Questions & Answers

For Camp Investors

How do I get my investment money back if I need to get it back early? Simply make a request, in writing, and we will return your funds within 30 days, along with any interest that accumulated within the length time before your funds were returned. What guarantee is there that I will get my money back? Your investment is not secured by the Maritime District or against any asset. However, in the case of dissolution of the Camp, your investment would be returned to you upon the sale of the property. What is the current financial state of the Camp? We began the year with about $45,000 of debt accumulated from previous years. We are projecting that we will lose an additional $15,000 in this year. (Consult the recent Fall Update Letter for the reasons for this loss.) What is my money going to be use for? The money will be used to bridge the Camp while it seeks out a long-term mortgage or other lending vehicle. The plan is to mortgage the property for up to $70,000. How is interest calculated? Example: A $10,000 investment for one year would bring an interest payment to you of $600. This would be less if you request the funds be returned early or if the Camp returns your investment early. How much does the Camp need to borrow? Up to $70,000 depending on how this fiscal year ends. Can I see the Financial Statements? Yes. Copies of 2012s statement were distributed to the membership and presented at the Annual Meeting. Current year-to-date statements are also available, but would be un-audited at this point and may contain errors. Both documents can be provided upon request. An independent auditing company audits our finances annually. Historically, this has been done by the Grant-Thornton company.