The RV/MH Heritage Foundation paid its debt to the Ingram Family Trust Fund this week and took a major step forward to meet its goal of being totally debt-free in five years, according to Foundation Chairman and President Darryl Searer.
Thanks to the generosity of the Ingram family, the $2.9 million debt was paid off with $1.9 million, saving the foundation $973,104 off the principle and representing a donation from the Ingrams. Previously, the Ingram family offered the foundation a matching funds program to forgive an additional 50% match off on all principal payments.
In order to take advantage of this offer and pay off the Ingram family loan, the foundation borrowed $1.9 million from 1st Source Bank in Elkhart, Ind., which translated to an additional $363,000 savings in interest over the life of the previous loan.
“This is a big milestone for the foundation, and we owe a huge debt of gratitude to the Ingram family. Adding this latest donation to their previous gifts and other matching funds contributions, the Ingrams have donated over $3 million, making them the foundation’s largest benefactor by far,” said Searer in a press release. “The Ingram family has gone above and beyond in its support for the foundation, and we can never thank them enough for all they have contributed. This is a great day for the foundation and the Ingram family.”
The foundation plans to pay off the bank loan through various fundraisers, such as the current Kevin Clayton Debt Elimination Challenge. This program challenges the manufactured housing industry to raise $1 million within five years. Since the program was launched five months ago, members of the manufactured housing industry have committed to nearly $500,000 in donations and pledges.
Searer said, “Paying off the Ingrams with a bank loan made good business sense. It not only saved the foundation over $1.3 million in principal and interest, it allowed us to convert the loan to a regular mortgage with 1st Source Bank at a good interest rate with manageable payments. This makes life much simpler for the foundation, and with the continued support from the manufactured housing and RV industries I’m confident we can meet our goal of being debt free in less than five years.”