PLP Alumnae are of mixed minds when it comes to the fate of the sorority house. Save it? Sell it? The PLPAA is working hard to broker a sensible and realistic decision.
Most importantly, we are attempting to provide support in a way that honors the wishes of all sisters. Since lambs have always been known for our free spirits and strong opinions, we want everyone’s ideas to be respected, no matter what. We don’t want this challenge to get in the way of building a strong and active PLP Alumnae organization. Please know that no PLPAA funds are being used for the House.
To prevent the complete loss of a valuable asset, a group of alumnae sisters have begun raising money to save the house from foreclosure. In June 2013, they assisted PLP in setting up a tax repayment plan with Oswego County and a Tax-Escrow Account at a bank in Oswego—an account set up solely to receive donations earmarked to pay back taxes. The idea is that alumnae who support this strategy can donate toward back taxes using this account.
Additionally, active sisters must do their part to make the current tax payments. If we find that the actives are unable to meet their financial obligations going forward, then this arrangement at least buys us time to put the house up for sale. Assets from the sale could be used to pay the mortgage held by a sister, and the remainder used to support the ongoing work of the PLP alumnae and active PLP organizations. We could also offer to return any donations made for back taxes from the proceeds of the sale, if it comes to that. We appreciate your donation as a means of keeping options open and forestalling foreclosure. It also gives the actives a chance to get their finances in order.
Phi Lamb alumnae who support this strategy generously continue to keep the House from foreclosure for unpaid
taxes. To date, alumnae have sent almost $7,500 to the Tax-Escrow Fund. Just since December 2013, more than $2,350 has been donated. Contributions allowed PLPAA to assist PLP to make the down payment for the tax repayment plan and to make one semi-annual payment. There remains enough in the account to make the June 1, 2014 payment of $2,064.
The actives sisters are responsible for two unpaid tax bills, which are not included in the back-taxes repayment plan. They successfully paid the first debt and now have a $3,500 bill due by May 1, 2014. Earlier this month the PLPAA board voted to use $1,200 from the Escrow Account toward that bill. The active PLP sisters will be raising the remainder through rent, dues, and fundraisers.
So the good news is that the House will not be foreclosed this June. However, the ultimate fate of the House relies on two actions:
We need to raise enough to make two final installments of $2,064 each to fulfill the back-tax agreement (TOTAL needed = $4,128). This means more help is needed now from interested alumnae.
The active sisters must make their tax payment in May, pay the two tax payments they skipped this year, and then remain current with taxes going forward. If they cannot make the May payment, most likely, the sale of the House will need to be considered.
For those alumnae who are interested: All donations for back taxes should ONLY be made to the official Tax-Escrow Account. There are now two donation options:
Send checks directly to the PLP Tax-Escrow Account, c/o Community Bank, 100 E. First St., Oswego, NY 13126
Contribute via PayPal or credit card by clicking here or on the house image below.
We will continue to keep you posted.