[Noisebridge-discuss] Assistant Treasurer position? members, please read, consensus items

[Jeffrey Malone]

Just wanted to say that I fully support this move, as it will make the
treasurer job quite a bit easier.

If anyone is wondering why we don't just have someone help me out
without going through this effort, let me explain why:

 - The Directors and Officers insurance Noisebridge holds covers only
the directors (board) and officers.  The insurance works to protect
the directors and officers from any mistakes they might make that cost
the corporation money, or any liability that could be claimed against
the corporation that they could be personally liable for.  Basically,
if the person is an officer, both they and the corporation are
mutually insured from fuckups.
 - It allows the person to sign for the organisation as needed
(primarily checks), and makes bank account access kosher

That said, Al has actually already been helping out, and I'm very
appreciative of that.

On Wed, Jun 30, 2010 at 4:19 PM, Rachel McConnell <rachel at xtreme.com> wrote:
> This would affect our bottom line by an estimated $75 per year.  The new
> office would be added to our Directors and Officers insurance.  At the
> moment the five directors and three officers (8 people) cost us about
> $600 per year.  The estimate is made by assuming that one more person on
> that policy would increase the cost by 1/8.  Jeff and/or Seth will let
> us know the exact number as soon as they have that information from our
> insurance company.

Since the meeting last night, in which the question of fiscal impact
was raised by Rachel, I've looked up our insurance costs.
I had incorrectly remembered our D&O insurance premium -- it is in
fact $795/year, or approx $100/head for each director/officer.  Using
our basic logic as above, this would increase our annual costs by
$100, not $75.

I've sent an email to our insurance agent to get a proper quote, and
I'll let everyone know when I get a reply.

Jeffrey