As you may know, SZA is negotiating Bank loan for the amount of $530,000 . This loan when received, pays off the remaining $300,000 loan given to us by a generous zarthosti when the Center was purchased in early 2014 and the remainder to be used for the required modifications to the Center building for approved use by the City. The plans for the Center have already been provided by our architect and approved by the City for construction. We are working with a general contractor, as required, to provide the necessary paper work to the Bank. All our financial reports have been reviewed by an outside CPA as required and submitted to the Bank. While the special CPA review for the last three financial years cost us $10,000, we have already incurred a cost of $55,000 to provide the City for all the required architectural drawings and submission fees. The Board is making sure that everything we do is legally compliant and approved by the City, so that in the future we do not have any problems, as some other associations have had.
The majority of community members approved all this work being done by your Board, and showed interest in getting the work progressed further as quickly as possible. The expected monthly cost is approximately $5000 to pay the monthly payment the loan and for the regular monthly cost of using the Center including all the utilities etc. It was suggested that the community members should all pitch in and contribute on a monthly basis towards meeting this cost and to pay off all the loan. Accordingly, at the suggestion of the community, the following pledge appeal is being sent to all. Please remember, all donations to SZA are Tax Deductible.
It is very important that each one of us respond back as soon as possible, irrespective of the monthly pledge amount, so that we have a sense of where we stand with respect to paying the monthly expenses, the loan payment, and in paying off the loan amount in the future. Please note that this is only a pledge while expecting the donation pledged to be honored. We hope that each one of us will respond accordingly.
Donations can be made via wire transfer from your bank to SZA account, mailing checks to SZA or via Paypal. However, donations through Paypal is subject to 2.9% unavoidable fee. Thus, if you want every penny of your generous donation to be put in good use, we highly recommend to use wire transfer or mailing methods.