Scott Shulick, UUCW Board of Trustees President
On February 2, 2020, a special meeting of the congregation was called to discuss and vote on a motion to have our Endowment Fund loan funds to UUCW’s Build 2020 campaign. The purpose of the loan – which will likely work more like a line of credit actually – is an aid in paying contractor invoices that come due before all of the Build 2020 pledges will be collected, while not leaving UUCW in a difficult cash flow situation.
A few considerations:
- A line of credit was sought through BMO Harris, the bank that holds our mortgage. After many months of work, the amount they came back with was insufficient for our needs.
- Money loaned out of the endowment fund currently sits in cash and cash equivalents and we would pay ourselves back with interest, with the amount based on advice from the Endowment Fund’s financial advisors.
There were over 70 members in attendance. The vote was overwhelmingly in support.
Lastly, I would be remiss if I didn’t mention that it’s not too late to make a new pledge, increase your existing pledge or pay off your Build 2020 campaign commitment early. Just contact the office. There were many things we had hoped to include in the scope of the project but simply couldn’t given budget constraints. If you have any questions, contact Scott Shulick.