September End-of-Month Financial Reports
The September End-of-Month Financial Reports are attached. The reserve rose to $84,786, which is above the target reserve of $57,225. Support and Revenue was $62,397 under budget for the year to date. Cost of Support & Revenue and Program Expenses were both under budget by $71,364 and $51,224 respectfully. These then gave us a surplus so far this year of $60,191. The net deferred convention revenue was $119,089. --- Tim Hagan Treasurer, Libertarian National Committee
I just want to remind my colleagues that the formula being used to calculate our reserve levels currently includes cash we've received for the convention. This Sept 30 calculation of an $84k reserve is benefitting from the $140k+ of convention cash we've taken in for that future event. That's why I'm bringing a motion to calculate the reserve differently so that we don't continue to fool ourselves about our financial condition. I do have a question about why at the bottom of p. 12, where a section has been recently added titled "2020 Convention Revenue & Liability Report", it shows the budget category "272 · Deferred Convention Revenue" as being $126k. Back on p. 11 in the balance sheet, this budget line item is listed as being only $112k, though both have the same 09/30 as-of date. What's the difference between those two numbers? Regardless, note that the bottom of p. 12 shows that we still need to return $102k to the convention event, cash which has been spent on party operations but will needed to pay convention bills after May. I believe that Robert Kraus recently told the COC he had increased the amount of cash being held in the restricted bank account for the convention from $45k up to $75k, so perhaps that gap has had $30k shaved off of it. It is still a non-trivial number that is left. Am I correct in presuming that the p. 12 reference to $28k in category "4200- 20 · Conv Fundraising - Unrestricted" is primarily the $24k from the convention theme contest? Or is that something else? -Alicia On Mon, Oct 28, 2019 at 2:36 PM Tim Hagan via Lnc-business < lnc-business@hq.lp.org> wrote:
The September End-of-Month Financial Reports are attached.
The reserve rose to $84,786, which is above the target reserve of $57,225.
Support and Revenue was $62,397 under budget for the year to date.
Cost of Support & Revenue and Program Expenses were both under budget by $71,364 and $51,224 respectfully.
These then gave us a surplus so far this year of $60,191.
The net deferred convention revenue was $119,089.
--- Tim Hagan Treasurer, Libertarian National Committee
There was a mistake on the bottom of page 12. The 272-Defered Convention Revenue should have been $127,338, which is the same amount on page 11 for September. It was $112,415 in August. A revised Convention Revenue & Liability Report is attached. I apologize for not catching the discrepancy. You are correct that 4200-20 Conv Fundraising - Unrestricted is primarily from the convention theme contest, and has other convention-related revenues not tied to a deferred convention benefit. This revenue and the fundraising during the convention's gala are considered unrestricted fundraising. The revenues for the convention would be the deferred convention revenues from packages, gala tickets, Welcome Committee, training tickets, and tables. The net of revenues for the convention minus prepaid convention expenses was $119,089 at the end of September. Mr. Kraus has transferred more of the net deferred convention revenues into the restricted account last month. The last numbers I received are the net deferred convention revenue is $132.5k, with $70k of it being placed into the PNC restricted checking account, and $62.5k in the unrestricted accounts or being used to pay expenses. --- Tim Hagan Treasurer, Libertarian National Committee On 2019-11-05 16:14, Alicia Mattson via Lnc-business wrote:
I just want to remind my colleagues that the formula being used to calculate our reserve levels currently includes cash we've received for the convention. This Sept 30 calculation of an $84k reserve is benefitting from the $140k+ of convention cash we've taken in for that future event. That's why I'm bringing a motion to calculate the reserve differently so that we don't continue to fool ourselves about our financial condition.
I do have a question about why at the bottom of p. 12, where a section has been recently added titled "2020 Convention Revenue & Liability Report", it shows the budget category "272 · Deferred Convention Revenue" as being $126k. Back on p. 11 in the balance sheet, this budget line item is listed as being only $112k, though both have the same 09/30 as-of date. What's the difference between those two numbers?
Regardless, note that the bottom of p. 12 shows that we still need to return $102k to the convention event, cash which has been spent on party operations but will needed to pay convention bills after May. I believe that Robert Kraus recently told the COC he had increased the amount of cash being held in the restricted bank account for the convention from $45k up to $75k, so perhaps that gap has had $30k shaved off of it. It is still a non-trivial number that is left.
