LNC Treasurer Redpath submitted his end-of-February Financial Report.
Of particular note: “It is my understanding now that [Editor: the Kennedy Victory Fund] will be running out in the next two or three months.”
Redpath’s report indicates:
Cash was at $244,723, while various liabilities summed to $126,136.
Year-to-Date Total Revenue is $201,523, below the budgeted amount of $240,000. Of that, $117,089 was fundraising and membership income, which had been budgeted for $150,000 for the first two months of the year. The Kennedy money Year-To-Date has been good for $81,771.
Year-to-Date expenses total $177,809, exceeding a budgeted amount of $163,640. The largest part of the expenses was $103,637 for salary and related expense, well above the budgeted $85,700. In addition, of particular note are $19,655 in legal expenses, well above the budgeted estimate of $9000, and $14,008 for accounting, well above the budgeted $7500.
Net Income in February was $3,240, well below the net income of $20,465 in January. Year-to-Date Net Income was $23,714. Both figures are well below budgeted amounts.
Revenue for February totaled $76,878. Of that amount, General Fundraising revenue was $52,537, below the budgeted amount of $75,000. The largest part of income was from recurring membership, which for the first two months of the year totaled $108,018. “Other Membership” income came to $8352. The remainder was commissions revenue from the joint fundraising committee.
Expenses totaled $73,630, slightly below the budgeted amount of $75,570.
With respect to the Kennedy Victory Fund: The February Commissions Revenue from the Joint Fundraising Committee was $24,286. Commissions revenue was down from $57,485 in January. This income stream is believed to be soon coming to an end.
The above numbers do not include Kennedy Victory Fund money passing hither and thither not under the direction of the LNC. Those amounts appear in other parts of the financial report.
Based on these numbers, one might estimate that LNC income for 2025 will amount to $700,000-$750,000, plus perhaps $100,000 in Kennedy Victory Fund income.
Can someone please explain how salary & accounting expenses are so far over budget?
Why so much debt when there’s money in the bank? Does it really make sense to pay 29% interest plus?
General Fundraising revenue was $52,537 – That’s a very troubling number considering only a few years ago they were bringing in well over that in just recurring pledge revenue alone. Also that the membership revenue from new or renewed is still so low. Wow.
Robert: Is the $8000 all of the new and renewed members, or is some of the membership income hiding in the $52,537 number?
Good ? – who knows if they are properly classifying revenue. I suspect some of the recurring gifts is in that number which would make things worse.