LPP Releases Financial Statement

MONROVIA – The Liberian People’s Party through its National Executive Committee has released its summary of financial statement covering the period, October 1, 2021 to September 30, 2022 which includes information on its assets, liabilities and equity and shows that the party did not incur liabilities that may affect its financial standing.

According to the statement issued yesterday, Wednesday, August 31, 2022, copy of which was sent to The Analyst, the total assets of the party which include cash and equivalents, pledges receivables (Net) and Prepaid Insurance amounted to USD14,431while its total liabilities amounted to USD 6,100 and included three loans payable USD2,900.00, 2,000.00 and 1,200.00 respectively and the total equity of the Party was put at USD8,331.00 which when added to the total liabilities of USD6,100.00 brought the amount to USD 14,331.00 

Explaining the schedules that make up the financial statement, the summary said they include taxation and expense statement, balance sheet, cash flow and equity statements

“Taxation and Expense Statement. This schedule records cash revenue and cash payments, and by extension, it depicts the strength of the membership and their commitment to the objectives of the Party. In addition, LPP’s records of taxation, pledges, etc., indicate that it is not relying on contributions from influential members and/or sympathizers. Rather it is generating taxation from poor, but regular members.  Significant portion of expenses represents money paid for the funeral activities of former members.

“Balance Sheet Statement. It records the position of LPP and informs the readers whether LPP is bankrupt, or it has increased the values of its assets over the values of its liabilities since the last balance sheet. Is LPP owing more debts, or did it receive cash from partisans and/or sympathizers? Did LPP invest a portion of its cash into income-generating activities, or some ofits partisans  have become non-paying members?

 “Cash Flow. This statement provides information on cash receipts and cash payments.

“Equity StatementThe statement explains if partisans as well sympathizers are paying their pledges, taxations, and contributions. It shows if LPP is generating  profit (loss)”, the party said.

The party which was founded on June 18, 1985 as an offshoot of the Movement of Justice in Africa (MOJA), said its leadership has and is cautiously reviewing issues affecting the country, and it has over the months shared views and policies that are implementable and would result into sustainable benefits for the country.

“For instance, in August of 2021, LPP, in its invitation to political parties stated that “ Liberia’s informed voters, in 2018, would have agreed with President George Weah Administration that Liberia was broke, and disagreed with former President Ellen Johnson Sirleaf Administration stated that Liberia held USD $153M cash reserves. The Sirleaf Administration included amounts of “Special Drawing Rights” (i.e., credit privileges of the International Monetary Fund) as part of Liberia’s net international foreign exchange reserves”, the party said  

LPP said it recognized that there are individuals who do not want to share and/or discuss policies for some reasons among them are, that they want to delay the debate until after elections, have the fear that detractors would deliberately misinterpret good ideas, that many voters are not educated, that voters might be less interested in electoral matters, and that complex issues might drive voters away. 

“Yes, it is true that political parties should not dismiss any of these concerns. Nonetheless, voters, advocates, and candidates should, every day, discuss how community leaders can play a role in managing community resources or collaborating with national leaders to promote peace and unity. Candidates and community residents focusing on employment, healthcare, etc. might help discourage voters to focus less on country versus Congau divide or personality cult, for example”, the party said.

LPP said it still has strong faith in the Ten Point Principles which was adopted in 1984 when the party was still in its embryonic stage and in promotion of the Ten Point Principles, LPP, in 2022, engaged citizens within ten of the seventeen Districts of Montserrado County. It said before engaging the Communities, LPP leadership prepared and circulated “Talking Points,” and the membership submitted contributions. “Moreover, LPP has initiated tutorial classes within Point-four Community, New Kru Town. The Intellectual Community Group has and is encouraging students to assist other students in lower grades”, the party said

“In addition, the Party is developing policies and committees such as the constitutional committee, bylaws, and regulations and LPP code of conduct. LPP Code of Conduct, if effective, should discourage partisans who might become vulnerable to influential profiteers who are good at converting honest employees into bribe seeking personnel. Importantly, LPP is training partisans in order to help them to understand the practice of how profiteers lure or convert good employees to become dishonest personnel. For, instance, in July 2022, it held a Retreat and reviewed its policies and national policies.

“Future outlook for preparing our partisans to gain experience in their special professions. This approach is necessary if partisans are to be prepared in addressing and solving the problems of our country. For example, a Team of accountants (all members of LPP) are reviewing two published audited 2020 financial statements of two prominent local banks. The three business individuals will provide this review as part of the approach that partisans can use to understand the different ministries and agencies of Liberia”, the party said

The party said it regretted the death of two of its stalwarts, Dr. Amos Claudius Sawyer and Dr. Joseph Saye Guanu who died in February and August 2022 who were outstanding during their active days in party politics.

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