AMA Building Fund: Update V
Model and design
AMA member John Hunton, the design architect for the new AMA building, happened to have a business trip to Dallas early last November. Meanwhile, long-time model builder and past AMA president Johnny Clemens was working at his Dallas home on an architectural model of the new building. Happily, the two were able to take advantage of the opportunity to get together and discuss the design in detail.
Because John Hunton was scheduled to return to Washington, D.C., in three days, Johnny Clemens spent the next few days working at a feverish rate to complete the model. This effort allowed Hunton to carry the completed model of his design back to Washington, riding on his lap in the airplane, to present to the AMA Executive Council at its November meeting the following weekend.
This is one of many similar stories revolving around the Building Fund — a happy sequence of good timing we hope you will appreciate. This month we present pictures of Johnny Clemens’ model. It will be very helpful not only in the design but in the construction and financing of the project. (The photos were taken by AMA’s Geoffrey Styles.)
Physical and financial progress
Physical progress continues. Final engineering drawings have been commissioned. Test borings on the property have been scheduled. Even the address of the new building has been established.
Financial progress also has been made. On November 18, 1981, the Academy was notified by a major Washington-area bank that its Real Estate Committee had approved the project and the bank was in a position to proceed with the necessary steps to finance construction of aeromodeling’s new home. In other words, the Academy was approved as the borrower and the project was judged to be worthwhile. The project is now officially beyond the stage of being a nice dream, and the AMA has been recognized as a financially responsible organization.
Financing plan
Arrangements are underway to finance the project with Industrial Revenue Bonds issued in Virginia and sold to the bank. The money so generated will finance the project. The bonds will be issued for a 10-year term and, in essence, will serve as a 10-year construction loan.
Building Fund Drive progress
Progress on the Building Fund Drive toward our $160,000 goal is continuing. To avoid confusion, remember that the money raised by the Building Fund Drive is to cover transitional start-up costs incurred when the changeover from tenant occupancy to financed ownership is made. The money is necessary to cover various engineering, land development, interest during construction, legal fees, and other costs that the AMA general budget does not provide for. Any money raised in excess of $160,000 will be applied directly to the cost of the building project and reduce AMA's debt.
We want to say with great pride that the lending bank was very impressed with the response thus far to the AMA Building Fund. On September 30, 1980, there was only $8,466.42 in what was then called the AMA Property Fund. On September 30, 1981, the Building Fund Drive was well established, and contributions had grown to $22,261.49. During October 1981, via membership renewals, $14,669.53 was donated, bringing the total to $36,931.02. At this writing (November 19, 1981), an additional $7,524.80 was raised through renewals — making the total $44,455.82.
Meanwhile, the Hobby Industry of America is also raising money for aeromodeling's permanent home. So far the HIA has an additional $17,150.00 to add to the fund, bringing the combined total to $61,605.82.
Time is important. While the total amount raised by the Building Fund is important, the timing of the funds is just as vital. There is a schedule of events that must take place (drawings, tests, legal, etc.). The Building Fund must be able to bear these expenses as the schedule unfolds. If it is not, events will be postponed until sufficient funds are available. This not only prolongs the start of construction, but it increases the time of development stages while financing is in effect — financing that is to be paid by the Building Fund Drive until AMA moves into the finished building. The sooner we raise the money, the less it costs us.
Scheduled goals for the Building Fund Drive require a minimum of $120,000 in funds by April 1982. Ideally, if the entire $160,000 were raised by then, the interest from these deposits could be applied to the actual project cost and reduce the amount of debt.
All this is based on the $2 per member needed to make a home for aeromodeling possible. Just $2 each!
It is not unreasonable to ask why we don't raise an average of $14.27 from each member and just pay cash for the whole project — no bonds, no debt, no mortgage budgeted from AMA funds, and all member dues applied for member services. This can happen if we all really support the Building Fund.
Donors and recognition
Walls and rooms are dedicated in the names of the following donors for contributions of substantial measure:
- Futaba Corporation of America
- Circus-Circus Hotel
Honor Wall recognition for contributions of $1,000 and up:
- Baltek Corporation
- Carl Goldberg Models, Inc.
- Midwest Model Products
- Sullivan Products
- Great Planes Distributors
Charter Members (AMA Builders) with plaques recognizing donors of $500 and up:
- D. N. Mallory Distributors, Inc.
- The Grober Co.
Contributing Members Honor Roll (donors of $100 and up):
- East Bay Radio Controllers
- Prince George's Radio Control Club
- Riverside R/C Club
- Fly-A-Ways R/C Club
- Allan Scidmore
- Esther and J. J. Levine
- Vern Helms
- Larry E. Gardner
- Richard H. and Lila Lee Stamm
- Tom Dean
- William H. Vanderbeck
- Branlin A. Boyd
- James Jolly
- Bernie’s Craft and Hobbies
- California Hobby Distributors
- Mitchell J. Rosala
Gold Members (donated $50; listed on the Gold Members Scroll):
- Robert W. Wischer
- Margaret Wischer
- Joseph Fox
- Kenneth W. Hatch
- Derek H. Sutton
- Gordon J. Wisniewski
- John E. Miller
- Jim Stevenson
- William A. Rohling
- John A. Williams
- D. R. Zipoy
- Sheldon W. Unlick
- George R. Andrews
- John Low
- James Tyndall
- Hank Clark
- Wooden Specialty Company
- Dr. R. C. Buescher
- Carl E. Mohs, DDS
- Michael G. Faber
- Polks Hobbies
- John Feier
- Atkins Hobbies
- Rich Palmer
- Larry Lundy
- George Pitelka
- Horace Cain
- Ronald M. Morris
- Alton B. King
- Arnold R. Proff
- Elvis McKenley
- R. J. Sward
- Thomas F. Heiser
- Frank R. Lockwood
- Bernie Stadlein
- Eugene D. Hindenburg
- James Powers
- Travis McGinnis
- Robert Lippert
- Milton A. Alswager
- Staten Island Modelers
- Pan American Distributors
The following have purchased Life Memberships in the Academy and earmarked the fees to be applied to the Building Fund:
- Dick McCoy
- Irwin Gosten Ohlsson, Jr.
These people are truly the backbone support of the Academy. Their help is going to guarantee a permanent home for aeromodeling at long last.
— Vince Wankowski Assistant Executive Director
Transcribed from original scans by AI. Minor OCR errors may remain.
