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

[Caryn Ann Harlos]

Alicia is utterly and absolutely RIGHT.  Warning bells need to be sounding
loud on this budget issue and all hands on deck.  Last LNC left this LNC
with a HUGE deficit budget (I would like us to consider a Policy Manual
change about deficit budgets making them either disallowed or very very
difficult to pass).  I understand all the arguments made for it last year -
and did not vote for it myself.  But that is water under the bridge, what
are we going to do NOW?

*  ***********************
*  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/>*
=========================================================================


On Mon, Aug 27, 2018 at 12:49 AM Alicia Mattson via Lnc-business <
lnc-business at hq.lp.org> wrote:

> Colleagues,
>
> It is time for the LNC to start paying very close attention to our
> finances.  We cannot just casually vote "yes" on every spending
> request that makes us feel good.
>
> The report that we just received says that we have $127k of cash, but
> we owe vendors $146k.  In addition, our other "current" liabilities
> (payable within 1 year) are another $40k.  Some of those current
> liabilities will come due much sooner than others.  For instance,
> accrued payroll will need to be paid much sooner than all the accrued
> vacation obligations.
>
> We're essentially insolvent.  This is even after raising (without
> looking) something in the realm of $60k at the convention fundraising
> banquet.
>
> I presume that the bequests listed as current assets can't happen
> until at least January when the FEC annual limits reset?  The only
> other entry that looks like accounts receivable is another $5k of
> convention revenues that I guess is unfulfilled pledges?  If they
> haven't made good by now, it may not happen at all...
>
> For the year, we've spent $138k more than we've taken in.  That burned
> through the cash surplus we had from past operations, and now we're a
> in the hole.
>
> It was a really bad idea to adopt a $245k deficit budget because the
> spending is all authorized, even without the revenues to support the
> spending.
>
> -Alicia
>
> On Sun, Aug 26, 2018 at 7:17 PM Tim Hagan via Lnc-business
> <lnc-business at hq.lp.org> wrote:
> >
> >    The July End-of-Month Financial Reports are attached. The reserve is
> >    still negative. We've managed by delaying paying the full amount owed
> >    to the Hyatt Regency. They were paid $50,000 in August.
> >
> >    ---
> >    Tim Hagan
> >    Treasurer, Libertarian National Committee
>
-------------- next part --------------
   Alicia is utterly and absolutely RIGHT.  Warning bells need to be
   sounding loud on this budget issue and all hands on deck.  Last LNC
   left this LNC with a HUGE deficit budget (I would like us to consider a
   Policy Manual change about deficit budgets making them either
   disallowed or very very difficult to pass).  I understand all the
   arguments made for it last year - and did not vote for it myself.  But
   that is water under the bridge, what are we going to do NOW?
     ************
     In Liberty,
   [uc?id=1DeRjq-L8dvRZabgEG94VkkUvjoHatcfP&export=download]
   Libertarian Party and Libertarian National Committee
   Secretary - [1]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 [2]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 [3]http://www.LP.org
   =======================================================================
   ==

   On Mon, Aug 27, 2018 at 12:49 AM Alicia Mattson via Lnc-business
   <[4]lnc-business at hq.lp.org> wrote:

     Colleagues,
     It is time for the LNC to start paying very close attention to our
     finances.  We cannot just casually vote "yes" on every spending
     request that makes us feel good.
     The report that we just received says that we have $127k of cash,
     but
     we owe vendors $146k.  In addition, our other "current" liabilities
     (payable within 1 year) are another $40k.  Some of those current
     liabilities will come due much sooner than others.  For instance,
     accrued payroll will need to be paid much sooner than all the
     accrued
     vacation obligations.
     We're essentially insolvent.  This is even after raising (without
     looking) something in the realm of $60k at the convention
     fundraising
     banquet.
     I presume that the bequests listed as current assets can't happen
     until at least January when the FEC annual limits reset?  The only
     other entry that looks like accounts receivable is another $5k of
     convention revenues that I guess is unfulfilled pledges?  If they
     haven't made good by now, it may not happen at all...
     For the year, we've spent $138k more than we've taken in.  That
     burned
     through the cash surplus we had from past operations, and now we're
     a
     in the hole.
     It was a really bad idea to adopt a $245k deficit budget because the
     spending is all authorized, even without the revenues to support the
     spending.
     -Alicia
     On Sun, Aug 26, 2018 at 7:17 PM Tim Hagan via Lnc-business
     <[5]lnc-business at hq.lp.org> wrote:
     >
     >    The July End-of-Month Financial Reports are attached. The
     reserve is
     >    still negative. We've managed by delaying paying the full
     amount owed
     >    to the Hyatt Regency. They were paid $50,000 in August.
     >
     >    ---
     >    Tim Hagan
     >    Treasurer, Libertarian National Committee

References

   1. mailto:Caryn.Ann.Harlos at LP.org
   2. http://facebook.com/pinkflameofliberty/
   3. http://www.lp.org/
   4. mailto:lnc-business at hq.lp.org
   5. mailto:lnc-business at hq.lp.org