Treasurer’s Report – April 2021

by Sheila Rooney, Treasurer

The balance of unrestricted funds as of March 31, 2021 was $17,616,096 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of March 31st, 2021, PIF had a balance of $20,711,700 plus $898,872 collected in March that was transferred into the PIF account the first part of April 2021. The Capital Reserve Fund had a balance of $5,472,459 as of month end.

The corporation operated within its budget year to date 2021.

Investment Report 1st 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 first quarter 2021, $2,571,050.89 (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 $28,256.15 with management fees of $2,131.87 for a net income on unrestricted fund investments of $26,124.28.

As of March 31st, 2021, $3,271,566.69 (cost basis) of the $5M 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 $51,699.13 with management fees of $2,595.26 for a net income on restricted capital reserve investments of $49,103.87.

At the end of the first quarter 2021, $4,062,825.06 (cost basis) of the approximate $12.5M 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 $38,176.67 with management fees of $3,063.15 for a net income on restricted fund investments of $35,113.52.