Volunteer Opportunities - Potential new credit cards

Volunteer Opportunities
#23

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.

1 Like
#24

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.

3 Likes
#25

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.

3 Likes