The Center is getting some relief on its mortgage. A $363,435 balloon payment that was due in February has been postponed to February 2013.
“The modification occurred back in February,” said Center interim executive director Randy Stephens. “We’re back to our regular mortgage payments and [we are making] those just fine.”
Attorney John Ruffier assisted in getting the extension, which he calls “good for everybody.”
Their existing lender allowed them to extend the term of the loan that’s already in place and its status quo during extension,” Ruffier said. “The lender is probably getting a better return on their money than they’d get somewhere else, and they get their payments. The Center has never missed one.”
In the meantime, Stephens said he’s ushering in a new era of transparency in regards to The Center’s finances.
“We have a CPA working pro bono who is going over the books right now,” he said. “She’s doing a very thorough review which we hope to have sometime next month.”
Once that happens, Stephens said the numbers will be very public.
“Everything that’s possible to put out there, we’ll put out there,” he said. “We’ll put it on the website so there are no questions about expenditures or The Center’s financial records. We’ll be more transparent than any other [LGBT] center has ever been.”
