[Foundation-l] Wikimedia financials - bank fees

[Garfield Byrd]

The actual bank fees for payment processing for the month of January were
$84,237 on donation revenue of $3,695,574, which is an average of 2% of
revenue in processing fees for Paypal and Global Collect for the month of
January.  We are beginning two projects to attempt to reduce payment
processing fees for both Paypal and Global Collect. The $42K number was the
amount in excess of budget for bank payment processing fees, due to
donations being in excess of budget for the month of January.

Garfield

Garfield Byrd
Chief of Finance and Administration
Wikimedia Foundation

On Sat, Mar 10, 2012 at 9:38 PM, En Pine <deyntestiss at hotmail.com> wrote:

>
> I notice that the financial report at
> https://meta.wikimedia.org/wiki/Wikimedia_Highlights,_February_2012 says
> something about “higher bank fees ($42K)”. Has anyone taken a hard look at
> these fees to see if WMF could organize its utilization of bank services in
> such a way that it can lower this expense, including the possibility of
> moving the WMF’s bank account(s) to one or more different financial
> institutions? $42k seems like a very large amount of money for a nonprofit
> such as WMF to spend on bank fees in a single month. I can speculate that
> the definition of bank fee might include things like currency conversion
> fees, but even so, $42k seems like a lot.
>
> Pine
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-- 
Garfield Byrd
Chief of Finance and Administration
Wikimedia Foundation
415.839.6885 ext 6787
415.882.0495 (fax)
www.wikimediafoundation.org