FINANCES

[Connie]

From: Connie Yee <con...@gmail.com>
Date: Tue, Mar 10, 2009 at 12:31 PM
Subject: Re: Notes from Reunion committee Meeting on March 7
To: Danielle Guttman <dagu...@gmail.com>
Cc: Sravanthi Dama <srav...@gmail.com>, Andrew Garcia
<andre...@gmail.com>, Brittany Angelica Chance
<brittang...@gmail.com>, Jessica Jeng <jeng.j...@gmail.com>,
rema...@aol.com, Carla Ni <nic...@gmail.com>,
encela...@hotmail.com


Just to clarify, the $500 is total amount transferred in a month. The
$3,000 is per transaction. (There are higher fees for transactions of
$3000+. I just didn't bother to list them.) We would definitely be
safe if we decide to go with the premier account, maybe not with the
free account. Anyway, I'll look into the free webstore option.

Connie


On Tue, Mar 10, 2009 at 11:36 AM, Danielle Guttman
<dagu...@gmail.com> wrote:

Connie, thanks so much for the information. I'm not really sure
how many people would do Paypal (if it would be under 500 or 3000), so
this is good information to have. Before the next meeting it would
be great if you could look into the free webstore thing. Like for
instance, is it linked to a bank account?

Also, I sent you guys the spreadsheet last night. The bold names
on the bottom are the names of alumni whose postal addresses bounced,
so that means that all the blank emails need to be filled in. Please
go through and look for your friends and make sure you add the
addresses of people you know.

Thanks so much,

Danielle

PS Sorry for so many emails!


On Sun, Mar 8, 2009 at 1:23 AM, Connie Yee <con...@gmail.com>
wrote:

Hey all,

Thanks for the minutes, Danielle.

Here is some comparison on the different types of Paypal
accounts --
Free account
- can only accept money from other Paypal accounts, no credit
cards
- monthly limit of $500
Premier/business account
- accepts credit cards with a fee of 2.9%+$0.30 per
transaction (of under $3,000)
- no monthly limit

From past experience of organizing (smaller-scale) events, I
found that offering people 3 different payment methods would suffice.
(1) Wiring money from a bank that one of us has (e.g. BofA)
(2) Paypal account
(3) Mail check

Also, just one more option to consider if we want to accept
credit card payments without fees, there is a free online service
(http://www.freewebstore.org/website/index.html) that allows you to
create a website and provide a safe and secure checkout page for
people to pay by credit card. If there's interest, I can further
investigate this option.

I'd be glad to help out with the email lookups too!

Cheers,
Connie

[Connie]

I've created a Paypal account with our email address
bxsci04r...@gmail.com. Password is same as gmail except no
spaces.

So we just need to link it to a bank account. I talked to a friend who
has a business account. She offered to let us use it for transferring
money from Paypal and we would be able to write checks and everything.
How does that sound to everyone?

Connie


On Mar 12, 1:16 pm, Connie <cony...@gmail.com> wrote:
> From: Connie Yee <cony...@gmail.com>

> Date: Tue, Mar 10, 2009 at 12:31 PM
> Subject: Re: Notes from Reunion committee Meeting on March 7

> To: Danielle Guttman <dagut...@gmail.com>
> Cc: Sravanthi Dama <srav1...@gmail.com>, Andrew Garcia
> <andrewg...@gmail.com>, Brittany Angelica Chance
> <brittangelicha...@gmail.com>, Jessica Jeng <jeng.jess...@gmail.com>,
> remac...@aol.com, Carla Ni <nica...@gmail.com>,
> enceladus...@hotmail.com

>
> Just to clarify, the $500 is total amount transferred in a month. The
> $3,000 is per transaction. (There are higher fees for transactions of
> $3000+. I just didn't bother to list them.) We would definitely be
> safe if we decide to go with the premier account, maybe not with the
> free account.  Anyway, I'll look into the free webstore option.
>
> Connie
>
> On Tue, Mar 10, 2009 at 11:36 AM, Danielle Guttman
>

> <dagut...@gmail.com> wrote:
>
>     Connie, thanks so much for the information.  I'm not really sure
> how many people would do Paypal (if it would be under 500 or 3000), so
> this is good  information to have.  Before the next meeting it would
> be great if you could look into the free webstore thing.  Like for
> instance, is it linked to a bank account?
>
>     Also, I sent you guys the spreadsheet last night.  The bold names
> on the bottom are the names of alumni whose postal addresses bounced,
> so that means that all the blank emails need to be filled in.  Please
> go through and look for your friends and make sure you add the
> addresses of people you know.
>
>     Thanks so much,
>
>     Danielle
>
>     PS Sorry for so many emails!
>

>     On Sun, Mar 8, 2009 at 1:23 AM, Connie Yee <cony...@gmail.com>

[dagu...@gmail.com]

I think it is best if we create our own account. Thanks so much for
asking your friend about it and thanks for the offer to use the
account, but because we are accountable for the money, I think it is
best if it is a separate account to avoid any accusations of
impropriety. I would not want to put your friend at risk if anything
happened or the alumni association or other alumni asked questions
about how the money was handled. As it is the handbook mentions that
we should keep records of all transactions and such.

I hope that is ok with everyone.

I think it is best if we open an account up with our names on it, and
with our share of the cost (approximate value of like 30 dollars or
whatever it is) and link that to the paypal account.

Different banks offer different types of options so we can look into
these, and whether or not we would want a checking/savings or what the
best options are available to us.

On Mar 23, 7:47 pm, Connie <cony...@gmail.com> wrote:
> I've created a Paypal account with our email address

> bxsci04reunio...@gmail.com. Password is same as gmail except no

[Connie]

Okay, that's fine. I just thought the offer was convenient for us. She
was talking about making it formal with signing a contract and keeping
clear and accurate records, etc (she also said she has no money in the
account and she won't be using it for now), but if we are going to
create our own account, then I'll just let her know. Thanks.

[Connie]

So given we are opening our own accounts, I have a question.

From the handbook:
" Accounting committee
This committee should be responsible for the collection of money and
tracking all receipts and expenses. Find a local savings bank in which
to open an account. Most larger banks won’t allow you to open a “Class
of” Reunion” account and you do not want to open it in an individual’s
name. You will not be able to get a checkbook but teller checks are
accepted everywhere. It is very important to keep accurate records and
every receipt. It will make it easier to see how you are doing as you
get closer to the day of your reunion.
Please note that the Alumni Association’s tax ID number cannot be used
for any purposes. "

If we cannot use the Alumni Association's tax ID number, are we to use
one of our SSN's? I know that my college's alumni association
actually recommends using the school's tax ID number rather than a
personal SSN when opening a bank account. If the individual’s SSN
were used, any interest accrued on the account would be reported as
income to the individual and may therefore have tax consequences for
him or her.

Sorry if this has this been discussed already.

[dagu...@gmail.com]

Thanks for bringing this topic up. I had not really thought about
this before, but I began to do research on the IRS website. There is
something called an EIN, a number you get if you are going to make
some sort of organization.

http://www.irs.gov/businesses/small/article/0,,id=98350,00.html

Here is the information for it. I believe we are eligible because we
are "involved" with a nonprofit-the alumni association, but we are not
necessarily a part of it. I looked at the application and I think we
can apply as a "social club."

So if you guys can look at the website and tell me what you think,
this may be a good option.

My mom has collegeues who have done this as well so she will let me
know the details and steps they took