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Grex > Coop10 > #59: Cyberspace Communications, Inc. Finances through 11/30/97 |  |
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aruba
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Cyberspace Communications, Inc. Finances through 11/30/97
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Dec 3 02:44 UTC 1997 |
Here is the treasurer's report on Cyberspace Communications, Inc.
finances through November 30th, 1997.
Beginning Balance $3,385.04
Credits $348.00 Member contributions
$78.00 Auction proceeds
$188.00 Grex Store proceeds
$9.36 Sales Tax collected
$4.75 Refund from valerie for routers
$272.18 Miscellaneous contributions
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$900.29
Debits $60.00 Pumpkin Rent for December
$83.00 Electricity for November
$20.00 Innovative Concepts phone line
$460.00 Phone Bill (estimated)
$736.60 T-Shirt purchase
$8.99 Bank service charge
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$1,368.59
Ending Balance $2,916.74
Our current balance breaks down as follows:
$3,325.12 General Fund
$60.00 UPS Fund
$70.86 Silly Hat Fund
($548.60) Store Cash Balance
$9.36 Sales Tax
The Grex Store activity looks like this:
Cash Stock
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Beginning Balances: $0.00 $0.00
($150.00) Screen Charge
($586.60) --> Items Bought --> $586.60
$188.00 <-- Items Payed For <-- ($104.10)
--------- ---------
Ending Balances: ($548.60) $482.50
The store numbers reflect money which has gotten to the treasurer. I know Jan
has some money that he hasn't transferred over to me yet.
We had one new member in November (other). We are currently at 99 members,
85 of whom are paid through at least December 15th. (The others expired
recently and are in a grace period.)
Well, if you accept the negative status of store cash balance, then the
general fund actually increased by about $80 this month. But on balance, of
course, we spent a good deal more than we took in, because we made a big
purchase of T-Shirts.
Thanks to everyone who contributed in November:
andrewb, arabella, aruba, birdlady, bmoran, bruin, carson, clees, janc, krj,
nt, other, raytlee, rcurl, scott, snow, tao, and tsty.
Thanks!
If you or your institution would like to become a member of Grex, all it takes
is $6/month (or $60/year). Send money to:
Cyberspace Communications
P. O. Box 4432
Ann Arbor, MI 48106-4432
If you pay by cash or money order, please include a photocopy of some form
of ID. I can't add you to the rolls without ID. (If you pay by personal
check, we consider that a good enough ID.) Type !support for more info.
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| 59 responses total. |
dang
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response 1 of 59:
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Dec 3 03:06 UTC 1997 |
Agora 116 <--> Co-op 59
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aruba
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response 2 of 59:
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Dec 3 12:24 UTC 1997 |
I'd appreciate some comments on how I reported the store's financial
situation.
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mary
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response 3 of 59:
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Dec 3 14:19 UTC 1997 |
Very nice, Mark. I think over time it's going to be a drag keeping up
with accurate inventory balances and profit margins for individual items
on a monthly basis unless the storekeeper is a raging type A person into
accounting self-abuse.
I guess I'd suggest simplifying the store's part of the report
to something like this:
Store Sales:
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$188.00 Apparel sales
$XX.00 Mug sales
$XX.00 Mousepads sales
Store Expenses (from the general fund)
==============
$586.60 t-shirts/sweatshirts purchased
$150.00 Printing charge
$XX.00 Postal fees
$XX.00 Postal supplies
$XX.00 Sales taxes paid
Store Balance
=============
Total Sales: $188.00
Total Expenses: $736.60
Cumulative Profits: -$548.60
The figures for the total sales (proceeds) and expenses would show
in the larger picture but, with the details shown in this sub-report,
that's all that would be necessary.
The cumulative profits line might appear unnecessary to some folks but it
will be a nice way of keeping the users up to date on how the store is
doing over time. Remember, most months will not show a major expense
from the general fund, just profits, so such a running total would
be helpful. Cumulative could be for all time or yearly.
Shameless plug here for keeping the Store finances separate: If we did
that the only change that would be needed in the bookkeeping would be to
add another line in the Store Expenses section labeled "Money transferred to
General Fund", and this could be either a inventory loan repayment or
profits being shifted into the General Fund for other use.
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janc
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response 4 of 59:
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Dec 3 15:09 UTC 1997 |
I'm not sure it takes a raging type A personality to track the current value
of the inventory. It just takes a spread sheet.
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valerie
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response 5 of 59:
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Dec 4 17:49 UTC 1997 |
This response has been erased.
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aruba
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response 6 of 59:
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Dec 4 22:25 UTC 1997 |
THe service charge comes in the middle of the month, so I gather it relates
to the October activity. Other than that, I don't know how it's calculated.
(I think we went through this once before, but by all means, call MNB and
ask them. I'd love to understand it.)
