Loan Information

This page explains our 3 loans, on which we owe (as of April 2010) around $40,000.

Debts to NP

Recent Debt

In 2008-2009, under pinkee's term as Treasurer, we fell approx $6,000 deeper in debt. A handful of members moved out owing more than $4,000. NP got a loan for us in summer 2009, and we have been paying it back since then.

The remainder of this debt was paid off in April 2010.

Big Debt

Kagawa Loan

This was a $28,000 loan we received in 2005 from the Cooperative Development Foundation's Kagawa Fund. We got the loan to pay off the property taxes that were not included in the contract, bad member debt, and start-up costs.

"At the time that the house was purchased by NP, there were a few other glitches. There was a mortgage payment that the treasurer at the time missed, but David Buttross never told us about. There was a month's lease payment that NP forgot to bill us for. But the majority was bad debt from members. That was the period when we had a treasurer who was essentially embezzling money from the house, and he was also doing very little to collect rent from past-due members. The debt to NP (after all of this) was something like $23,000.

"The rest of the money was extra that Sasona borrowed in order to have a reserve for things like vacancies. The Kagawa trustees wanted to see Sasona have some amount of reserves on hand to make the coop more stable. And then we promptly managed to lose all of the "extra" money we borrowed for reserves to vacancies and member debt." - Daniel

More information: KagawaLoan.

SasonaWiki: LoanInformation (last edited 2011-01-12 00:52:22 by TripleEntendre)