This is a list of all the tasks that need to be done within Finance Group. They've been given different levels according to how much finance knowledge or experience is needed so you can see at a glance what tasks you might be able to do - but also don't feel like you can't pick up any others, the best way to learn is to get stuck in and ask questions if you get stuck!
[1]
No specific knowledge or experience needed - could be good for a new member to pick up
[2]
Some specific knowledge or experience is helpful - could be done by someone who feels a bit more confident or a new member who isn't afraid to ask questions
[3]
Needs more experience or knowledge - could be picked up by someone who's been in Finance Group for a while or by a newer member and an “older” member working together
These are things that need to happen at any Finance Group meeting or general admin tasks that keep getting forgotten!
[1] Arranging Finance Group meeting dates
[1] Facilitating meetings
[1] Taking minutes
[1] Keeping track of the action points coming out of each meeting, adding to the action points list and sending reminders to the group
[1] Keeping the documents organised (including this wiki!)
[2] Keeping the handbook up to date
[1] Updating the standing agenda
[1] Checking for events that need to happen regularly but over a longer period of time (e.g. budget setting, Finance Worker contract tendering, Finance Literacy workshop)
One of the big things Radical Routes does is offer loans to its members. It's Finance Group's job to manage this process, helping co-ops apply, assessing loan applications and monitoring co-ops' financial health.
Getting a loan with Radical Routes should feel different to getting a loan from a bank - we want our members to be able to get loans so they can buy a house or improve their co-op, so we want to give them as much help as we can with the process.
[1] Collect contact details from co-ops who come to the Intro to Finance workshop at gatherings
[1] Make sure each co-op interested in a loan has a support contact within Finance Group
Be a support contact for a co-op who wants a loan:
[1] Check in on how they're doing
[1] Be the go-between between them and Finance Group
[2] Help them with their loan application
[1] Make them aware of loan application deadlines (for Finance Group to assess the loan and for submission to the agenda)
Just before a co-op submits a loan application, Finance Group go through it together a final time and assess whether the model works financially.
[1] Make sure Finance Group is aware of what loan applications may be submitted in the run up to a gathering
[1] Make sure a loan assessment session happens before the agenda deadline - with enough time to assess any loans coming in, go back to the submitting co-op with questions and modifications, and to write a recommendation to the gathering
[1] Make sure the latest loan applications are made available to Finance Group before the loan assessment so people can look through them in advance
Assess the loan
[1] Re-input all the data into a fresh model just to make sure everything's been input correctly
[3] Go through the model, make sure it's financially sound
[2] Flag up any issues and questions, and try to resolve them with the submitting co-op
[3] Decide if there are any special conditions that need to be applied to the loan
[2] Write some blurb to accompany the loan application with any issues Finance Group needs to make the network aware of, and whether Finance Group would recommend the loan, with any specific loan conditions
Even if a loan has been agreed, a lot can happen between then and actually needing the money. Once the co-op is ready to take the money out, Finance Group need to have a meeting where they agree to release the loan
When the co-op requests the money, call a loan release meeting, in which we:
[3] Make sure the property being bought is not too different from the original loan application
[3] Make sure any loan conditions have been satisfied
[1] If all is well, instruct the Finance Worker to release the loan
Finance Group have regular loan monitoring sessions where they check the financial situation of co-ops with loans.
[1] Make sure regular loan monitoring sessions are arranged
For each co-op with a loan:
[1] Check if there's a point of contact within the co-op for finance related stuff
[1] Check they've filed their latest accounts with the FCA and emailed a copy to treasurer@radicalroutes.org.uk
[1] If they haven't, it probably means they aren't on top of their finances right now - check in with the co-op and ask if they need help!
[3] Check their accounts for any red flags (negative net worth, making a loss etc)
[2] Are there any other issues with the co-op that might affect their financial situation?
[2] Follow up with any co-ops with issues, and make sure they have enough help to work through them and come up with a plan
¶ Liaising with CSG and the wider network about co-ops with loans
If a co-op is having financial difficulties it may create other issues within the co-op, and other issues may affect the co-op's financial situation. So Finance Group work closely with CSG and the wider network to make sure the co-op is supported.
