2020-04-16 Hypha Worker Co-op: Finance

Time: 12-1pm ET
Location: https://jitsi.hypha.coop/hyphacoop
Attending: bl, yj
Cultivator: bl
Notetaker: yj

Agenda

Item	Time (min)
Personal Checkins	5
Announcements	5
Task Board Review	15
Discussions	30
Process Checkout	5

Notes

Personal Checkins

The Internet is broke, generally, for everyone

Announcements

Task Board Review

Review DONE tasks
- …
Review [priority-★★★] [priority-★★☆] [priority-★☆☆] [priority-none]
- #185 Expense reimbursement
  - yj: review and merge
  - yj: bug ppl to file their stuff (bl and yj need to file)
- #250 Hiring process (current understanding)
  - Domestic: hire person, not company, no HST, Wagepoint payroll, issue T4A, no EI/CPP/vacation/public holiday pay, flexible clip
    - yj: update spreadsheet to take care of no clip passthroughs
  - Foreign: hire person/company, no HST bc foreign, TransferWise (contract in CAD), no T4A, just an invoice, not thru Wagepoint
    - bl: deal with IP agreement (Operations WG)
- #120 #155 bl to confirm with Hema then we can wrap these
- #109 Determine system for storing confidential employee information
  - bl: storing employee info is now more important bc of hiring
  - assigned to yj

Discussions

HST status https://github.com/hyphacoop/organizing/issues/120
- bl: our small biz limit should be $50,000
- bl: tax exempt vs. zero-rated
  - Aether is zero-rated bc export
  - a “mission project” is tax exempt
- bl: ITCs
  - bl: for HST tax exempt stuff we cannot claim ITC
    - yj: we buy two boxes of cables, can write off HST, use one box for a mission project (doesn’t get charge HST)
      - bl: idk…
      - yj: what about “internal operational purchases”
  - bl: for HST zero-rated stuff, we can claim ITC
    - e.g. ITC for Aether
- yj: contractor charges HST and gives to government, we pay that HST and government gives to us, so only person at the end pays HST once (not every step along the chain)
- bl: if we get a $2,000 grant to do mission work (tax-exempt), we hire a company for $1,000 to do half the work, they bill us $1,000 + $130 HST, we cannot claim the $130 as ITC (it needs to come out of the grant money)
- yj: we have to make sure we budget properly by taking HST out of the grant
- bl: ask Hema about Simplified method for claiming ITCs and special quick method (which avoids having to claim ITCs altogether)
- yj to read and comment on https://github.com/hyphacoop/organizing/issues/120#issuecomment-611993846
Finance role https://github.com/hyphacoop/organizing/issues/121
- Co-write existing Finance tasks:
  - Work with project leads to send invoices
  - Receive Money (Etransfers TransferWise)
  - Prepare payroll
    - Confirm amounts entered into streadsheet
    - Enter them into payroll system
  - Approve expenses by defining pay period
  - Run payroll
  - Keep Quickbooks in sync with bank account
    - Apply catagories to new expenses
    - Match entries in quikbooks (invoices to payments etc)
  - Settle payments in accounting systems
  - Sync quickbook accounts and match bank records
  - Create archived copies of sheets (make copy)
  - Recordkeeping of employee documents
  - Onboard someone (recordkeeping, Wagepoint account, etc.)
  - Familiarize with sensitive data practices
  - Remind of Holidays
  - Monitor legislative changes
  - Update financial projections and communicate with Members
  - Ensure we get quarterly financial reports
  - Tax remittances (HST, nil RP when a month of payroll is skipped)
  - File year-end taxes
  - Keep org in good financial standing
  - Communicate with bookkeeper and accountant
  - Go-to person to answer questions from project leads
- #todo:yj consolidate list above
- #todo:bl write up a role to discuss next meeting

Process Checkout

skipped

Action Items for Cultivator

Migrate items with #todo:person to task board
Publish meeting notes as
- business-planning: open access, or publicly indexed with restricted access
- finance: open access, or publicly indexed with restricted access
- governance: open access, or publicly indexed with restricted access
- infrastructure: open access, or publicly indexed with restricted access
- operations: open access, or publicly indexed with restricted access
Reset meeting pad for next meeting

_{Edit this page}