9069-R4_ML&P_LSLA_2024_SummerNewsletter_Web

Little Sebago Lake Association – Treasurer’s Report Jim McBride

A summary financial report showing 2024 results compared to budget is attached. It also shows the proposed budget for 2025. We ended our centennial year in 2024 in excellent financial shape due to tremendous support from our members and friends, and prudent fiscal management from our board. Here are a few highlights:

• Total 2024 income of $237,816 was over budget by $8,816. Donations from our membership appeal were $5,650 higher than expected, and endowment gifts were $12,066 above budget due to the $100k for 100 years challenge. From May 2023 through December 2024, over 200 donors contributed a grand total of $113,441 to the endowment – well above our goal of $100k for 100 years! Thank you so much to everyone who made a gift! We did not need to transfer interest/ growth from our reserves and endowment investments to fund operations in 2024. • Our income budget for 2025 shows total income of $239,000. It reflects a slight 3% decrease in donations but a large drop in endowment giving since the $100k for 100 years challenge is over. Our fundraising budget includes $24,000 for the 2nd Annual Golf Classic, which is expected to earn $4,000 after expenses. Income includes $18,500 transferred from reserves to offset the major lower narrows dredging completed in January. The budget also assumes $5,000 in funds taken from the interest/growth on Endowment investments to balance the budget. • Total 2024 expenses were $211,384 which were below budget by $17,616. We were under budget in merchandise purchases, water quality, and watershed management. The safety program was under budget almost $5,800 since payroll and warden coverage were lower than expected.

of $239,000. The largest increase is in lower narrows dredging ($18,500 already paid with Reserve funds). The milfoil budget has gone down since we completed a full milfoil survey last year. The budget also has $10,000 increased funding for a new watershed management program, and increased safety expenses for a 2 nd patrol boat and increased warden coverage. • Total Income Less Expense: We ended 2024 with strong positive cash flow and a net surplus of $26,432. Our 2025 budget shows a balanced budget with no deficit or surplus. As noted before, we may need to use up to $5,000 from the interest/growth generated by our Endowment. But we will never tap into funds from the principal of gifts to our Endowment. • Net Worth – at year-end 2024 we had total assets of $601,156, over $78,000 higher than last year. This was due to the $26,432 surplus, and gains in invested funds for the endowment and reserves managed by the Maine Community Foundation due to improved market conditions. • We are incredibly grateful for the strong support from our members and friends who make donations, give to the endowment, join the raffle, and purchase merchandise that helps us keep Little Sebago a safe and healthy lake for all to enjoy! We are also very appreciative of the important grant support provided by the towns of Gray and Windham, and the State of Maine DEP for our courtesy boat inspection and our milfoil programs.

• Our budget for 2025 shows total expenses

12 LittleSebagoLake.com | Spring 2025