[1] Make sure Finance Group has a CSG liaison - someone who can let CSG know about finance issues and let Finance Group know about other issues
The CSG liaison should:
[1] Give regular updates from CSG in Finance Group meetings
[1] Update CSG after a loan monitoring session with any new issues CSG should know about
Another of Finance Group's jobs is to share financial knowledge with RR members and help increase the wider understanding of RR finance
¶ Providing basic financial literacy training to co-ops
Everyone in a co-op should have a basic understanding of how co-op finances work, so there's less chance of making a mistake or the co-op going into crisis when the person who does the accounts leaves! Finance Group offers training to any co-op who wants it.
[1] Find out if any co-ops are interested in training (shout outs to the list or at gatherings)
[1] Keep a list of co-ops who would like training
[1] Find someone in Finance Group to give the training for each co-op (or group of co-ops)
[1] Organise a time and place for each training session
[2] Go through training materials and make sure they're up to date, in the right order, look good and are easy to read/understand
[1] Make sure equipment and resources are ready for the session (whiteboard, markers, projector, printouts, biscuits etc)
[3] Prepare and run a session
[2] Shadow someone running a session
¶ Running the Intro to Radical Routes Finance workshop at gatherings
The Intro to Radical Routes Finance workshop runs at every gathering for new co-op members or co-ops wanting to join Radical Routes
[1] Before the gathering, make sure someone is down to run the workshop and someone else to shadow/support the person running it
[2] Go through training materials and make sure they're up to date, in the right order, look good and are easy to read/understand
[1] Make sure equipment and resources are ready for the workshop (whiteboard, markers, projector, printouts, biscuits etc)
[2] Prepare and run the workshop
[1] Shadow someone running the workshop
[1] Collect details of new co-ops/co-ops looking for loans
¶ Running the Financial Literacy workshop at gatherings
The Finance Literacy workshop runs at every other gathering (Spring and Autumn gatherings)
[1] Before the gathering, make sure someone is down to run the workshop and someone else to shadow/support the person running it
[2] Go through training materials and make sure they're up to date, in the right order, look good and are easy to read/understand
[1] Make sure equipment and resources are ready for the workshop (whiteboard, markers, projector, printouts, biscuits, chocolate buttons etc)
[3] Prepare and run the workshop
[2] Shadow someone running the workshop
[1] Collect details of new co-ops/co-ops looking for loans
¶ Providing training on how to assess loans/business plans
Everyone in the network should be able to assess a co-op business plan, not just Finance Group - so every now and then we should be making sure we have enough people who know how to do this dotted around the network, and providing training to get people up to speed.
[3] Create training materials
[1] Organise training sessions (at gatherings or one off events)
As people join and leave Finance Group, there are different levels of understanding within Finance Group, so we need to run training sessions for ourselves too.
Induction sessions for new members about how Finance Group works
Training slots within Finance Group meetings to prepare for a particular task (e.g. loan monitoring, assessing a loan, etc)
Financial literacy training for Finance Group members
Training on how to run Financial literacy training workshops
¶ Overviewing Radical Routes' and Rootstock's financial situation
Finance Group keep an eye on Radical Routes' general financial situation and notify the network of any issues they need to be aware of, proposing possible solutions for potential issues.
[1] Read through the quarterly finance report before each gathering before it goes into the agenda
[2] Flag up any issues or questions to communicate to the gathering
[2] Write up a summary of the finance report for the agenda
[3] Discuss issues or possible strategy ideas for Radical Routes and write proposals for gatherings
Finance Group need to make sure Radical Routes' money in the bank is managed in an ethical and responsible way, so as much of the reserves are protected and earning interest where possible.
[1] Make sure where Radical Routes keeps its money is consistent with our policy on ethical banking
[1] Make sure as much money as possible is protected under the FSCS Compensation Scheme (up to £85,000 per bank)
[1] Make sure there's the right balance between getting enough interest and having enough money available to withdraw quickly
[1] Investigate ethical banks if we need to create a new account
The Treasurer responds to emails to the treasurer account with the help of Finance Group, and also signs any documents as needed.
