<html><head></head><body><div style="color:#000; background-color:#fff; font-family:HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif;font-size:16px"><div dir="ltr" id="yui_3_16_0_ym19_1_1469899223556_228495"><span id="yui_3_16_0_ym19_1_1469899223556_270168">The June End-of-Month Financial Reports are attached. The budget is on page 5, second to last column. The reserve dropped slightly and is at $389,864.<br></span></div><div id="yui_3_16_0_ym19_1_1469899223556_228646" dir="ltr"><span><br></span></div><div id="yui_3_16_0_ym19_1_1469899223556_228604" dir="ltr"><span>The Policy Manual states:</span></div><div id="yui_3_16_0_ym19_1_1469899223556_229127" dir="ltr"><span><br></span></div><div id="yui_3_16_0_ym19_1_1469899223556_229129" dir="ltr"><span>17) Office Mortgage</span></div><div id="yui_3_16_0_ym19_1_1469899223556_229232" dir="ltr"><span><br></span></div><div id="yui_3_16_0_ym19_1_1469899223556_228693" data-canvas-width="691.8496977140001" style="left: 120px; top: 1111.62px; font-size: 20px; font-family: sans-serif; transform: scaleX(0.918608);"><div id="yui_3_16_0_ym19_1_1469899223556_229187">It shall be the goal of the LNC to completely pay off the office mortgage as quickly as possible, and in any case prior to the due date of the 10-year balloon payment. Towards that end the LNC shall budget a minimum of $60,000 in each odd-numbered year to pay down the principal until the mortgage balance is zero. Fundraising for this specific purpose shall be made a high priority. This provision does not preclude additional fundraising and pre-payments in even-numbered years. </div></div><div id="yui_3_16_0_ym19_1_1469899223556_228749" dir="ltr"><span><br></span></div><div id="yui_3_16_0_ym19_1_1469899223556_228664" dir="ltr"><span id="yui_3_16_0_ym19_1_1469899223556_228753">In 2015, we raised and paid down the principle only $22,500. Since we missed the target by $37,500 and we now have enough cash reserve to pay down the mortgage, we will transfer $37,500 from unrestricted cash to pay down the principle on the mortgage, which is at $448,810, unless there is an objection. This will get us up to date with the intent of the policy. I will assess the cash position after the election and will have a motion for the December meeting to make an additional payment.<br></span></div><div id="yui_3_16_0_ym19_1_1469899223556_228567"><span><br></span></div><div id="yui_3_16_0_ym19_1_1469899223556_228566"><span id="yui_3_16_0_ym19_1_1469899223556_228751">Tim Hagan</span></div><div class="qtdSeparateBR"><br><br></div><div style="display: block;" id="yui_3_16_0_ym19_1_1469899223556_228493" class="yahoo_quoted"> <div id="yui_3_16_0_ym19_1_1469899223556_228492" style="font-family: HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif; font-size: 16px;"> <div id="yui_3_16_0_ym19_1_1469899223556_228491" style="font-family: HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif; font-size: 16px;"> <div id="yui_3_16_0_ym19_1_1469899223556_228509" class="y_msg_container"> <font id="yui_3_16_0_ym19_1_1469899223556_228504" face="Arial" size="2"> </font><br></div> </div> </div> </div></div></body></html>