[Lnc-business] EOM June Reports

Tim Hagan timhagan-tyr at yahoo.com
Wed Aug 13 23:52:47 EDT 2014


We have a correction to two of the June End-of-Month financial statements. Got reminded that for the 2014 budget, the convention banquet fundraising was separated from the rest of the convention revenues into a new accounting number. The financial statements with revised Standard Statement of Operations and the Profit & Loss Accounting Details are attached. The changes are on the sixth and seventh pages of the PDF.

In the Profit & Loss Details, 4200 - Events and Conventions is now split between 4200-10 - Convention Revenue and 4200-15 - Convention Banquet Fundraising. In the Statement of Operations, the Convention Banquet Fundraising is including in 21-Donations instead of 24-Convention.

Convention revenue, not including banquet donations, was $114,820. Convention costs were $120,303.91. Both were budgeted for $110,000. With banquet fundraising not included, the convention had a loss of $5483.91. The banquet brought in donations of $23029.00.

Tim Hagan



________________________________
 
From: Tim Hagan <timhagan-tyr at yahoo.com>
To: Lnc-business <lnc-business at lp.org> 
Sent: Tuesday, August 5, 2014 10:14 PM
Subject: Fw: EOM June Reports
 


The June End-of-Month financial reports are attached. 


The financials have improved, but are still poor. Per the Policy Manual, the targeted reserve requirement is the sum of all monthly occupancy, labor, and governance expenses, which is $56,499. We were at $-2025 at the end of June, compared to $-28221 at the end of May.

Revenues from Donations, Membership Dues, and Board Solicitations are all below budget this year. Ballot access expenditures, by necessity, were spent mostly in first half of
 the year. On the plus side, that expense will drop for the rest of this year. The convention is showing a profit of $17,545 at this time.


Currently, we have about $36k in unrestricted funds available but have $45k payable, most of which is the unpaid portion of the Hyatt Regency bill from the convention. 

The Policy Manual Section 2.03 requires the financial statements to include a report on financial transactions of related parties. Please send me the name of immediate family or domestic partner/relations who may have either contributed to the LNC, received a
 payment from the LNC, or any other financial transaction with the party so that they may be included in future reports.

Tim Hagan
Treasurer
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