FW: LNC Financial Statements as of December 31 2025

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From: Bill Redpath <bill.r...@lp.org>
Sent: Saturday, January 31, 2026 9:46:27 PM (UTC+00:00) Monrovia, Reykjavik
To: LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>
Subject: LNC Financial Statements as of December 31 2025

Attached please find the Libertarian National Committee, Inc. financial statements, as of December 31, 2025.

Due to Joint Fundraising Committee (JFC) impacts on the financial statements on Pages 5, 9 & 10 (because of Cash that is included that could be expended on liabilities of the Kennedy Victory Fund), it is best to focus on the balance sheet data at the bottom of Page 3. Once all JFC-raised funds have been expended by the LNC, there will be no difference between the Page 3 balance sheet and the more detailed balance sheet.

The current Cash situation remains quite good due to the closing of the sale of the office building in Alexandria, VA in August 2025. Total Cash (net of any Joint Fundraising Committee liabilities) was $770,581, down from $786,166 at 11/30/2025.

Also on the December month end balance sheet, Accounts Payable and the Credit Cards Liability remain low (although they did tick up a bit from 11/30/2025), and there was little change in Accrued Expenses & Liabilities.

The December 2025 income statement is summarized on Page 4, with greater income statement detail on Pages 6, 7 & 8. After August through October, when states were working to boost membership for delegate numbers, and November, with a max donation and a bequest received, December 2025’s revenue decreased to $57,068. Hannah Kennedy described this to me as a “return to baseline.” I would also think people’s focus on the Holidays and other spending contributed to the lowest monthly revenue since June and July.

Actual Total Revenue for December of $57,068 was well below the budgeted amount of $85,000. Total revenue for January through December 2025 was $908,865, or 81% of the budgeted amount of $1,120,000.

December Expenses totaled $82,443, which was 85% of the budgeted amount of $97,280. YTD Expenses through December totaled $1,037,502, which was 93% of the budgeted amount of $1,120,000.

The LNC had a Net Income of -$25,376 in December 2025. YTD through December Net Income was -$128,637, but would have been -$46,405, but for the non-cash accounting loss on the sale of the building.

FEC reports have been filed on a timely basis by Paula Edwards, the LNC’s FEC consultant, and all other FEC inquiries have been answered on a timely basis. I would like to thank Assistant Treasurer Patrick Mitchell for his help during this LNC term for assistance in the preparation of the LNC’s FEC filings and financial statements.

Bill Redpath, LNC Treasurer

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From: Andrew Watkins <andrew....@lp.org>
Sent: Saturday, January 31, 2026 10:07:25 PM (UTC+00:00) Monrovia, Reykjavik
To: Bill Redpath <bill.r...@lp.org>; LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>
Subject: Re: LNC Financial Statements as of December 31 2025

Bill, could you please kindly clarify the statement about the accounting loss from the building sale?  I've seen the same statement many times before, and I’d to get a better understanding of how the sale of the building has affected our monthly or annual cash flows.  Could you please share any additional, specific details?

Andrew Watkins

At Large | Libertarian National Committee

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From: Bill Redpath <bill.r...@lp.org>
Sent: Saturday, January 31, 2026 4:46:27 PM

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From: Andrew Watkins <andrew....@lp.org>
Sent: Saturday, January 31, 2026 10:09:21 PM (UTC+00:00) Monrovia, Reykjavik

To: Bill Redpath <bill.r...@lp.org>; LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>
Subject: Re: LNC Financial Statements as of December 31 2025

I'd like* to

Andrew Watkins

At Large | Libertarian National Committee

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From: Andrew Watkins <andrew....@lp.org>
Sent: Saturday, January 31, 2026 5:07:25 PM

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From: Bill Redpath <bill.r...@lp.org>
Sent: Sunday, February 1, 2026 4:38:12 PM (UTC+00:00) Monrovia, Reykjavik
To: Andrew Watkins <andrew....@lp.org>; LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>

Subject: Re: LNC Financial Statements as of December 31 2025

Andrew:

I do not have all the figures at hand at the moment, but I can get them, if you want. Here is what happened conceptually. The building was initially booked as an asset at its total cost to the LNC. Over time, there was depreciation expense on the building, which lowered the asset book value of the building on the financial statements month-by-month. The accounting loss was the amount of proceeds received on the sale of the building minus its undepreciated cost on the LNC balance sheet. It is a "non-cash expense," because there was not a cash outflow from the -$82,232 that was calculated as described in the previous sentence. Indeed, there was a major cash inflow from the net proceeds on the sale of the building.

Thanks, Bill

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From: Andrew Watkins <andrew....@lp.org>
Sent: Saturday, January 31, 2026 5:07 PM

To: Bill Redpath <bill.r...@lp.org>; LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>
Subject: Re: LNC Financial Statements as of December 31 2025

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From: Austin Martin <austin...@lp.org>
Sent: Sunday, February 1, 2026 6:47:55 PM (UTC+00:00) Monrovia, Reykjavik
To: Bill Redpath <bill.r...@lp.org>; Andrew Watkins <andrew....@lp.org>; LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>

Subject: Re: LNC Financial Statements as of December 31 2025

Pardon my confusion here, but I noticed an issue: 

1. Why is this being logged as a general non-cash expense rather than as depreciation? There are line items for depreciation present already, so is that a duplicated expense? 
2. How could selling the building result in a decrease in net income, if non-cash expense like depreciation were already accounted? 

There may be other issues, but this stood out to me. Am I misinformed? 

Austin Martin

R1

Join the fight and support the removal of Socialism from the LP by donating at the link below:

Lp.org/martindonor 

Ua may ke ea o ka ʻāina i ka pono

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From: Bill Redpath <bill.r...@lp.org>
Sent: Sunday, February 1, 2026 6:38:12 AM

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From: Andrew Watkins <andrew....@lp.org>
Sent: Monday, February 2, 2026 2:51:42 AM (UTC+00:00) Monrovia, Reykjavik
To: Austin Martin <austin...@lp.org>; Bill Redpath <bill.r...@lp.org>; LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>

Subject: Re: LNC Financial Statements as of December 31 2025

I would also like to see these questions addressed. Bumping now so it doesn’t get re-burried

Andrew Watkins

At Large | Libertarian National Committee

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From: Austin Martin <austin...@lp.org>
Sent: Sunday, February 1, 2026 1:47:55 PM

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From: Bill Redpath <bill.r...@lp.org>
Sent: Monday, February 2, 2026 1:48:41 PM (UTC+00:00) Monrovia, Reykjavik
To: Andrew Watkins <andrew....@lp.org>; Austin Martin <austin...@lp.org>; LNC Board <lncb...@lp.org>; lnc-public_forward <lnc-publi...@lp.org>

Subject: Re: LNC Financial Statements as of December 31 2025

The LNC cannot depreciate the building after it no longer owns the building. It is not a duplicated expense.

The net proceeds from the sale of the building were less than the original cost less depreciation expense up until the time of sale, due, to the best of my knowledge, to office market conditions in Alexandria, VA. That is why there is a non-cash accounting loss on the sale of the building.

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From: Andrew Watkins <andrew....@lp.org>
Sent: Sunday, February 1, 2026 9:51 PM