Monitoring both Red Cedar Zen and Red Cedar Dharma Hall accounts at WECU and working with the our Paypal account. I am one of two signers on the WECU accounts. The gatekeeper and the registrar have access to the paypal account.
The lease is paid automatically each month from the RCDH checking account. I check to make sure there is enough money in the account to cover the monthy bills, which includes the lease and several utilities payments—Puget Sound Energy, SSC, phone, internet etc. These are paid electronically. Check that $1200 has been transferred each month from Red Cedar Zen savings account to the Red Cedar Dharma Hall checking account and that BIMS has made their monthly rent payment into the RCDH checking account. You can transfer money from the RCZC savings account to the RCDH checking if needed.
The amount of the monthly rent is adjusted each year of the lease, currently each October, so after the payment has been made in September, check on what the new amount will be for the next 12 months and change the automatic payment on the WECU website.
Part of monitoring the accounts is looking at the checks that are written (this can be done online) to make sure that they make sense, and checking the amounts in each savings and checking account in the first few days of each month. Generally speaking, we don’t need to keep more than $2,000 in the RCZC checking account so the rest can be kept in savings where we earn some interest. Tim’s monthly stipend (currently $400) is automatically transferred each month from the RCZC savings account, so check that that has happened each month.
Notify the accountant of any changes you make---money transfers, changing amounts of automatic payments, etc. You can also ask the accountant any questions you might have.
Paypal accounts are also monitored and twice each month download the monthly history (all activity) for the 1st through the 15th and the 16th through the end of the month, and email the info to the accountant and the membership coordinator. Also, from time to time, transfer money that has accumulated in our paypal account to the RCZC account. When this is done electronically, it automatically goes into the checking, so after a few days, check to see if the transfer was made and then usually we transfer the money to the savings account. These transfers are best done a couple of weeks after a sesshin is over, in case the registrar needs some money in the paypal account to issue refunds. Otherwise, we don’t need to keep money in our paypal account.
The gatekeeper has debit cards for both the RCDH and the RCZC accounts and the PIN numbers and can use them as needed for authorized purchases, or loan them to a member who is getting supplies for the group. The treasurer has the other set of debit cards.
The gatekeeper is one of two signers on the accounts at WECU and can sign checks when requested by the accountant or others.
Access codes for paypal and RCZC and RCDH accounts, PINS for the debit cards, and how to transfer funds or change payment amounts etc. will be given to whoever does this job next. I did not want to include this information here.
This information was written in January 2014 John Wiley