Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Deficit of more than 1 Million Dollars with Lawrence Reed

11 Aug 2024 · 1 min

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Lawrence Reed describes taking over an organization facing a budget deficit of more than $1 million with six months left in the fiscal year. Using reserves, spending reductions, staff changes, and a strategic plan, he reduced the deficit to about $900,000 within his first six months, to about $300,000 the following year, and returned the organization to surplus the year after that. He credits rebuilding the organization (new staff, strategic planning) and restoring confidence as key factors.

Questions this video answers

More than $1,000,000 ("a deficit of more than $1 million").

About $900,000 ("reduced the deficit to about 900,000").

About $300,000 ("I cut it further to about 300,000").

The organization was "in the black" (returned to surplus) and remained so thereafter.

Chapters

Internally, I had to make some very tough decisions regarding spending reductions. We were facing a deficit in our budget. There were six months of that fiscal year left. When I took fee over, we were looking at a deficit of more than $1 million. Fortunately, we had some reserves we could draw upon. But before that first six months of my tenure was out, we reduced the deficit to about 900,000. The following year I cut it further to about 300,000. And then the next year we were in the black and have been ever since. And so, rebuilding an organization with new blood, new staff, a well thought out strategic plan, giving people the confidence they needed to support us. Those were the challenges that I had to deal with, and we dealt with them successfully. So.