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

[Alicia Mattson]

I just want to remind my colleagues that the formula being used to
calculate our reserve levels currently includes cash we've received for the
convention.  This Sept 30 calculation of an $84k reserve is benefitting
from the $140k+ of convention cash we've taken in for that future event.
That's why I'm bringing a motion to calculate the reserve differently so
that we don't continue to fool ourselves about our financial condition.

I do have a question about why at the bottom of p. 12, where a section has
been recently added titled "2020 Convention Revenue & Liability Report", it
shows  the budget category "272 · Deferred Convention Revenue" as being
$126k.  Back on p. 11 in the balance sheet, this budget line item is listed
as being only $112k, though both have the same 09/30 as-of date.  What's
the difference between those two numbers?

Regardless, note that the bottom of p. 12 shows that we still need to
return $102k to the convention event, cash which has been spent on party
operations but will needed to pay convention bills after May.  I believe
that Robert Kraus recently told the COC he had increased the amount of cash
being held in the restricted bank account for the convention from $45k up
to $75k, so perhaps that gap has had $30k shaved off of it.  It is still a
non-trivial number that is left.

Am I correct in presuming that the p. 12 reference to $28k in category
"4200- 20 · Conv Fundraising - Unrestricted" is primarily the $24k from the
convention theme contest?  Or is that something else?

-Alicia




On Mon, Oct 28, 2019 at 2:36 PM Tim Hagan via Lnc-business <
lnc-business at hq.lp.org> wrote:

> The September End-of-Month Financial Reports are attached.
>
> The reserve rose to $84,786, which is above the target reserve of
> $57,225.
>
> Support and Revenue was $62,397 under budget for the year to date.
>
> Cost of Support & Revenue and Program Expenses were both under budget by
> $71,364 and $51,224 respectfully.
>
> These then gave us a surplus so far this year of $60,191.
>
> The net deferred convention revenue was $119,089.
>
> ---
> Tim Hagan
> Treasurer, Libertarian National Committee