Finance meeting 2010-02-21
Contents |
Income and expenses statement
http://campcoop.com/CRCA%20income%26expenses%20stmt.xls
Fixed expenses
- Property tax, $3,831.59 + $4,107.57 = $7,939.16
- Insurance, $7,072
- Refuse collection, $963.01 + $963.01 = $1,926.02
- Business license, $150
- Internet, $806.31
- Telephone, $441.81
- Utilities, $11,805.57 + $7,768.56 = $19,574.13
- Cablevision, $308.33 + $831.79 = $1,140.12
- Accounting, $1,200
- Safety inspection, $399.61
Total, $39,509.04 - not including towels, newspapers, or cablevision
Total income, if all rooms are full, $121,740
Notes
Refuse collection listed twice, but Angela only pays one bill
Suggestion, split by service provider instead of service - "Shaw" vs. "phone", "internet"
In the past, we've only had success saving money on food
Makes sense because food is the largest part of the budget, approximately $50,000 of $120,000
Utilities may also be a place for savings because it's approximately $20,000 of $120,000
Andrew, long term savings, Coop paying itself is not reflected in the budget
Alex, we talked about a couple places to save money, what about money coming in? Cutting down on empty rooms saves money
- Housing committee needs human resources
- The house needs to vote quickly on applicants and meet them when they come to dinner
- Jack's still in favor of a waiting list
Savings
We don't have a pressing need for long term savings, we could always borrow
We can't possibly save enough to cover knob and tube, we'd have to borrow
Ty suggests we work from what we can save, instead of a goal for how much long term savings we want
Andrew suggests we imagine we had a mortgage and figure out how much payments would cost and factor that into the budget
Alex suggests establishing a separate account for the damage deposits
Ty doesn't think a separate account is necessary, a journal entry is sufficient
Ty points out that empty rooms is our biggest cost
- See what we can put aside each month
- Save money on food by cooking less and buying in season
- Shoppers reduce what they buy each month
- Some people eat almonds like they're free, would be good to see a list of what's bought
Could also cut back on petty cash, like only $30 per meal instead of $30 per receipt
Melinda, what should a dinner cost?
Ask suppliers about electronic receipts
Andrew, Saturday cleanup should do some waste accounting?
Next steps
- Plan dinners, order what you need and don't waste stuff you don't use
- Don't cook too much so meals aren't thrown out
- Recommendations we want to make to the house
- Another list of things to be drawn to the house's attention
- Cleaners, anti fluff
Action items
- Alex will summarize stuff at the next house meeting
- Will bring up Business Investor Savings Account at next house meeting, Jack to motion it
- Food budgeting, Jack and Alex to work on
- Andrew, come up with process for waste accounting
- Angela looking at accounting categories
- Ty to look at maintenance finance reporting
- Liv to do a list of seasonal fruits and vegetables
