The balance of unrestricted funds as of March 31, 2023 was $21,317,207 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of March 31, 2023, PIF had a balance of $31,903,029 and the Capital Reserve Fund had a balance of $5,623,542.
The Carryforward balance (which is a component of the $21.3 million unrestricted funds balance) was $10.1 million as of March 31, 2023.
The corporation operated within its budget year-to-date in 2023.
Investment Report: First 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 March 31, 2023, $4,233,901 (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 $14,026 with management fees of $1,965 for a net income on unrestricted fund investments of $12,061.
At the end of March 2023, $2,440,113 (cost basis) of the $5.0M 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 $11,269 with management fees of $2,705 for a net income on restricted capital reserve investments of $8,564.
At the end of the first quarter of 2023, $16,848,742 (cost basis) of the $31.9M 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 $47,274 with management fees of $8,194 for a net income on restricted fund investments of $39,080.