Response to Short Term Financial Needs
February 20, 2016
Sigma Tau Gamma Alumni Brothers,
Thanks to a very generous offer by Alumni Brother John Spandikow ‘74 we now have an opportunity to meet or exceed our short term fund raising goal quickly.
John has offered to match each of the next ten loans of $1,000 with an additional $1,000 up to a maximum total loan from him of $10,000! The matching funds will be subject to the same terms as described in our original request. The original intention to involve as many Alumni Brothers as possible remains, as does our request for annual dues and donations. However, we acknowledge that dues and donations remain unlikely to meet our cash need.
In order to qualify for the matching loan money, these must be offers made with money received between now and March 15, 2016!
To track these offers more closely, I will be the point of contact for the qualifying requirements. Therefore I ask that each loan offer follow the following steps:
- Please e-mail your offer to participate to me at krulbricht@msn.com as soon as possible.
- I will acknowledge your offer and respond via an e-mail reply with the information necessary to complete the transaction.
- You will be asked to complete the loan agreement form and mail it to Omicron Delta Inc., PO Box 2296, Valparaiso, IN 46384 along with your check for $1,000.
- You will receive a loan acknowledgement certificate, by return mail, evidence that your loan has been properly received and recorded as a legal obligation of Omicron Delta Inc.
- The first ten (10) $1,000.00 loan offers made during the qualifying period, stated above, will be used to secure the matching funds.
The terms of each loan remain unchanged from the original request. Each $1000 loan will have a five (5) year term with a $50 (5% simple) interest payment made each calendar year that the loan is in force, on December 30. The loan may be retired earlier than the five years as rental revenue may allow. Any early retirement of loans will be done by random selection based on the funds available without specific preference for one loan over another by Board action. No later than December 30, 2020, all loans will be repaid with the principle returned by check. The annual interest may be directed by you, as your annual dues payment or paid by check to you, as you indicate on your original loan agreement.
It should be noted that these loans and interest obligations will be treated as legal debt by Omicron Delta Inc. who pledges to repay with proceeds from the sale of the property should the rental income stream fail to meet the required sum needed to meet the necessary planned schedule of payments. We make this pledge because these are personal loans under the law and are secured by the fraternal promise of your brothers on the board that repayment will be made from the sale estate owned by Omicron Delta Inc., namely the building and property located at 801 Union Street. There is no known claim against these assets. They are free and clear of any other obligations to our best knowledge. We do not expect this to happen but state this as assurance that this legal debt will be repaid even if a most dire circumstance should arise!
As always, questions may be directed to me by e-mail or phone.
Thank you,
Kurt Ulbricht ’71, President Omicron Delta Inc.
Questions: krulbricht@msn.com or cell phone (815) 592-0511
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