Application to apply for credit from Chase
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. 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 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. This credit will be used solely for the purpose of spending money that has already been duly approved by the membership.
Vote
Yea: Nay: Present: