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FW: LNC Financial Statements August 2024

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Oct 4, 2024, 8:28:54 PM10/4/24
to LNC Business List (Public) Google Group
 
From: Bill Redpath <bill.r...@lp.org>
Sent: Saturday, October 5, 2024 12:28:38 AM (UTC+00:00) Monrovia, Reykjavik
To: LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>
Subject: LNC Financial Statements August 2024

Attached please find the August 2024 month end financial statements. I have been working with Joseph, our outside accountant, this week to make some corrections. I think they still need some tweaking, but they are pretty close, so here is what we have, as of now.
I want to point out that the table on Page 3 shows LNC financial data that excludes the Joint Fundraising Committee with the Kennedy Victory Fund (KVF). The balance sheet data on Pages 5, 8 & 9, and the income statement data on Pages 6 & 7, include Cash from the JFC and payables to the KVF, as well as payables to vendors on behalf of the Kennedy Victory Fund. The LNC reduces what it owes the KVF when it pays bills of vendors on behalf of the KVF.
Accounts Receivable, which was $51,611 at August 31, has been updated to include the $47,000 the Trump Campaign owes to the LNC to reimburse us for costs incurred at the May National Convention.
The three tables on Page 4, as with the table on Page 3, are meant to convey the financial statements of the LNC without the involvement of the JFC. I think there are some tweaks that still need to be made here, and I will be working with Joseph on those. You can see the negative expense for the Convention in August 2024, which is the recognition in the financial statements of what the Trump Campaign owes the LNC. That negative expense is not recognized in the expenses on Page 7. I will follow up with Joseph on that.
On Page 7, Year to Date Net Income (Actual and Budget) did not print for some reason. Those numbers are -$24,647 (Actual) and -$6,260 (Budget).
Also, on Page 10, the Statement of Cash Flows, the Net Cash Increase for August 2024 reads $569,339, while that number is $576,854 in the “Change” column on Page 8. Those numbers should equal, a further point of discussion with Joseph.
LNC Financial Position, as of August 31, 2024: Removing the JFC (or JFA) Cash from the August 31 balance sheet leaves $472,833 of Current Assets. Removing the JFC liability from the Current (same as Total, as we have no Long-term Debt) Liabilities leaves $536,902 of Current Liabilities, for a difference of -$64,069.
The Washington Hilton Hotel bill was paid in full in September, as was the $40,000 deposit for the Grand Rapids 2026 National Convention location.
I think all involved in financial statement production will endeavor to get the September financial statements out by October 20.
You are certainly welcome to email me questions at trea...@lp.org.
Bill Redpath

08-2024-Staff-EOM-Reports v10.3.2024.pdf

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Oct 4, 2024, 8:31:57 PM10/4/24
to LNC Business List (Public) Google Group
 
From: LP Secretary <secr...@lp.org>
Sent: Saturday, October 5, 2024 12:31:49 AM (UTC+00:00) Monrovia, Reykjavik
To: Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>
Subject: Re: LNC Financial Statements August 2024

Is there any money in reserves?  
From: Bill Redpath <bill.r...@lp.org>
Sent: Friday, October 4, 2024 6:28:38 PM

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Oct 4, 2024, 8:35:13 PM10/4/24
to LNC Business List (Public) Google Group
 
From: LP Secretary <secr...@lp.org>
Sent: Saturday, October 5, 2024 12:35:06 AM (UTC+00:00) Monrovia, Reykjavik

To: Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>
Subject: Re: LNC Financial Statements August 2024

Okay am I correct that it is at just over 80K?  So adding that to the negative position above put us at like +26K?  
From: LP Secretary <secr...@lp.org>
Sent: Friday, October 4, 2024 6:31:49 PM

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Oct 4, 2024, 11:28:21 PM10/4/24
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From: Kathy Yeniscavich <kathy.ye...@lp.org>
Sent: Saturday, October 5, 2024 3:28:09 AM (UTC+00:00) Monrovia, Reykjavik

To: Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>
Subject: Re: LNC Financial Statements August 2024

Thank you, Mr. Redpath for the August financial report.

For updated information I direct everyone to the weekly report prepared by staff with information as of today.  End of August data is now five weeks old, due to the compilation process, and as noted we paid two large invoices in September, the Hilton for approximately $281,141 (negotiated down from $300,208) and the DeVos Center 2026 Convention deposit for $42,800, and our current financial situation is drastically different.  I would like to ensure everyone understands the bleak financial picture.

