131 active members at this time
Tony is working on updating/rewriting the member software
Finances being moved into QuickBooks to help produce/track balances faster and more accurately
It was noted that this is not accrual accounting per se, but memberships paid several months out are counted as a liability against the books. (See Tony if you have any questions.)
Tony has already updated the access control software so it displays your expiration date! (This is awesome!) It still needs some tweaking as it adds 7 days to your expiration for some reason.
Tony requested help entering data into QuickBooks once it's ready. Tom and Brant volunteered.
The group agreed that a goal of keeping $30K in savings was reasonable. We currently have $20K in savings and the rest in checking. $30K is equivalent to 6 months of operation with our current expenses.
Tony will review and determine an amount to put into savings each month.
Long term financial goals for Makerspace of Milwaukee, Inc. (MoMI) were briefly discussed. One idea that was mentioned (only mentioned, not put to a vote or formally proposed) was that MoMI consider purchasing some shares in the building itself as there may be available tax benefits.
It was also mentioned (only mentioned, not put to a vote or formally proposed) that if MoMI ever desired, it could be possible to purchase the building entirely from Milwaukee Makerspace Investor's Group LLC (MMIG, the landlord, group that owns the building, etc.) There are other implications/pros/cons that would need to be evaluated if that were ever to be formally considered.