In the spring of 2022 the UUSA received information that our meetinghouse required immediate, professional attention. The siding on the old part of the building had failed, putting at risk the integrity of the whole building.
Our course of action was clear. We had to vet and hire a contractor, purchase materials, and complete the work in the fall of 2022.
We used over $46,000 of our cash reserves as a down payment to get the project started, but we had no option other than to finance the rest. We explored several possible grant opportunities but found we were not eligible in a short time frame. So, we secured the financing through careful consultation with our long-time financial partner at Florence Savings Bank.
The building project itself was completed without a hitch — thanks, in large part, to the considerable efforts of UUSA volunteers. Work was completed on time and under budget.
The building looks better than ever.
Now, we face another challenge. We would like to pay off the loan we took out to finance the project, so that we don’t have to continue to draw from our reserves for the monthly mortgage payments. That is why we are asking you, members and friends of the UUSA, to help. Here is the deal….
The loan has a term of 20 years, with an interest rate of 5.34%, which is only fixed for the first five years of the loan. We’d like to complete paying off the loan before the interest rate changes. Our principal balance was $170,172 on November 12, 2023 and we are making monthly loan payments of $1,188.37 from financial reserves. Through November 12, 2023, we have paid a total of $9,049 of interest.
The UUSA Finance Committee has recommended that we commit an additional $50,000 of our financial reserves towards retiring the loan. This means, we need to fundraise approximately $115,000.
Here is a detailed financial breakdown of the project – Siding Loan Details
We invite you to play a part in closing this chapter of the story of UUSA history by making a pledge to retire our siding mortgage. We currently have an outstanding balance of approximately $105,000. Given the number of current contributing members and friends, we need to raise close to $1,300 total per household spread across the next three years. We hope to be able to retire the loan before the interest rate changes. So, whatever you are able to commit to give over the next three years would be greatly appreciated.
Please use the commitment form here to tell us how you are willing to help.
We acknowledge that we asked the congregation to cover budgetary shortfalls last winter. We also recognize that you stepped up and funded an aspirational budget this year geared toward growth. And we need to ask again. If you are one of those fortunate people who can do more, we humbly extend our appreciation. And thank you for your continued generosity and support of the UUSA.
If you want to see how our beloved meetinghouse has changed over the past 130 years, see: