USA Fencing secured a line of credit and corporate credit card to be used for operating expenses.
The line of credit was secured by a CD for $250,000 from the US Fencing Foundation that is being used as collateral for the line of credit from Great Western Bank. In addition, the finance office of USA Fencing is working on settlement payment plans for the outstanding expenses from the past season.
According to the published minutes, the requirements for the line of credit were:
USAF officers, Don Anthony, President, Sam Cheris, Treasurer and Val Belmont, CEO, committed to the US Fencing Foundation that:
1. None of the funds would be used to repay the past obligations to Greg Dilworth, the former ED of USA Fencing;
2. USA Fencing would provide the USFF with an amended realistic budget by October 15, 2012; and
3. USA Fencing would remain in compliance with this revised budget and provide the USFF with periodic financials showing such compliance.
Reference: Published minutes from September 12th, 2012 BoD email vote.
The Board of Directors of USA Fencing has a meeting scheduled for September 30, 2012 in Colorado Springs, CO.