<div dir="ltr"><div>In case this needs to be published on the LNC Business list, I am forwarding my earlier motion as shown below. I don't think this motion requires prior notice, but it now has it.<br><br></div>Daniel Wiener<br>
<div><div><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Daniel Wiener</b> <span dir="ltr"><<a href="mailto:wiener@alum.mit.edu">wiener@alum.mit.edu</a>></span><br>
Date: Fri, Feb 14, 2014 at 1:20 PM<br>Subject: Paying off the mortgage<br>To: LNC Discussion <<a href="mailto:lnc-discuss@hq.lp.org">lnc-discuss@hq.lp.org</a>><br><br><br><div dir="ltr"><div>After last night's Executive Committee meeting I wrote up the following provision to be added to the Policy Manual. I would like this placed on the agenda for the upcoming LNC meeting.<br>
<br><div style="margin-left:40px">
<i><b>Section 2.03 FINANCIAL MATTERS</b></i><br><br><i><b> 17) Office Mortgage</b></i><br>
<br><i><b>It shall be the goal of the LNC to completely pay off the
office mortgage as quickly as possible, and in any case prior to the due
date of the 10-year balloon payment. Towards that end the LNC shall
budget a minimum of $60,000 in each odd-numbered year to pay down the
principal until the mortgage balance is zero. Fundraising for this
specific purpose shall be made a high priority. This provision does not
preclude additional fundraising and pre-payments in even-numbered
years.</b></i><br>
</div><br>The amount of $60,000 is based on the attached loan
amortization schedule (which I adapted from an earlier spreadsheet which
Aaron Starr had created), and includes a worst-case assumption that the extra
payment will not be made until December of each odd-numbered year
instead of scattered throughout the year. The intention is that there be targeted fundraising for the restricted building fund, with the resulting funds (net of fundraising costs) being used to immediately pay down the principal so as to reduce the future interest costs as quickly as possible. Furthermore, the $60,000 should be included in the annual budgets of odd-numbered years, so as to increase the pressure for dedicated fundraising and thus avoid having the money come out of the general fund.<span class="HOEnZb"><font color="#888888"><br>
<br></font></span></div><span class="HOEnZb"><font color="#888888">Daniel Wiener<br></font></span></div>
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