Show me the money!

Financial processes or: Show me the money!

Finance wizards

As explained earlier, the Finance wizards are a task force dedicated to managing euforia's money.

Composition: The lead link of each circle is responsible for the budget of the circle and thus a "finance wizard". Together with the person holding the role of financial management,

Current composition: David (financial management role & fundraiser), Sonia (leadlink heartbeat), Malika (finances role PLAY ), Alessia (leadlink PRO). Severin as replacement.

Purpose: to manage transparently and collaboratively the euforia budgets (how is money spent and how does money come in), as well as promote/ensure financial sustainability and healthy liquidity situation. More specifically, it may, amongst other things : establish budgets of costs and revenues, decide on revenue allocation, approve exceptional new costs, address liquidity problems.

Transparency: The finance wizards' purpose, activities, discussions and decisions are 100% transparent to all employees and visible on this trello board (please request access if [e-mail] forgot to add you :). On top of this, financial updates are provided at quarterlies and/or bimonthly tacticals.

Yearly budget process: in general, budgets are established on a rolling basis, which means that whenever a new project comes up (with funding ;) it is added to our moneycomb. To establish our annual budgets, we basically use the previous years' budget as a reference and adapt it 1) according to the circles' needs and inputs; and 2) based on salary info included in the wholebeing mixes. In 2018, we tried out doing our budgets at the beginning of the year for one year (it ended up being May 2018 to May 2019), as we noticed that at the end of the year we are super exhausted and have little head space available to plan the next year...

Want more detailed info about how the finance wizards function? click here!

How can I spend euforia money?

Circle budgets

Most expenses are justified by the operational strategy and will thus be considered in the circles’ budgets. Given this assumption, any euforia employee will have the authority to deploy resources (ie make an expense) in order to fulfill her roles.

That said, how it usually works though is that the decisions on operational expenses will be made collectively within the circle or by the head of budget (the lead link) (once the overall budget has been approved by the finance wizards). So if your role calls for a specific expense, bring it forward to the attention of your circle in a tactical meeting.

Structural budget

Also, there are some structural costs that are considered at euforia level, ie costs that are needed to sustain our overall organisation (and not specifically linked to one activity or circle), these are mainly related to talents and coordination (e.g trainings budgets, meetings expenses) or admin (e.g offices rent money, accountants, IT costs, etc..). This budget is agreed upon by the Financial Wizards and supervised by Sonia as Heartbeat Leadlink. If you see a need here you should refer to her.

Now, in the two following cases, you have full autonomy to decide upon expenses (even though you may always choose to get advice from others).

Your personal training/wellbeing budget

It has been previously decided that this budget is for you to use freely on : trainings related or not to your roles at euforia, yoga and/or other activities... whatever supports your wellbeing. YOU are responsible for keeping up to date how much you have spent from your allocated budget, in this folder. In general, interns obtain a budget only to attend the Radical Collaboration training.

Personal expenses related to work

When you incur an expense related to your work, assuming that it is in compliance with our Walk the talk on Sustainability Policy, AND the euforia reimbursement rules (an absolute MUST READ), you will be reimbursed by euforia.