As of October 2015:
- Our mortgage = $624,698.
- This year’s mortgage payments included $24,028 in principle and $32,200 in interest.
- As of December 2018, the remainder becomes due (it must be paid off, or renegotiated subject to prevailing interest rates at that time). Prepayment would incur a significant penalty.
- We are also preparing for a financially stable future through our Endowment (currently $19,500). The Endowment was created in 2013. Funds will come primarily from the members who have included BUF in their Will.
- Our Maintenance Reserve builds continually from 15% of all building rental income. The current balance of this fund is low ($1,327) because of the recent repair to the roof at the I Street entrance.
- A Board Reserve is made up of surpluses from prior year operating funds. The current balance is $16,800.
- Our Emergency Reserve stands at $4,776. This fund began in 2014 and consists of 1% of our annual operating budget.
Detailed reports are available any time from the BUF Office.