May End-Of-Month Financial Reports

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Todd Hagopian

Jun 23, 2022, 6:43:09 PM6/23/22
Hello Folks,

I have attached the monthly financial reports, along with a summary of key points below.  Please let me know if you have any questions.  Thank you!

Cash Position
We exited April with a negative $34.0K Cash reserve

We recovered in May, by releasing convention profit, along with strong lifetime membership activity at the end of May, and ended with a strong cash reserve of positive $206.1K

Revenue Strength
We had $510.3K in revenue through the first four months of the year total.

On the strength of a great convention results, and strong fundraising at convention, we raised 635.2K in May, surpassing our fundraising for the entire year in a single month.

Convention Results
Our best recent convention was 2016, with a total Convention/Fundraising revenue of $397.3K.  

This year, we were at $513.6K (a 29% increase over the best recent convention) of total convention/fundraising revenue.  This was a great convention year, along with strong fundraising at the convention.

As expected, the strong convention put us in a position to pay off the loan in June.  The stronger-than-expected convention results also allow us to have a strong cash reserve going into the summer months, which we will be keeping a close eye on.

Todd Hagopian
LNC Treasurer
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