Loan Request from Cuttington University (CU) in Liberia – TF 844 and 892
Resolution text
Resolved, That upon receiving written request from Herman B. Brown, President and the Board of Trustees of Cuttington University, the Executive Council authorizes a loan of $150,000.00 from Trust Funds 844 and 892 be distributed to CUC.
Explanation
In a letter dated August 20, 2020, CUC’s President Herman Brown explained that the COVID-19 pandemic has placed the university in a difficult financial situation due to suspension of classes, and the cessation of all fees and revenues on which CUC depends.
CUC requests a draw of accumulated appreciation from two trust funds in order to purchase IT equipment to facilitate e-learning; prepare farmland for income generating rubber production; and partially fund payroll. CUC expects to make partial repayment of the funds by reinvesting quarterly trust fund dividend distributions.
Trust Funds 844 and 892 held $188,096.38 of accumulated appreciation at 6/30/2020.