Difference between revisions of "Application to apply for credit from Chase"

Revision as of 02:02, 21 August 2013

Sponsor

Bryanna Denney

History

Aug 20, 2013 - Proposed Aug 20, 2013 - Forwarded to the membership for perusal Aug 27, 2013 - Membership Vote planned date

Background

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:

Set individual limits for each area host card
Not give Chase any more of the individual area host's information besides their name
(practically) Unlimited cards for each of the area hosts for free
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. As well,

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

Why not just give area hosts debit cards to the main account?

No. Just, no.

Language

The membership authorizes the board of directors to apply for a line of credit with chase.com. This credit will be used solely for the purpose of spending money that has already been approved in the budget or by a bylaw rule.

Vote

Yea: Nay: Present:

@@ Line 9: / Line 9: @@
 ===Background===
-We need a solution to give area hosts an easy way to spend their budgets. Introducing [https://creditcards.chase.com/credit-cards/ink-cash-credit-card.aspx?categoryId=1&CELL=64QR&jp_ltg=leftnav&sapphireprefsplit=1 Chase Ink Cash Business Credit Card].
+We need a solution to give area hosts an easy way to spend their budgets. Introducing the [https://creditcards.chase.com/credit-cards/ink-cash-credit-card.aspx?categoryId=1&CELL=64QR&jp_ltg=leftnav&sapphireprefsplit=1 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?'''
@@ Line 15: / Line 15: @@
 After looking through the options available from chase, this card will allow us to do the following:
 * Set individual limits for each area host card
-* Not give chase any more of the area host's information besides name
+* Not give Chase any more of the individual area host's information besides their name
 * (practically) Unlimited cards for each of the area hosts for free
+* No annual or monthly fee
 '''Why not X card from chase?'''
-None of the other options give us what we want without charging us per month, per account/card.
-'''Why not just give debit card to the main account?'''
+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. As well,
+'''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
+'''Why not just give area hosts debit cards to the main account?'''
 No. Just, no.
 ===Language===
-In the membership agreement, replace the following sentence: "The recommended consequence shall be put into effect if approved by unanimous vote of the Board of Directors plus one member."
+The membership authorizes the board of directors to apply for a line of credit with chase.com. This credit will be used solely for the purpose of spending money that has already been approved in the budget or by a bylaw rule.
-With this: "The recommended consequence shall be put into effect if approved by unanimous vote of the Board of Directors plus one member.  Board members may recuse themselves from the vote at their discretion, and must recuse themselves if they are involved in the situation.  The remaining board shall select another member to fill the recused director's role.  Former board members are strongly preferred for that role, but not strictly required."
 ===Vote===