'''NoiseBridge Finance Policy (and related considerations)
{{Template:OutOfDate}}
Draft for Discussion'''
==NoiseBridge Finance Policy - Currently in Draft for Discussion form==
'''Minimum Reserve'''
===Minimum Reserve===
''A NoiseBridge bank account should have at least six months'
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.
expenses to pay rent, insurance, ISP, power, and various
supplies.
NoiseBridge should run a funding drive if balance falls
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.
below five months, to continue until balance exceeds
seven months.
Consider having parties as part of funding drives. What
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.
other events and efforts?''
[Per Jake, 20080930: ] This is very much in line with
===Bank Account Access===
what we've been trying to do. So far we've raised pledges
of around $10,500USD. [EndJake]
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.
'''Bank Account Access'''
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.
''Noisebridge corporate account checks should require two
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.
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
===Member Dues===
something like this. I suspect the limiting 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.
[Per Jim rejoinder, 20080930: ] i believe a two-signature
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.
checking account is within common practice of most banks.
the alternatives are having one person able to sign checks
The Regular Membership Dues are $80 per month. The Starving Hacker Membership Dues are $40 per month.
or having a number of persons able to sign check. both
seem more problematic than having a small number of persons
able to sign checks and requiring two signatures on each
check. the thinking behind this is that of the old pogo
cartoon: "i have met the enemy and it is us". there's
another appropriate maxim, "trust is efficient." [EndJim]
Remember that we've structured the (soon to be) 501c3 in
'''[[Donate or Pay Dues| Click here for info on how to pay your Membership Dues]].'''
such a way that we're all capital 'M' "Members." This is
<br>
an important legal distinction and one that I'm really
<br>
happy about (we may live to regret it but we don't yet).
[Per Jim rejoinder, 20080930: ] 501(c)3 status might be
If you're planning to be a member for a year, consider a simple check or cash payment in one lump sum.
far enough in the future not to merit too much discussion
at this point. it seems to me that membership ought to
be defined and probably more formalized than it is
currently. [EndJim]
The finances will be published, hopefully in real time.
===Physical Supplies===
Transparency is key. We want to avoid major issues with
money by letting it all hang out. [EndJake]
[Per Jim rejoinder, 20080930: ] Amen. [EndJim]
''Consider a second short-term CD or other interest-bearing
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.
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
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.
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]
[Per Jim rejoinder, 20080930: ] this idea belongs in the
list of questions to ask banks. [EndJim]
'''Member Dues'''
''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.
