MUUF Finance update

MUUF has recently received a generous non-dedicated bequest* in the amount of $248,000 from the estate of Geri Silk. (This is in addition to a directed bequest that has already been paid to our Endowment, as it passed outside the will, and was directed by Geri to be made to Endowment.) The Board intends that the full benefit of the non-dedicated bequest ultimately go to Endowment as well.

First, however, the Board has unanimously voted to direct a portion of Geri’s non-dedicated bequest to the Capital Fund account to pay off the Gateways construction loan now, to avoid the need for any extension and save around $6000 in interest and fees. The loan, now has a balance of approximately $180,000; the remaining approx. $68,000 of the Silk bequest will go immediately to the Endowment Fund. We have more than the needed $180,000 plus interest in outstanding Capital Campaign pledges due between now and next September (we have a pledge fulfillment rate of about 96%, but we budgeted conservatively}. As the remaining capital campaign pledge payments are received, they will be directed into the Endowment Fund until the amount advanced from the Silk bequest to retire the construction loan balance and the avoided interest amount have been received by Endowment. Any Capital Campaign pledge income received on top of that will be directed to the Capital Reserves Fund (Building Reserves on balance sheet).

*Meaning, the donor did not specify any fund or purpose beyond a gift to the Fellowship