Based on our current calculations, we estimate a $1.5 Million overrun of the original assessment. The Club does not wish to ask for an additional assessment. However, we need a method to cover this short fall. One such method would be to secure a loan from a financial institution and repay that loan on a monthly basis. On the 2019-2020 Convocation, the membership approved the collection of $278,800.00 for management company fees. Since we discharged the management company, these funds have been set aside and are accruing interest. If acceptable to the membership, we can reallocate those funds to make monthly payments towards the loan until that amount is depleted and then continue to make payments.
We are in the process of selecting a lender and plan to present their proposal to the membership for consideration and approval in the upcoming 2021 Convocation before any commitments are made.
