The balance of unrestricted funds as of December 31, 2022 was $18,191,898 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, 2022, PIF had a balance of $32,435,369 plus $499,560 collected in December that was transferred into the PIF account in early January 2023. The Capital Reserve Fund had a balance of $5,614,979 as of month end. The Carryforward balance (which is a component of the $18.2 million Unrestricted funds balance) was $9.9 million as of December 31, 2022.
The corporation operated within its budget year to date 2022.
Investment Report 4th Quarter 2022:
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 fourth quarter of 2022, $3,416,408 (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 2022, these investments along with the unrestricted money market account have produced interest income of $77,650 with management fees of $8,436 for a net income on unrestricted fund investments of $69,214.
As of December 31, 2022, $5,329,326 (cost basis) of the $5.0M 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 $91,674 with management fees of $8,889 for a net income on restricted capital reserve investments of $82,785.
At the end of the fourth quarter of 2022, $15,223,083 (cost basis) of the $32.4M 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 $174,039 with management fees of $28,307 for a net income on restricted fund investments of $146,002.