HUB Sports Center Buys Back Facility from INWCF

//HUB Sports Center Buys Back Facility from INWCF

HUB Sports Center Buys Back Facility from INWCF

FOR IMMEDIATE RELEASE

February 22, 2018

HUB Sports Center Buys Back Facility from INWCF

SPOKANE, Wash. — Inland Northwest Community Foundation (INWCF) announced today that it has sold the HUB Sports Center building in Liberty Lake, Wash., back to the 501(c)(3) nonprofit organization which has been operating the multi-purpose facility and its programs since 2007.

In 2011, an anonymous donor created a fund at INWCF to support youth programs and other charitable causes in the community. The donor requested that the fund’s first disbursement be used to purchase the HUB building. This coincided with the HUB’s operations reaching a breakeven point.

INWCF established a supporting organization to buy the 66,000-square-foot facility in 2012 for $3.2 million, with the intention of giving the HUB time to raise funds to eventually purchase the building. This funding plan provided the HUB the security to accelerate its growth and outreach programs.

“In the early years, the HUB was surviving month to month,” said Phil Champlin, executive director of the HUB, which works to positively impact youth through sports and other programs and events. “This donor provided the opportunity for us to solidify our operations while raising the money we needed to own our building. We’ve been able to achieve positive cash flow for six consecutive years, grow our services and programs, and become financially stable.”

Over the past six years, the HUB paid a modest rent to INWCF to occupy the building while it raised funds from private donors, government grants and other resources. In December 2017, the HUB made an initial $1.6 million payment to purchase the building. By mid-2018, they will have paid off an additional $1.3 million.  Champlin said the HUB still needs to raise an additional $300,000 to pay its mortgage in full.

Money from the HUB’s purchase of the building will return to the anonymous donor’s fund at INWCF and be reused to benefit even more people in the community.

“The generosity of the anonymous donor, together with the HUB’s perseverance to raise funds to purchase the building, ensures our community has a great multi-use facility for years to come,” said Shelly O’Quinn, CEO at INWCF. “Additionally, funds from the sale of the building will be permanently endowed and redistributed to support youth programs and other charitable causes in our community, year after year.”

ABOUT INWCF – Founded in 1974, INWCF serves 10 Eastern Washington counties and 10 North Idaho counties to foster vibrant and sustainable communities in the Inland Northwest. The community foundation currently manages more than 500 funds and $113 million in assets and has awarded nearly $65 million in grants and scholarships since its inception. The organization positively impacts thousands of people every year by connecting people who care with causes that matter.  For more information on INWCF and its work in the community, please visit www.inwcf.org.

ABOUT THE HUB SPORTS CENTER – HUB Sports Center is a 501c3 nonprofit sports facility.  The HUB opened in 2007 and has operated with a positive cash flow since 2011.  The over 66,000 sq. ft. of space is used for community events, outreach programs and athletic activities.  Our purpose is to provide events that have a positive impact on youth and the community.  Website: www.hubsportscenter.org.

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2018-02-26T12:53:41+00:00