The following was posted on Rootsweb by POPenney..
> This is from a national officer...
>
>
>
>
> There is a misunderstanding on the purchase of the house.? In 1997 the
> NRLCA officers with the advise of our accountants purchased 4 properties
> (we already owned one house) as an investment instead of paying rent for
> the officers.
>
> ?
>
> Randy Anderson was living in the 2 bedroom condo in Arlington that was
> purchased in 1997.? This condo is small and costs $700.00 per month in
> condo fees, with an additional cost of $100.00 per month for extra
> parking.
>
> ?
>
> This property is on the market at a selling price of $679,000 and is
> expected to sell in the next few months.
>
> ?
>
> The house that we recently purchased has no condo fees and a 2 car garage
> with no parking fees (4 bedroom for officers with families).
>
> ?
>
> In addition, the house has a climate controlled basement (1400 sq feet)
> that we are using to store files and other materials that were previously
> in storage buildings at a cost of approximately $1,500 p
er month.
>
> ?
>
> The house was purchased at $125,000 below market value at $589,000.00.
>
> When the condo sells, we?will pay off the?mortgage on the house?with
> $50,000 plus for the general fund.
>
> ?
>
> This was a good business sense move and investment.? This purchase is NOT
> the reason for our deficit of $900,000.......
>
> ?
> penny
Never doubt that a small, group of thoughtful, committed citizens can change the world.
Indeed, it is the only thing that ever has..
