[BW_Finance] Fw: Meeting Notice - September 14

Wed Sep 14 11:18:15 PDT 2022

Hi everyone,

Here is tonight's agenda and minutes document.

https://docs.google.com/document/d/1cu4gCd-vO7OsrLS64LCfxFMfe5xXMdm0-vl7dsliA7I/edit
[https://lh5.googleusercontent.com/Xmo1zIOwtsdwAt8xenTI3mV32YcFGkUE_dwnjSu8pz83tMN8RhiOkM_7_CY0GaicwoQFRKZi-IOJWw=w1200-h630-p]<https://docs.google.com/document/d/1cu4gCd-vO7OsrLS64LCfxFMfe5xXMdm0-vl7dsliA7I/edit>
BW finance 22.09.14<https://docs.google.com/document/d/1cu4gCd-vO7OsrLS64LCfxFMfe5xXMdm0-vl7dsliA7I/edit>
Bike Winnipeg Finance Committee Meeting September 14, 2022, 6:30pm\u000BLocation: Zoom Meeting chair: Misty\u000BNotes:\u000BIn attendance:\u000BRegrets: Corey Governing documents: Bylaws / Policies / Strategic Plan / 2022 Budget / Committee TOR\u000BOperational documents: Scheduled board meeting topics / \u000B List of acron...
docs.google.com
In the body of the document, I referred to an email sent earlier today.  Here's the text of that message:

Hi everyone,

We have an urgent request for your attention and vote regarding a loan/line of credit that we need in place in order  to accept a grant that would allow us to hire a web consultant to integrate CiviCRM into our website. Integration of CiviCRM would greatly benefit our membership and volunteer management. The grant would cover 100% of the consultant costs, plus support for hosting and rollout of the upgrades.

Action requested

I request a mover and seconder for the following motion after which everyone can vote at this link<https://forms.gle/gZjpbvJwxfWtm5aQ9> (both the mover and seconder should also register their vote).

Motion: that the Board of Directors authorizes any two current Bike Winnipeg (BW) signing authorities to transact a loan or line of credit with Assiniboine Credit Union (ACU) up to $20,000 for the exclusive purpose of satisfying the cash flow requirements of the Digital Manitoba Initiative (DMI) program.  The loan or line of credit is to be repaid immediately upon reimbursement by DMI and no later than 3 months from the date the loan or line of credit becomes available.  Should ACU offer a line of credit, BW may only withdraw for the purposes of satisfying the terms of the Digital Manitoba Initiative grant; a line of credit protocol to permit other uses shall be developed at a later time.

Background

In 2020 we undertook an ambitious ~$50k grant-funded Organizational Capacity Development project that included a website redesign.  The grant payment timelines required us to take out a $50k loan from ACU to bridge the gap between project expenses and grant reimbursements, which we repaid promptly.  Ultimately the website redesign was successful but we didn't have enough time, skills (we had a summer student), and funds for the additional task of integrating a new CRM (Customer Relationship Management) system at the same time.  We started some work on it but it needs some heft to get it done.  Here's a short video on CiviCRM<https://youtu.be/LbEFBn33QAY> and the functionality it would provide.

Fast forward 2 years to early 2022 and we were still hoping to implement CiviCRM.  Clayton found a rare grant with 100% funding for just this type of project: the Manitoba Chambers of Commerce<https://mbchamber.mb.ca/> (MCC) Digital Manitoba Initiative<https://www.digitalmanitobainitiative.com/> (DMI) program.  You can review the DMI PowerUP application here<https://drive.google.com/file/d/1NqNzm02fvQqw1TVi-GnPsuzNeE3QnLA8/view?usp=sharing>, and the quote for work from our CiviCRM web consultant, SimbioTIC here<https://drive.google.com/file/d/1aQE5W417CDfHLcGGcyUmdALo_SPk_c1k/view?usp=sharing>.  We applied in March and didn't hear back so we assumed we weren't successful, but apparently just as the program was about to wrap up there was a small amount of funding that hadn't been spent and we got a call last week to ask if we had the capacity to push through the payments asap, and if so then we could get this project funded.

