2020-09-10 Hypha Worker Co-op: Finance

Location: https://link.hypha.coop/calls
Attending: bl, yj
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

tomesh updates

Announcements

Task Board Review

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

Discussions

Review Letter of Agreement with CWCF re: Emergency Relief/Survival Planning Fund
- Rodica needs to bill from the account over FY2
- bl to complete work by end-Oct
- start accepting donations start-Nov
- by Nov want to start getting Toronto Mesh on our OC in prep for a grant proposal
- #todo:bl reach back to CWCF, then check with Rodica and Hema
COMPOST
- Mai to invoice us
- administer grant to writers over OC? ask COMPOST (Finance okay with either)
- lots more proposals coming
Credit card
- #todo:yj will get it for end-Oct
Chart of Accounts
- Rodica synced QB <> Wagepoint CoA
- Expense accounts on Financial Statements for FY1
  - Accounting and legal fees
  - Computer & Internet
  - Interest and bank charges
  - Office expenses
  - Salaries and wages
  - Sub-contracts
- OC
  - trust accounts are liabilities
  - Collective gets a “statement of account”
  - a Collective bills us, we need to hold an invoice/receipt
    - process:
      - Collective submits invoice to oc@hypha.coop (Collective)
      - Approve in OC and make Transferwise payment via OC (Finance)
      - benedict@hypha.coop forwards to QBO inbox (Finance)
      - Rodica deals with the bookkeeping (Rodica)
  - a Contributor pays us
    - we don’t send invoice, it’s a donation
    - e.g. $100 donation
      - ? payment processor
      - 5% -> OC
      - 5% -> host (Hypha)*
      - remainder -> trust (Hypha)*
    - end of year, Hypha adds 12 months of host fees, and invoice the trust account (taxable income component)
    - trust account is the aggregate trust balance of all Collectives we host
Corporate tax return (T2 review)
- Co-operative operating as a Not-[…]
- Exempt under paragraph 149(1)(e) or (l) <- we are (l)
- p.20 “05 Co-operative corporation” should be checked?
- (56) vs (55)
- p.30 delete line that says the photo credit
  - “Are any of the organization’s activities carried on outside of Canada?” we do have US clients but I guess that doesn’t count as activity?
- #todo:bl email Hema

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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