The balance of unrestricted funds as of September 30, 2023, was $18.8 million, 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, 2023, PIF had a balance of $31.2 million and the Capital Reserve Fund had a balance of $5.7 million.
The Carryforward balance (which is a component of the $18.8 million unrestricted funds balance) was $10.0 million as of September 30, 2023.
The corporation operated within its budget year-to-date in 2023.
Investment Report: Third Quarter 2023:
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.
As of September 30th, 2023, $4,263,735 (cost basis) of the $2.5M unrestricted cash reserve and other unrestricted funds have been invested in various FDIC insured treasury bills and corporate bonds. In 2023, these investments along with the unrestricted money market account have produced interest income of $77,097 with management fees of $7,008 for a net income on unrestricted fund investments of $70,089.
At the end of September 2023, $4,557,814 (cost basis) of the $5.6M restricted capital reserve plus interest earned has been invested in various FDIC insured treasury bills, mutual funds, and corporate bonds. Year-to-date, these investments have produced interest income of $52,209 with management fees of $7,134 for a net income on restricted capital reserve investments of $45,075.
At the end of the third quarter of 2023, $25,591,486 (cost basis) of the $31.2M in the restricted Preservation and Improvement Fund has been invested in various FDIC insured treasury bills, mutual funds, and corporate bonds. Year-to-date these investments have produced interest income of $182,646 with management fees of $34,446 for a net income on restricted fund investments of $148,200.
