Loans / Credit from Members of Eco Hacker Farm [Eco Hacker Farm]

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====== Loans / Credit from Members of Eco Hacker Farm ======

===== Pre-approval of expenses =====

Members who wish to take on the responsibility to make payments for and on behalf of Eco Hacker Farm should express and discuss their wish by email to [[accounting@ecohackerfarm.org]]

Unapproved payments will not be repaid / reimbursed. 

Approval of payments is done by the members.

==== Apply for pre-approval of expense ====

Write and email to [[accounting@ecohackerfarm.org]] including the following details:

  * nature of the expense
  * reason for the expense
  * amount to be loaned

Accounting will present the case for the members to decide on the matter. Once approved you may go ahead and proceed with the purchase on behalf of Eco Hacker Farm on terms set by the members.

===== Terms for loan repayments / reimbursements =====

  * Loans bear no interest
  * Repayments are subject to funding 
  * Repayments are subject to pre-approval of the expense
  * Approved repayments will occur not before 1 weeks after the payment request has been made

==== Why use delayed repayments / reimbursements? ====

The 1 week minimum delay ensures that payments using cyrptocurrencies are not subject to speculation, on both parties. 

Repayments and reimbursements are subject to funding, this sometimes means that members have wait until there are enough donations to cover their repayment. 

However, if the member is in need of the repayment / reimbursement straight away then other members may choose to cover the repayment / reimbursements whenever possible. 

==== Currencies ====

We would like to be accommodating and flexible wherever possible and for this reason cash loans / payments may be repaid / reimbursed in cryptocurries when these are available.

==== Applying for a loan repayment / reimbursement ====

Write an email to [[accounting@ecohackerfarm.org]] including the following details:

  * amount paid
  * preferred currency for loan repayment
  * proof of payment (copy of the receipt)
  * reference to pre-approval received (copy of the email)
  * any other documents as decided by the members in the pre-approval document

Terms of repayment were discussed [[team_meetings:14th_december_2017|here]]