Re: Resolution 2018-09-10.mzh.1: Establishing additional SPI banks accounts

Martin Zobel-Helas wrote:
> I'd like to propose the following resolution for the September meeting:
>
> Resolution 2018-09-10.mzh.1: Establishing additional SPI banks
>
> WHEREAS
> 1. SPI's deposits on hand at its current banks are approaching the limit
> of FDIC insured funds.
>
> THE SPI BOARD RESOLVES THAT
>
> 1. The Treasurer is authorized to open new checking and savings accounts
> for Software in the Public Interest, Inc. at additional banks to ensure
> SPI's balances are below the FDIC insurance limits.

I suggest replacing the above paragraph with:

1. The Treasurer is authorized to open new checking, savings, and other
accounts for Software in the Public Interest, Inc. (SPI) at additional
financial institutions to meet the financial needs of SPI.

Rationale: SPI currently holds in trust and in its general fund well
over the FDIC insured limit. Dividing up SPI's funds just to remain
under the FDIC insurance limit places undue burden on the SPI Treasury
team. Since SPI and its associated projects do not need immediate access
to all funds held in trust/general, a portion of the funds SPI holds
should be placed in secure high interest bearing accounts such as
certificates of deposit.

Michael Schultheiss
Treasurer, Software in the Public Interest, Inc.

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Michael Schultheiss
E-mail: schultmc(at)spi-inc(dot)org