2018 Budget Vote

Sponsor

• Andrew Camardella
• Brian Chojnowski

History

• 2017-12-21 - Vote announced on the mailing list
• 2018-01-18 - Language locked in.
• 2018-01-23 - Vote of the membership on this budget.

Background

Aims

This budget is designed with the following goals:

• Make sure there is savings set aside for 6 full months of operating expenses.
• Set aside $20,000 for other emergency expenses such as safety, compliance, building maintenance/improvements, city occupancy, and building code requirements.
• Authorize the Board to spend money on normal administrative expenses not already authorized by the bylaws.

Budget Overview

Account	Annual	Description
Current Bank Balance	$161,204.41
Projected Income	$255,720.00
Operational Budget	-$234,052.55
Administrative Expenses	-$34,983.40	For membership approval
Area Budgets	-$63,640.00	For membership approval
Outstanding Votes	-$35,615.00	Votes not yet expired and voted on by the membership - not included in "Savings Requirement" calculation
Discretionary funds available for votes	$48,633.47

Operational Expenses

Account	Monthly	Annual	Annual Total	Description
Bank Charges / Fees	-$75.00	-$5,489.04	-$6,389.04
Rent	$0.00	-$91,806.99	-$91,806.99
Utilities	$0.00	-$29,000.00	-$29,000.00
Insurance	$0.00	-$5,499.00	-$7,379.25
Professional Services	$0.00	-$28,500.00	-$28,500.00	Includes compliance budget
Savings Requirement	$0.00	-$70,977.27	-$70,977.27	6mo of all of the above including 12mo of insurance
Total	-$75.00	-$231,272.30	-$234,052.55

Additional Notes

• For additional documentation and calculations please see the 2018 PS:One Fiscal Year Budget Google Docs.

• The Technology (chaired by the CTO), Public Relations (chaired by the PR Director), Events (aka Meals and Entertainment) are budgets chaired by the CTO, PR Director and Events Volunteer respectively. Funds are allocated to those roles, but are considered part of the administrative budget.

• 2018 Budget Vote/General Area Budget
• 2018 Budget Vote/CNC Area Budget
• 2018 Budget Vote/Electronics Area Budget
• 2018 Budget Vote/Cold Metals Area Host
• 2018 Budget Vote/Hot Metals Area Host
• 2018 Budget Vote/Kitchen Area Budget
• 2018 Budget Vote/Arts and Crafts Area Budget
• 2018 Budget Vote/Woodshop Area Budget

Language

This vote is to authorize the budget for the 2018 Fiscal Year which begins on January 1, 2018 and expires December 31, 2018.

The official, itemized budget we are voting on can be found in the following subpages:

• 2018 Budget Vote/FY2018 Master Budget
• 2018 Budget Vote/Minimal Operating Expenses Plan

In addition to this the following rules apply:

Previous Spending Authorization Expiration

• All previous spending authorizations expire 12/31/2017 except for the following votes:

Reporting on Spending

• Area host spending is to be reported for every month by the first of the following month.
• An accountant may be hired to assist the Treasurer in their duties.

Account Balances

• The savings account must have a balance consisting of:
  • 5 months minimum operating expenses ($46,664.95). This is to be an emergency fund that should only be used in cases of emergency, at the discretion of the Board of Directors.
  • By the end of the Fiscal Year, it should also contain a contribution of $5,000 towards the cost of moving the organization in the future.
• Note: Funds required to reach these balances are covered as the savings goals line item in the master budget.
• Funding of savings goals/accounts should be amortized over the year. Spending in other categories can still occur before these goals are met. After the required balances are met, all money may be used for area host and vote spending.

Area Host Spending

• Area hosts will be issued a expense card with an initial value of $500.
• Area hosts are authorized to spend up to the budgeted amount listed in the master budget page. The spending of this amount should be prorated over the year to allow the organization to collect the required income to fund the spending.
• Area hosts may authorize individual members to spend money against area budgets for the purpose of better serving those areas, at the discretion of the board.
• Area hosts are authorized to spend beyond the $500 PEX card limit, if the expenditure is noted in the respective area budget.
• Area hosts may spend any amount within their budget to replace or repair existing tooling or machinery.
• The categories in each individual area host budget are guidelines and area hosts are not required to spend their money exactly as allocated on the master budget page.
  • Area hosts must complete an itemized expense report after spending any money on an expense card.
  • Area hosts must request additional funds be placed on their card to cover purchases over $500.
  • All expenses for a month are to be submitted to the treasurer by the first day of the following month. Replenishment or additional funds may be withheld without properly reported expense reports.

Board of Directors Spending

• The Board of Directors is authorized to spend from the General and Administrative budgets. The CTO is authorized to spend from the CTO budget. The PR director is authorized to spend from the PR budget. Budgets that are already authorized to the Board of Directors from the bylaws are guidelines, as the bylaws take precedence.

Reporting

• The treasurer must produce a report at minimum for each month, showing spending/income against all budgets. The reports should be released in a reasonable amount of time after the end of each month.

Language

Authorize the board to spend up to $96,500 to cover administrative and emergency expenditures for the fiscal year of 2018. This spending authorization goes into effect 2018-01-01 and expires 2018-12-31.

The following expenditures and allocations are approved by this budget for the year of 2018:

Category	Amount
CTO/Systems Maintenance	$2,500
PR/Advertising	$500
Meals & Entertainment (Parties)	$1,400
Office Expenses	$100
Cleaning/Janitorial	$10,500
Member Points (currently outstanding and future awards)	$6,500
Emergency Fund Savings	$75,000

Previous Spending Authorization Expiration

All previous spending authorizations are expired as of midnight 12/31/2017 except for the following votes:

Vote Name	Amount Remaining	Description
CNC Mill Vote 2017	$35,615.00	Expires 6/9/18