2018: A financial year in review
Thanks to our generous contributors, we raised more than $5,000 last year to cover our operating expenses. Our biggest expense the past 10 years has been a $108,000 loan, which included a balloon payment due in this year. With help from our local MainSource bank manager, we were able to refinance with the new bank owner, First Financial. This gives us a 30-year mortgage of $75,000 at a much reduced interest rate, cutting our monthly payment almost in half.
Additionally, the Community Foundation of Madison-Jefferson County informed us we will receive $500 in 2019 from the HEC maintenance fund, established by Board Member Emeritus, Elbert Hines. This “passthrough” fund is crucial to ensuring the future of Historic Eleutherian College, and is beneficial for tax and estate planning.
If you prefer the convenience of online giving, HEC now accepts PayPal – a trusted, secure and easy-to-use website. Visit the Support Us page to make a donation. You may choose an amount for a one-time gift or a monthly contribution. Just $30 a month via PayPal keeps the water flowing and the electricity on at the College and former visitor center.
We continue to apply for grants to fund special programs, research and restoration projects. Your ongoing financial support shows those funding organizations that our mission is important.
– Jan Vetrhus
HEC Board President