Finance & Legal minutes: 2003-07-07

Minutes:

F&L minutes
7/7/03
7 pm, CDC office


Attendance: Dave B, Willie, Judith, Katie, Dale


1. Garage proposal
Willie will write up a proposal that if the 2 community garages are not funded via contingency, they be financed via a loan. This is not tied to office income. Will send out for review on go-finance. He will ask for time at the 7/21/03.

2. Contingency
We are doing a survey again of contingency items, but not including the first 7 items (workshop & upgrade combined). Some folks expressed at the end of the discussion at the meeting that perhaps everything below the top 7 items should be reviewed. We won't change what items are listed. Willie will send this out as an email. We need time for an announcement at the next meeting (7/21/03).

3. Transition from CDC to GO
Bank--Federal Reserve. Credit Union is member-owned. Michigan Educational Credit Union (corner of Parkland Plaza and Jackson). We need an employer ID number (EIN). Don't need to register our name with the county. We do need proof of our not-for-profit status (vs. non-profit). Judith emailed [[Elph]] about the credit union in Denver. Judith will get in touch with Nick and JD to take the next steps. We will need to figure out an initial signer for the account.

4. Operating budget
a. Insurance--Kelly has done wonderful work on insurance. Our sense is that we should go with State Farm (unless Kelly has a problem) as long as the garage coverage is reasonably priced. We would like to review this annually. When is our "effective date?"--i.e., when do we need to start our coverage?
Katie will ask JD about what do we should do.
b. Other committee operating budgets. Dale didn't do this, but will.
c. How should we present the initial budget? Some support for us putting together 4 packages. What about labor versus money? Any package should have $/month/household, $ committees get annually, # of labor hours/month/household. (Labor is per adult.)
Labor vs hours. Total in from each household.
Could we work up just the monetary side (ignore labor)?
There doesn't seem to be a work committee yet (we had a special guest appearance from Amy N). We need one soon, though.
F&L folks should flag things as "required" expenses. [[Committee]]s can do this too.
A plan: use the dollars and hours to educate folks and get input. Motivate committees to get their stuff to us too. Then we'll put together a few packages for approval (money only, but we'll gather info on labor).

Dale will send out that email to committees. Deadline for late revisions is 7/21/03.
Dale will ask for time for the dollars and hours survey at the next meeting 7/21/03


5. Next meeting: Sunday July 20, 4-6 pm. CDC office or former-L room.
1st Monday at 7 pm
3rd Sunday at 4 pm.