The Members of TICA’s Board are happy to share with you the great news about our fundraising successes through the Forbes Hall Expansion Project’s years and ask for your continued support as the goal of being debt-free is now within sight.
You may recall that in the fall of 2020, TICA was faced with the reality that without a significant input of funds the Forbes Hall Expansion Project would remain unfinished. Thankfully, a generous group of community members stepped forward and loaned TICA $335,000 for three years. These loans, which became known as the Local Lenders Program, enabled the project to be completed and ensured that the community would not need a commercial loan to finish Forbes Hall.
A NEW CHALLENGE
With the influx of these funds, the challenge to the TICA became finding a way to repay the $335,000 debt within the three-year loan period.
In 2022, after consultations with many community members, TICA initiated an ambitious debt reduction plan, Back into the Black, which encouraged community members to make a monthly or annual three-year commitment to support the Hall expansion. These pledges and donations provided TICA with the funds to repay $185,000 of the $335,000 owed in 2023, reducing the debt to $150,000.
THE SUPPORT CONTINUED
In late 2023, five of the Local Lenders agreed to extend their collective loans of $150,000. This generous offer gave TICA an additional three years to repay the debt.
Since then, the community has met the challenge. From January through September 2024, the community contributed $42,000 through pledges, donations and TICA’s operating surplus. In October, two families donated a further $60,000; these gifts have served as an impetus to others to give. At the writing of this letter, the current total raised in 2024 is $111,150, allowing TICA to repay $100,000 of the debt in late October, and leaving a debt of $50,000remaining. With $11,150 in TICA’s debt repayment account, there is now only$38,850 left to raise to retire the debt, what an amazing accomplishment in such a short time from our incredible community!
ON THE HOME STRETCH… WE CAN DO IT!!
We are asking for your support in this final push for TICA to be debt free. From the very first contributions in 2016, until today, the Expansion Project has taken eight years, showing the incredible tenacity and generosity of our community.
We sincerely thank you for your trust, vision and heart in helping to provide Thetis Island with a beautiful space for our community to grow and thrive together, now and into the future.
TICA Board
Ways to contribute:
With the current Postal strike, we encourage you to contribute through any of the following ways:
1. Send your donation by e-transfer to deposit@forbeshall.ca, with Donation in the memo box.
2. Using forbeshall.ca, select the Donate button and proceed with the various options (excepting the Mailing option).
3. Write a cheque to TICA, enclose it along with your contact information in an envelope addressed to TICA: Donations, and place it in the donation box in the entry of Forbes Hall.
Thank you.
