The balance of unrestricted funds as of September 30, 2022 was $18,933,970 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of September 30th, 2022, PIF had a balance of $31,711,262 plus $582,559 collected in September that was transferred into the PIF account in early October 2022. The Capital Reserve Fund had a balance of $5,603,513 as of month end. The Carryforward balance (which is a component of the $18.9 million Unrestricted funds balance) was $11.3 million as of September 30, 2022. The corporation operated within its budget year to date 2022.
Investment Report 2nd 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 third quarter of 2022, $4,402,339 (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 $44,298 with management fees of $5,983 for a net income on unrestricted fund investments of $38,315.
As of September 30th, 2022, $5,295,884 (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 $77,516 with management fees of $6,197 for a net income on restricted capital reserve investments of $71,319.
At the end of the third quarter of 2022, $18,142,416 (cost basis) of the $31.7M 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 $121,821 with management fees of $18,645 for a net income on restricted fund investments of $103,176.