7830-R2_LSLA_2021_WinetrNewsletter_Web

LSLA Q3 Financial Update - Jim McBride, Treasurer

Through the first nine months, it has been another very good year on the lake with strong support from our membership. Overall, Little Sebago Lake Association continues to be in excellent financial health. Here is a brief update based on the first three quarters of the year: • Year-to-date 2021 total income was $139,495, ahead of last year by $35,835 or 35%. Almost all income categories are higher than last year. Grant payments are up by $20,000 including a new $7,000 grant from Maine Community Foundation and $13,000 from State of Maine DEP that was not yet received last year. Donations and endowments are higher than last year by $14,200, and much better than expected. • Year-to-date total expenses were $109,643, higher than last year by $5,138 or 4.9%. Boat ramp wages, merch purchases, milfoil, and safety costs are up from last year. But the dam maintenance and sandy narrows dredging are lower this year. • Year-to-date income was much higher than expenses and we show a positive cash flow or surplus of $29,852. • Net Worth at the end of Q3 shows total assets of $471,810 including $43,169 in our operating account. Compared to year-end 2020, our assets are up by $86,665. Endowment and Reserves with Maine Community Foundation In 2015, the LSLABoard of Directors decided to partner with the prestigious Maine Community Foundation to manage both the Endowment Fund and the Reserve Fund for the association The Maine Community Foundation is a statewide public foundation whose core purpose is to work with donors and other partners to improve the quality of life for all Maine people. The Maine Community Foundation (MCF) invests our funds, along with the other assets in their Primary Investment Portfolio, with a goal to preserve and enhance the real value through prudent institutional investment strategies. As you probably know, the markets have continued to be strong this year and overall, our investments have grown by more than 15%. At the end of September our Endowment totaled $107,310 and our Reserve Fund totaled $321,330. So far this year, we have received additional gifts for the Endowment totaling almost $13,000. Please consider a generous donation to the Little Sebago Lake Association Endowment Fund as part of your year-end charitable giving.

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