Finance coordinator

Monthly tasks

On the 13th of the month

  1. Check finance email
    1. brooks505finance@gmail.com
    2. Check Ameren (gas & electric) account. Is the amount between $300-400? Look at the usage summary (a bar chart of the monthly usage over the last year) for gas and electric. Is the current amount similar to the last month, or the same month last year?
    3. Check Illinois American Water (water) account. Is the amount around $100-110? Look at usage summary.
    4. Copy the water and gas/electric bill amounts into the house meeting notes
    5. Check any other relevant emails
  2. Create current sheet in bills spreadsheet
    1. Make a copy of last month’s sheet (“duplicate”) and rename the copy for the next month (e.g rename “Copy of Aug15-Sep14” to “Sep15-Oct14”)
    2. Check OOT column to make sure the numbers of OOT days are correct. OOT is counted as 4 or more consecutive days. When someone is OOT, record the OOT dates in the “Notes” column. Note: if someone is out of town long term (a full calendar month, e.g. the whole month of May), their electric contribution is reduced to $10 and water amount is reduced to $0. All other amounts are kept the same (OOT days will determine the food charge).
    3. Check AC column: $12/month for people who used AC in their rooms the previous month. Check with everyone to determine who is using AC. During hot months (June-September) it’s a good idea to assume everyone is using it unless they tell you otherwise.
    4. Check Parking column. Parking spots are $17/month. Cars used for shopping are compensated $15 for two weeks of shopping.
    5. Check the Ameren (gas & electric) and Illinois American Water (water) accounts and enter the most recent bill amounts into the corresponding (yellow) boxes in the spreadsheet.
    6. Check the yellow box for setting “days in month”
  3. Send email notifying everyone of the bills
    1. Copy the three columns “Q” through “S” from the bills spreadsheet and paste into the email
    2. Remind everyone to tell you about OOT days and AC usage
    3. Include the link to the bills spreadsheet for everyone to check their amounts
  4. Send venmo charges
    1. Log into venmo.com/groups/sign-in (you need to log into the group account)
    2. Check past requests. If there are any unpaid charges, click the “remind” button
    3. Charge (“request” from) each person the corresponding amount from column “Q” in the bills spreadsheet
    4. Charges should be paid by the 15th of the month.
  5. Shopping reimbursements
    1. Collect receipts from finance pocket
    2. Enter date, name, amount and store to the “Brooks Shopping Receipts” spreadsheet
    3. In the column of the current month, edit the formula to use the rows for the receipts entered in that month (if April-May receipts take up rows 28-34, then the formula should be “=SUMIF($B\(28:\)B\(34,\)F2,$C\(28:\)C$34)”. The “F2” in the formula refers to the name in column F row 2 - each house member gets a different row, and the names are in column F.
    4. The reimbursement amounts can be read off of the current month’s column
    5. Pay out these reimbursement amounts on Venmo.

On the 1st of the month

  1. Check Apartments.com
    1. log in
    2. make sure everyone has paid the right amount of rent

Other (non-monthly) tasks

In August (or any time people move in/out)

  1. Check Apartments.com
    1. Make sure anyone moving out is paying a prorated rent amount
    2. Make sure new people have been added to Apartments.com before moving in, and have paid first month’s rent and security deposit (equal to one month’s rent).
    3. If anyone is switching rooms, make sure to update their rent amount.
    4. The August charge will be for the previous year’s rent amount. Half of August should be charged at the new rate. Add an extra charge on Apartments.com to all returning members for half the rent difference for each person.
  2. House deposits
    1. Send $100 on on Venmo to anyone moving out
    2. Charge $100 on Venmo to anyone moving in
  3. Make sure Treasurer returns security deposits to anyone moving out

Brooks house bills

  1. Gas & Electric (Ameren) is about $300-400 per month, and is automatically withdrawn from the bank account (“Brooks Utilities”) early each month.
  2. Water (Illinois American Water) is about $100-110 per month, and is automatically withdrawn from the bank account (“Brooks”) late each month.
  3. Internet (Comcast) is $80 per month, automatically paid through Busey Bank from the “Brooks” account.
  4. Garbage (Mel’s) is $70 every two months, automatically paid through Busey Bank from the “Brooks” account. The monthly charge in the spreadsheet is $35.

Role description

The finance coordinator at Brooks House is responsible for managing the Brooks House accounts and the money coming in and out of them, as well as assisting the COUCH Treasurer in collecting COUCH rent payments. The month-to-month tasks include collecting COUCH rent and house charges, paying bills, and reimbursing shoppers. The full list of responsibilities is defined below:

  1. Collecting rent. The rent is paid to COUCH and each rent is determined annually by the COUCH Board. The finance coordinator is responsible for Keeping track of these charges and making sure members pay rent on the first of each month. Charging a one time late fee of $10 to tenants who have not paid by the third of the month. Updating these amounts if they are amended by the COUCH Board.
  2. Collecting house charges. House charges include food, utilities, and parking. Each month, the finance coordinator Determines the food charge based on members’ time out of town (OOT). Determine utilities charges as specified in the House Charge Form The finance coordinator should also ensure that members pay these charges in a timely manner (as of 2020 this is done through the house Venmo account)
  3. Drafting payment plans. It may be necessary for members to have an alternative payment schedule for rent or house charges. Works with the member and the COUCH treasurer (if regarding rent) to develop a payment plan that will be signed by both parties. The signed payment plan should be stored/amended to the lease.
  4. Paying bills. Ensure that utilities are paid on time – electric/gas, water, internet, trash collection.
  5. Reimbursing shoppers. Finance coordinator should collect the receipts from shoppers (and anyone else making approved house purchases) monthly and reimburse their purchases from the house account (Venmo).

Additional responsibilities include:

  1. Checking finance email. brooks505finance@gmail.com. Bill statements and banking information are often sent here. The finance coordinator is responsible for keeping up to date with relevant information.
  2. Monitoring bank accounts. Automatic payments for bills. Update when needed and ensure the deductions match the statements. Provide regular updates to the house members about the current state of finances.
  3. Budgeting. The goal is to make sure that the house isn’t losing money on a monthly basis. Give shoppers an estimated weekly budget Budget for CSA Keep track of miscellaneous expenses
  4. Checking the Karma Box and depositing into the house’s bank account. This is how guests repay the house if they were provided food or other resources they feel inclined to compensate for.
  5. Writing checks on behalf of the house.
  6. Coordinating with COUCH Treasurer Rent amounts (updated each year) COUCH rent payment plans Late/missing payments Any unusual situations requiring special decisions
  7. Transitioning incoming finance coordinator. Add them to the bank account as an authorized signer. Provide relevant account information (email password, bank account info, etc.) Run through the rent and utilities accounting process.