In what supporters are calling a dream come true, the Iroquois Indian Museum is out from under 30 years of mortgage payments.
Christina Johannsen Hanks, president of the museum’s Board of Trustees, made the final payment to Bank of Richmondville President Steve Palmer on Tuesday morning.
“We’re over the moon on this,” Ms. Hanks said. “It’s amazing.”
The Nicholas J. Juried Family Foundation played a major role in the payoff.
It was in 1991 that museum trustees borrowed $800,000 from the USDA and a consortium of banks, including the Bank of Richmondville, to build their museum on Caverns Road in Howes Cave.
Ever since, the museum has been a go-to destination for years, hosting programs, exhibits and the Iroquois Indian Festival in late summer.
But as with many non-profits, money’s always been an issue. In the museum’s case, the mortgage terms required $30,000 payments annually.
“We always made our payments, but then you couldn’t do anything else,” Ms. Hanks said.
Tuesday’s payment finished the second of two mortgages, and Ms. Hanks credited the Juried Foundation with helping to retire both of them.
Just weeks ago, with a $100,000 gift from the Juried Foundation and $37,000 from the museum’s operating budget, the museum paid off the USDA loan.
Then, the Juried Foundation contributed another $125,000, and that money combined with $19,000 in donations paid the rest of the mortgage held by the Bank of Richmondville.
Without the Juried Foundation’s help, Ms. Hanks said, “We still would have been paying off the mortgage for another 19 years.”
Museum Director Stephanie Shultes agreed with Ms. Hanks.
“Never in our wildest imagination did the current staff and board think that we would be making this momentous announcement in 2021,” Ms. Shultes said.
Ms. Hanks thanked Mr. Palmer for the bank’s support, and Mr. Palmer returned the favor.
“I’m so glad we could help,” he said. “It’s great to see a non-profit survive the times we’re in.”
Now without having to pay $30,000 for the mortgage every year, the museum can put that money towards staff and an acquisitions budget, which hasn’t been part of the overall budget for more than a decade, Ms. Shultes said.
Mr. Juried couldn’t attend the check presentation, but sent a statement:
“. . .Some grants give me more pleasure than others and my grant to the Iroquois Indian Museum is among those grants because it makes such a dramatic, important difference in the mission of the organization. I wish I could be present for the exciting announcement and presentation of the check to the Bank of Richmondville but be assured I will be there in spirit.”
Ms. Hanks again praised Mr. Juried and his family foundation, noting that he’s donated generously to the Gilboa Museum, The Gathering Place and other Schoharie County non-profits.
“He’s really given back to his community in amazing ways,” Ms. Hanks said.