Budget

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Revision as of 23:25, 15 October 2013 by Martinbogo (talk | contribs) (Budget for 2013 OCTOBER)

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Budget for 2013 OCTOBER

This budget is based on the Q3 budget. Many funds have been dissolved and collapsed into the General Fund as per the Quarterly Member Meeting. The Quarterly Meeting has not yet been held for September.

tl;dr for OCTOBER

Recurring expenses are $9961, $9009 invoiced, ~$8684 paid ... we have $325 in outstanding dues this month.

There is $8631 in our Bank of America account.

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WE ARE NOW OPERATING AT A LOSS
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INCOME = $8286 EXPENSES = $9961

LOSS PER MONTH = $1675

The HackBat's Naughty List for OCTOBER

  • There are $654.99 unpaid hackerspace dues 90+ days overdue. ( deadbeat debt )
  • There are $92.00 unpaid hackerspace dues 61-90 days overdue.
  • There are $120.00 unpaid hackerspace dues 31-60 days overdue.
  • There are $331.67 unpaid hackerspace dues 0-30 days due for this month.

There is $1198.66 in overall outstanding money due to the hackerspace

The members who have had their memberships terminated, and are in Bad Standing for unpaid dues are:

  • Aaron Reed
  • Cecelia Corral
  • Elom Tsogbe
  • Jared Tennant
  • John Berlakovich
  • Michael Kiamanesh
  • Benjamin Lukens
  • Shanta Stevens
  • Joseph Patterson
  • Stephen Moore
  • Chris Oremus
  • Robert Degroff
  • Aater Suleman
  • Steven Downum

Monthly Income

We have taken in our first batch of C1 round funding. As of March 30th, we will have received $20,600. The C1 has been completely spent on our new construction.

The current member rates are as follows, as we have completed our Co-Op conversion:

  • To join the ATX Hackerspace co-op, you will need to purchase a $100 share. There are three ways to do so:
    • Pay in full, receive your voting rights and hackerspace membership benefits immediately
    • Pay in 12 monthly installments by signing up for a yearly hackerspace plan, and receive voting rights and benefits immediately.
    • Pay in 2, 5, or 10 monthly installments as a layaway, and receive voting rights and benefits when you complete your payments.
  • Yearly membership is $600, must be paid in advance, and locks in your membership rate. It also qualifies you for a 50% discounted yearly rate at TechShop
  • $75/mo will be the Standard hackerspace month-to-month rate
  • $50/mo ($25 discount/mo is applied) if a member signs on for Automatic Payments
  • $30/mo ($25 discount AutoPay + $20 discount ) are the Reduced Rate hackerspace dues, which requires the consent of the Board.
  • $150/mo is the Standard rate for a Co-Working desk add-on
  • $10/mo is the Standard rate for a 2'x3'x3' storage area add-on
  • $50/mo is the Standard rate for a 4'x4'x4' pallet storage area add-on
  • Corporate memberships: Minimum of 5 members, and is a yearly membership with an overall discount, ask the Treasurer for more details ( finance@atxhs.org )

Members

Total Membership

  • We have 2 Yearly Plan members
  • We have 8 Corporate Plan members
  • We have 10 Friends-and-Family members
  • We have 158 Main Members

There are 178 members of the hackerspace in August.

Keep the momentum going.. It takes 210 auto-pay rate members just to keep the doors open, with our increased expenses.

Co-Op Members

We have 54 Co-Op members that have signed their Joinder agreements, and paid for shares We have 18 people who have purchased Co-Op shares, but have not completed the process.

We have a potential of 71 total Co-Op members!!! Get those Joinder Agreements in, pay for your shares!

Expenses

Our minimum contracted obligations, are estimated to be as follows. Our power usage in #306 is OUT OF CONTROL, and the bill this month is $1182 just for that side of the building. The majority of that power usage is from the AC units.

  • $252.28 Austin Energy Unit 303 ( 10/11/2013 )
  • $1157.96 Austin Energy Unit 304 ( 10/11/2013 )
  • ~$150.00 Austin Energy Unit 306 ( 10/11/2013 )
  • $542.27 Time Warner Business Internet ( 50/5 megabit )
  • $400 Laser Cutter Lease
  • $383.93 Bank Fees, Merchant Processing Fees, Misc. Fees
  • $171.77 Insurance Policy recurring payment
  • $140.00 Laser Tube Replacement (12 month amortized, starting 10/1 )
  • $118.54 Garbage and Recycling
  • $167 12-month amortized ADT Pulse Security System
  • $82.40 FreshBooks Invoicing
  • $50 ADT Security System Service Fee
  • $45 Authorize.net
  • $72 Google Apps for Business

  • $3733.15 Expenses


  • $6228.00 Rent until Dec, 2014

  • $9961.15 Expenses + Rent

One Time Expenses

OCTOBER $18,850 in One Time Expenses (so far)

$17,850 to CAMERON ROAD INVESTMENTS for Build-Out construction costs
$1,000 to LESLIE PEARSON, CPA for processing and filing the 2012 taxes, plus consultation

Balances

Our total cash assets at this time are $8657.00

  • ($2986.62) on Company Credit Card ( $20000 credit line )
  • $8631 in our Bank of America account
  • $26 in petty cash

Funds

All funds taken together total $3005

The various funds we are saving have the following balances (against the total assets)

  • $3005 SawStop Fund (Funded, but no cash to back the fund at the moment)

Profit / Loss

If we subtract the pre-allocated funds from the balance assets, we have $5652 available in the bank.

However, we have expenses every month of nearly $10000, and no buffer, a buffer would be ( $9961 * 3 months = ~$29,883 )

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WE ARE NOW OPERATING AT A LOSS
---------------------------------------------

INCOME = $8286 EXPENSES = $9961

LOSS PER MONTH = $1675

Co-Op and a new Investment Fund

With the conversion to an LLC Co-Op, we will be entering an investment phase. We need more money to:

  • Build our new 3 month buffer, which will be ~$30,000
  • Continue to build out the space, now that phase 1 is nearing completion.
  • Purchase new chairs, desks, and furnishing.
  • Afford events, outreach, and more!
  • Install a new machine shop, purchase better and more equipment

We're looking to raise another $29k. The way this will be done is through sales of series of non-voting stock in the new Co-Op (Series C).

There are 294 shares left in the C1 financing round.