by Leslie Lytle, Messenger Staff Writer
At the Sept. 16 dinner meeting the Sewanee Civic Association finalized plans for funding the Elliott Park playground. The membership voted to approve the new price schedule offered by the manufacturer Game Time; and, if necessary, to borrow money from the Opportunity Fund to cover the $5,000 still needed to pay for the playground; and to allow the Opportunity Fund to make a loan to the Elliott Park playground project.
Providing background on the Opportunity Fund, Bill Harper, the investment committ ee chairman, said the investment-style account was established in 2009 with funds in the Community Chest checking account that were not earning any interest. The Opportunity Fund, with a $135,000 current value, helps fund the Community Chest, with annual withdrawals limited to 4.5 percent of the balance.
Parks Committee chairman Stephen Burnett said Game Time reduced the price of the playground equipment to $57,000 contingent upon the terms 50 percent payable at the time of the order and the remaining 50 percent due at the time of shipment.
The membership voted to approve the new price. The Civic Association has raised more than $52,000 for the playground project in the form of direct contributions, pledges, and grants, leaving only $5,000 remaining.
The Civic Association voted to borrow money from the Opportunity Fund at 4.5 percent interest for a six-month term if the $5,000 still needed hasn’t been raised in time to make the final payment. Fund-raising actively continues. Contributions can be mailed to SCA, P.O. Box 222, Sewanee, TN 37375.
The membership approved the $100,000 Community Chest budget for 2015–16, with 25 organizations receiving funding. Through the Civic Association, the Community Chest has distributed more than $1 million in donations to community organizations since 1943. This year’s stewards are Elizabeth and Rick Duncan.
The Civic Association meets next on Oct. 14.