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Finances
-You need one person to deal with the finances. You could have one person paying rent, one person paying bills, but you would both have to be on the bank account.
-The easiest way to do the bank account is just to have your personal name on the account. This means that when checks are written out to the space, they have to know to put your name on it and not the spaces’ but if it happens, you can always sign the check over to yourself. There are pros and cons to this method. The cons are that people might be confused or uncomfortable writing a check to a person they don’t know and not the spaces’ name, which would be a lot easier. The pros are that you don’t have to set up a business account that usually costs money, you don’t have to submit your tax ID number to get a DBA (doing business as) account, and there are less rules on a personal account, and you usually get free checks and a free bank card. Banks usually don’t understand how a collective is run anyway, and want some “authority” to write a letter on your behalf saying its ok you open this account.
-Obviously, keep your own money separate from the space’s account.
-Credit unions are really cool. They are not banks. They are not out to make money. They are community based and focused. They’re the closest in ideals to collectively run as you’re going to get with a money institution. If you can’t get into a credit union (but usually there are credit unions anyone in a certain city are eligible to use) try to find a bank that has good ideals. They actually do exist.
-Pay your rent on time. You really don’t want the landlord breathing down your neck. -Set up a Paypal account so members and non-members can pay their dues or a donation.
-Keep track of everything that is paid in a notebook. If you have a dropbox in your space to hold all the money (which is a good idea), don’t post the combination anywhere, empty it often and deposit, and ask people when they are putting money in it to indicate what the money is from. And people will write directly on the money, but you might miss that, so it works to put it in an envelope or wrap a piece of paper around it so you know.
-Pay artists on time. They really need the money.
-If someone has bought art and given someone the money for it, mark on a sheet of paper what piece they bought, if they’ve paid in full or if they owe and how much, the name of the artist and the contact info of the buyer if they still need to pick the art up.
-When giving a finances update, know your balance and how much you’ll need for that month’s rent so you can plan ahead.
-If money is tight, it’s not unusual to ask everyone to pitch in.
-The easiest way to do the bank account is just to have your personal name on the account. This means that when checks are written out to the space, they have to know to put your name on it and not the spaces’ but if it happens, you can always sign the check over to yourself. There are pros and cons to this method. The cons are that people might be confused or uncomfortable writing a check to a person they don’t know and not the spaces’ name, which would be a lot easier. The pros are that you don’t have to set up a business account that usually costs money, you don’t have to submit your tax ID number to get a DBA (doing business as) account, and there are less rules on a personal account, and you usually get free checks and a free bank card. Banks usually don’t understand how a collective is run anyway, and want some “authority” to write a letter on your behalf saying its ok you open this account.
-Obviously, keep your own money separate from the space’s account.
-Credit unions are really cool. They are not banks. They are not out to make money. They are community based and focused. They’re the closest in ideals to collectively run as you’re going to get with a money institution. If you can’t get into a credit union (but usually there are credit unions anyone in a certain city are eligible to use) try to find a bank that has good ideals. They actually do exist.
-Pay your rent on time. You really don’t want the landlord breathing down your neck. -Set up a Paypal account so members and non-members can pay their dues or a donation.
-Keep track of everything that is paid in a notebook. If you have a dropbox in your space to hold all the money (which is a good idea), don’t post the combination anywhere, empty it often and deposit, and ask people when they are putting money in it to indicate what the money is from. And people will write directly on the money, but you might miss that, so it works to put it in an envelope or wrap a piece of paper around it so you know.
-Pay artists on time. They really need the money.
-If someone has bought art and given someone the money for it, mark on a sheet of paper what piece they bought, if they’ve paid in full or if they owe and how much, the name of the artist and the contact info of the buyer if they still need to pick the art up.
-When giving a finances update, know your balance and how much you’ll need for that month’s rent so you can plan ahead.
-If money is tight, it’s not unusual to ask everyone to pitch in.
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, Feb 20 2008, 3:54 PM EST
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