Improve handling of cash drops?

I’m curious on streamlining cash deposits to the bank. They used to run smoothly, but times and people have changed. Suggestions?

See this thread on lost quarters.

I can comment based on my recent experience.

First addressing the recent loss of quarters:

  1. Wells Fargo does not accept loose coins, if they did, we would have deposited them on the spot.
    Right now, coins currently have to be hand counted and rolled. Understandably, this task had been procrastinated for a while… Leading to hours of effort on the part of hackers to count and roll like 20+ rolls of quarters.
    This could be resolved by buying a coin counting machine, or banking somewhere that has one. As a non-profit, can we bank with a Credit Union that might have lower fees?

  2. The rest of the cash deposit went fine (as far as we know). Apparently, cash had not been deposited in a while, so who knows if other people were stealing before we counted the cash? We really need a bench mark for cash so we know if we are falling short or not. (I.E. 1st quarter last year was $1000 this year was $500 etc…)

Suggestions to make things better all revolve around discouraging use of cash:

  1. Make the QR signs for electronic deposits more clear of their purpose
  2. Can we also have a venmo address in large font for people to just send money that way?
  3. Can we publish our paypal email address and make it more visible?
  4. Can we make our bitcoin QR or address more visible?
  5. Add signs to cash boxes saying we prefer electronic methods!

Credit Unions also have higher interest rates. The Self help federal credit union in the mission offer 1.89% on Money Market accounts. If Noisebridge were to keep $100K in there it would net $1,890 in interest…

The trade off is that Credit Unions can have fewer services, and I am not looking to increase the work load on treasury activities…so throwing it out there as a suggestion…

I’m taking a look at average deposits now. I’ll get back in the next day or so with some historical trends, and we can see what our averages have been for cash.

Totally agree that we need to get on donating at the end of every month. Money has likely been stolen before without us noticing.

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Awesome! Thanks Tyler!

It will be good to know what our cash trends have been!

Getting break downs or paypal donations, or other forms would be nice too, but don’t want to ask too much…

Way ahead of you. Cash Paypal Stripe Patreon Benevity. We’ve got donation options lol.

Awesome! I can’t even find the link for Benevity on the donation page:
https://www.noisebridge.net/Donate_or_Pay_Dues

Not sure what it is.
Can we also have a venmo? I just feel like that is so straight forward.

I think we can work on some “Donate Online” posters with all the options.

I can work on that in a couple of weeks when I get back. But happy if someone else does it.
I know there are QR codes already, but to me those are not obvious.

I think a big problem with the QR code too is that someone can spoof them. I guess someone can spoof any online donation address, so we should be sure to have the addresses visible somewhere obvious and difficult to reach/change. Like hanging from a flag on the roof…

Heh heh. Sorry for all the requests. Reading Ghost in the Wires, so just thinking of all the ways things can go wrong. To some extent, trust is involved…

Benchmarking is also a great way to alert us of any funds getting redirected the wrong way! :slight_smile:

Interesting thoughts, but I’m asking specifically about cash. Cash is critically important, and just needs attention at the space so it can be treated with the same respect as our other payment methods. For credit or venmo, please create a different thread.

  • A coin counting machine is a great idea!
  • fyi, Noisebridge condensed some time ago to switch Wells Fargo to a credit union.
  • We could bring back earlier accountability on individuals counting change, having another person in the space verify, then depositing change to noisebridge’s account before sending an update to the proper discuss or slack channel. We definitely need new blood helping prepare + complete the deposits.

For those wondering, I believe Benevity is something that corporations use for corporate matching.

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A Venmo would be fine to set up as well. And some more signage is always awesome!

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Just reiterating that SF Fire CU has coinstar machines in each of their branches. Closest one to NB is at 5th and Mission so not super close but easy to get to. They have been great, I have had a personal account since like 2001 or something. I had a business account for my coffee shop too which was similarly excellent

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What if we invested in one of those drop slot safes that retail businesses use between shifts:

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I use SF Firefighters Credit union and they have a coin counting direct deposit machine at one of their branches (albeit far from the mission). You just swipe your card and dump the coins.