Finances

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Will Pearson

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Mar 22, 2011, 9:27:45 PM3/22/11
to London Hackspace Challenge
I've created a google doc for the finances and invited those people
that have shown an interest in the project. Shout if you want an
invite.

Xoom looks like a possibility from a brief bit of googling

https://www.xoom.com/sendmoneynow/xoom-locations?receiveCountryCode=GB&service=bankDeposit

Anyone know of anything better?

I'd rather not use paypal in case it gets confiscated. Unless someone
has an account used to getting large-ish amounts of cash?

In terms of actually working. Someone gets to be treasurer and keep
hold of the purse strings. That lucky person decides how it would
work, but I would suggest that if someone is wanting to do an order,
they estimate how much they'll need + some percent and then are given
that much to spend. Any excess is returned.

This would make large orders easier on peoples bank balance.

And that is all. Good night.

Will

Ciarán Mooney

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Mar 23, 2011, 5:21:33 AM3/23/11
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Hi,

$900 is only £500, damn that's a tight budget.

I get paid quarterly so my bank expects/is used to large amounts of
money transfers with my accounts. So I'd be happy to receive the money
and budget it.

Who would I need to be in contact with to get it sorted?

Ciarán

Will Pearson

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Mar 23, 2011, 6:09:12 AM3/23/11
to London Hackspace Challenge


On Mar 23, 9:21 am, Ciarán Mooney <general.moo...@googlemail.com>
wrote:
> Hi,
>
> $900 is only £500, damn that's a tight budget.
>
> I get paid quarterly so my bank expects/is used to large amounts of
> money transfers with my accounts. So I'd be happy to receive the money
> and budget it.

I doubt it goes into your ebay account though (it is only that, that I
know of it being a problem).

> Who would I need to be in contact with to get it sorted?

Mark Sanders. But let us not get ahead of ourselves, someone else
might want control of the money. I'm instituting a 12 hour rule, if no
one speaks on this subject before 10 O'Clock this evening to put
themselves forward, then you shall be CFO.

You'll need to get peoples bank account details well in advance of
them doing orders, so you can transfer them money.

Will

Nigel Worsley

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Mar 23, 2011, 6:27:55 AM3/23/11
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>$900 is only £500

That calculation is using an axchange rate of 1.8$ to the £, it hasn't been that high since 2008

The current rate of $1.631 gives us £551.80

> damn that's a tight budget.

Yes, still a bit tight!

Nigle

Will Pearson

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Mar 23, 2011, 6:59:27 AM3/23/11
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On 23 March 2011 10:27, Nigel Worsley <nig...@googlemail.com> wrote:
>> $900 is only £500
>
> That calculation is using an axchange rate of 1.8$ to the £, it hasn't been
> that high since 2008
>
> The current rate of $1.631 gives us £551.80


I was going off:

http://www.fxcompared.com/Content/money-transfer-comparison.php?countries=US&destinations=GB&amount=900&submitted=true#quicksearch2

The max we could get is £522. I can't find out what we would get from paypal.

I suspect you don't get good exchange rates when you wire money
internationally. Whoever is CFO gets the fun job of finding the best
method :)

Will

Ciarán Mooney

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Mar 28, 2011, 7:15:39 AM3/28/11
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Hi,

The current situation is that I am in communication with a
representative at Silverfox and trying to get the money transferred
into my account.

Purchasing
================

Petty cash
-----------------
There will be £50 in change/notes in the project box. If you need to
buy a small item, or urgently need a component that is available
locally please use this money. This is on the strict condition that a
receipt is left, after the purchase. I do not need to be informed
prior to the purchase, but I implore you to use your common sense. If
the part is not urgently needed, and cheaper online then please order
it online.

Do not order good/equipment online and then reimburse yourself from petty cash.

If money is not accounted for by the receipts, then I will have to
assume it's being taken maliciously. If this happens I will remove the
petty cash, and all orders will have to be done through me.

Orders
-----------------
Anything that needs to be ordered must be verified with me first.
Please tell me what you wish to order, how much and why. Once I have
okayed the purchase, you can purchase it yourself or ask me to
purchase it for the team. Please use your common sense again, and try
and find the cheapest/quickest supplier.

Obviously it will be quicker for you to do it, and less error prone,
however you'll have to cover the initial purchase cost yourself. Once
you have a receipt email it to me, and I will reimburse you by
transferring the funds to your account.

I will try and be quick in responding to requests, but there may be some lag.


Bank details
-----------------
I will need your bank details prior to reimbursing you. If you do not
feel comfortable emailing them to me then you can ring me
(07745676131) and read them over the phone or text them to me.


I'm open to any suggestions for improvements with the process.

Ciarán

Ciarán Mooney

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Apr 5, 2011, 4:04:42 AM4/5/11
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Hi,

Still no money. Emailed quite a few times, unfortunately I haven't
really been given a reason for the delay.

I have now explicitly asked what is taking so long. So hopefully we'll
know where we stand.

Sorry guys,

Ciarán

Ciarán Mooney

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Apr 5, 2011, 1:37:05 PM4/5/11
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Hi,

Apparently the money transfer has begun, so should be arriving at my
account in around 5 days.

Fingers crossed.

Ciarán

Ciarán Mooney

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Apr 7, 2011, 3:57:57 AM4/7/11
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Good news Everybody!

We have the money, the princely sum of £524.93.

So what do you want to buy?

Ciarán

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