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Fundraising, better loan terms help Abraham Lincoln Presidential Library Foundation stave off disaster

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Illinois

* Mitchell Armentrout at the Sun-Times…

More than a year after issuing a warning cry that dire financial straits might force them to sell the prized stovepipe hat that purportedly — but debatably — belonged to the 16th president, officials from the Abraham Lincoln Presidential Library Foundation announced Wednesday they’ve reached a new loan agreement that means the organization “no longer needs to consider auctioning off any of the artifacts.” […]

The foundation borrowed $23 million in 2007 to buy the Taper Collection, a trove of more than a thousand items including the bloodstained gloves Mary Todd Lincoln wore the night of the president’s assassination, and, most notably, the famed beaver-fur hat. […]

But an uptick in private fundraising earlier this year allowed the foundation to make “a larger-than-normal payment to principal,” and they’ve reached a loan extension agreement with Lake Forest Bank & Trust that now matures Oct. 31, 2022, and “includes a more favorable interest rate.” … They’ve paid off more than $22 million of the $31 million debt.

The debt had been $9.7 million.

posted by Rich Miller
Thursday, Dec 5, 19 @ 10:47 am

Comments

Thanks to those donors, and those who have the financial sense to re-finance for better rates.

We lose our museums and libraries, we’re sunk as a society.

Comment by efudd Thursday, Dec 5, 19 @ 10:56 am
It’s probably time to put those bloodstained gloves in a FedEx box and ship them to Glenn Beck!

Comment by Can Thursday, Dec 5, 19 @ 11:07 am
Am assuming they still have the overpriced faux hat. Probably could have loaned it to glen beck without any trouble.

Comment by Huh? Thursday, Dec 5, 19 @ 11:08 am
I’m still waiting for the (former?) museum foundation board member to give the museum a refund for the hat without provenance. That would close the gap by more than half; it should have happened years ago.

Comment by Pot calling kettle Thursday, Dec 5, 19 @ 11:10 am
“Probably could have loaned it to glen beck”
Didn’t the library get $50k for that? Seems like they were trying to pay down the debt.

Comment by Downstate Thursday, Dec 5, 19 @ 11:45 am
==Didn’t the library get $50k for that? Seems like they were trying to pay down the debt.==

Seems like they were being completely irresponsible with a priceless piece of American history.

Comment by Demoralized Thursday, Dec 5, 19 @ 12:14 pm