SIGBI news
SI Virtual One
A virtual Club is one that meets online, for Soroptimists and new members who cannot get to a ‘physical’ Club for whatever reason. This idea is being tested as a pilot by what will become SI Virtual One when chartered. The Club is progressing well, and making best use of the electronic technology available. More and more services are available via the internet now: video- and tele-conferencing via Skype, money transfers via PayPal, file sharing and collaboration via Google Docs. Keep up with the Club’s activities or contact us via our website:
http://soroptimist-gbi.org/virtual-one How you run a virtual Club to some extent
depends on the characters and capabilities of the members. SI Virtual One runs a monthly communication with its members via email, sending out a newsletter with a questionnaire attached called News&Views. This provides a report from each of the officers and requires a response to the questions posed in the document. A return is required from each member, to act as the equivalent of attendance at a physical meeting. The officers meet online using Skype
technology, holding a tele-conference call at a set time once a month. The whole Club could meet on Skype too, but that would be difficult to arrange; the email contact is more flexible as each member can respond in her own time over a period of about a fortnight. Other ‘normal’ Club activities can also translate to the virtual world – such as charity collection via
www.justgiving.com or using
www.eBay.com to run the equivalent of a jumble sale. This has yet to be tested but there is no reason why the virtual Club couldn’t do these or any other activities. It’s not a soft option – in many ways there
are higher expectations of the virtual Club because it is under scrutiny to deliver a new working model for a Soroptimist Club. It is an exciting option though, and hopes to prove that a virtual Club can be just as much fun, and do as much Programme Action work as any other Club. As soon at Virtual One is granted
its charter, we hope there will be the opportunity to help the second, and third and fourth, virtual Club into being. The possibilities are as wide as the range of people involved.
16 SEPTEMBER 2010 Soroptimist News Money Talk
Cash flow, investment policies, budgets… Hold on! Don’t turn to the next article! If these words usually bore you to tears, it’s my task in the next few hundred words to change your mind.
If you remember Dickens’ Mr Micawber
you’ll know how important it is that expenditure does not exceed income, and it is our job to ensure that SIGBI finances remain stable and in good order.
We have to make sure that SIGBI
operates legally as a limited company, as a “not for profit” organisation, and as a “non governmental organisation”. This is quite a balancing act: to combine business regulations and financial responsibility together with the charitable activities of our funds and programmes. We have to produce meaningful future budgets and historical audited accounts. My colleague Hilary Williams and I have been working hard since January on SIGBI finances and want to give you an update that will be interesting and meaningful, so here goes…
INCOME - MONEY IN Our only income is: • your capitation • any profit made on merchandising and conferences
• interest earned on capital. Capitation will not increase in 2010/11 and there is no motion to conference to increase it in 2011/12, apart from any rise linked to inflation. Our current merchandising is under review
by the Finance Committee and we’ll report back to you soon. In the longer term we also need to research sponsorship – but this will not happen without keeping you informed.
EXPENDITURE IN - MONEY OUT
What do we spend your money on? We spend on people - we run a very small office with 3 full-time and 1 part-time staff members. We spend on bringing directors to attend our AGM and conference. We spend on bringing you this excellent magazine and on marketing (e.g. website/dvd). We spend on membership and extension to help our organisation grow. Finally, we spend on Programme – the heart of Soroptimism.
INVESTMENT - SAVINGS We hold reserves, as any prudent organisation should. Investment income has disappeared over the past two years, as many Soroptimists may have also experienced in their own incomes. It is our task to make these reserves provide good long-term income, so we have been researching investment management companies to see which of them could be a financially sound partner. It is no use any more relying on the high street banks for a good return; we must look elsewhere. Don’t worry, we’re not heading to Iceland, and we’re being very careful to thoroughly research any potential partners. So change is not going to happen overnight and we’ll keep you fully informed.
SUPPLIERS – SERVICE PROVIDERS Over the next year we will also be tendering for financial suppliers, including banks, auditors, insurers and any other company providing services to us. This is to make sure that we are getting value for money, as well as receiving the service that we need.
PROPERTY - THE OFFICE Your directors voted to sell the current office premises as they are not suitable for our requirements. The premises have now been sold and office space has been rented, which is fit for purpose and give us the flexibility of changing the space as required.
QUESTIONS?
Has this brief update informed you about the current state of SIGBI finances? Do you have any questions? Hilary or I will be happy to answer your questions – just email us and we’ll do our best to reply promptly. Equally do you have views or experience relating to finances that you feel would help us? Please let us know.
Jenny Vince, Director of Finance
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