Hall Continues to See Solid Financial Progress
During the past nine months, the RV/MH Heritage Foundation continued to post strong financial accomplishments, according to Darryl Searer, Hall president.
“From August 1, 2013 through April 30, 2014, the Foundation has made significant improvements in its financial obligations and has made some major changes in its display area, gift shop and exhibitor booth area,” Searer said in a press release.
Referring to the foundation’s debt, Searer reported that “We are up to date on interest payments on the $600,000 loan to pay off the Woodworth’s for the purchase of their antique RV collection, and we are a year ahead on the principle payment of $50,000. The balance has been reduced to $550,000.”
In addition the Hall has met its obligations on the Ingram Family loan “since we began paying the loan three years ahead of schedule,” noted Searer.
Since last Aug. 1 the Hall has:
• Paid a total of $135,000 in 9 months ($15,000 per month).
• Paid $74,480.90 in interest; paid $60,519.10 on the principle.
• Paid $60,519.10 on the principle; paid $60,519.10 on the principle.
• Received a $30,259.55 match from the Ingram Trust. (50% of the principle).
“We have thus reduced the overall principle by $90,778.65 in 9 months,” said Searer. “The HOF has no other loans and all accounts payable are current at this time.”
Northern Indiana Event Center
Northern Indiana Event Center continued to be a bright spot for the foundation. Over the past nine months income has risen from $76,000 to $163,500 – more than double.
“The caterer donation program we initiated two years ago is doing well,” noted Searer. “Revenue rose by 65% from the previous period. This will continue to rise as the Event Center grows.
The gift shop, rebranded as the Fireside Gift Shop, has taken on a new look as well with the addition of three big screen TV’s, new display racks, more exposure for GoRving and a host of new items that are top quality. Even with the severe winter and reduced admissions and attendance, sales increased.
The foundation has added some interesting units in the RV/MH Museum designed to enhance visitor appreciation. Units added include a great original mini-motor home, John Crean’s original Bounder prototype from Fleetwood, two of the first Fleetwood travel trailers ever built and the first Pace Arrow ever built by Fleetwood. The Fleetwood units were donated by the John Crean Foundation.
Searer said, “The Pace Arrow is currently being refurbished by Fleetwood in Decatur, Indiana, and will be presented back to the museum in the near future. We have also added the history story boards and pictures of the history of the mobile home Industry. The addition of the Fairmont Home, an example of a modern manufactured home, has also strengthened our manufactured home collection.”
Despite the bad winter, museum admissions are about the same, down slightly from $63,941 during the last period to $62,466 this period.
Supplier Exhibit Area
Income from the supplier exhibitor area grew as well. New booth revenue added during this period included displays for Onan, Lippert Components and an additional booth for Blue Ox. There are still three more booths available for suppliers who would like to have their products and message visible to the thousands of visitors to the RV/MH Hall of Fame and Museum.
“In summary,” Searer said, “we have made great strides, not only the past nine months, but the past two years, thanks to hundreds of industry folks stepping up and giving a helping hand to the ‘shining star’ that projects and provides an image second to none in the RV and MH Industries.
“Our future looks bright and secure, and I believe that there are many more industry people and companies that will step up so the Foundation can become debt free. The foundation’s very existence relies on donations.”
He added, “We still need help in reducing our debt to the Ingram family. And since the Ingrams have offered to match all donations by 50%, it means that if you donate $100, your contribution reduces the principal by $150.”
Since the RV/MH Heritage Foundation is a 501-c3 not-for-profit corporation, all donations are tax deductible. Donors can use our federal ID#: 35-1610362.to verify that we are a 501-c3 not-for-profit corporation in good standing with the IRS.
“Gifts may be made by mail, in person at the Hall, by phone at (800) 378-8694, or through the Hall’s website at www.rvmhhalloffame.org
Mail donations to:
RV/MH Hall of Fame
21565 Executive Parkway
Elkhart Indiana 46514