EQV Fraternity 1954 - 1968
Application for a University Loan to EQV
A. Amount requested: "2,000.00
B. Date requested for: April 15, 1967
C. Purpose of Loan: To pay past due charges, incurred on or before December 4, 1967 (refer to sheet A)
D. Collateral: Our capital assets (refer to sheets B1 & B2), with an estimated value of 1,500.00, plus a full record of EQV's accounts receivable (refer to sheets C1 & C2).
E. Method of repayment:
Option #1: The University takes over EQV's accounts receivable. It then chooses from EQV's capital assets a sufficient quantity to repay the rest of the loan. This probably could be settled by early in the Fall semester of 1968.
Option #2: EQV collects its accounts receivable and sells a sufficient quantity of its capital assets to cover the difference. Final repayment by December 31, 1968.
F. Rationale for Loan and discussion of Options:
EQV has had considerable trouble money since the fire of December 4, 1967, which cut off all sources of income. As a result we have been unable to pay our debts, which are now long past due. Our creditors have been very lenient with us, but we feel they will begin to take legal action in the near future. As this constitutes an objectionable reflection on the community as a whole, it is in the interest of the University that these bills are paid as soon as possible.
EQV prefers Option #1, since we have been unable to collect the money owed to us and would find it necessary to ask the University's assistance, as we have already done (refer to sheet D) Also, we feel that the University could very well use much or all of our kitchen equipment, if it plans to use the EQV kitchen in the future. It would be very difficult for us to sell this equipment at a reasonable price elsewhere.
The past officers of EQV, Milton Rua and Patrick Lawler, will be glad to work with the University in solving this problem. It is to be understood that neither Milton Rua nor Patrick Lawler is to be held personally responsible for this Loan.
cc: Dean LaCava