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danr
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response 7 of 59:
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Dec 5 11:32 UTC 1997 |
The bank has a whole bunch of little charges. It charges so much for
each deposit, so much for each check drawn, and so much for each item
deposited, too. So, the service charge will vary based on that type
of activity.
This is one reason I only made one or two deposits per month. Well,
OK, I was probably to lazy to do it more than that, but still it saved
us a few cents each month. :)
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valerie
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response 8 of 59:
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Dec 5 14:38 UTC 1997 |
This response has been erased.
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tpryan
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response 9 of 59:
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Dec 5 23:22 UTC 1997 |
Maybe you can drive home the idea that we are a 'not for profit',
do not have a whole bunch of check written each month, with usually
less than 50 items deposited a month.
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mcnally
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response 10 of 59:
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Dec 6 01:39 UTC 1997 |
Heh.. Then they'll figure that we're too small for them to want our
business anyways and start charging $15/mo to "service" us.. Banks are
evil when you're a small consumer.
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aruba
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response 11 of 59:
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Dec 6 03:46 UTC 1997 |
Yeah, I wouldn't count on any sympathy from them.
Those numbers don't make much sense to me either. The service charge I
reported at the end of October was dated 10/9. The service charge I
reported in this item was dated 11/10. There was definitely only one
deposit between those two dates, on 10/31. It consisted of 14 items.
And yes, I usually only make one deposit per month, on the last business
day of the month.
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richard
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response 12 of 59:
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Dec 6 15:40 UTC 1997 |
what would be the minimum balance grex would have to maintain to aget
free checking from thebank?
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valerie
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response 13 of 59:
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Dec 7 22:52 UTC 1997 |
This response has been erased.
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srw
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response 14 of 59:
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Dec 8 02:54 UTC 1997 |
Even if Grex had $5000 it was keeping for a rainy day, it would pay to
keep it in a money market account. They yield about 6% or $25/month. The fee
is cheaper. Until we can find a cheaper bank we should keep paying the fee.
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omni
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response 15 of 59:
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Dec 8 05:11 UTC 1997 |
But what if a major crash happened and Grex needed to pull that money from
the account? Isn't there still that "Substantial penalty for early
withdrawal"? I'm for hiding it in Jan and Valerie's mattress. At least there
it would be safe. ;)
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danr
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response 16 of 59:
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Dec 8 15:50 UTC 1997 |
Not in money market accounts, Jim. In fact, many places allow you to
write checks against your money market account. You're thinking of
certificates of deposit.
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mcnally
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response 17 of 59:
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Dec 8 18:44 UTC 1997 |
Anyway, the point's still valid that there're a lot of better things
to do with $5000 than put it in a non-interest-bearing account at the
bank to avoid a $9 service fee, as much as the bank might like you to
do so..
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janc
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response 18 of 59:
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Dec 10 17:31 UTC 1997 |
A money market account would be a very good idea. Can we do that?
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aruba
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response 19 of 59:
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Dec 10 21:13 UTC 1997 |
I don't know, but I'll ask the next time I'm at the bank.
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valerie
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response 20 of 59:
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Dec 10 22:42 UTC 1997 |
This response has been erased.
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aruba
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response 21 of 59:
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Dec 11 07:12 UTC 1997 |
Thanks Valerie.
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srw
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response 22 of 59:
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Dec 19 02:48 UTC 1997 |
If grex were serious about finding a better place to hold its rainy day fund,
I would suggest that we look into Fidelity Investments.
They offer a money market account "Fidelity Cash reserves" which has no fees
for an organization like Grex. they treat such an organization the same way
they do an individual. There is a $2500 minimum to open the account.
They do not insist that the balance remain above $2500 at all times though.
In fact, they check once a year (in November) amd if the balance is below
$2500 then there is a $12 annual maintenance fee. Otherwise it is free.
Check writing is free (minimum $100 on checks)
Interest paid is currently 5.36% (seven day yield), and varies with
Greenspan's mood.
Since you would still need an account for small day-to-day stuff, this
is not a way to avoid the bank charges, but rather a way to make a few $$
of interest on our "hoard". They seem so much more customer-friendly than
banks do.
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valerie
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response 23 of 59:
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Dec 19 05:12 UTC 1997 |
This response has been erased.
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aruba
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response 24 of 59:
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Dec 19 06:34 UTC 1997 |
Strangely, I found (hidden among some papers) today a schedule of fees for
commercial accounts at our bank, effective 1/1/98. (I think it came with the
last statement and I ignored it until now.) It looks like the rates are going
up, but ours may also become simpler. I suspect our account will have a $9
charge for every month that our balance is below $3000. I called the bank
to make sure I understand what was going on, but the person they wanted to
transfer me to had gone for the day, so she'll call me back tomorrow.
I also called Ameritech to see if I could find out why our December monthly
service rate is $50 higher than our October rate. They also said they'd call
me back.
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