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WMF banks $11 million |
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Jmh649 |
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This is a really smart strategy. If only our governments would do this. If people or organizations spend beyond there means before they know it much of their incomes goes to interest.
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thekohser |
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I think it's rather comical that the Wikimedia Foundation would rather bank the $11 million than spend about $200 or $300 reclaiming all of the "wikipedia<dot>country-code" domains that they've asked private lackeys to hold onto at their own expense. Our loyal lady Japanese Wikipediot, Aphaia, commented on this: QUOTE Hi, I think there is no problem. Those domains has been taken in good faith, and we once asked WMF if they wanted to get them transferred. At that time, we got a informal reply like "no, thank you, we'd rather be grateful for you a trusted Wikipedian to hold them in your own expense". That is why an individual Wikipedia user holds those domains. And Was a bee pointed out, there is no Wikimedia chapter in Japan yet. If asked by WMF or a future chapter, those domains would be transferred without trouble, I believe. --[[User:Aphaia|Aphaia]] ([[User talk:Aphaia|talk]]) 10:33, 6 September 2010 (UTC) (IMG: smilys0b23ax56/default/wacko.gif) If a web-based company can't even get this basic matter in order, I have to ask, what exactly are the 49 nitwits running around at 149 New Montgomery Street actually doing?
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Jon Awbrey |
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Ï„á½° δΠμοι παθήματα μαθήματα γÎγονε
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QUOTE(thekohser @ Wed 8th September 2010, 9:53am) QUOTE(Jon Awbrey @ Wed 8th September 2010, 9:36am) I'll give it a try … Rolling on the floor and laughing out loud at Tomorrow, When The War Began. (IMG: smilys0b23ax56/default/hmmm.gif) Close, but No Smoking in this Forum … All The Way To The Bank — Jon (IMG: smilys0b23ax56/default/tongue.gif)
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Peter Damian |
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I have as much free time as a Wikipedia admin!
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I missed this thread when it came out. Truly astonishing. There are all sorts of useful guidelines about how charities can or should invest http://www.mccreafs.co.uk/site/charitable.phpWhy is the money sitting in a bank account? If the objectives are to spend every penny that is donated, then not unreasonable. Even then, are they distributing the cash across different banks? As Greg has noted, having all your cash in one account can be dangerous. I don't know about FDIC but the UK equivalent was limited to quite a small amount of compensation. A friend of mine invested his entire life savings ($100,000) in Lehmann and lost the lot (though this was a bond, not a deposit). If the objectives are to hold assets for long-term objectives, then these should not be invested in cash deposit, which pay very low rates of interest. I don't know the situation in the US but here you can get a 1-year bond with various mutuals ('building societies') for 2.5-3%. I recently invested some money with our National Savings which pays inflation + 2% which with hindsight was a great deal. I also got 8% last year with a mutual that was looking to raise cash. There is also the stock market although there is a degree of risk attached. Wales apparently has some investment experience, perhaps they should put him in charge of the assets? (IMG: smilys0b23ax56/default/unhappy.gif) [edit] The financial reports here http://wikimediafoundation.org/wiki/Financial_reports do not specify whether the "Total Checking/Savings" are in deposit accounts or in some other vehicle. This post has been edited by Peter Damian:
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Peter Damian |
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I have as much free time as a Wikipedia admin!
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QUOTE(anthony @ Sat 18th September 2010, 1:58pm) QUOTE(thekohser @ Sat 18th September 2010, 11:54am) QUOTE(Peter Damian @ Sat 18th September 2010, 5:46am) The financial reports here http://wikimediafoundation.org/wiki/Financial_reports do not specify whether the "Total Checking/Savings" are in deposit accounts or in some other vehicle. Because they didn't think the kids in their mom's basement would care to know. They certainly don't want guys like you or me to know, either! How could "some other vehicle" be described as a "Checking/Savings"? I'm not an expert on accounting terminology (I was just wondering where you were, Anthony). Also 'checking' is US terminology. It just says 'checking/savings', and I assumed this means 'checking or savings', that 'checking' means 'bank deposit' and that 'savings' means some other non-deposit form of investment. Perhaps you can help, you are in the accounting business.
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NuclearWarfare |
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QUOTE(Peter Damian @ Sat 18th September 2010, 1:56pm) I looked up the distinction. A 'checking account' is what we call an 'instant access account'. A 'savings account' is not instant access, and thus commands a higher rate of interest proportionate to the time the money is locked away. Is that correct? So it is possible that the money was not in cash, but in some interest-earning account.
I am not sure if an instant access account can be used for checks or debit cards, but a checking account can. A savings account, on the other hand, cannot be used for either. It generally earns a set interest rate, sometimes dependent on how much money is placed in the savings account but not based on the length of time it is left in the account. Free withdrawals or transfers from a savings account are often limited to a certain number per billing cycle. What I believe you are thinking of is a certificate of deposit, which locks your money away for a certain amount of time. The interest rate you earn is dependent on the amount of money you lock away and on the length of time you lock it away for. A CD is generally considered a deposit account, so it is possible that the WMF placed money in it. Interest rates these days are pretty terrible, though marginally better than standard savings accounts, so while it is possible, I would think it to be unlikely. QUOTE But I am now puzzled how the investment income could have been negative, if the money was in checking or savings. I haven't read the report, but could some money have been invested in the stock market?
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