NoiseBridge Finance Policy (and related considerations)
==NoiseBridge Finance Policy - Currently in Draft for Discussion form==
Draft for Discussion
===Minimum Reserve===
Minimum Reserve
It seems reasonable to create a NoiseBridge bank account. It should have at least six months' expenses to pay rent, insurance, ISP, power, and for various consumable supplies. Currently we're in the burn rate evaluation phase. Once we've determined our average monthly burn rate, we'll know how much we should keep in the bank.
A NoiseBridge bank account should have at least six months'
NoiseBridge should fund raise if our bank account balance falls below five months of our average burn rate. It seems reasonable to continue until balance exceeds seven months or more of a nice money cushion.
expenses to pay rent, insurance, ISP, power, and various
supplies.
NoiseBridge should run a funding drive if balance falls
We may have rent parties in the same spirit as NYC Resistor. We may also simply make phone calls and ping our network. We may want to teach classes but it's counter to our spirit to charge for them (except possibly for parts cost, this TBD). If we're really feeling adventurous, we can apply for grants.
below five months, to continue until balance exceeds
seven months.
Consider having parties as part of funding drives. What
===Bank Account Access===
other events and efforts?
[Per Jake, 20080930: ] This is very much in line with
Noisebridge corporate account will probably have debit cards or checks. The board should allocate some petty cash for having in the space and will otherwise sign checks as stipulated by the membership. Anyone that's signing checks will also report financial status updates in an open manner.
what we've been trying to do. So far we've raised pledges
of around $10,500USD. [EndJake]
The finances will be published, hopefully in real time. Transparency is key. We want to avoid major issues with
money by letting it all hang out.
Bank Account Access
We'd like someone to help research a second short-term CD or other interest-bearing account as a complement to the checking account. Such an account should have a restriction to control release of funds. It seems reasonable to have funds released to the checking account only.
Noisebridge corporate account checks should require two
===Member Dues===
signatures, any two of four Noisebridge members may sign
checks (or all board members or all officers may sign
checks: the important point is to require two signatures
for a check). Those who can sign checks should also have
the responsibility for reporting current financial status
at regular times.
[Per Jake, 20080930: ] It's possible that we'll implement
We have two official Membership rates, both with the same privilages and responsibilities. The rate you choose is up to you, and you can change it at any time.
something like this. I suspect thelimiting factor is
two-fold:
1) Banks are probably not going to like this very much.
2) Members may not be happy with any two people being
able to drain the bank account.
Remember that we've structured the (soon to be) 501c3 in
The Regular Membership Dues are $80 per month. The Starving Hacker Membership Dues are $40 per month.
such a way that we're all capital 'M' "Members." This is
an important legal distinction and one that I'm really
happy about (we may live to regret it but we don't yet).
The finances will be published, hopefully in real time.
'''[[Donate or Pay Dues| Click here for info on how to pay your Membership Dues]].'''
Transparency is key. We want to avoid major issues with
<br>
money by letting it all hang out. [EndJake]
<br>
Consider a second short-term CD or other interest-bearing
If you're planning to be a member for a year, consider a simple check or cash payment in one lump sum.
account as a complement to the checking account. Such an
account should have a restriction to control release of
funds, perhaps funds can only be released to the checking
account.
[Per Jake, 20080930: ] This is a great idea. If you have
===Physical Supplies===
some suggestions for a bank that canhandle all of the
above, that would be wonderful! We've put up a lot of
banking stuff on the finances page. Do you have any
preference? [EndJake]
Donations of equipment and other physical goods do not count as member dues. It certainly will help your reputation as being a generous member of the community but it won't pay the rent. It's possible that we'll consider exceptions as a membership. Consider donating things for NoiseBridge use, however - we do not accept things with strings attached.
Member Dues
We have drinks and food in the kitchen. Costs are being evaluated. It's an honors system bar. If it doesn't work, we'll change things.
Two-tier membership plan: higher tier pays a higher
monthly dues for unrestricted use; lower tier pays a
lower monthly dues but must also pay a per-use fee. All
payments must be by check.
[Per Jake, 20080930: ] Here's where we're going to
diverge. We're a flat organization. There are no "high
priests" here. We're not running a service center,
people won't just stop by and pay a daily use fee to use
the electronics lab. If people stop by to fix something,
we're hopefully not going to be so hard up that we can't
share with them. This is critical in fostering a good
relationship with our neighborhood and in bringing in
new people as something more than their so called
"worth" measured in dollars.
We will accept money in any form people want to send it.
It seems reasonable to create a NoiseBridge bank account. It should have at least six months' expenses to pay rent, insurance, ISP, power, and for various consumable supplies. Currently we're in the burn rate evaluation phase. Once we've determined our average monthly burn rate, we'll know how much we should keep in the bank.
NoiseBridge should fund raise if our bank account balance falls below five months of our average burn rate. It seems reasonable to continue until balance exceeds seven months or more of a nice money cushion.
We may have rent parties in the same spirit as NYC Resistor. We may also simply make phone calls and ping our network. We may want to teach classes but it's counter to our spirit to charge for them (except possibly for parts cost, this TBD). If we're really feeling adventurous, we can apply for grants.
Noisebridge corporate account will probably have debit cards or checks. The board should allocate some petty cash for having in the space and will otherwise sign checks as stipulated by the membership. Anyone that's signing checks will also report financial status updates in an open manner.
The finances will be published, hopefully in real time. Transparency is key. We want to avoid major issues with
money by letting it all hang out.
We'd like someone to help research a second short-term CD or other interest-bearing account as a complement to the checking account. Such an account should have a restriction to control release of funds. It seems reasonable to have funds released to the checking account only.
We have two official Membership rates, both with the same privilages and responsibilities. The rate you choose is up to you, and you can change it at any time.
The Regular Membership Dues are $80 per month. The Starving Hacker Membership Dues are $40 per month.
Donations of equipment and other physical goods do not count as member dues. It certainly will help your reputation as being a generous member of the community but it won't pay the rent. It's possible that we'll consider exceptions as a membership. Consider donating things for NoiseBridge use, however - we do not accept things with strings attached.
We have drinks and food in the kitchen. Costs are being evaluated. It's an honors system bar. If it doesn't work, we'll change things.
