[Lnc-business] December Budget meeting and paying down mortgage

[Tim Hagan]

For 2015, we budget $67,300 for Building Fund revenues to pay $60,000 towards the mortgage and $7300 for a house letter, alas, we raised only $22,435.63. At the end of 2015, the reserve was below the target so there was no extra funds to pay on the mortgage. This year's required payments are being paid, plus we've paid additional on the principle in 2016.

After the November 2016 financial reports are written, I will come up with a proposal to consider at the December meeting to use most of the surplus to pay down the mortgage. If the amounts in unrestricted cash and currently liabilities remain the same as last month, I'd be comfortable with paying around $200,000.

Tim Hagan

      From: Joshua Katz <planning4liberty at gmail.com>
 To: lnc-business at hq.lp.org 
 Sent: Tuesday, October 18, 2016 1:13 PM
 Subject: Re: [Lnc-business] December Budget meeting and paying down mortgage
   
As an addendum on this:  the Policy Manual (in what is known as the Wiener Rule, 2.03.17) requires us to budget $60,000 towards the mortgage in odd-numbered years.  When the 2015 budget was under discussion, there was some discussion about amending or suspending this rule.  We decided against it, rightly in my view.  We budgeted $60,000.  Unfortunately, the best I can recall what happens, the provision does not require us to actually pay that much, just to budget it, and we paid less.  In my view, we should pay at least the shortfall from last year this year, in addition to this year's required payments.  We may be able to do more, and there may be a case for doing so, but at the very least I think we should do what we must to live up to the intent of the Wiener Rule.
Joshua A. KatzWestbrook CT Planning Commission (L in R seat)
On Tue, Oct 18, 2016 at 1:30 PM, Caryn Ann Harlos <carynannharlos at gmail.com> wrote:

Sam, yes my terminology was imprecise.  I am referring to the Policy Manual payment, not a bank-mandated payment.
On Tue, Oct 18, 2016 at 12:22 PM, Sam Goldstein <goldsteinatlarge at gmail.com> wrote:

Caryn Ann,
I don't know where you got the impression that we missed a balloon payment on the mortgage.  We have been on time with every mortgage payment since we bought the office condo.
I think what you are referring to is a Policy Manual item that says we should make an effort in non-election years to pay a significant amount over the mortgage payment to decrease the principal balance.  There is a balloon payment due at the end of the current mortgage, which I think was for 10 years.  Hopefully it will be paid off before then so we won't have to refinance.


Sam GoldsteinLibertarian National CommitteeMember at Large8925 N Meridian St, Ste 101Indianapolis IN 46260317-850-0726 Phone317-582-1773 Fax
On Tue, Oct 18, 2016 at 12:56 PM, Caryn Ann Harlos <carynannharlos at gmail.com> wrote:

A member asked me to write to followup on the earlier suggestion that we use some of our success in fundraising this year to pay down the mortgage.
Can someone post a brief summary of where we are with this mortgage presently or where I can find that information myself, including details on the prior missed balloon payment?

-- 
In Liberty,Caryn Ann HarlosRegion 1 Representative, Libertarian National Committee (Alaska, Arizona, Colorado, Hawaii, Kansas, Montana, Utah, Wyoming, Washington) - Caryn.Ann. Harlos at LP.orgCommunications Director, Libertarian Party of ColoradoColorado State Coordinator, Libertarian Party Radical Caucus




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-- 
In Liberty,Caryn Ann HarlosRegion 1 Representative, Libertarian National Committee (Alaska, Arizona, Colorado, Hawaii, Kansas, Montana, Utah, Wyoming, Washington) - Caryn.Ann. Harlos at LP.orgCommunications Director, Libertarian Party of ColoradoColorado State Coordinator, Libertarian Party Radical Caucus




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