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Finance Overview

Finance System:

What bank do we use?
Metro Credit Union.  If you want an ATM card, go to the bank with someone else already on the account and you can be added.  Bring an ID.  Otherwise borrowing a card is ok too.

How to deposit to house account?
Use your bank's online bill pay system (most banks have these including Metro Credit Union, Citizen's, and Bank of America).  Pay to Nathan Larson (or anyone else on the MCU House Account).  It should ask for an address.  Use: Metro Credit Union, PO Box 9100, Chelsea, MA 02150-9100   It may also ask for an account number.  Use: (ask nate)   This will actually mail a check to Metro Credit Union which will be cashed into the MCU House Account.   You can also set this to be a reoccurring schedule which would be great to do for first of the month (or few days before that even better).  

Alternative:  Make a check out to Nathan Larson (or anyone else on the MCU House Account) and have that person endorse the back.  Stick it in a pre paid envelop (no stamp required) and add a return address sticker.   These stickers and envelops are in the finance drawer. 

How to pay rent/utilities?
Use your bank's online bill pay system (most banks have these including Metro Credit Union, Citizen's, and Bank of America).  Make extra sure check is made payable to Nathan Larson.  It should ask for an address.  Use: 36 Faneuil St., Brighton MA 02135   It may also ask for an account number.  Use: (ask nate)   This will actually mail a check to the house.   You can also set this to be a reoccurring schedule which would be great to do for first of the month (or few days before that even better).   

Alternative 1:  Make a check out to Nathan Larson and hand to nate or post on bulletin board.

Alternative 2: Use your bank's online bill pay system (most banks have these including Metro Credit Union, Citizen's, and Bank of America).  Make sure check is made payable to Nathan Larson.  It should ask for an address.  Use: Bank of America, 5 Chestnut Hill Ave., Brighton MA 02135   It may also ask for an account number.  Use: (ask nate)   This will actually mail a check to Bank of America which will be cashed into the Nate's account.   You can also set this to be a reoccurring schedule which would be great to do for first of the month (or few days before that even better).  


Finance Review Published August 28, 2012
The following is specific only to the House Fund (used for groceries and other consumables (e.g. toilet paper))

For the 13 months we have been in operation we have taken in $9,400.24 and spent $8,890.53.  The expenses are all documented in the publicly facing http://whirlybird.bostoncoops.org/house-operations/finance web page which displays the google doc we all use internally. 

Ivy's account at Metro Credit Union that was being used for House Funds closed end of July and I squared away all the books a week later on August 8th.  I have later adjusted the summary to follow for an entry from Wills Aug 21 regarding a check written and assumed to be cashed July 5.  Also, I have assumed the entry for starting balance was initially provided for by Ivy and later withdrawn back to her hands.  I have adjusted the starting balance back to 0 accordingly. 

With all this in mind, as of the August 8th date, $398.38 of the reported income was missing.  Three weeks later, I have balanced the books again and $70.11 is missing as of today (Aug 28).  If anyone has any thought about what might be inconsistent with reality in the spreadsheet please talk to me. 

Going forward I think we should all be extra careful at making sure our accounting is accurate.  I am hopeful that the money listed as missing was the accumulation of various mistakes in entering data to the spreadsheet over the year and not that someone intentionally appropriated funds.  Being attentive to these details in a more frequent manner will hopefully improve the outlook of these numbers.   I think it would be helpful to have a monthly finance review to achieve better clarity with what is happen to our money.  I am fine with taking on that extra duty but if anyone is interested I would feel more comfortable if at least one other person is checking my work. 

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