Board Minutes September 2013: Difference between revisions
Jump to navigation
Jump to search
Board Minutes September 2013 (view source)
Revision as of 06:14, 17 September 2013
, 17 September 2013Added treasurer's report
Anna Vesala (talk | contribs) |
(Added treasurer's report) |
||
| Line 60: | Line 60: | ||
=== Treasurer's Report (20 min)=== | === Treasurer's Report (20 min)=== | ||
* [ | * [https://docs.google.com/file/d/0B1O8LS7JPb84ZHZZMUszcjVlSzA/edit?usp=sharing Treasurer's Report August 2013] | ||
* Review Proposed Budget 2013-2014 to be presented at AGM | * Review Proposed Budget 2013-2014 to be presented at AGM | ||
A preliminary financial report is attached. I believe there's still a couple of things missing, potentially around $2k in expenses: | |||
# - I believe there should be an expense for purchasing bike racks. Right now I've only seen a deposit, not the final purchase cost, but I've seen revenue for both. | |||
# - Tara has said she has some expenses that I haven't seen yet. | |||
# - There's about $400 in revenue for the ABBCC conference ($200 fees, $200 donation), but no expenses yet. | |||
Regardless of that, we're at the conclusion of a phenomenal financial year, where we've blown our expectations out of the water. The North shop has met its revenue targets for the year, and the south shop has been busier than I thought was possible. We're in an excellent position to deal with the uncertainty of leaving a space that has been a fantastic base over the past 10? 15? years. We currently have approximately $125,000 in unrestricted cash to cover our costs going forward, in addition to our casino money. | |||
I'd also like to discuss bringing a motion to the General meeting authorizing the board to take on a mortgage. As per our bylaws, borrowing authorization must be approved by the membership, and having it in hand provides us with the ability to consider properties for sale in addition to leases. With our current cash balance, we can likely purchase properties up to $500k (with a 20% down payment) without much difficulty, and the monthly payments would be in line with what we're currently discussing for leases, depending on interest rate, somewhere around $2,500-$2,800. | |||
If we receive membership approval on October 6, we will not have to reconvene if we go in that direction. | |||
* Discussion notes: | * Discussion notes: | ||
** | ** | ||