Ava Project Update
As members will be aware, we had taken a loan of $350,000 from Providence Bank to fund the Ava Project. Since we started making loan payments in May 2018, we had already paid over $29,000 in interest. Had we continued making payments until our 5 year payoff plan, we would have ended up paying interest charges of over $51,000.
Thanks to the exemplary efforts of our Ava Project committee, the generosity of our members, and extraordinary fundraising efforts of our volunteers, in December 2019 we found ourselves in a position to pay off the loan and reduce our future interest burden. The ZAC board immediately made an unanimous decision to pay off the Providence Bank loan by supplementing the balance through a temporary transfer of $91,405 from our General Fund.
With the grace of Ahura Mazda and your ongoing generosity, we have paid off our loan and saved over $22,000 in interest payments over the next 3+ years. However, this payoff still leaves our General Fund $91,405 short of breaking even on our total Ava Project expenses.
As we enter 2020, we would like to renew our appeal to our members to continue meeting your pledges and donating generously towards the Ava Project so that we can recover the $91,405 balance and successfully close the books on Ava Project this year itself!
Further financial details are published in the January 2020 newsletter below.
Hamāzor Hamā Ashō-bēd!
May we all be united in strength and righteousness!
October 5, 2019 marked a significant moment for the Zoroastrian Association of Metropolitan Chicago as the community came together to worship as one, at the first-ever Grand Jashan commemorating Behram Roj and the Arbab Guiv Baaj. ZAC is so thankful to Farida Sharyari for her grand idea and organization of this event! Thank you to Zinnia Elavia for helping with coordination of this event as well.