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  • LATEST POSTS

    • I was under the impression that they increased the membership fees in order to rebuild the insurance fund.  Guess not.
    • BSA will see those kinds membership declines next year just from the LDS departure. The additional attrition over the next decade will be much more severe.
    • Interesting, 10-year treasuries had a 2% yield in March 2012, just over 3% today.  Even if we can refinance those bonds the principal/interest payments bump up fairly dramatically.
    • Geez, if the geniuses at National tell us girls love the program and want everything Boy Scouts has to offer, why change the name, drop "Boys'" from "Boys' Life" etc.?
    • https://scoutingwire.org/wp-content/uploads/2018/05/2017-Annual-Report-Combined-FINAL-App-Version.pdf Always interesting - you have to really read the notes.  The National Council’s controlling interest in its unrestricted net assets decreased by $6,479,000. The decrease in net assets was driven by payments made to the Boy Scouts of America Retirement Plan for Employees totaling $14,400,000 claims and provision expense related to the General Liability program totaling $57,427,000. Offsetting the decrease in net assets was increases in investment income totaling $58,745,000. Total expenses increased by $19,864,000 to $283,604,000 in 2017, up from $263,740,000 during 2016. Of this increase, $33,221,000 relates to cost attributed to the 2017 National Scout Jamboree. Offsetting the increase are declines in expenses attributed to pension and insurance cost of $13,564,000 (Note under REVENUES that Fees increased in 2017 by $24,426,000 primarily due to the 2017 National Scout Jamboree - so I guess we lost $9,000,000 at Jambo) The National Council’s financial condition for 2018 and the next few years will depend, in large part, upon three factors. The first is the outcome of the litigation discussed within this report (see Note 9) and the impact to GLIP (Note 7). The second lies with the success of securing donations for the Summit project in order to continue to pay bond payments as scheduled and maintaining compliance with debt covenants. The third factor is the economy and legislation and their effect on market conditions and liquidity requirements.  Quite a few notes and comments on Summit - Here is one In March 2012, the National Council issued debt to finance the development of the Summit. $175,000,000 in 10-year, tax exempt bonds was added to the existing 2010 Series A and B bonds, and the 5-year $50,000,000 line of credit was increased by $25,000,000 to $75,000,000. Bond issuance costs were $100,000. The Series A bond was paid in 2015 and the Series B bond has monthly principal and interest payment with a balloon payment of $40,363,000 due in 2020. The $175,000,000 bonds payable, requires monthly interest and principal payments with a balloon payment of $136,834,000 due in 2022.   
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