First, the month-by-month cash movements, listing donations, disbursements, cash on hand at the end of the month, and credit card debt. We see in round numbers for the four months $350,000 of income, $422,000 of spending, cash on hand falling from $256,000 to just under $200,000, a decrease of $56,000, and credit card debt rising from $9,000 to $56,000, an increase of $47,000. In net for these four months the LNC was in the red by a bit over $100,000. At this rate, in something like another 8 months the LNC will be out of money. However, that which cannot continue–won’t!
Those numbers in something more like a table:
June $96,746 in; $111,253 out; cash at end $256,000; debts at end $ 9,132
July $82,702 in; $ 83,089 out; cash at end $256,713; debts at end $12,572
August $73,300 in; $122,254 out; cash at end $207,373; debts at end $30,488
September $98,998 in; $106,827 out; cash at end $199,544; debts at end $55,973
How was money spent? For six employees, the LNC spent just over $25,000. Contractors cost over $50,000, including $31,000 to the new accountants. Some of that cost is start-up. Payments to banks came to $12,491. Office expenses, broadly defined, came to $5407. There were finally three specific expenses, namely $7118 for imprinted fundraising items, $3331 for the DC in-person meeting, and $2880 “Zelle Business Payment to Austin Padgett”. In more detail:
Employees
15,699 Employee net pay to six people.
2902 401K and Match
2471 Social Security-Company
1921 Federal Unemployment and Withholding
942 Health Insurance
578 Medicare
285 VA withholding
167 Colorado Withholding
95 PA Withholding
TOTAL $25060
Contractors
31,113 Accounting Services
7321 Legal Fees
4048 Website and Website contractor
2081 Payroll Processing
2000 FEC Filing
1800 Mountaintop Creative
1162 Civi-CRM and campaign
333 Contractor
265 Design Fees
210 Signage
TOTAL $50,333
7118 Fundraising Expense-Imprinted Items
3331 Meeting, Washington Hilton
2880 Zelle Business Payment to Austin Padgett
Banks
11198 Credit Card Payments
724 Bank Fees
477 Credit Card Fees
92 Bank Service Charges
TOTAL $12491
Office Expenses
2878 Software, Hardware,IT
558 telephone, internet
510 Printing and Copying
336 Utilities
345 Extra Space Storage – Outreach and Activism
302 Internet
203 Office Supplies
194 Shipping
81 Maintenance, Termite and Pest
78 Security
TOTAL $5407
Coming out of this report, the LNC is sitting on less than 2-months of reserves… Doesn’t “out of money” mean 3-month expenses not in reserves?
Fundraising should pick up a bit soon, with the presidential election about to heat up. And before the end of that election they should have CiviCRM straightened out. The possibility exists that August fundraising was the bottom.
But, Biden v Trump 2.0 is almost as unpopular as Hillary v Trump and I just don’t see the LP coming anywhere close to its numbers in 2016, or even 2020. Nor does it appear as if the LNC will return to $2+ million revenue in 2025.
In my experience, the (non) leaders of the Party are self aggrandizing and incompetent. Efforts to improve are ignored.
What is not there? Candidate support? Presidential candidate ballot access? Outreach? Advertising? Direct mail?
Is this the where’s Waldo game? Where are they hiding ballot access snd other expenses expected of a political party? And where is the hidden payment to a certain LNC officer’s “friend”?
IT looks funny, with two lines for Internet. Expensive accountants…
Looks like a failing business to me. Nothing close to when it was doing political work.