[2] Answer any questions the treasurer needs answers to in order to respond to their emails
[1] Contact the treasurer to get them to sign any documents
¶ Authorising payments and doing bank account admin
The Finance Worker creates payments but can't authorise them, only members of Finance Group can do this. So Finance Group need to keep on top of outstanding payments and double check they've been approved and are going to the right places.
[1] Become a signatory on one or more Radical Routes bank accounts
[1] Authorise any payments requested by the Finance Worker, double checking the details
[1] If they're working group expense claims, check they've been approved by a core member of the working group and have receipts
¶ Liaising with and overseeing the work of the Finance Worker
The Finance Worker is employed by Radical Routes to do the practical finance related tasks, and work closely with Finance Group to do this. Finance Group should be checking the work is up to scratch and manage the Finance Worker contract
[1] Checking in with the Finance Worker to make sure they're doing ok and have everything they need to do their job
[2] Carry out an annual review and decide on and propose pay rises to the gathering
Putting the Finance Worker contract out to tender every 3 years
[1] Make sure Finance Group is aware of when this needs to happen again
[2] Updating the tender document and Finance Worker job description
[1] Sort out the application process and timeline
[1] Sending a call out for applications
[2] Review applications and decide on a candidate to recommend
[1] Create a proposal recommending the candidate to the gathering
Finance Group need to keep on top of the finance related policies in the Radical Routes policy document and make sure they get updated if they're out of date
[1] Make sure Finance Group reviews the policy document from time to time
[2] Create proposals for amendments to policy coming out of review of policy or as they come up in Finance Group meetings
[2] Make sure the policy document is up to date with amendments
Rootstock need to be informed of any financial situations that may affect their investments, and also keep Finance Group updated about whether new investments are coming in or shares are being withdrawn. Also every year Rootstock and Finance Group need to agree on the interest rate for Rootstock's shares in Radical Routes
[1] Make sure Finance Group has a Rootstock liaison - someone who can communicate between Rootstock and Finance Group about issues they
The Rootstock liaison should:
[1] Give regular updates from Rootstock in Finance Group meetings
[1] Update Rootstock after a Finance Group meeting with any new issues or developments Rootstock should know about
[2] Come to an agreement between Rootstock and Finance Group on Rootstock's interest rate on shares
[2] Create proposals for gatherings for maximum and budgeted interest rate on Rootstock shares
Budget setting happens every 3 years at the Summer gathering and is where working group budgets and service payment levels are agreed collectively in a big workshop. This takes quite a bit of preparation and back and forth with working groups and the network in the run up to the gathering
Running budget setting workshop every 3 years
[1] Make sure Finance Group is aware of when this needs to happen again
[1] Give notice to gatherings group and working groups for which gathering it needs to happen at and make sure it's timetabled
[2] Notify the whole network that it's happening and explain how the process works
[1] Send call outs to working groups to update their budgets and send them to Finance Group
[2] Work out updated working group budget and service payment levels and write some blurb for the agenda
[2] Explain the budget setting workshop in the agenda and how the process works
[1] Take part in running the workshop
[2] Create proposals for the new working group budgets and service payment levels
The Finance Worker keeps track of service payments and keeps Finance Group updated with how co-ops are doing. If there are arrears Finance Group can chase them to some extent but decisions around large arrears generally need to go to a gathering.
[1] Go through service payment arrears with the Finance Worker
[1] Get in touch with co-ops that are in arrears to make sure they know about it
[2] If co-ops aren't responding or are building up large arrears, discuss what to do about it
[2] Create proposals to the gathering as to what to do in specific cases
Every now and then Finance Group hosts a Thinky Day around a particular topic whether that's going deeper into the Radical Routes finances, modelling future scenarios, or thinking through political or strategic ideas about what Radical Routes could do with its money.
[1] Encourage Finance Group to do another Thinky Day if one hasn't happened for a while