Finances and Proposed Budget

At the Annual Meeting, the Budget Committee will present an overview of LWV Chicago’s financial activities and answer questions regarding the budget, the methodology for developing it, and recommendations with respect to future financial actions. 

The proposed budget for 2021-2022 represents a merger of LWV Chicago’s operating budget and its Education Fund. After our recent change to a 501(c)(3) charitable organization, we have taken control of our own Education Fund, and all funds held by LWVIL have been moved to our account.

Additionally, we were the recipient of a donation of $50,000 from the Davee Foundation, which previously had donated to LWV Chicago annually. These funds have been put into interest-bearing accounts, to be available in years when we are unable to raise sufficient funds to cover our expenses.

As you can see by the year-to-date accounting, our expenses are exceeding our current income. At present, we have sufficient funds in reserves to cover this deficit, but attention should be given to ways to decrease dependence on reserves.

As of this publishing, LWV Chicago’s financial position is as follows:

• Checking: $45,714.97

• Savings: $15,462.64

• CDs: $40,000.00

Thank you to John Engle for chairing the committee and members Edie Ellis, Clare McGuire and Tracy Stanciel for their contributions.

Submitted by Hollis Burgess, Treasurer