by Sheila Rooney, Treasurer
The balance of unrestricted funds as of September 30, 2021 was $16,631,658 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of September 30, 2021, PIF had a balance of $25,191,209 plus $754,331 collected in September that was transferred into the PIF account the first part of October 2021. The Capital Reserve Fund had a balance of $5,519,701 as of month end.
The corporation operated within its budget year to date 2021.
Investment Report 3rd Quarter 2021:
RCSC’s Investment Policy (Bylaws Article XIII) is stringent in its requirements with the priority of investment objectives which are placed in this order: 1) safety, 2) liquidity, and 3) yield.
At the end of the third quarter 2021, $3,759,003 (cost basis) of the $2.5M unrestricted cash reserve and other unrestricted funds have been invested in various FDIC insured certificates of deposit, treasury bills and corporate bonds. In 2021, these investments along with the unrestricted money market account have produced interest income of $70,795 with management fees of $5,565 for a net income on unrestricted fund investments of $65,230.
As of September 30th, 2021, $4,120,171 (cost basis) of the $5.0M restricted capital reserve plus interest earned has been invested in various FDIC insured certificates of deposit and corporate bonds. Year-to-date, these investments have produced interest income of $103,198 with management fees of $6,853 for a net income on restricted capital reserve investments of $96,345.
At the end of the third quarter 2021, $4,527,675 (cost basis) of the $25.2M in the restricted Preservation and Improvement Fund has been invested in various FDIC insured certificates of deposit, treasury bills and corporate bonds. Year-to-date these investments have produced interest income of $120,729 with management fees of $7,582 for a net income on restricted fund investments of $113,146.
