RV/MH Hall of Fame Eyes Quick Note Payoff
RV/MH Hall of Fame President Darryl Searer’s recent quadruple bypass heart surgery hasn’t diverted his attention from the Hall’s mission and goals, according to a press release. As he continues his recovery at home, Searer said, “We’ve come a long way in the past 18 months, but we still have some exciting opportunities ahead.”
When Searer volunteered to accept the position of president of the Hall in March 2012, his mission was to help the Hall get its financial house in order and to make the Hall debt free.
“While we are proud of the success of the original “$100,000 match” and the “Burn the Bank Note” campaign which paid off the bank loan in 13 months – more than three years ahead of schedule – we still have two more loans to go before we are debt free,” he said. “This goal could not have been achieved without the generous support of members of the RV and manufactured housing industries, and especially, the Boots Ingram family who contributed $150,000 in matching grants toward retiring the bank note.”
Searer said that of the two remaining notes, the $3 million note to the Ingram family is more pressing as “it will pay off with $2 million,” due to the Ingram’s 50% match on every principle payment. The other outstanding note is a $600,000 loan to the bank, which saved the Hall $565,000 in settling the debt for the antique RV collection.
With the original bank note retired, the Hall started making payments on the Ingram loan in August, three years ahead of schedule. Searer said, “Under the amortization schedule the Ingram loan will be paid off by May of 2030. But I believe we can beat that, again, in part, because of the Ingram family’s generosity.”
He added, “As long as we meet our monthly obligations, the Ingrams will match the principle payment by 50% which means the $3 million loan will pay off with $2 million. That means for every $100 contributed by individuals and companies in the RV/MH industries, the loan principle will be reduced by $150.”
Searer’s goal is for the Hall to be completely debt free by 2020, if not before.
For those who would like to make a contribution toward the Ingram family’s $1 million challenge grant, the Hall has made it easy to contribute. Contributions can be made through the Hall’s secure website by clicking here or by mail or phone. If paying by check or money order, make payable to the RV/MH Hall of Fame.
Address your correspondence this way: $1 Million Ingram Family Challenge, RV/MH Hall of Fame, 21565 Executive Parkway, Elkhart, IN 46514
For more information call (800) 378-8694 or (574) 293-2344.