Finance Meeting - 7pm Wednesday May 15th 2019

#1

@Julie-Harris and @Lampy will be hosting a finance meeting Wednesday night at 7pm. DMS members are welcome to attend and provide feedback but we are not really taking requests for reports/fixes etc. We are starting on plans for current and immediate needs. As well as work on a TALK posting asking/seeking nominations for Treasurer.

In 102 Conference Room.

11 Likes

#2

@mblatz, @Lampy and I had a call with PureTax yesterday and per Tim, the extension has been filed and the tax return and annual report are expected to be finalized in the next four weeks. Our current agenda items:

  1. Treasurer job description
  2. Discuss procurement officers
  3. Credit card purchases/transparency
  4. Expensify
  5. Asset List

PureTax had the following items:

  1. Finalize SOP
  2. Audit
  3. Budget
8 Likes

#3

Here are my notes from the meeting:

@Tapper, @Nick @Lampy, @mrjimmy, Kathy and myself attended.

  1. Treasurer job description - @Tapper prepared a template that we reviewed and modified during the meeting. We will review further and then post. We discussed structure, specifically having a finance committee to support the treasurer and a treasurer that supports the board by providing timely, relevant financial data.

  2. Procurement officers - @Photomancer and @cmcooper0 have asked to be removed. @BarkingChicken needs to be a procurement officer. We discussed whether or not procurement officers should sign anything and what kind of documentation should be provided to procurement officers before ordering. Briefly discussed whether there should be credit or background checks for procurement officers.

  3. Credit card purchases/transparency - We discussed whether credit card transactions should be publicly posted in digital form or on a bulletin board.

  4. Expensify - Receipt Tracking for Purchases Discussion - We are currently using Expensify for our receipt tracking - the cost per user has increased and there have been complaints. QuickBooks is now also offering a receipt tracking system and Kathy is checking on the cost and to see if it will integrate better with our Quickbooks Accounting system.

  5. Asset List/Audit - Determine a price threshold for tagging and inventory ($1,000). We need to create an asset list and consider buying RFID/barcode tags. On a related note, we need to review our insurance coverage. We discussed having an audit after taking inventory and believe a firm with extensive non-profit experience should handle the audit. PureTax cannot perform the audit. Currently we believe the audit would cost around $20K.

Other items discussed during the meeting:

  1. QBO has no real budgeting system and may not be able to do fund accounting. Kathy mentioned that Bob from PureTax suggested leaving the P&L open. Briefly discussed putting together a model in Excel for a budget. @Nick mentioned that Quantum is fund based.
  2. Discussed member retention and engagement.
  3. Discussed articles and adding wording “incubation center”
  4. Briefly discussed adding a finance section to Talk. Suggestions included allowing the general membership to be able to see but not post in this category - benefits would include increased visibility, historic tracking and a reference for the actions of the committee while also having a publicly visible platform for collaboration.

Please let me know if I missed anything or recorded anything incorrectly. A huge thank you to all who attended, especially Ken who is doing most of the work right now.

12 Likes