The balance of unrestricted funds as of March 31, 2024, was $20.6 million, 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, 2024, PIF had a balance of $33.5 million and the Capital Reserve Fund had a balance of $5.7 million.
The Carryforward balance (which is a component of the unrestricted funds balance) was $6.9 million as of March 31, 2024.
The corporation operated within its budget year-to-date in 2024.
Investment Report: First Quarter 2024:
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, 2024, $4,391,030 (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 2024, these investments along with the unrestricted money market account have produced interest income of $85,952 with management fees of $2,647 for a net income on unrestricted fund investments of $83,305.
At the end of March, 2024, $4,642,835 (cost basis) of the $5.7M restricted capital reserve 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 $131,018 with management fees of $2,850 for a net income on restricted capital reserve investments of $128,168.
At the end of the first quarter of 2024, $27,902,396 (cost basis) of the $33.5 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 $128,957 with management fees of $16,706 for a net income on restricted fund investments of $112,251.