Memo to Membership and Staff May 26, 2023

Great News from our Great Board!

Our WMCT Board of Directors met on Thursday, May 25 to review the status of our capital campaign, “Serving Our Community”. All 9 of the Board members reviewed the term letters of intent for loans from our bank and our Community Development Financial Institution (CDFI), along with a 4-year analysis of our projected cash flow.

Here is what we reviewed:

Needed To Purchase the Club: $3,150,000

Cash: $1,400,000 (Thank You to a few recent large donors!)

Pledges: ($230,000 for 2023) (Thanks to those who paid already)

($220,000 for 2024)

Loans :
Long Term (15-20 years) $1,280,000

Bridge Loan (3 Year) $500,000 supported by pledges.

Balance: positive $30,000

We made a unanimous decision to move ahead to purchase the club based on the current and projected profitability of Premier, along with a continued commitment to fundraise as a non-profit to pay off our loans as quickly as possible. Our deadline for paying the $150,000 non-refundable deposit to Peak Management, Ramblewood LLC to purchase the club is Thursday June 1 at a local title company.

We are still waiting to get our final loan contracts to be able to purchase the club by June 30 for $3,000,000 and have sufficient cash flow to start with.

On behalf of the board, we want to thank our cabinet members who worked hard on this year-long campaign. We also want to thank the many members who donated and or pledged to our campaign.

Our mission is now clearly focused on serving our community! Many opportunities to volunteer have started, so be watching for our cool summer programs.

If you have not donated yet, you are still needed to help pay off our loans, to donate your services to improve the facility, to support our new programs and provide NJTL scholarships for under resourced students in SW and SE Grand Rapids.

We have a Path to Success!!!

WMCT Board Members
Co-Presidents: Jill Mullaney, Steve Van Kooten
Vice President: Tripp Corl
Treasurer: Win Irwin
Secretary: Katherine Gregg
Trustees: Mickey Mikesell, Jack Ponstine, Olivia DeVos, Wayne Lawrence
Advisors: Justin Beckstrom, Kris Ponstine, Marc Rabitoy