[Businessmtg] Prudent Reserve and new banking info

[aohara77 at comcast.net]

Hi BM Friends,

 

I just sent the path to Sheila's reports that have been posted to the Member
website.  The income and expense document breaks our finances out neatly,
and the Register is a line listing of activity.  On our main Tradition 7
page, we have other information that is important for all to read and be
aware of; note that Sheila noted that her move is complete, I will be
updating the treasurer's address shortly - FYI she does have forwarding
information on the "old" PO Box.

 

***Path or link to the Tradition 7 page - Tradition 7 | ASP Members Only Web
Site <https://asp-afg.org/members/tradition-7/> 

 

***Changes to our banking approach

Up until last month, the selection of a bank to hold our finances has been
tied to Steve's personal bank.  Many local banks have no minimum fees and so
that has been the approach we have taken.  Until now.  Steve recently moved
from WA to ID, and with that, a decision was made to change our approach and
use a national bank that has a presence in almost all 50 states.  Even
though we went through incorporation a few years ago and have non-profit
status, our business account is still charged a monthly fee when below the
minimum required balance.  The 4 national banks that we looked at ALL take
this approach.  It is unfortunate but a reality.

***Prudent Reserve

***(from the tradition 7 page) The prudent reserve for A Serenity Place is
one year's expenses [$1600.00 USD].  Funds in bank account in excess of
expenses and prudent reserve will be reviewed and disbursed per group
conscience.  See  <http://asp-afg.org/members/group-conscience/> Motion 24
for details on the  <https://asp-afg.org/members/group-conscience/> Group
Conscience page.

This $1600 estimate for our prudent reserve was defined about 4 yrs ago and
is managed by the Treasurer, however, costs are increasing and we now have a
new expense which is specific to our bank account.  There is a below minimum
balance fee of $15 - the minimum balance is $2000 per day.  We need to add
this to the list of expenses and adjust our actuals to meet the current
state.  Given the low number of donations, this leaves little to nothing for
our service arms.

 

Annual expense increases:

*Zoom has increased significantly and has gone from $150/yr to $221/yr

*Bank fees went from $0 to $180

*PO Box fees vary and have increased to a high of $182 in 2025

 

These changes increase our estimated prudent reserve to $1800 annually.

 

The Prudent Reserve discussion is now open.  Sheila will field any questions
about the frequency of the passing of the basket and I (with Steve's
assistance as well as Sheila's) will manage the prudent reserve piece.

 

Anne 

ASP Interim Secretary