Scott: hey me: yo yo me: Regarding finance thing Scott: sorry i've been incommunicado. me: If you don't think you have time to do it, I can have someone else, but perhaps you can advise me on who to use and etc me: I really know nothing about these things Scott: i'm cool with financing thing but there are clarifications i'd need for you so there are no misunderstandings Scott: for example, Scott: at this point in time it doesn't make sense to set up a separate account under PPM, first and foremost PPM isn't an entity that could do such as it isn't registered me: okay Scott: therefore it makes the most sense to have you simply open up the necessary accounts in your name then give power of attorney (which can be as limiting as you need) to myself and/or others me: let's say this me: okay me: I can do that Scott: something you should be aware of though, is let's say we open a bank account that earns interest, you'd technically be responsible for paying taxes on the interest income since it's in your name Scott: granted, we can hold back certain funds in the account to pay that expense Scott: but you should understand your personal liability Scott: an option would be to not invest the funds i.e. non-interest bearing account me: right Scott: in my opinion it makes the most sense for PPM to invest those funds and for us to be cognizant of the fact that certain funds will be restricted in order to pay estimated taxes me: yeah, I was vaguely aware that those issues existed. So whatever we do, first step is for me to set up an account and then at such point as someone else might be donating, then we need to start reviewing how to handle it Scott: yes definitely setup the account me: okay. As I said, whatever you think is best, we'll do Scott: unless you're ready and willing to incorporate Scott: only entities with tax IDs will be able to open any financial account me: not ready yet, definitely me: I would be inclined to wait on incorporating until such time as you and a few others decide we're ready to do so me: as it's just not my area and I don't understand the nuances Scott: it's a good question me: and of course we've discussed alternatives to incorporating Scott: unless we can get the services of a law firm that caters to non-profits and we do indeed go that route, incorporating correctly may cost about $800 me: I think we can get that done for free me: either through Robert Green's contacts or someone else's me: that's the sort of thing, those sorts of free services, that we can count on receiving Scott: hmmm Scott: i need to think about tihs me: of course me: no rush yet Scott: at this point it doesn't hurt to setup a bank account under your name me: I'll start the account next month probably Scott: assuming they don't charge stupid feed me: let me know this me: any bank you'd recommend? Scott: good question Scott: since we're a scattered bunch id prob do the one that offers the best interest rate and lowest fees Scott: a lot of online banks are known to be good for that such as allybank.com and emigrantsavings Scott: ill do some research and get back to you me: I'll also ask some of the people I'm working with down here me: But yes, thanks, let me know what you come up with me: We have a couple of weeks to decide anyway Scott: do u think ur going to want to write checks form it? me: not any time soon me: we would make transfers at least me: I don't have a specific idea, but I can see us sending some money to other charities that we work with both here and in Africa me: also, of course Scott: wewell most banks charge an outgoing wire fee Scott: bastards me: we need to talk to Lipp tonight me: about First Praxis Scott: ok me: he's applied for a grant me: and has various connections to other agencies me: really, and this is my fault because you started down that path and I just didn't follow through, we should look at grant opportunities now that we have objectives on which to spend money, namely Africa Scott: im going to go out on a limb and say the following is prob not going to get beat: http://www.ally.com/bank/online-savings-account?INTCMPID=AllyHP_tileR_Default#tabs=default me: that's a pretty good blurb me: well, I'm inclined to do that Scott: worse comes to worse it seems u can close the account with no harm no foul Scott: lipp prob knows more about it than i do, but can an individual apply for a grant? Scott: that's something we discussed before is as an official entity we might have better access to grants me: yeah, we'll have to ask him me: actually me: if I can find my writer's market guide me: they list grant-giving agencies, I believe, some of which may apply to us Scott: info like that available online? me: almost certainly Scott: ok well that's something we should talk to lipp about me: yeah, tonight Scott: if receiving grants requires incorporation then we should start that process sooner rather than later as i can imagine it being instanteous me: well, we'll have to find out if that's often the case me: Lipp isn't incorporated with First Praxis me: but he's applying for grants and has gotten them in the past Scott: got it Scott: I imagine as an individual he has a little more pull than let's say if I applied for a grant saying I'm with PPM. Scott: I know you're not a huge fan of structure and titles, but maybe we should appoint Lipp head of ADP Scott: speaking of which, and yes, im going a million miles a second in thoughts Scott: campbell has done a fantastic job on the software, and while I recognize there are some issues that need to be worked out, I've sent him 3 emails so far filled with comments/questions/suggestions on certain things related to the functionality of the site Scott: im sure by now he doesn't like me Scott: i know he's super busy until year-end, is there someone else in our group that can further the progression of website design Scott: it's becoming increasingly imperative IMHO that we have a place where someone can see some resembles of progression and/or info. Scott: with that said, the site should list key players, such as Lipp if he heads ADP, Mano if he heads science/journalism, etc. me: sorry, had to move some furniture because my mom's crazy and comes to my fucking house every day me: regarding the software thing me: As I noted, those two components are something I absolutely cannot allow to be applied universally, if at all Scott: understood Scott: and I see your points regarding the fundamental mechanics of it in terms of only quality bloggers from the get go Scott: and maybe they're something such as the limits on invites that gets instituted later on