[Lnc-business] Agenda Item - Amend Weiner Rule

[Lauren Daugherty]

It would actually help fundraising to lower the amount required by the 
Weiner Rule.

As the primary fundraiser for the party, I have significant heartburn 
about our ability to raise $60k for the building fund in any given year. 
We are highly unlikely to get a matching gift for it in 2019 like we did 
in 2017. Plus all of the rooms that can be named, have been named. So we 
don't have that to help encourage large donations any longer. We could 
open up naming rights for stairwells, perhaps, but that is a slightly 
different issue.

The time and money needed to likely raise $60k for the building fund in 
2019 would be substantial and it would detract from other important 
fundraising.

I strongly support Tim's motion to reduce the amount required by the 
Weiner Rule.

Lauren Daugherty
Interim Executive Director
Libertarian National Committee

On 11/28/2018 3:01 AM, Caryn Ann Harlos via Lnc-business wrote:
>     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       If the policy is rescinded and no extra payments are made: $51,898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
>
>     --
>
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> 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/
>