As of today, per the staff report in the separate email, we have $134,104.99 in two bank accounts and a money market account. All but $6,093 is considered restricted, not in the strict accounting sense but that is money that is spoken for, so to speak, and includes $25,793 in the PNC Business Money Market Account (this is the bond for the Michigan lawsuit and cannot be touched), $25,000 encumbered for the deductible for a lawsuit, and 77,217 in credit card debt.

As of today, the LNC's 10% share of the KVF we that has been collected is $139,000, which is more than our current bank balances.  Think about what that means.

That's the full financial picture.  There is no additional cash reserve.

Improving our financial situationis a priority. We urgently need a financial plan and all hands on deck to turn this around.  


In Liberty,
Kathy Yeniscavich
At-Large Member, Libertarian National Committee
From: Bill Redpath <bill.r...@lp.org>
Sent: Friday, October 4, 2024 5:28 PM

To: LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>
Subject: LNC Financial Statements August 2024

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Oct 4, 2024, 11:51:05 PM10/4/24
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From: LP Secretary <secr...@lp.org>
Sent: Saturday, October 5, 2024 3:50:57 AM (UTC+00:00) Monrovia, Reykjavik
To: Kathy Yeniscavich <kathy.ye...@lp.org>; Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>

Subject: Re: LNC Financial Statements August 2024

Pretty much what has been said now in two derivative lawsuits. There are very good reasons and it isn't the Secretary doing her job which everyone sees for what it is. 
From: Kathy Yeniscavich <kathy.ye...@lp.org>
Sent: Friday, October 4, 2024 9:28:09 PM

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Oct 6, 2024, 1:45:35 PM10/6/24
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From: Kathy Yeniscavich <kathy.ye...@lp.org>
Sent: Sunday, October 6, 2024 5:45:24 PM (UTC+00:00) Monrovia, Reykjavik
To: LP Secretary <secr...@lp.org>; Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>

Subject: Re: LNC Financial Statements August 2024


Providing an update.  The LNC's 10% share of the KVF that has been collected as of 10/4 is $158,490.

In Liberty,
Kathy Yeniscavich
At-Large Member, Libertarian National Committee
From: LP Secretary <secr...@lp.org>
Sent: Friday, October 4, 2024 8:50 PM

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Oct 6, 2024, 1:46:43 PM10/6/24
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From: Angela McArdle <angela....@lp.org>
Sent: Sunday, October 6, 2024 5:46:37 PM (UTC+00:00) Monrovia, Reykjavik
To: Kathy Yeniscavich <kathy.ye...@lp.org>; LP Secretary <secr...@lp.org>; Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>

Subject: Re: LNC Financial Statements August 2024

Nice!  👏👏👏


Angela McArdle
Chair, Libertarian National Committee
From: Kathy Yeniscavich <kathy.ye...@lp.org>
Sent: Sunday, October 6, 2024 12:45 PM

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Oct 6, 2024, 3:19:33 PM10/6/24
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From: Adrian Malagon <adrian....@lp.org>
Sent: Sunday, October 6, 2024 7:19:25 PM (UTC+00:00) Monrovia, Reykjavik
To: Angela McArdle <angela....@lp.org>; Kathy Yeniscavich <kathy.ye...@lp.org>; LP Secretary <secr...@lp.org>; Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>

Subject: Re: LNC Financial Statements August 2024

Yeeeeeeeeeee!

Adrian F Malagon
Region 4 Alt, Libertarian National Committee
Chair, Libertarian Party of California
From: Angela McArdle <angela....@lp.org>
Sent: Sunday, October 6, 2024 10:46:37 AM

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Oct 6, 2024, 3:25:39 PM10/6/24
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From: Pat Ford <pat....@lp.org>
Sent: Sunday, October 6, 2024 7:25:29 PM (UTC+00:00) Monrovia, Reykjavik
To: Adrian Malagon <adrian....@lp.org>; Angela McArdle <angela....@lp.org>; Kathy Yeniscavich <kathy.ye...@lp.org>; LP Secretary <secr...@lp.org>; Bill Redpath <bill.r...@lp.org>; LNC Business <lnc-bu...@lp.org>; 4eb01eb...@amer.teams.ms <4eb01eb...@amer.teams.ms>; businesslist-forward <businessli...@lp.org>

Subject: Re: LNC Financial Statements August 2024

This is in addition to the thousands of dollars received by participating Affiliates.

Libertarianmutualaid.org has been able to support an expansion of our Water Project, as well as Flood Relief to Tennessee, and now North Carolina 

Regards


Pat Ford
From: Adrian Malagon <adrian....@lp.org>
Sent: Sunday, October 6, 2024 3:19 PM
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