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

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.

2. The signatories on the account will include the following:
James R. Kaplowitz (President)
Michael Schultheiss (Treasurer)
Martin Zobel-Helas (Director)

--
Martin Zobel-Helas <zobel(at)spi-inc(dot)org>
Software in the Public Interest, Inc. | Member of the Board of Directors
GPG Fingerprint: 6B18 5642 8E41 EC89 3D5D BDBB 53B1 AC6D B11B 627B

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.

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

* Michael Schultheiss <schultmc(at)spi-inc(dot)org> [2018-09-05 15:16]:
> 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

Agreed. (Personally, I see the risk of having too many bank accounts,
and the associated time to check everything is ok, higher than one of
the major banks failing in a way that funds are lost.)

--
Martin Michlmayr
https://www.cyrius.com/

Hi,

On Wed Sep 05, 2018 at 15:16:31 -0400, Michael Schultheiss wrote:
> 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.

I accept this rewording.

Best regards,
Martin

--
Martin Zobel-Helas <zobel(at)spi-inc(dot)org>
Software in the Public Interest, Inc. | Member of the Board of Directors
GPG Fingerprint: 6B18 5642 8E41 EC89 3D5D BDBB 53B1 AC6D B11B 627B