Application to apply for credit from Chase
Aug 20, 2013 - Proposed
Aug 20, 2013 - Forwarded to the membership for perusal
Aug 22, 2013 - Edited at 6:30pm
Aug 22, 2013 - Edited at 7:25pm
Aug 27, 2013 - Membership Vote planned date
We need a solution to give area hosts an easy way to spend their budgets. Introducing the Chase Ink Cash Business Credit Card. The bylaws require that all loans taken by the organization be approved by the membership, hence this vote.
Why credit and not debit?
After looking through the options available from chase, this card will allow us to do the following:
- I can set individual limits for each area host card online, and change it as often as needed
- Not give Chase any more of the individual area host's information besides their name
- We can get as many cards as we need, without any extra fees
- No annual or monthly fee
Why not X card from chase?
None of the other options give us what we want without charging us monthly fees or allowing us to set hard spending limits on individual cards.
Why credit? Credit is bad!
We already have a loan through chase for the laser cutter. Please no knee jerk reactions to how terrible credit is. Yes, this has risk, but this is why we are getting this approved by the membership. We do have enough funds to cover the area hosts budget.
But the board could just get catered board meetings with it!
We already have rules regarding how we can spend money in our bylaws. As you can see in the vote proposal, we have put the requirement that we only spend money that is already approved, either by membership vote or a rule in the bylaws. As well, we will be limited by the credit limit given to us by chase.
Why not get separate checking accounts, one for each area host?
Each account has a monthly fee, which is not feasible.
Why not just give area hosts debit cards to the main account?
No. Just, no. There is no way to limit how much each debit card could take out of the main account.
The membership authorizes the board of directors to apply for a line of credit with Chase, using the Chase Ink Cash Business Credit Card. This credit will be used solely for the purpose of spending money that has already been duly approved by the membership for area expenses. Any other use of these cards will require another membership vote. The board's intent is to pay off the total balance each month, with the membership being notified of exceptions no later than 1 week after the payment date.
Yea: 27 Nay: 3 Present: 2
Quorum was 28 members. 32 members voted with 27 voting in favor.
The vote passed on August 27th, 2013.