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

[Alicia Mattson]

Tim, thanks for the clarifications and confirmations.  I appreciate that
new section being added to the monthly reports for those less inclined to
dig through the balance sheet and pick out the data points.

-Alicia


On Wed, Nov 6, 2019 at 2:00 PM Tim Hagan <tim.hagan at lp.org> wrote:

> 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