2020-05-14 Hypha Worker Co-op: Finance

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

Agenda

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

Notes

Personal Checkins

skipped

Announcements

skipped

Task Board Review

skipped

• Review DONE tasks
  • …
• Review [priority-★★★] [priority-★★☆] [priority-★☆☆] [priority-none]
  • …

Discussions

• dc: https://hackmd.io/cAU-FaMHTAeilCOA836D7Q?view
  • Phase 1 start with fiscal host just for hypha
    • all transaction history
    • you choose what cycle you want to export (e.g. monthly cycle)
    • attach bank account, funds drop into same bank account vs. split into bank accounts
  • Phase 2 existential issue with doing this…
    • based on CRA decision, we need to make sure we do books in a way accountants are ok with
    • non-profits do this
    • two ways we can treat someone, a project of us (req if you’re charity) vs. collective as independent entity
    • collective considered a second unincorporated entity, HST involved in some way, set up taxes…
      • initially if we set up as donation, we can do this w/o HST
      • if we collect for others, HST may be involved
    • define operating name for each entity (when they invoice)
  • can disable ppl submitted applications to us
  • next phase be a host for other orgs
    • policy development
  • TransferWise in beta, need a Paypal & Stripe
  • Donation flow for people:
    • Register to OC
    • Choose Paypal / Stripe
    • OC takes % fee
    • We get money deposited to our Desjardins account immediately (bl, yj: many small tx, our desjadins account has limits)
    • OC generates statements for Hypha
  • yj: reconcile many small transactions
  • yj: transaction fee to donate money?
• yj: power to collect recurring payments
• costs
  • 5% OC
  • 2.9% + 0.30 Stripe
  • ? Desjardins fees
• yj: if we host for others, we make trust accounts for each project? now…
  • 2 bank accounts + 2 ledgers in QB
  • 1 bank account + 2 ledgers in QB (yj recommends this, another account may add fees)
• bl feels good about supportive OC with 5% of our donation, not a concern
  • we benefit from the social network of OC
  • if we do phase 2 we can add our own fees to offset cost of managing
• yj: can create rules in QB to streamline
• bl: concerns
  • now we have more accounts
  • the upfront and recurring work
• yj: time sensitive, willing to take it on
• bl: +1 if things become impossible we can walk it back
  • Phase 1 -> yj
    • make Stripe / Paypal accounts and link up 2-3h
    • … async draft into issue #todo
  • Phase 2 -> maybe pc?
  • decision is we will go ahead with phase 1
• chart of accounts for Rodica
  • bl: do we want resolution into what we spend money on? cost centres… #todo ben to write email
  • wagepoint + reimbursement sheet -> chart of accounts
• HST
  • clarify to Rodica we use the cash method
  • invoices that are sent after we set up HST account will charge full amount with HST on top, even if some work occurred before HST account is set up (from Rodica)
  • #todo bl: email Rodica to follow-up with HST, etc.

Process Checkout

• …

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

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