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August 2023: LNC Goes $73,000 in the Hole

It is September 20, and the LNC filed its FEC report in a timely way. The outcome could be said to leave something to be desired. The August LNC Financials show:

Cash on hand, start of month $266,368

Receipts for month $73,300

Disbursements for month $122,019

Cash on hand, end of month $217,649

However, debt increased markedly, from $14,397 last month to $38,240 this month, an increase of almost $24,000.

For August 2023, the Libertarian National Committee spent $73,000 more than it it raised. By coincidence, it raised $73,000, so it spent every dollar that it raised…twice!

The immediately obvious disbursement was $24,378 in net pay to a single employee, not the National Chair’s boyfriend, but that person was being off-boarded, the dollar amount may refer to an extended time period.

5 Comments

  1. George Phillies Post author | September 24, 2023

    Jim,

    Thank you very much for your excellent 12 months trailing graph. As you are doubtless knew, trailing graphs when the curve as a strong first derivative can be misleading to the innocent.

    The interest rate on the $40,000+ credit card debt is likely much larger than the interest rate on the deprecated $50,000 loan.

    Keep up your good work!

  2. George Phillies Post author | September 21, 2023

    Shawn,

    Excellent points on credit card debt. There has always been limited debt due to grace period and billing issues.

    However, for August credit card debt grew by $24K, so, as you correctly point out, “it may be time to worry about the debt.”

    George

  3. Shawn Levasseur September 21, 2023

    The debt number may not mean much. Especially given that the only debts shown on Schedule D are on the credit card.

    It’s very likely that the debt number merely represents the expenditures made on the credit card that have yet to be paid as they are still in the grace period. It’s hard to tell as the expenditures in Schedule B do not show payment methods.

    If that number grows steadily relative to expenditures, then it may be time to worry about the debt.

    However, there are just under $300 in “fees” related to the credit card. Could that be interest or late fees?

    The important thing is the dwindling of the cash on hand and expenditures exceeding income.

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