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Babes in the wood
MGForbes
To the extent we have donations in excess of our goal, it helps to retire debt and obligations. We need to raise a total of $2 million. We are able to get part of it by pledging the bulk of the Foundation's assets as a letter of credit, and another part using a letter of credit against the equity in USHPA's office building. Both of those are loans of a sort, although we don't have to actually draw on them unless we reach a (disastrous) point where we have to dip into RRG capital to pay obligations. But they're still outstanding, and we need to retire them using cash if we have it, and future profits from the RRG.
The long term plan is to pay off any loans first, then cover letters of credit, then build the RRG reserves to whatever level is prudent based on our claims history, then return any excess to policy holders in the form of future reductions in premiums. We're talking 7-10 years out...this isn't something quick. Much depends on how well we manage claims, and how we do at reducing accidents that cause those claims. The better we do at this, the sooner the rates come down.
Eteamjack
Joined: 26 Jan 2008
Posts: 1580
Location: So Cal
PostPosted: Wed Jan 27, 2016 8:52 am Post subject: Reply with quote #5
I didn't realize the RRG funds would be used to deal with anything other than insurance issues. USHGPA obligations is why I pay membership?
http://www.hanggliding.org/viewtopic.php?t=33991&sid=d18d73156f025af38628def185068271
Oh...
What's that part. again, about unless we reach a (disastrous) point where we have to dip into RRG capital to pay obligations?
What happens then?
A gentleman of good account
In Norfolk dwelt of late,
Whose wealth and riches did surmount
Most men of his estate.
Sore sick he was, and like to die,
No help his life could save;
His wife by him as sick did lie,
And both were near the grave.
No love between these two was lost:
Each to the other kind;
In love they lived, in love they died,
And left two babes behind.
Now if the children chanced to die,
Ere they to age should come,
Their uncle should possess their wealth:
For so the will did run.
“Now brother,” said the dying man,
“Look to my children dear;
Be good unto my boy and girl,
No friend else have they here.”
Their parents being dead and gone,
The children home he takes,
And brings them both unto his house,
Where much of them he makes.
He had not kept these pretty babes
A twelvemonth and a day,
When, for their wealth, he did devise
To make them both away.
He bargained with two ruffians bold,
Who were of savage mood,
That they should take the children twain,
And slay them in a wood.
They prate and prattle pleasantly
While riding on the way,
To those their wicked uncle hired,
These lovely babes to slay:
So that the pretty speech they had,
Made the ruffians' heart relent;
And they that took the deed to do,
Full sorely did repent.
The other would not agree thereto,
So here they fell at strife;
With one another they did fight,
About the children's life:
And he that was of milder mood,
Did slay the other there,
Within an unfrequented wood;
The babes did quake for fear!
He took the children by the hand,
While they for bread complain:
“Stay here,” said he, “I'll bring ye bread,
When I do come again.”
These pretty babes, with hand in hand,
Went wandering up and down;
But never more they saw the man,
Approaching from the town.
Thus wandered these two pretty dears,
Till death did end their grief;
In one another's arms they died,
Poor babes, past all relief.
No burial these innocents
Of any man receives,
But robin redbreast lovingly
Did cover them with leaves.
The fellow that did take in hand
These children for to kill,
Was for a robbery judged to die,
As was God's blessed will:
And did confess the very truth,
The which is here expressed;
Their uncle died while he for debt
Did long in prison rest.
