Officials with SWIFS (Southwest Iowa Family Services, Inc.), have released their 2013 year-end financial reports and IRS Form 990. SWIFS President Hal Gronewold said in a news release that “All outstanding pledges for construction of the Ann W. Wickman Child Development Center (in Atlantic) have been collected, and the time has come for the next phase of fund-raising, which is to eliminate or substantially reduce the mortgage debt incurred.”
Gronwold says the net mortgage debt at year-end amounted to $408-thousand, while the annual debt service cost amounts to $26,500. The Wickman Center is being operated by the Nishna Valley Family YMCA. Gronewold says there are 130 children registered at the Center, with a daily attendance of between 65 and 85 children. An application is pending with the State of Iowa, for a Level 5 Quality Rating. That’s the highest level rating a child care facility can attain.
Gronewold says the original plan envisioned the YMCA assuming ownership of the Center after 5-years, but that the Center would also be free of debt at the end of that time frame as well. Since it is not, they are “In need of significant gift or bequest(s) and will be attempting to identify some situations where a gift of appreciated real estate or securities would result in a monetary benefit for both parties.”
Gronewold says if the fundraising campaign in successful, no further fund-raising will be necessary. If not, SWIFS will retain ownership of the Center and continue to be responsible for the debt, which will necessitate an annual fund drive. For more information, go to www.swifs.org.