Update on Special Campaign for Facilities Maintenance
The Special Campaign for facilities maintenance concluded Jan 31, 2018 and raised $320,768. The match grant challenge of $250,000 will bring the total to $570,768. The remarkable generosity of the Fellowship will enable ERUUF to care for the campus well into the future. The immediate plan is to pay off the remaining mortgage ($104,000 paid Feb 2018) and put the remaining funds already contributed into Certificates of Deposit with Self-Help Credit Union. An adequate amount needed for priority 1 repairs will be held in a facilities maintenance reserve fund. The Board Finance Advisory Committee is drafting a policy to clarify the use of these funds strictly for facilities maintenance and enhancement. In addition, the Board is commissioning an engineer study to assess the long-term facilities needs for the campus, including technology. A portion of the money now freed up in the budget for mortgage payment will be added to the facilities maintenance fund. The Board and Coordinating Team are carefully reviewing all the financial details related to these issues.