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LNC March Financials, Numbers from Treasurer Report

The LNC Treasurer has posted the April financial report, covering the month of March. Membership is up from the previous month. Once again,expenditures outweighed income. In March, the LNC had $123K in non-convention income and $91K in non-convention income, a deficit of $32K. There was also convention income. The LNC budget had called for first-quarter income of $366K, but the actual income was just over $280K. After allowing for other minor income streams, the budget deficit for the first quarter was approximately $84K. Revenue for the first three months is stated as came in $94K below budget. Staff is credited with cutting expenses by $97K relative to budget.

The LNC had set a financial reserve rule, a dollar number in bank accounts to safeguard routine operations. The reserve target is $74K, but the current available funds toward that target come to modestly over $68K, a shortage of $5,837.

Convention fundraising was up. For the month it was over $38,000, meaning the convention income for the first quarter of the year came to more than $72,000. The month also had $3K in convention expenses. Some convention income was received last year, so the convention account appears to contain more than $110K. Counting everything, deferred convention fundraising appears to be $164K, some of which has already been spent. It is difficult to say what convention costs are going to be, because the needed dollar numbers are not apparent, so it is unclear whether or not the convention will at least break even.