(3-4-26 Document #12) Message from Revere and Son Heritage Trust

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Members of the Finance Committee:
The Revere and Son Heritage Trust (the Trust) is looking forward to meeting with you on March 4 to discuss our budget appropriation request for FY 2027.  Having spent nine years on FINCOM, I truly appreciate how busy the committee is this time of year.  As a result, I will make an effort to keep my prepared remarks brief. My comments will focus on how the FY 2027 budget request fits into a five year plan that has been presented to this committee and town leadership during each of the past four years and why it is so important that the Town meet its objectives and continue with that successful plan.
The economics underlying the Paul Revere Heritage site and the Trust’s financial plans are very complex. The Trust's budget includes a fundraising component, an operational budget for the museum, and town appropriations for the Trust’s management and oversight.  It is not feasible to adequately address all three components at this meeting.  Therefore, I invite any member of FINCOM that would like a more in-depth discussion of the Trust’s finances to e-mail me or call/txt me at 617-834-0735 and I would be more than happy to provide an overview of the Trust’s complete finances.  Once FINCOM finishes its responsibilities for ATM, I hope that the committee will allow the Trust to present a summary of other components of our Financial Plan.
To better appreciate the complete picture, I am attaching the following documents, listed in the order of importance:
1.      RSHT Budget 26-27 Version 2 – This is the summary of the municipal appropriation request that will be the focus of our discussion.
2.      RSHT Corp Account Balances – This is a summary of the R&S bank balances and other Town accounts that the Trust monitors and manages as of January 2026.  This sheet shows the status of our FY25-26 appropriation, a summary of the Museum operational budget and other accounts we monitor.
3.      DIF Update – FY 2025 -  this is an old draft I received, Randy may have updated figures.
4.      RSHT Audited FS 6-30-35   This is the Trust’s audited financial Statements for FY end 2025.
5.      RSHT Form 990 6-30-2025 corrected.  This is the Federal Filing 990 with the corrections the Trust asked the Auditor to make prior to filing.  I believe the final version of the 990 has been filed.
6.      Revere PC Draft 1-15-26 edited   This is a draft of the MA State Public Charities filing that was provided to our auditor for filing.  The filing has been made and is being reviewed by the MA Dept of Revenue.  Until the form is officially reviewed and accepted by the state, additional revisions may be made as requested by the Department of Revenue.