The balance of unrestricted funds as of December 31, 2023, was $18.5 million, which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of December 31, 2023, PIF had a balance of $33.1 million and the Capital Reserve Fund had a balance of $5.6 million.
The Carryforward balance (which is a component of the unrestricted funds balance) was $10.4 million as of December 31, 2023.
The corporation operated within its budget year-to-date in 2023.
Investment Report: Fourth 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 December 30th, 2023, $4,253,215 (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 $106,056 with management fees of $9,602 for a net income on unrestricted fund investments of $96,454.
At the end of December 2023, $4,538,319 (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 $72,523 with management fees of $9,937 for a net income on restricted capital reserve investments of $62,586.
At the end of the fourth quarter of 2023, $27,819,348 (cost basis) of the $33.1 million 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 $277,040 with management fees of $50,495 for a net income on restricted fund investments of $226,545.
