REPORT OF THE GRAND TREASURER
FISCAL YEAR ENDED FEBRUARY 28, 2023
To the Most Worshipful Grand Lodge A. F. & A. M. of Minnesota:
The financial status of the several funds of the Grand Lodge is reported on the accompanying pages. The total net worth of all cash accounts at the close of the fiscal year was $8,373,514.07.
When the outstanding loan receivables ($2,228.52) of the Benevolence Fund and the Lodge Building Trust ($97,291.65) is added to this figure we get a total value of $8,473,034.24. The comparable figure from the year ending 2/22/2022 was $9,199,327.06. Because of our varied and diversified portfolios for the funds in our custody, the overall loss from market conditions is just 7.9%. An amount much better than the overall market experienced. There are still market fluctuations taking place due to a variety of world events. The most recent banking concerns are not expected to affect us as our accounts are held with major institutions that have passed the various stress tests to determine their overall stability.
The principal operating accounts of the Grand Lodge are the General Fund and the Reserve Fund. The General Fund can be thought of as our checking account for day-to-day operations.
On average there is a balance of $250,000 to $350,000 to pay for our everyday expenses. During the year the Reserve Fund balance was down at the end of the calendar year and has been gaining back ever since. We ended last year at $6,357,259.91 and end the current year at $5,789,408.69. There was decline in our investments of $453,951.22 but we also moved $113,000 to the General Fund.
The Benevolence Fund and the Ladd Fund are still very strong. The Prepaid Dues fund was strong enough overall to make payments to Lodges in accordance with the guidelines of the fund. We have additional Building Trust Fund loans that are being utilized to help with Lodge repairs and renovations. One of the benefits of a healthy reserve fund is the ability to create programs such as the Building Trust Fund to help our Brothers.
We are fortunate that those that came before us were able to establish a necessary safety net in the form of the Reserve Fund. The Grand Lodge Office and your Grand Lodge Officers work very hard to provide you with the programs you need along with a strong financial responsibility to look to the future of the Craft in Minnesota.
Thank you to Grand Master MW Tony Krall and Deputy Grand Master Dayton Berg and all of the
Grand Lodge Officers for their support. It is an honor and privilege to serve you, the members of the Grand Lodge of Minnesota.