8615-R4_ML&P_LSLA_2024_SummerNewsletter_Web

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LSLA Treasurer’s Report - Jim McBride

A summary financial report showing 2023 results compared to budget is attached. It also shows the proposed budget for 2024. Once again, we ended the 2023 year in excellent financial shape due to tremendous support from our members and friends, and also prudent fiscal management from our board. Here are a few highlights: • Total 2023 income of $221,670 was over budget by $35,870. Donations from our membership appeal were $10,234 higher than expected, and endowment gifts were $38,150 above budget due to the $100k for 100 years challenge. Grants were $5,945 under budget since we did not get a budgeted grant from Maine Community Foundation. We did not need to transfer interest/growth from our reserves and endowment investments to fund operations. Merchandise revenue was $3,732 less than budgeted. • Our income budget for 2024 shows total income of $229,000. It reflects a slight 3% decrease in donations but $40,000 in endowment giving to meet the $100k for 100 years challenge. Our fundraising budget includes $21,000 for the Centennial Golf Classic, which is expected to break-even. Our budget assumes $4,500 in funds taken from the Reserve investments to balance the budget. • Total 2023 expenses were $149,523 which were below budget by $36,277. We were under budget in almost every category Milfoil expenses were under budget almost $24,000 since boat maintenance was lower than expected and we did not complete a planned milfoil survey last year. We were also under budget in loon protection and watershed management. • Our budget for 2024 shows total expenses of $229,000. The largest increase is marketing and communications for centennial projects and $21,000 for the Centennial Golf Classic (assumed to break-even). The milfoil budget includes $17,000 for a full milfoil survey. The budget also has $10,000 increased funding for a new watershed management program, and increased safety expenses for a 2nd patrol boat and increased warden coverage. • Total Income Less Expense: We ended 2023 with very strong positive cash flow and a net surplus of $72,147. Our 2024 budget shows a balanced budget with no deficit or surplus. As noted before, we will use up to $4,500 from the interest/growth generated by our Reserves.But we will not tap into funds from our Endowment. • Net Worth – at year-end 2023 we had total assets of $522,769, just over $115,000 higher than last year. This was due to the $72,147 surplus, and gains in invested funds for the endowment and reserves managed by the Maine Community Foundation due to improved market conditions. • We are incredibly grateful for the strong support from our members and friends who make donations, give to the endowment, join the raffle, and purchase merchandise that helps us keep Little Sebago a safe and healthy lake for all to enjoy! We are also very appreciative of the important grant support provided by the towns of Gray and Windham, and the State of Maine DEP for our courtesy boat inspection and our milfoil programs.

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