[Lnc-business] Treasurer Report

[Tim Hagan]

We have filed an amended Form 1, Statement of Organization, with the FEC to update the LNC's address to 1444 Duke Street, Alexandria, VA 22314.

Ms. Edwards consulted with the FEC compliance consultant concerning the Audit Committee's recommendations for corrections to the reports to the FEC. These were for ultimate vendors not being correctly disclosed and payees not correctly identified. The corrections for 2011 and 2012 were submitted on a Form 99, Miscellaneous Report to FEC. Ms. Edwards amended the 2013 March, April, June, and September reports to correct the 2013 expenditures.

This year's budget should be adjusted to reflect the reduced occupancy costs from purchasing the office space. In the budget, $122,000 was estimated for the Office Rent, Mortgage, Maintenance, Utilities, and Storage portion of Administrative Costs. The actual cost to date is $71,361. For the rest of the year, we estimate costs will be $29,366. In addition, due to the campaign that staff has been having selling t-shirts and hats, the totals for branding can be adjusted based on actual performance this year.

At the LNC meeting, I will move to adjust the budget. Under Support and Revenue, change 26-Brand/Promotional Materials from $700 to $10,800. Under Program Expense, change 40-Adminstrative Costs from $342,300 to $321,100, and change 55-Brand Development from $2,800 to $6,600. Adjust the corresponding totals. Change Net Operating Surplus from ($24,400) to $3,100. These changes are reflected in the attachment.

Tim Hagan
Treasurer
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