There is light at the end of the tunnel.
The cash-strapped Philippine Australian Community Foundation can now look to a rosy future with the sealing of a $2.5million sale of their multi-purpose centre property in Schofields.
PACF Board of Trustees chairman Manny Villon confirmed to a group of Pinoy media reps on Friday (17 July) that the sale of the property has been secured with their party and the buyer formally agreeing to a sale contract. The buyer had already given a $250,000 down payment with the remaining balance to be paid out within the next 90 days.
The sale of the property takes away the thorny financial stress that has rocked the board over the past few years.
“Thanks for the negative and the positive components, without it we would not have had the light,” said Mr. Villon who admitted he had to resort to “a lot of prayers” to make a breakthrough with the sale.
Earlier this year, the PACF board reported that it has gone deep into debts. The foundation has been struggling with its finances and the selling of the property was, according to Mr. Villion, “the only way out.”
With the expected $2.5million pay-out, the PACF can now pay its outstanding debts and will have enough money – about $1million more or less – to buy a smaller site but fully paid.
Mr. Villon said the board will finalise in the near future their next move to ensure the continuing operation of the PACF.
Established in the 1990s, the PACF has been funded mainly by government grants, community donations and revenue generated from its activities. The centre in Schofields was opened after the PACF sold in 2009 the Multi-Purpose Centre that it operated in Rooty Hill.
But since it moved to the Schofields property, the PACF continued to be in the red. The property in Schofields is actually a regular 3-bedroom house with one toilet and one garage but its value rests on its sprawling lot located within a development area and close to new housing projects such as The Ponds.