State group moves $50,000 to revolving loan fund, creates $40,000 convention DBA account

In new business the membership approved two major financing moves. The assembly moved and passed (MSP) a transfer of $50,000 into the revolving loan fund to strengthen financial support for chapters and houses. The revolving loan officer earlier had reported an ending balance of $26,979.48 after a new-house loan and deposits; the $50,000 transfer was presented as a way to bolster capacity to support replication and stabilization.

The membership also approved establishing a State Convention DBA account and seeding it with $40,000 from the convention line item to support the upcoming state convention. Both motions carried (MSP) as recorded in the minutes and several related reimbursements, credits and transfers were approved later in the session.