad to sit down with someone and consider banking methods (of which credit card are a part) in general, but without doing a complete overhaul, I don’t expect you will find a bank willing to accommodate this request.
I’d love to start a discussion about banking, but except for the hunt for my hard drive, and food for camping in a couple of days, I’m away from Talk.
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My company does the same thing. American Express and if I don’t turn in my expenses it’s on me and my credit.
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Great with that said can someone contact American Express and see what the options are and provide actionable information?
That means each chairperson would require a credit check and carry their own card which is expensed through DMS, if I read it correctly.
That’s the way my husband’s card works, too.
I don’t think that’s what you were looking for, unless I’ve misunderstood.
Robert, I’ll check a few of the nearby Credit Unions (see if we qualify) and local/regional banks.
I think if we are willing to deposit funds at their bank and offer to post these as collateral until our credit is proven with them, we should be able to get a credit line established (this was a common practice when I was in banking for a few years many many many moons ago). We’ve now had a couple years of over $500K in income.
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Exactly. Redo the whole set up.
Might also consider issuing debit cards (can still be run as credit) instead of credit cards.
I know there are couples where both are head of a committee…are there couples who each have a DMS credit card? Do you require credit checks before handing over a card? How many cards are out there?
But then… might reconsider the whole practice and move towards purchasing quadrants - areas related but divided into four purchasing coordinators. Good time in the growth cycle to look at it all.
I am personally just looking for options. The reason this needs to happen quickly though as many people have known my deal with being the personal guarantor is that I will only do it as long as I have the ability to move money to pay off the credit card. I don’t want to be financially responsible for a strike. (Inside Finance Joke)
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NO TO DEBIT CARDS with good reasons: A credit card we can set spending limits as to the amount that is spent or exposed to if the card is jacked. I don’t know of a way to do that with a Debit Card. Federal CC laws limit the loss for fraudulent purchases, debit cards lack the same level of protection.
Example: the CC I have as a procurement officer normally carries a $2k~$3K limit. Machine Shop will be buying about $4K of equipment this month, I contacted Robert, he raised limit to $5K. After the purchase is processed by us, I’ll notify him to drop the limit back down.
I don’t think people realize how much “stuff” Robert has to deal with on all these cards. He also sees every transaction (monitoring for fraudulent purchases - which have been a problem in the past) as well as monitoring to see any other weird spending habits. He also sets up new cards, has to deal with folks like me that have been stymied by Expensify for a while. I’m sure no one will be happier to get rid of this than him - but as a co-signer I understand his diligence.
It’s a lot of work and he deserves thanks. He put his own creditworthiness up when were small. I think we now have enough history, cash flow, cash on-hand, that we can get it ourselves.
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Oh I understand the burden. Just wondering how to streamline it.
My debit card has limits, btw, figured others would, too. I do see your point.
I’ll quit thinking about and leave the thread now.
In my experience, getting credit lines/cards for a small business is something that needs to be done by the owner, CFO, or treasurer. For DMS, that means a board member and/or treasurer. One of the reasons that past attempts failed, in my opinion, was that the person who tried did not have any ‘official’ title within DMS. That is why I haven’t started the process, or volunteered, despite it being one of the items on my statement of intent.
That said, the one thing, I think we can do, is start pulling together our financial records to present to the bankers when we do sit down to talk with them. David, @Photomancer if you and I can do that when you have a chance that would be great. What I see is pulling our monthly revenue and expenses for as far back as our move to the current location. If possible break down our expenses between required and discretionary. In addition your data on membership growth would be helpful for producing projections of future revenue and expenses.
These are all needed before talking with a banker, in my opinion.
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Absolutely agree. We can have a package that shows our growth, income, spending, savings, etc.
My hope is that the new BoD will officially appoint the Treasurer position as an officer of the corporation. I know Ken @lampy and I have talked about him becoming Treasurer, he has expressed that interest but wants it to be a officer position for insurance coverage reason.
Finance is really an executive function of the corporation, not really a committee. As such, if the Treasurer is a named an officer the “committee” should be dissolved and it just be “Treasury” or “Finance” as the Treasurer should be answerable to the BoD and the position of Chair not needed.
I’d like to see the Treasury/Finance role provide more input for BoD meetings and to the membership.
This raising of the position to the level it now deserves is timely as we are now functioning at much higher levels. Other express powers of the treasurer could be further defined for the position. This could even be approval authority for emergency expenditures that are needed to protect the Space. This reduce the need for the BoD to convene an emergency session. Approved vendors list could even be provided for typical repairs we’ve had done if this is so desired.
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American Express requires at least $4 million in revenue to be eligible. That knocks us out.
From what I’ve read the “OPEN” cards are backed by an individual like the cards we already have. I think the ask here is to find a “corporate” card that doesn’t need the backing of an individual that we could actually utilize - if such a thing exists.
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