August 31, 2015

FINANCE MEETING
7:00 - 9:00PM

Facilitators: Nick and Adam
Minute Taker: Adam
Reviewed by: Ken

Present: Rewle Brown, Emily Sasser, Ken Reichl, Jesse Ross Silverman, Nick Farr, Jay Scouten, Sunrise

 

Old Business

Review/Tutorial of the "Inbox" tool.

  • Nick asked those present to give their feedback on their comfort with the Inbox tool. A few pointers from Nick are

Dividing up the work for producing financial statements

New Business

Committee roster

  • Adam and Nick voted to extend membership of the Finance committee to the following persons: Rewle Brown, Emily Sasser, Ken Reichl, Jesse Ross Silverman, Nick Farr, Jay Scouten

Finance email account

  • Jay and Ken will receive the password to the Finance email account
  • Want to eventually transfer this inbox to the Inbox tool, but need

Recruiting

  • Creating a consistent Inventory Team
    • As of now we’ve counted everything in the store once, except for liquids
    • Nick will speak to the Managers about the following
      • Biggest problem with inventory is that managers aren’t labeling things correctly
      • There are also items in the store that aren’t in the POS
    • Success due to announcing well in advance in the newsletter and offering double hours
    • Today shows the start of a really good team - Nick will reach out to volunteers to seek if people want to step up
    • Data entry project is finding historical costs (use LIFO)
    • Before documenting the official inventory process we need to patch the POS so that names are consistent and locations are included as a field
    • Next inventory: schedule for Oct 4/5
  • Training/onboarding new A-Team people
    • Nick expressed that Jay / Ken / Jessee are doing an awesome job! He’d like to back off and allow the three of them to run things
    • Adam and Nick will review the “To be reviewed” folder
      • Jesse brought up how Rent gets paid - this is an automatic bill in QB, and but we must still write the check
      • If there are any questions about how to code invoices, Adam and Nick can respond appropriately
    • We need more people on board, as pretty soon we’ll be entering line-items in Quickbooks for invoices. This will create a lot more work - all hands necessary!!
  • Cash Handling
    • There is currently one volunteer (Ariel) who takes cash to the bank. She does it when she can.
    • We still need to figure out how cash handling works: making deposits 2x per week
    • The accounting team should not be touching cash - this needs to be a separate team. Jay is going to help look for dedicated volunteers that we can trust. Can’t openly recruit for this
    • Finance will figure out a comprehensive proposal which may potentially include a new banking partner and bring it to the Board

New Vendor Policy (along with Sourcing) [Adam to reach out to Sourcing]

  • Managers cannot order anything from new vendors.
  • All new vendors must be approved by Sourcing, via a process that they shall determine
    • Finance must then approve any vendor that gives payment terms of less than 15 days
  • Sourcing will provide Finance with Vendor name, payment address and terms (as stated in the current policy)

Procurement Policy

  • We only pay with cash and petty cash
    • Paypal is OK subject to Finance Chair approval, and this shall only be given in in exceptional circumstances when taking a check
  • Position on obtaining financing for the coop
    • The Committee believes that it should have the authority to obtain financing / credit products for the day to day operations of the business. This would include, but not be limited to a store credit / purchasing card, small-ticket leasing
    • Will table this discussion to confirm the rules, Board authorization / need, etc

Ongoing strategic priorities discussion

  • At the end of the goal we would like to have CPAs audit or books
    • Unlikely that we’ll be in a position for a 2015 audit - putting processes in place so that we can fully audit for 2016
    • POS

Shrink / Spoilage

  • Managers need to do this again

Post Meeting Discussion

  • Quickbooks Permissions (I have to call tech support for this one.
  • Review of the Payroll Process/Garnishment Checks
  • Training and "Advanced Quickbooks": Teaching people how to fix mistakes and problems
    • Nick will lead these Monday after check runs; this may evolve into basic Business 101 classes
  • Rearranging application of payments in Quickbooks
FinanceClaire Hung