[Lnc-business] Fwd: EOM Financials Dec 2013

[Norm Olsen]

Thank you, Tim . . .

 

. . . for so promptly providing the "real" bottom line numbers which can be
relied upon for decision making.

 

Pointing out that "The Cost of Support & Revenues and the Program Expenses
also ran below budget." is also greatly appreciated.

 

Norm

--

Norman T Olsen

Regional Representative, Region I

Libertarian National Committee

7931 S Broadway, PMB 102

Littleton, Colorado  80122-2710

303-263-4995

Norman.Olsen at lp.org

 

"First they ignore you, then they ridicule you, then they fight you, then
you win." -- Gandhi

 

From: Lnc-business [mailto:lnc-business-bounces at hq.lp.org] On Behalf Of
Timothy Hagan
Sent: Tuesday, February 04, 2014 10:35 PM
To: lnc-business at hq.lp.org
Subject: Re: [Lnc-business] Fwd: EOM Financials Dec 2013

 

On the Standard Statement of Operations (page 5 of the financial reports),
the rows that are restricted revenues and expenses are 25-Project Program
Revenue, 37-Building Fundraising Expenses, 58-Campus Outreach, and
90-Project Program Other. If you don't include these amounts, then the
totals for unrestricted funds are:

Support and Revenues:         $1,046,303.81
Cost of Support & Revenues: $243,131.32
Program Expenses:                 $866,526.53

Thus, the operational deficit for 2013 was $63,354.04.
(1046303.81-243131.32-866526.53)
Since the budgeted revenues was $1,163,250, the unrestricted revenues were
$116,946.19 less than budgeted. The Cost of Support & Revenues and the
Program Expenses also ran below budget.

Tim Hagan

On 2/3/2014 2:19 PM, Norm Olsen wrote:

Some questions with regard to the EOM Financials:

 

1.  My rudimentary knowledge of accrual accounting and GAAP tells me that,
operationally (i.e. sans restricted funds and expenses), in 2013 we spent
$83,082 more than we received.  Would the Treasurer please confirm this
result in a rather clear definitive manner?  I got this number by
subtracting what appeared to be restricted funds from the revenue side and
restricted fund raising expenses from the expense side.  ($143,404 - 247,319
+ 20,833)  Please advise what the real 2013 operational bottom line is.

2.  Our basic source of operating revenue (lines 20 thru 23: generally
unrestricted revenues) for 2013 appear to me to be $177,612.95 less than
budgeted. Our 2014 budget is based on increases (8%) in these (now) prior
year numbers.  Are we not skating on some rather thin ice?

3.  The Chair is rightly concerned about the difficulty of creating and
managing special projects.  We could not allocate budgetary funds for
fighting Top Two because it was not a project.  Yet I see budget/revenue/and
expense lines for Radio Ad Project and Legal Offense Fund.  Is there some
double standard in play here? Who gets to create budget lines for projects?
Why is it that we can't we have one for fighting Top Two?

 

Norm

--

Norman T Olsen

Regional Representative, Region I

Libertarian National Committee

7931 S Broadway, PMB 102

Littleton, Colorado  80122-2710

303-263-4995

Norman.Olsen at lp.org

 

"First they ignore you, then they ridicule you, then they fight you, then
you win." -- Gandhi

 

-----Original Message-----
From: Lnc-business [mailto:lnc-business-bounces at hq.lp.org] On Behalf Of
Timothy Hagan
Sent: Sunday, February 02, 2014 9:23 PM
To: LNC Business
Subject: [Lnc-business] Fwd: EOM Financials Dec 2013

 

The December End-Of-Month financial reports are attached. The Salary
Expenses are higher since it includes the fourth quarter and end-of-year
bonuses.

 

Tim Hagan






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