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<DIV><FONT size=2 face=Courier>I received 24 responses 87% were in favor, 4%
were opposed and 9% in favor with qualifications. Those qualifications wanted an
agreement from IESAF on how the loss (if any) would be split among the
chapters). We will proceed with the loan with an agreement that the loss (if
any) will be split evenly among the chapters and request that the
loan will be open until after the 2012 National meeting in Spokane. The
National meeting almost always makes a profit so the loan should be paid back.
If there is a loss we will get some of the loan paid back and should receive
full payment after the National meeting in 2012.</FONT></DIV>
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<DIV><FONT size=2 face=Courier>Thanks to those who responded</FONT></DIV>
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<DIV><FONT size=2 face=Courier>Ned</FONT></DIV></BODY></HTML>