RPT Quarterly Treasurer's Update - 1st Quarter 2012
As has been customary since his election, Chairman Munisteri has requested that Tom Washington (the Assistant RPT Treasurer) and I update all of you on the party’s finances for the last quarter. The SREC met at its quarterly meeting on March 30th & 31st of 2012. Our report to you is that the Party’s finances continue to be strong while carrying no debt. All of the Party’s bills continue to be paid on time. Additionally, all regulatory filings have been filed timely during the last quarter and the Party continues to be in good standing with the Texas Ethics Commission and the Federal Elections Commission.
The following is an excerpt from the March 31, 2012 report to the SREC (as of 12/31/2011 and 2/28/12):
- Cash on hand: $631,988.16 (does not include prepaid 2012 State Convention expenses or Primary Election cash from the Secretary of State)
- Debt: $0.00
- Decrease in fund balances for the 12 months ended 12/31/2011: $(35,520.62) (a decrease over 2 months of $(113,285.91) since our last report to you). The majority of this decrease was caused by $100,000 lower than average fundraising revenues during December, 2011. RPT also paid over $16,000 of legal expenses related to redistricting.
These notes are related to the financial results from the first 2 months of 2012 effective 2/29/2012:
- Cash on hand @ 2/29/2012: $799,515.05 (does not include prepaid 2012 State Convention expenses or Primary Election cash from the Secretary of State)
- Debt: $0.00
- Fund balances increased $136,838.06 during the first two months of 2012. This is despite paying additional legal fees related to redistricting of over $40,000. The overall fund balance increase is also net of $56,000 of primary fund expenses advanced by the RPT that will be reimbursed from primary funds held in trust received from the Secretary of State. The RPT showed strong fundraising revenues in the first two months of 2012.
The annual audit of the Republican Party of Texas by an outside, independent public accounting firm disclosed no financial policy and procedure issues and tendered a “clean and unqualified” audit opinion on the financial statements of the Republican Party of Texas.
As political fundraising increases during this election year, Tom Washington and I would like to again encourage all grass roots Republicans to look for the "Raised in Texas, Stays in Texas" logo on our Party fundraising to ensure your contributions are staying in Texas.
Tom Washington and I mention the Grassroots Club in every one of our reports because we believe so strongly in the cause it represents. Since we both volunteer significant amounts of our time for the Republican Party of Texas (Tom Washington much more than I since he also serves on several SREC committees and on the ever so important State Convention committee), we demonstrate, along with our State Chairman (who volunteers full-time running our Party) that we are committed to the role our Party plays in turning around this great nation. This fundraising tool continues to have the lowest cost of any we perform (95% of funds donated go directly to the Party even after the credit card fee is deducted). And the low contribution amount of $8.25/month enables all of us to help carry the load of keeping the Party involved in the fight for our nation. Some have expressed a reluctance to use a monthly credit card to participate in the Club but still believe in its purpose. As an alternative, if you have this concern, please consider joining the Club by completing the application online and mailing it to the State Party headquarters along with a check for at least $99 for a year’s membership. Members of the Grassroots Club do not receive phone or mail solicitations from the RPT.
As of May 4th, the Club included the membership of 1,650 faithful Republicans. If you haven’t had the opportunity, please follow this link to join today: www.GrassrootsClub.com.
Republican Party of Texas