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

[Tim Hagan]

I got corrected by COC members. If the convention is canceled, 
Convention Theme Contest donors and other unrestricted 
convention-related donations could ask for rebates. This amounts to 
$31,291. If 90% ask for refunds, another $28,162 would need to be taken 
from the unrestricted funds to pay for the refunds.

The 2016 Banquet/Gala fundraising raised $105,961. I don't have the 
amount raised for other presidential-election years handy.


---
Tim Hagan
Treasurer, Libertarian National Committee

On 2020-05-01 18:45, Sam Goldstein wrote:
> Tim,
> 
> Thanks for the concise summary of our current financial position in
> regards to the convention.  Alternatively, can you also let us know
> how much was raised at the past several POTUS Convention
> Banquets/Galas that we would forego if we don't have an in person
> convention?
> 
> Live Free,
> 
> ---
> Sam Goldstein, At Large Member
> Libertarian National Committee
> 317-850-0726 Cell
> 
> On 2020-05-01 21:20, Tim Hagan wrote:
>> Convention Packages, Gala, Suites & Room Rentals, Welcome Committee,
>> and Training Revenues are $302,942.
>> 
>> Assuming 90% will need to be refunded, the LNC would need $272,648 to
>> pay the refunds.
>> 
>> 
>> The LNC should get back the deposits paid for the event at the Omni
>> and for audio/video if its contract is terminated under the force
>> majeure clause.
>> 
>> Convention Funds in Restricted Acct: $209,130
>> Refund from A/V Vendor:               $40,000
>> Refund from the Omni:                  $3,500
>>                                       =======
>> Total Funds and refunds available:   $252,630
>> 
>> 
>> The LNC will need another $20,018 to pay the refunds. This would have
>> to come from the unrestricted accounts, which have $66,300 available.
>> 
>> 
>> Please note:
>> 
>> If an in-person convention is not held, we will need to pay any costs
>> for an on-line convention or polling of the delegates, and that would
>> need to come out of the unrestricted funds.
>> 
>> Unlike package sales or room rentals, donors to the Convention Theme
>> Contest were not expecting to get goods or services in return. This
>> analysis assumes donations to the Convention Theme Contest will not be
>> refunded.
>> 
>> ---
>> Tim Hagan
>> Treasurer, Libertarian National Committee
>> 
>> On 2020-04-27 16:12, Sam Goldstein wrote:
>>> Mr. Hagan,
>>> 
>>> Assuming we do not have a National Convention this year and 90% of 
>>> all
>>> convention revenue to date is refunded to the contributors, what 
>>> would
>>> be the financial impact on the party?  Are there adequate funds in 
>>> the
>>> Convention Restricted account as of April 27, 2020 to pay those
>>> refunds?  If not where will the additional money come from to take
>>> care of those liabilities?
>>> 
>>> I would appreciate answers to these questions prior to the LNC 
>>> meeting
>>> scheduled for May 2nd at Noon Eastern Time.
>>> 
>>> Thanks and
>>> 
>>> Live Free,
>>> 
>>> ---
>>> Sam Goldstein, At Large Member,
>>> Libertarian National Committee
>>> Convention Oversight Committee
>>> 317-850-0726 Cell
>>> 
>>> On 2020-04-27 18:54, Tim Hagan via Lnc-business wrote:
>>>> The March End-of-Month Financial Reports are attached. Membership 
>>>> dues
>>>> and donations are a under budget by $24,773 and $88,899 respectfully 
>>>> for
>>>> the year-to-date.
>>>> 
>>>> The way things have shifted during the past month and a half, I 
>>>> expect
>>>> that eventually we may need to shift money from Ballot Access
>>>> petitioning to Litigation.
>>>> 
>>>> ---
>>>> Tim Hagan
>>>> Treasurer, Libertarian National Committee