We don't have 100% of the cash necessary to pay the contractor so that we can be reimbursed prior to the DMI program's end: we have approximately $15k in our credit union accounts including $8.5k in our savings account. We also have a fair amount of payables due in the near term.

Clayton and I met with Assiniboine Credit Union (ACU) yesterday afternoon to discuss options for a short-term $15k - $20k loan or opening a line of credit (LOC).  A LOC would be somewhat less costly – perhaps $150-$300 in interest – than a loan – in the $400-$900 range – but requires ACU to evaluate whether BW meets their eligibility criteria for a LOC.  ACU was very supportive based on our 15-year relationship with ACU and the history of the 2020 $50k loan.  They require a board resolution to approve the loan/LOC which normally we’d do at our monthly board meeting but given MCC's last-second funding offer before the program shuts down next week, we need a board resolution vote ASAP to either approve or disapprove this loan.

The expected cash flow timeline is:

  *   BW submits documents to ACU this week

  *   ACU approves loan/LOC this week or next

  *   BW pays contractor invoice early next week

  *   contractor and/or ACU provides receipt of invoice payment next week

  *   BW submits receipt of payment to DMI program next week

  *   DMI reimburses BW within 2 weeks of receiving the invoice payment receipt.

A 3 month loan term should give us enough time to ensure that payments from us to the consultant can be processed and reimbursed through the grant.

Overall, spending under $1,000 on a loan/LOC to get access to $23,000 for a major digital upgrade is a huge opportunity for Bike Winnipeg, especially since we don’t know of any other 100% funding sources that we could apply to to cover this type of project.

Please email the board list with any questions so that everyone can participate in the discussion if they’d like to.

Thanks so much for your speedy attention for this opportunity!

________________________________
From: Finance <finance-bounces at lists.bikewinnipeg.ca> on behalf of Misty Bromley <misstea at misstea.ca>
Sent: Monday, September 12, 2022 4:30 PM
To: Finance Committee <finance at lists.bikewinnipeg.ca>
Subject: [BW_Finance] Meeting Notice - September 14

HI everyone,

This is your friendly reminder that our monthly meeting is scheduled for Wednesday.  Hopefully I can draft an agenda and get it out to you tomorrow.

August minutes and action items are below.

Misty

From: Finance <finance-bounces at lists.bikewinnipeg.ca> on behalf of Neiva Desrochers <neivadesrochers1 at gmail.com>
Sent: Wednesday, August 10, 2022 7:36 PM
To: Finance Committee <finance at lists.bikewinnipeg.ca>
Subject: [BW_Finance] Meeting minutes - August 10

Hi everyone,

Here are the minutes<https://docs.google.com/document/d/1YkceF4c8qwJtYPEIajp0944BOea2OJWPmaBvQBY-Puc/edit> from tonight’s finance meeting (see action items below). A big thanks again to everyone for working with me over the past few years - it was wonderful to get to know all of you and learn from you :) Hopefully we’ll meet again at a group ride at some point!

All the best,
Neiva

Summary of Action Items

  1.
All
  2.
Misty
     *
Look up consultant info (Eupraxia)
  3.
Mark
     *
Look into 2018-2019 receipts for charitable registration application
     *
Work on Heritage Grant and City of Winnipeg Community Improvement Grant
     *
Work on volunteer orientation presentation
     *
Set up orientation meeting with Felix’
     *
Organize time tracking in accordance with expense splits required by the CRA
     *
Call about Building Sustainable Communities Grant (about initial payment)
  4.
Clayton
     *
Draft payment terms for ATF consultant and send to Misty for review
  5.
Felix
     *
Set up meeting with Mark (abbreviated orientation)
  6.
Delegated
  7.
Deferred
     *
Discuss estimation of in-kind donation to Winnipeg Trails and send as email vote for board approval
     *   Grant approval policy

     *   Committee TOR revisions

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