Finance Committee Notes:

Finance Committee Meeting Notes – January 19th, 2005 7:30 EST

Attendees: Brent McMillan (DC), Colby Hamilton (NY), Emily Citkowski (DC), Jake Schneider (WI), Jeff Turner (HI), Jo Chamberlain (CA), Jody Haug (WA), Laverne Butler (DC), Marc Sanson (IL), and Paul Culley (NY)

Facilitator: Jake Schneider 

Notes: Emily Citkowski

1. Database and Income Reporting 

Jeff and Emily reported that they have finalized income categories and they've sent to David to reconfigure the database. The goal of end of January still stands.

Marc reported on the Web Sub-Committee meeting on Friday. Marc is compiling a list of what we want to do with the website. We will then plan another meeting with Chris from DiA.

2. Contribution Service Charge /Fundraising Overhead / *Processing Fees

A. Discussed why we need to charge a fee

Hard costs (per transaction fee and percentage charge from the processing company) vs. soft costs (labor, software, overhead). 

B. Discussed what the fee should be

Jeff suggests 10%. After some discussion the rest of the group agreed. Jeff will write up paragraph about this to send out. 

C. What will Processing fee apply to?

Laverne asks if the fee applies to ALL transactions, or just web transactions. Jake proposes yes. Even though we are not charged the transaction fees, and percentage rate it is more labor intensive. Group agrees, after a discussion.

3. Fin Com membership vetting

Jake asking states to re-verify who is vetted or approved to be on FinCom by state. 

8:30 Financial Committee call ends and Fundraising Committee call begins.