Five Friday Finance Tips
Published on November 28, 2024 by Chloe Spedding
Kia ora koutou,
We know that life gets particularly busy in the lead up to Christmas, so we thought we'd bring you Five Friday Finance Tips to make working with Gift Collective even more simple.
We know that life gets particularly busy in the lead up to Christmas, so we thought we'd bring you Five Friday Finance Tips to make working with Gift Collective even more simple.
- Applying for grants? Don't forget to check in with Gift Collective first - we can provide support letters, documentation, and can even submit for you through our GC portals in some circumstances.
- Received a grant? Congratulations! Don't forget to let us know so that when the payment lands, we know it belongs to your Collective. Pro tip for managing the expenditure of a grant with restrictions on it - create a separate project and allocate that grant to the budget of that project page, rather than your main budget. This way you can track the spending of that particular grant and make sure your expenses only match what your grant agreement says you can spend the funds on.
- Individuals, Organisations and Vendors - these are three separate things when it comes to contributing financially through the platform, and to submitting invoices. An individual (yourself) is usually the first option in the dropdown menu. Below that, you should see organisations and vendors. An organisation can be set up by clicking into your profile in the top right hand corner, and clicking the plus button next to "My Organisations" if you want to pay as or pay out to an organisation. This will involve someone from said organisation needing to verify expenses. If you want to pay an individual/organisation without them being involved in the process, they will need to be set up as a vendor. To do this, email [email protected] with the person's legal name, email address, bank account details (name, number and whether it's a personal or business account) and I will set it up for you.
- Processing fees - we know these are a pain, but unfortunately they are unavoidable. Please make sure there is at least $1.38 per expense remaining in your budget on top of what you're claiming when you submit expenses (NB the fee is larger if it's an international payment).
- When do I get paid? Our pay run is a weekly process. Please submit any expenses you would like paid out by end of Tuesday, we do our due diligence on them on Wednesdays, and payment usually lands in your account on Thursday. Note that there will be a couple of weeks over Christmas and New Year's when we will not be processing any payments. The last pay run for 2024 will be on December 18th (get your expenses in by Dec 17th). The first pay run for 2025 will be January 8th (get your expenses in by Jan 7th).
Hope these tips help :)
Happy Friday!
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