To the author of another of those annoying unsigned posts: Nobody is planning to "rob" the endowment fund to pay for the building, although I have the impression that they did borrow something from it recently to cover an allegedly temporary shortfall (or maybe that was just proposed--I haven't gone and looked at the minutes). They are considering borrowing (part of?) the money to refinance from the NSS itself so essentially we pay the interest to ourselves, presumably at a fair percentage rate. This would only be a disaster if the NSS never raises the money to pay itself back. As Diana noted, fundraising has not been as aggressive as it might have been so far.
I too thought that a time of shrinking membership was a time for the NSS to hunker down and mind its business, not feed an edifice complex. But considering all the donations, both of time and money, NSS members have already put into the project, I hope the NSS can make it work. In the long run, even after the mortgage is retired by hook or crook, the board needs to watch carefully that most of the huge overhead of running such a large building and property is covered by income from the large fraction of it that the NSS does not use and that the regular NSS budget (dues, etc.) covers only the appropriate share of the bills. That's the plan, but keep a watchful eye on it. The NSS annual budget dreamed up by the officers is not overly easy to figure out, and I suspect most of the board never really looks carefully at it. Certainly during my long years on the board is was nearly always approved unanimously after only token, if any, discussion. It was not comforting to watch the board, at its meeting in San Antonio about a year ago, discuss what had happened to a considerable amount of headquarters donations in excess of mortgage interest, when the principal had not been correspondingly reduced. I sat frustrated in the audience knowing the answer, and finally someone, maybe the treasurer, figured out what the problem was and explained that it went to repairs and renovations. Board members should have _known_ that. -- Mixon ---------------------------------------- What great comfort is there to be derived from a wife well obeyed!—Anthony Trollope, Barchester Towers ---------------------------------------- You may "reply" to the address this message (unless it's a TexasCavers list post) came from, but for long-term use, save: Personal: [email protected] AMCS: [email protected] or [email protected] _______________________________________________ Texascavers mailing list | http://texascavers.com [email protected] | Archives: http://www.mail-archive.com/[email protected]/ http://lists.texascavers.com/listinfo/texascavers
