Re: Finance and Banking (Thinking out loud)

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Re: Finance and Banking (Thinking out loud)

Scott Keir
Hello all

Some thoughts/issues to consider:

On Thursday, January 5, 2006, at 10:53  pm, Greg Robson wrote:
> At work we use Unity Trust Bank, who specialise in charities,  
> membership organisations and trade unions. Some might see them as  
> slightly more ethical in line with the goals of Wikipedia.
> http://www.unity.uk.com
> They have several types of account, some of which may be of use to us.  
> Before we decide though we would need to work out what sort of  
> transactions we may be carry out. (i.e. frequent/infrequent transfers,  
> would the remaining balance be large/small).

Technically speaking, ethics beyond the scope of the charity should not  
be a consideration. Trustees are required to do what's best for the  
charity in terms of furthering the objects of the charity - wider  
issues are technically irrelevant. But it would be legitimate to choose  
them on the basis of them providing a good service to the charity,  
offering a good interest rate etc.

I imagine at the least a Current Account will be required, and possibly  
a deposit/savings account too (though the rates of interest paid by  
some banks on Current account can make them unnecessary). The Current  
Account enables payments to be made and received. I doubt a simpler one  
would suffice, or would be convenient.

In practical terms, it should be cheap (or good value), and should not  
be a pain in the neck to operate. So if you think that there will be a  
lot of over-the-counter transactions, then one with a bank branch near  
would be handy.

One issue can arise with the need for signatures/authorisation from two  
Directors - its fairly standard for charities (and some other cos) to  
require financial authorisation from two directors/trustees - ie two  
people signing the cheques. This reduces the risk (and perception of  
risk) of fraud etc. This can also prohibit transfer of money (either  
payments, or movement to another account) via telephone banking, unless  
two authorised people are on the line. In contrast, online banking can  
be allowable, as the two authorised signatories apply for the password.  
This may vary depending on the bank, but its my experience.

Charges can have an impact - for the membership association I'm  
administrator for, we write few cheques, but receive many cheques, BACS  
payments etc, and the charges per cheque deposited etc soon add up. We  
also pay a base fee for the operation of the account - not all banks  
charge this.

Setting up an account can take time - eg the bank may require all the  
signatories to go to their local branch with their passport and utility  
bill to prove their identity (not necessarily everyone at the one  
branch at once).

Unity's Current Account http://www.unity.uk.com/index.cfm?itemid=851 
seems reasonable - it charges no fees, but pays no interest either, so  
a deposit/interest-bearing account or other investments would be needed  
for any money not required on a short-term basis (eg [Google-searched  
at random]
http://www.alliance-leicestercommercialbank.co.uk/content/SB020005.asp 
) http://www.cafonline.org/ccs/default.cfm  seems similar.

In contrast, banks like Barclays or Lloyds TSB charge fees but pay  
interest and have branches that you can go in.

http://www.thisismoney.co.uk/help-and-advice/advice-banks/ 
article.html?in_advicepage_id=120&in_article_id=394256&in_page_id=90
seems like a reasonable article on this.

Getting some idea of what the practical requirements and types of  
transaction of the new organisation would be useful. Would it be fair  
to say taht we would hope for many (smallish) deposits in, and few  
(big) out?

Scott


PS would it be possible to have a link to  
http://meta.wikimedia.org/wiki/Wikimedia_UK at the bottom of all these  
email messages, just for ease? I keep on losing the page, and access my  
email from all over the place, so don't have the one set of bookmarks.


               
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Re: Finance and Banking (Thinking out loud)

Chris McKenna
On Sat, 7 Jan 2006, Scott Keir wrote:
>
> PS would it be possible to have a link to
> http://meta.wikimedia.org/wiki/Wikimedia_UK at the bottom of all these email
> messages, just for ease? I keep on losing the page, and access my email from
> all over the place, so don't have the one set of bookmarks.
>

This is easy for the mailing list administrator to set up in the mailman
admin interface (I manage an unrelated mailman list for jokes). There
should also be a description with a link on the listinfo page. James and
Angela are listed as the admins of the list, so its over to them...

--
Chris 'Awkward' McKenna

[hidden email]
www.sucs.org/~cmckenna


The essential things in life are seen not with the eyes,
but with the heart

Antoine de Saint Exupery

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Re: Mailing list footer (was: Finance and Banking (Thinking out loud))

James Forrester-5
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Chris McKenna wrote:

> On Sat, 7 Jan 2006, Scott Keir wrote:
>
> > PS would it be possible to have a link to
> > http://meta.wikimedia.org/wiki/Wikimedia_UK at the bottom of all these email
> > messages, just for ease? I keep on losing the page, and access my email from
> > all over the place, so don't have the one set of bookmarks.
>
> This is easy for the mailing list administrator to set up in the mailman
> admin interface (I manage an unrelated mailman list for jokes). There
> should also be a description with a link on the listinfo page. James and
> Angela are listed as the admins of the list, so its over to them...

Done.

Yours,
- --
James D. Forrester
Wikimedia : [[W:en:User:Jdforrester|James F.]]
E-Mail    : [hidden email]
IM (MSN)  : [hidden email]
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