[Lnc-business] Agenda Item - Amend Weiner Rule
Caryn Ann Harlos
caryn.ann.harlos at lp.org
Wed Nov 28 04:01:48 EST 2018
The original intent was at a minimum to have no balloon payment? And
bringing it down - would that hurt fundraising since we use that as a
fundraising item?
On Tue, Nov 27, 2018 at 9:33 PM Tim Hagan via Lnc-business <
lnc-business at hq.lp.org> wrote:
> Appears like we would save $9,589 in interest by continuing with the
> current policy versus changing it to $20,000.
>
>
> Current policy with $60,000 payments on December of odd-numbered years:
> $20,551 in interest, and the mortgage gets paid off January 2022.
>
> Proposed amendment with $20,000 payments on December of odd-numbered
> years: $30,130 in interest, and the mortgage gets paid off January 2024.
>
> If the policy is rescinded and no extra payments are made: $51,898
> balloon payment due June 2024 and paid $38,250 in interest
>
>
> ---
> Tim Hagan
> Treasurer, Libertarian National Committee
>
> On 2018-11-27 01:41, Alicia Mattson via Lnc-business wrote:
> > Tim,
> > Prior to the meeting, would you calculate how much interest we would
> > save by continuing with the current $60,000 policy, as opposed to
> > changing it to $20,000?
> > -Alicia
> >
> > On Mon, Nov 26, 2018 at 9:11 PM Tim Hagan via Lnc-business
> > <[1]lnc-business at hq.lp.org> wrote:
> >
> > I request 15 minutes on the agenda to amend the Policy Manual
> > Section
> > 2.03, Subsection 17, Office Mortgage.
> > The motion will be to change $60,000 to $20,000.
> > The subsection would then read:
> > 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 $20,000 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 prepayments in even-numbered years.
> > We have paid down the principle enough where, if no more
> > additional
> > prepayments are made, the balloon payment due in June 2024 will
> > be
> > $51,900. It's possible to reduce the prepayment requirement to
> > making
> > payments of $17,300 in 2019, 2021, and 2023 and still not have
> > a
> > balloon payment. With our current financial situation of being
> > below
> > the target reserve and needing to have a realistic 2019 budget,
> > it may
> > be better to not have to divert the full $60,000 to the
> > mortgage
> > next
> > year.
> > --
> > Tim Hagan
> > Treasurer, Libertarian National Committee
> >
> > References
> >
> > 1. mailto:lnc-business at hq.lp.org
>
--
* In Liberty,*
*Libertarian Party and Libertarian National Committee Secretary *- Caryn.Ann.
Harlos at LP.org <Caryn.Ann.Harlos at LP.org> or Secretary at LP.org.
*Chair, LP Historical Preservation Committee* - LPedia at LP.org
Call me at 561.523.2250 and follow my public figure page at
facebook.com/pinkflameofliberty/
=========================================================================
Peaceful Commerce With All Nations * Non-interventionism * Re-Legalize All
Drugs * End Government Intrusion In The Bedroom * Repeal All Gun Laws *
Abolish All Taxation * Sound, Free-market Money * Abolish The Fed * End
Corporate & Individual Welfare * Abolish The IRS and Repeal the Income Tax
* Privatize Transportation Infrastructure * Free-market Emergency Services
* Open Migration * Transfer Government Schools To The Private Sector *
Eliminate Regulation *
*VOTE LIBERTARIAN * 800-ELECT-US or http://www.LP.org <http://www.lp.org/>*
=========================================================================
-------------- next part --------------
The original intent was at a minimum to have no balloon payment? And
bringing it down - would that hurt fundraising since we use that as a
fundraising item?
On Tue, Nov 27, 2018 at 9:33 PM Tim Hagan via Lnc-business
<[1]lnc-business at hq.lp.org> wrote:
Appears like we would save $9,589 in interest by continuing with the
current policy versus changing it to $20,000.
Current policy with $60,000 payments on December of odd-numbered
years:
$20,551 in interest, and the mortgage gets paid off January 2022.
Proposed amendment with $20,000 payments on December of odd-numbered
years: $30,130 in interest, and the mortgage gets paid off January
2024.
If the policy is rescinded and no extra payments are made: $51,898
balloon payment due June 2024 and paid $38,250 in interest
---
Tim Hagan
Treasurer, Libertarian National Committee
On 2018-11-27 01:41, Alicia Mattson via Lnc-business wrote:
> Tim,
> Prior to the meeting, would you calculate how much interest we
would
> save by continuing with the current $60,000 policy, as opposed
to
> changing it to $20,000?
> -Alicia
>
> On Mon, Nov 26, 2018 at 9:11 PM Tim Hagan via Lnc-business
> <[1][2]lnc-business at hq.lp.org> wrote:
>
> I request 15 minutes on the agenda to amend the Policy
Manual
> Section
> 2.03, Subsection 17, Office Mortgage.
> The motion will be to change $60,000 to $20,000.
> The subsection would then read:
> 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 $20,000 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 prepayments in even-numbered
years.
> We have paid down the principle enough where, if no more
> additional
> prepayments are made, the balloon payment due in June 2024
will
> be
> $51,900. It's possible to reduce the prepayment
requirement to
> making
> payments of $17,300 in 2019, 2021, and 2023 and still not
have
> a
> balloon payment. With our current financial situation of
being
> below
> the target reserve and needing to have a realistic 2019
budget,
> it may
> be better to not have to divert the full $60,000 to the
> mortgage
> next
> year.
> --
> Tim Hagan
> Treasurer, Libertarian National Committee
>
> References
>
> 1. mailto:[3]lnc-business at hq.lp.org
--
In Liberty,
[uc?id=1DeRjq-L8dvRZabgEG94VkkUvjoHatcfP&export=download]
Libertarian Party and Libertarian National Committee
Secretary - [4]Caryn.Ann. Harlos at LP.org or Secretary at LP.org.
Chair, LP Historical Preservation Committee - LPedia at LP.org
Call me at 561.523.2250 and follow my public figure page
at [5]facebook.com/pinkflameofliberty/
=======================================================================
==
Peaceful Commerce With All Nations * Non-interventionism * Re-Legalize
All Drugs * End Government Intrusion In The Bedroom * Repeal All Gun
Laws * Abolish All Taxation * Sound, Free-market Money * Abolish The
Fed * End Corporate & Individual Welfare * Abolish The IRS and Repeal
the Income Tax * Privatize Transportation Infrastructure * Free-market
Emergency Services * Open Migration * Transfer Government Schools To
The Private Sector * Eliminate Regulation *
VOTE LIBERTARIAN * 800-ELECT-US or [6]http://www.LP.org
=======================================================================
==
References
1. mailto:lnc-business at hq.lp.org
2. mailto:lnc-business at hq.lp.org
3. mailto:lnc-business at hq.lp.org
4. mailto:Caryn.Ann.Harlos at LP.org
5. http://facebook.com/pinkflameofliberty/
6. http://www.lp.org/
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