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

[Tim Hagan]

There was a mistake on the bottom of page 12. The 272-Defered Convention 
Revenue should have been $127,338, which is the same amount on page 11 
for September. It was $112,415 in August. A revised Convention Revenue & 
Liability Report is attached. I apologize for not catching the 
discrepancy.

You are correct that 4200-20 Conv Fundraising - Unrestricted is 
primarily from the convention theme contest, and has other 
convention-related revenues not tied to a deferred convention benefit. 
This revenue and the fundraising during the convention's gala are 
considered unrestricted fundraising. The revenues for the convention 
would be the deferred convention revenues from packages, gala tickets, 
Welcome Committee, training tickets, and tables. The net of revenues for 
the convention minus prepaid convention expenses was $119,089 at the end 
of September. Mr. Kraus has transferred more of the net deferred 
convention revenues into the restricted account last month. The last 
numbers I received are the net deferred convention revenue is $132.5k, 
with $70k of it being placed into the PNC restricted checking account, 
and $62.5k in the unrestricted accounts or being used to pay expenses.

---
Tim Hagan
Treasurer, Libertarian National Committee

On 2019-11-05 16:14, Alicia Mattson via Lnc-business wrote:
> 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
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