[Lnc-business] June End-of-Month Financial Reports

[Tim Hagan]

The June End-of-Month Financial Reports are attached. The budget is on page 5, second to last column. The reserve dropped slightly and is at $389,864.

The Policy Manual states:
17) Office Mortgage
It shall be the goal of the LNC to completely pay off the office mortgage as quickly as possible, and in any case prior to the due date of the 10-year balloon payment. Towards that end the LNC shall budget a minimum of $60,000 in each odd-numbered year to pay down the principal until the mortgage balance is zero. Fundraising for this specific purpose shall be made a high priority. This provision does not preclude additional fundraising and pre-payments in even-numbered years. 
In 2015, we raised and paid down the principle only $22,500. Since we missed the target by $37,500 and we now have enough cash reserve to pay down the mortgage, we will transfer $37,500 from unrestricted cash to pay down the principle on the mortgage, which is at $448,810, unless there is an objection. This will get us up to date with the intent of the policy. I will assess the cash position after the election and will have a motion for the December meeting to make an additional payment.

Tim Hagan

     
   
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://hq.lp.org/pipermail/lnc-business/attachments/20160804/281d6cea/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: 2016-Staff-End-of-Month-Reports-0616-Draft.pdf
Type: application/pdf
Size: 641384 bytes
Desc: not available
URL: <http://hq.lp.org/pipermail/lnc-business/attachments/20160804/281d6cea/attachment-0001.pdf>