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UMS committee authorizes up to $1.6M internal loan to USM to bridge Crew Center fundraising
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Summary
The FFT committee approved a recommendation to authorize a system internal loan of up to $1.6 million to the University of Southern Maine to complete the CREWS Center for the Arts funding while philanthropy closes, with presenters saying gifts will repay the loan within 1–2 years.
The University of Maine System’s FFT committee voted to recommend that the full Board authorize an internal loan of up to $1.6 million to the University of Southern Maine to bridge remaining philanthropic commitments for the CREWS Center for the Arts.
USM President Edmonson and USM staff explained the CREWS Center project has an approved $63 million budget with a $29 million philanthropic goal. Justin Swift said the foundation continues active fundraising and "we expect to complete this philanthropic goal within the next 1 to 2 years," adding the internal loan would be repaid from philanthropic proceeds.
Trustees had no additional questions before the committee read the proposed resolution and took a roll call vote; the motion carried. The resolution authorizes a system internal loan determined by the treasurer, with debt service to be paid from philanthropy or other USM resources.
The committee recorded the motion and vote to send the authorization to the Board for final action at the May meeting.
