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Echo funding

Barry wrote:

>Didn't we also take money from the reserve to pay for Echo?  The above
>statement isn't actually correct.  The bulk of the money for ECHO was
>taken out of the reserve and will never be replaced. Which is it? Do we
>pay for satellites from the reserve or donations??


Yes, member contributions which were in the treasury were used to fund ECHO.
It wasn't enough, and treasury funds reserved for other purposes
were borrowed, in order to allow us to stay in the planned launch

The planning cycles are long enough for satellite launches that you
can't just decide to hold for the next bus, while you look for the
last few pennies of the fare.  You may never get another bus at the
same price.  And, of course, this was more than pennies.

The temporary use of dedicated reserves to meet 'emergency' conditions
is not at all unusual, in my board experience.  (I've served on the
board of one credit union and two churches, and am NOT a candidate for
the amsat board.)

And the good news is....we've almost repaid the loan, and we're on track
for launch at the end of this month.


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