Am I correct in presuming that the p. 12 reference to $28k in category "4200- 20 · Conv Fundraising - Unrestricted" is primarily the $24k from the convention theme contest? Or is that something else?
-Alicia
On Mon, Oct 28, 2019 at 2:36 PM Tim Hagan via Lnc-business < lnc-business@hq.lp.org> wrote:
The September End-of-Month Financial Reports are attached.
The reserve rose to $84,786, which is above the target reserve of $57,225.
Support and Revenue was $62,397 under budget for the year to date.
Cost of Support & Revenue and Program Expenses were both under budget by $71,364 and $51,224 respectfully.
These then gave us a surplus so far this year of $60,191.
The net deferred convention revenue was $119,089.
--- Tim Hagan Treasurer, Libertarian National Committee
Tim, thanks for the clarifications and confirmations. I appreciate that new section being added to the monthly reports for those less inclined to dig through the balance sheet and pick out the data points. -Alicia On Wed, Nov 6, 2019 at 2:00 PM Tim Hagan <tim.hagan@lp.org> wrote:
There was a mistake on the bottom of page 12. The 272-Defered Convention Revenue should have been $127,338, which is the same amount on page 11 for September. It was $112,415 in August. A revised Convention Revenue & Liability Report is attached. I apologize for not catching the discrepancy.
You are correct that 4200-20 Conv Fundraising - Unrestricted is primarily from the convention theme contest, and has other convention-related revenues not tied to a deferred convention benefit. This revenue and the fundraising during the convention's gala are considered unrestricted fundraising. The revenues for the convention would be the deferred convention revenues from packages, gala tickets, Welcome Committee, training tickets, and tables. The net of revenues for the convention minus prepaid convention expenses was $119,089 at the end of September. Mr. Kraus has transferred more of the net deferred convention revenues into the restricted account last month. The last numbers I received are the net deferred convention revenue is $132.5k, with $70k of it being placed into the PNC restricted checking account, and $62.5k in the unrestricted accounts or being used to pay expenses.
--- Tim Hagan Treasurer, Libertarian National Committee
On 2019-11-05 16:14, Alicia Mattson via Lnc-business wrote:
I just want to remind my colleagues that the formula being used to calculate our reserve levels currently includes cash we've received for the convention. This Sept 30 calculation of an $84k reserve is benefitting from the $140k+ of convention cash we've taken in for that future event. That's why I'm bringing a motion to calculate the reserve differently so that we don't continue to fool ourselves about our financial condition.
I do have a question about why at the bottom of p. 12, where a section has been recently added titled "2020 Convention Revenue & Liability Report", it shows the budget category "272 · Deferred Convention Revenue" as being $126k. Back on p. 11 in the balance sheet, this budget line item is listed as being only $112k, though both have the same 09/30 as-of date. What's the difference between those two numbers?
Regardless, note that the bottom of p. 12 shows that we still need to return $102k to the convention event, cash which has been spent on party operations but will needed to pay convention bills after May. I believe that Robert Kraus recently told the COC he had increased the amount of cash being held in the restricted bank account for the convention from $45k up to $75k, so perhaps that gap has had $30k shaved off of it. It is still a non-trivial number that is left.
Am I correct in presuming that the p. 12 reference to $28k in category "4200- 20 · Conv Fundraising - Unrestricted" is primarily the $24k from the convention theme contest? Or is that something else?
-Alicia
On Mon, Oct 28, 2019 at 2:36 PM Tim Hagan via Lnc-business < lnc-business@hq.lp.org> wrote:
The September End-of-Month Financial Reports are attached.
The reserve rose to $84,786, which is above the target reserve of $57,225.
Support and Revenue was $62,397 under budget for the year to date.
Cost of Support & Revenue and Program Expenses were both under budget by $71,364 and $51,224 respectfully.
These then gave us a surplus so far this year of $60,191.
The net deferred convention revenue was $119,089.
--- Tim Hagan Treasurer, Libertarian National Committee
participants (2)
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Alicia Mattson -
Tim Hagan