RV/MH Hall of Fame Paying Off One Bank Note
The RV/MHHall of Fame in Elkhart, Ind., was able to burn a bank note Tuesday (April 30). This means the hall of fame was able to pay off one of its three bank loans, WSJV-TV, Elkhart-South Bend, reported.
It was made possible with the help of private donors helping to raise $150,000, which qualified the Hall for a single $50,000 donation.
The hall's president says people stepped up because they knew the money was being spent wisely.
"They certainly did not want to see it fail," said Hall of Fame President Darryl Searer. "But they also did not want to throw good money after bad. So now that it's being run in a much more economical way and much more businesslike way, they're stepping forward and saying 'We'll contribute."'
The hall's current debt is now $2.6 million.
That's down from $5.5 million one year ago.
The hall's news release follows:
With less than 12-hours to go before the April 30th deadline and $20,000 shy of meeting the Ingram Family's $50,000 challenge grant, two "angels" stepped forward, one with a $15,000 donation and another with $5,000 donation, making a total of $150,000 raised, according to Darryl Searer, president of the RV/MH Hall of Fame (Hall).
Searer said, "The Ingram's had offered a $50,000 challenge grant if supporters of the Hall could raise contributions totaling $150,000 by April 30, 2013–and we did.”
Searer added, “On behalf of the Hall’s board of directors, I would like to thank all of those who contributed and helped us achieve this success. I continue to be amazed by the generosity of those who believe in the Hall’s mission and continue to open their hearts and pocketbooks. We cannot thank them enough.”
Searer said that the Hall's bank loan to 1st Source Bank had been reduced from $840,000 in early 2012 to $50,000 now. He said, “I spoke with Tony Ingram last night with the good news and was assured that the $50,000 check is in the mail and we'll be able to pay off the bank loan soon.
"As soon as the Ingram's check arrives, the bank loan will be retired with a blazing "Burn the Bank Note" ceremony."