[Lnc-business] Agenda Item - Amend Weiner Rule

[Tim Hagan]

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
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   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