Financial Situation Relating to the Siding Project

Total Project Cost

Total Project Cost     $220,195

Summary of Financing:

• UUSA Contribution    $   46,253 ($44,553 Deposit + $1,700 other costs paid)
• Florence Bank Loan      173,942

Summary of Loan

Original Loan Amount:        $173,942

Term:  20 Years (maturity date 2/3/2043)

Interest Rate: 5.34% for first 5 years then FHLB classic rate plus 2.25%.  The November 2023 FHLB rate is 4.875 (rounded to nearest 8^th of one percent) so (for instance) if the rate adjustment was at the current rate for Nov 2023, the new loan rate would be 7.125%.  The rate adjustment period is every 5 years.

Monthly Payment: $1,188.37, payable on the 3^rd of each month directly debited from our operating account.

Interest Paid Since Inception through 11/12/23:          $9,049.25

Projected Loan Payment Plan

Loan Balance as of 11/12/23:                                     $170,172.35

Recommended commitment from reserves:                $50,000

Commitments prior November 21, 1023: $46,625                             

Remaining debt on November 21, 2023                         $ 73,375