INTERIM FINANCE GROUP MEETING 4.30pm Nov 24th RFH Minutes begun at 5.15. No livestream but video recording made

Liz B, Obi, Julie, David D, John C, Tim F

PROPOSALS to take to GA: Remove the ring fence for legal expenses of £1300

DECISIONS Signatories. Number of signatories required to sign a cheque is reduced from three to two.
There should be a pool of six signatories who are physically available.
They should be rotated so two retire each year
(subject to ratification at next meeting. Then to be proposed at GA?)

The account is with the Co-op.
How we as Occupy make financial decisions is not a matter of consequence to the bank
Occupy has £1802.00 in the account
The size of the finance working group is a minimum of five
There is no finance working group as such at the moment
All six existing signatories wish to resign and therefore have to be replaced
Elizabeth Beech resigned as bank contact in January 2013, so far no replacement has been appointed by the
GA, however Obi has volunteered to take her place
In order to protect Occupy’s relation with the Co-Op the bank has not been informed of these resignations.
Balance is to be checked weekly by phone.
Only signatories can withdraw cash
There is no debit card arrangement
Accounts are not externally audited ( only required to do so if receive a donation in excess of £3000)

TOPICS discussed

Should signatories also be a part of the finance group? (it also acts as check against previous fraud etc via the credit check)

How to choose signatories? What is their role? On what grounds can they refuse to sign a cheque – if any? How can they be removed?

Should there be a test for membership of finance committee in form of credit check? Problem of people who do not pass credit check for entirely honourable reasons then not being able to be part of finance group. Importance of establishing trustworthiness. Importance of establishing competence (min 3 meetings attendance before elligible)

Importance of keeping the finance group open. Idea of rotation – how to implement it. Minimum and maximum terms for being in group.

Finance requests process

Start of GA total is given
Total number of requests put to GA
Reminder they may have to be modified
Goes to GA consensus decision
Bank contact then goes to signatories to get amount (or gives cash which BC subsequently reclaims)

( note Question of receipts?)

( note do requests initially go via Finance group ?)

How to spend money in the future?

Spend money to make money
Keep an operational reserve? If so how much?
Not our role to suggest expenditures
We have not spent any money since last year. GA decision to donate to Balcombe camp was not implemented.


Julie and Tim to investigate governance issues in Finance group and Signatories and report back
Liz and John to clarify & report back on
Cash – cheque – debit card handling policy
Role of Bank contact person
Finance group membership
Authority to disperse funds
Annual report of finance to GA
Auditing or examiners of accounts annually

(note there will be some overlap in these two reports)

Next meeting: Fri Dec 6th 7-9pm at Friends House, Euston.


About Obi_Live

Occupier at OccupyLSX Camp. Then an Occupy Nomad. The revolution will be Livestreamed.

Leave a Comment

You must be logged in to post a comment. Log in »

© 2012 Occupy London
Powered By DynamiX