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</o:shapelayout></xml><![endif]--></head><body bgcolor=white lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='color:#1F497D'>Thank you, Tim . . .<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>. . . for so promptly providing the “real” bottom line numbers which can be relied upon for decision making.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Pointing out that “</span>The Cost of Support & Revenues and the Program Expenses also ran below budget.” is also greatly appreciated.<span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Norm<o:p></o:p></span></p><div><p class=MsoNormal><span style='color:#1F497D'>--<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Lucida Handwriting";color:#1F497D'>Norman T Olsen<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Regional Representative, Region I<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Libertarian National Committee<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>7931 S Broadway, PMB 102<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Littleton, Colorado 80122-2710<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>303-263-4995<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Norman.Olsen@lp.org<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>"First they ignore you, then they ridicule you, then they fight you, then you win." -- Gandhi<o:p></o:p></span></p></div><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:windowtext'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:windowtext'> Lnc-business [mailto:lnc-business-bounces@hq.lp.org] <b>On Behalf Of </b>Timothy Hagan<br><b>Sent:</b> Tuesday, February 04, 2014 10:35 PM<br><b>To:</b> lnc-business@hq.lp.org<br><b>Subject:</b> Re: [Lnc-business] Fwd: EOM Financials Dec 2013<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='margin-bottom:12.0pt'>On the Standard Statement of Operations (page 5 of the financial reports), the rows that are restricted revenues and expenses are 25-Project Program Revenue, 37-Building Fundraising Expenses, 58-Campus Outreach, and 90-Project Program Other. If you don't include these amounts, then the totals for unrestricted funds are:<br><br>Support and Revenues: $1,046,303.81<br>Cost of Support & Revenues: $243,131.32<br>Program Expenses: $866,526.53<br><br>Thus, the operational deficit for 2013 was $63,354.04. (1046303.81-243131.32-866526.53)<br>Since the budgeted revenues was $1,163,250, the unrestricted revenues were $116,946.19 less than budgeted. The Cost of Support & Revenues and the Program Expenses also ran below budget.<br><br>Tim Hagan<o:p></o:p></p><div><p class=MsoNormal>On 2/3/2014 2:19 PM, Norm Olsen wrote:<o:p></o:p></p></div><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><p class=MsoPlainText>Some questions with regard to the EOM Financials:<o:p></o:p></p><p class=MsoPlainText> <o:p></o:p></p><p class=MsoPlainText style='margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='mso-list:Ignore'>1.<span style='font:7.0pt "Times New Roman"'> </span></span><![endif]>My rudimentary knowledge of accrual accounting and GAAP tells me that, operationally (i.e. sans restricted funds and expenses), in 2013 we spent <span style='font-size:14.0pt;color:red'>$83,082</span> more than we received. Would the Treasurer please confirm this result in a rather clear definitive manner? I got this number by subtracting what appeared to be restricted funds from the revenue side and restricted fund raising expenses from the expense side. ($143,404 – 247,319 + 20,833) Please advise what the <span style='font-size:14.0pt;color:red'>real</span> 2013 operational bottom line is.<o:p></o:p></p><p class=MsoPlainText style='margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='mso-list:Ignore'>2.<span style='font:7.0pt "Times New Roman"'> </span></span><![endif]>Our basic source of operating revenue (lines 20 thru 23: generally unrestricted revenues) for 2013 appear to me to be <span style='font-size:14.0pt;color:red'>$177,612.95</span> less than budgeted. Our 2014 budget is based on increases (8%) in these (now) prior year numbers. Are we not skating on some rather thin ice?<o:p></o:p></p><p class=MsoPlainText style='margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='mso-list:Ignore'>3.<span style='font:7.0pt "Times New Roman"'> </span></span><![endif]>The Chair is rightly concerned about the difficulty of creating and managing special projects. We could not allocate budgetary funds for fighting Top Two because it was not a project. Yet I see budget/revenue/and expense lines for Radio Ad Project and Legal Offense Fund. Is there some double standard in play here? Who gets to create budget lines for projects? Why is it that we can’t we have one for fighting Top Two?<o:p></o:p></p><p class=MsoPlainText> <o:p></o:p></p><p class=MsoPlainText>Norm<o:p></o:p></p><p class=MsoPlainText>--<o:p></o:p></p><p class=MsoPlainText>Norman T Olsen<o:p></o:p></p><p class=MsoPlainText>Regional Representative, Region I<o:p></o:p></p><p class=MsoPlainText>Libertarian National Committee<o:p></o:p></p><p class=MsoPlainText>7931 S Broadway, PMB 102<o:p></o:p></p><p class=MsoPlainText>Littleton, Colorado 80122-2710<o:p></o:p></p><p class=MsoPlainText>303-263-4995<o:p></o:p></p><p class=MsoPlainText><a href="mailto:Norman.Olsen@lp.org">Norman.Olsen@lp.org</a><o:p></o:p></p><p class=MsoPlainText> <o:p></o:p></p><p class=MsoPlainText>"First they ignore you, then they ridicule you, then they fight you, then you win." -- Gandhi<o:p></o:p></p><p class=MsoPlainText> <o:p></o:p></p><p class=MsoPlainText>-----Original Message-----<br>From: Lnc-business [<a href="mailto:lnc-business-bounces@hq.lp.org">mailto:lnc-business-bounces@hq.lp.org</a>] On Behalf Of Timothy Hagan<br>Sent: Sunday, February 02, 2014 9:23 PM<br>To: LNC Business<br>Subject: [Lnc-business] Fwd: EOM Financials Dec 2013<o:p></o:p></p><p class=MsoPlainText> <o:p></o:p></p><p class=MsoPlainText>The December End-Of-Month financial reports are attached. The Salary Expenses are higher since it includes the fourth quarter and end-of-year bonuses.<o:p></o:p></p><p class=MsoPlainText> <o:p></o:p></p><p class=MsoPlainText>Tim Hagan<o:p></o:p></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman","serif"'><br><br><br><o:p></o:p></span></p><pre>_______________________________________________<o:p></o:p></pre><pre>Lnc-business mailing list<o:p></o:p></pre><pre><a href="mailto:Lnc-business@hq.lp.org">Lnc-business@hq.lp.org</a><o:p></o:p></pre><pre><a href="http://hq.lp.org/mailman/listinfo/lnc-business_hq.lp.org">http://hq.lp.org/mailman/listinfo/lnc-business_hq.lp.org</a><o:p></o:p></pre></blockquote><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman","serif"'><o:p> </o:p></span></p></div></body></html>