Mindful that there might elsewise be complaints about the accuracy of our reporting, I shall for the most part stay with verbatim quotes from the Treasurer’s two reports. My additions are in italics. I made the correction requested by the Treasurer.
Treasurer Todd Hagopian on LNC Finances
A report in two parts, convention and other. Convention summary: Income is still incoming. Expenses are $116K above prior cycle. Other: Non-convention revenue for April was down to $84K. Sustaining membership fell notably from March to April. Projected revenue is still above $1 Million, but noticeably below any other year in the past 20.
2024 Convention
Convention Revenue: $333K (actual) + Final Two Weeks
Convention Fundraising: $31K (actual) + On-Site Fundraising
Convention Expenses: $368K (projected)
Projected Convention Net Income: On-Site Fundraising plus Final Two Weeks minus $4K (projected)
2022 Convention
Convention Revenue: $374K (actual)
Convention Fundraising: $138K (actual)
Convention Expenses: $252K (actual)
Projected Convention Net Income: $260K (actual)
Summary
Convention fundraising and revenue are still uncertain, but plausibly will match 2022. Convention expenses are $116K above 2022.The original budget called for a large convention surplus, but that budget has been amended repeatedly.
The 2024 convention will likely rival 2022 for the highest-fundraising convention in the history of the party.
The 2024 convention will be the most expensive convention in the history of the party, mostly due to the DC Location.
We will probably not net as much Net income in 2024 as we did in 2022 due to the higher cost location in 2024.
General Financials
Revenue
We had a poor non-convention revenue month, coming in at $84K, but reached almost $151K with convention sales included.
Expense Analysis
Non-Convention revenues outpaced expenses for the month, coming in at $84K vs non-convention expenses of $79K, indicating a month in the black. This allowed us to avoid taking out the loan that we had discussed in the previous month.
Summary
Great expense, and cash, management by the staff, offset the near term liquidity concerns. It is still possible that the LNC will decide to amend the policy manual to release convention funds two weeks early, if necessary, but we no longer need the credit line. We are still investigating credit line options so the next LNC has their options open. Thank you to the staff working so hard on the upcoming convention, May has been an incredible fundraising month so far. More details to come in the upcoming convention update email.
